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100K 9-5 Job vs 100K Online Marketer

Discussion in 'BlackHat Lounge' started by Quit925today, Jun 5, 2017.

  1. Quit925today

    Quit925today Newbie

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    I was just looking at empire flippers and FE international and I notice a lot of websites are making over 100K a year but after expenses they net about 40-50K. Online marketing is what I want to do for my career and I'm still learning the business side of it.

    Could someone who makes a living online tell me financial wise why 100K a year working online and netting 50K a year is better than working a 9-5 job making 100K a year. I know most people like working for themselves. However, if you are going to a bank for a loan, the 100K job will secure a loan like they are actually making 100K a year before an online marketer making 6 figures gross.

    What are the perks of being self employed like loans, taxes, 401K, etc.? I'm asking this because I want to buy a home with my online living one day.

    Thank you
     
  2. Asif WILSON Khan

    Asif WILSON Khan Executive VIP Jr. VIP

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    $100K Job - Limited to your yearly salary not including bonuses
    $50K Online - No upper limit to your potential earnings.
    Depending on how you set up your business there can be tax advantages.
    Being a business owner won't be held negatively against you when applying for a mortgage, as long as you can show x number of years trading at a profit.
    You shouldn't worry too much at this stage, when the time is right then talk to an accountant. Make the money first.
     
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  3. Reaver

    Reaver Jr. VIP Jr. VIP

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    People don't usually own one of those sites. They own at least 2, if not more. So if they have 5 sites, they're making 250k a year.

    When they sell them off, it's usually bc they have other, bigger, better projects going on.

    As far as taxes, loans, etc, this is one of the reasons why people set up an official business like an LLC. It's just easier to do everything when you own a registered company (generally speaking.) If you just put that you're self-employed on any gov't or loan application, you're going to get screwed.
     
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  4. Quit925today

    Quit925today Newbie

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    Thank you for that! I would like to buy a home within 2 years since my daughter will start kindergarten and would like to settle in a town. My wife has a 9-5 job making 40K gross a year and I recently quit my 9-5 that was making 38K gross a year. I own an eCommerce business with some adsence websites that make more than my past 9-5 job. Shouldn't I not take as many deductions on my taxes because the bank will want to see how much I actually profit on my business.
     
  5. Asif WILSON Khan

    Asif WILSON Khan Executive VIP Jr. VIP

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    I am not in the US, I would speak to an accountant or professional financial adviser, they should be able to tell you what is best for your situation. Look on the IRS website to see what deductions you can make.
     
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