We knew the road to financial independence would not be an easy one, and we expected to hit more than a few bumps on the road. What we didn’t expect was that our lack of knowledge on simple things like how to register our business for tax purposes could make such a huge difference at the end of the year. The self employment tax is no joke, let me tell you. But that’s the thing – we’ve realized – that nobody teaches you about this stuff in our community. At least not in our families or the education system we grew up in. I didn’t take an economics class until high school, and even then what we learned had little to do with everyday wealth-building techniques or practices, much less with building a long term financial legacy. Those are things we have had to learn on our own, not too often the easy way. I guess that’s why they call it the school of hard knocks, right?
