Should You Start a Small Business? | 29

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SHOW DESCRIPTION:
Starting a business sounds exciting until you realize how much you don’t know about taxes, legal structures, and the true cost of getting it off the ground. 

In this episode of Wealth Wisdom, we pull back the curtain on what it really takes to launch a business in 2025.

We’re talking beyond the buzzwords: real money, real decisions, and real risks.

Here’s what we unpack:
💼 What it actually costs to start a business today (spoiler: it’s more than an LLC filing fee)
📉 How to avoid the most common financial mistakes new founders make
🏛️ LLC, S-Corp, or sole prop? Understanding the tax implications of each
📊 When to keep your 9–5 and when to make the leap
📋 The non-negotiables for setting up your business the right way, from payroll to partnership agreements

We also take a look at recent headlines:

📉 Why the Fed is holding rates steady

🌍 What rising trade tensions with China mean for entrepreneurs

📈 How inflation data might affect small business lending

Timestamps:

00:36 Rapid Fire Financial News

01:01 The Fed's Rate Decisions

02:37 Impact of Tariffs and Trade Restrictions

04:53 Rare Earth Metal Shortage

10:08 Entrepreneurship in America

23:42 The Early Struggles and Sacrifices

23:59 Risky Decisions and Reflections

24:56 Living on a Tight Budget

25:52 Hosting Events for Survival

26:31 Reinvesting in the Business

27:19 Do's and Don'ts of Starting a Business

27:37 Understanding Business Structures

30:47 Importance of Proper Setup and Team Building

37:09 Financial Mistakes to Avoid

40:41 Balancing a Day Job and a Side Hustle

43:42 Final Advice and Encouragement

 

At Fox Hill Wealth Management, we believe wealth is about more than just money - it’s about financial freedom, confidence, and security. As a fee-only, fiduciary Registered Investment Advisor (RIA), we provide unbiased, expert financial guidance with your best interests at heart.

Wealth Wisdom aims to give you the insights and tools to navigate financial trends with confidence. Through conversations like these, we strive to make complex financial topics more accessible and actionable for everyone.

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