Monthly Archives: October 2020

Talk with Tom: Episode #89 | Overcoming Our Fears

 

Since Halloween is approaching, we’re going to be talking about overcoming our fears. Tom covers the origin of fear, guides you through a simple exercise to help you gain more control over your fears – and just how unfounded they typically are – and gives you seven strategies for moving past your fears.


Every month Tom shares topic after topic to Grow Your Life and Build Your Business. If you’re not already a subscriber, join us. Talk with Tom is 100% free, and there are special benefits available only to our subscribers, so be sure you subscribe yourself on iTunes or wherever you get your podcasts, and we look forward to seeing you right back here on the last Wednesday of every month with Talk with Tom.

Never Mind Aging: Four Ways to Stay Young at Heart

 

 

#GrowYourLife  #BuildYourBusiness

Life Area: Personal   |  Topic: Aging

Never mind Aging: Four Ways to Stay Young at Heart

 


 

My birthday was yesterday. I always use the day to contemplate my life, assess my year just past, and set goals for my year ahead.

 

I always marvel at how hung up on age so many of us are—even when we’re still relatively young! I often get questions from clients such as: “I’m 38 years old and just got out of nursing school. Will anyone hire me at this age?” or “I’m 55. Is it too late for me to start a business?” Of course you probably are way ahead of me on what my answer has always been to these and other similar questions…”You’re never to old to start anything.”

 


Take a moment and imagine yourself in old age. What do you see?


 

Take a moment and imagine yourself in old age. What do you see? When I do this exercise with my seminar participants what immediately comes to mind for them is a version of themselves where they’re slower, grayer and weaker – a shadow of their former self. At worst, they are so frail that everyday activities become difficult.

 

Now, repeat the exercise, except this time I’d like you to imagine yourself to be fitter, sharper, and more energetic. There are no wheelchairs, canes, or nursing homes in this future. If you’re a tennis player, you’re still storming the net. If you’re a hiker, you’re still hitting the trails. If you’re a nutty cyclist like me, you’re still on the road. This version of you can become a reality.

How can you stay young at heart, mind, and spirit and get the most out of life and your career? Here are four ways:

 

Never stop learning. The day you stop learning you become old—at any age. Just as weight lifting is to your muscles, learning is to your brain. To keep it sharp, strong, and high functioning, take a class, engage in self-study, do more challenging reading, take music lessons, learn a new language, talk to people who do something different from you. Learning keeps you young and makes you feel alive and engaged in life.

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3 Things You Need to Know Before Going Freelance

 

 

#GrowYourLife  #BuildYourBusiness

Life Area: Professional   |  Topic: Freelancing

3 Things You Need to Know Before Going Freelance

 


 

Being a salaried employee means having the stability of a steady paycheck. It also means having to answer to a boss, and, in many cases, adhere to what could be a pretty rigid work schedule. It’s no wonder, then, that a large number of workers contemplate going freelance each year.

Now there are plenty of good reasons to become self-employed. You get to be your own boss, set your own schedule, and take on projects that are interesting or meaningful to you. That said, there are certain financial implications of going freelance you’ll need to account for when making the leap. Here are three in particular to know:

 


Going freelance could end up being the most rewarding career decision you’ll make in your life.


 

1. You’ll be liable for self-employment taxes

When you’re a salaried employee, taxes are taken out of your paychecks so that you don’t have to worry about paying the IRS its share of your earnings. Not so when you’re freelance. Independent contractors are liable for self-employment taxes, and those taxes are due to the IRS on a quarterly basis throughout the year. Not only must you pay those taxes on time as a freelancer, but it’s on you to calculate how much you owe (or get an accountant to do it for you).

 

Of course, Social Security is only part of the self-employment tax picture. There are Medicare taxes you’ll also be responsible for, and unlike Social Security, there’s no income cap. This means that as a freelancer, you’ll pay a 2.9% Medicare tax on all of your earnings.

 

The good news in all of this is that you can deduct half of your self-employment taxes when you file your tax return. The bad news is that you’ll need to come up with that money up front, so prepare for that major expense.

 

2. You can still save for retirement in a tax-advantaged plan

Many freelancers are quick to assume that they can’t save for retirement in a tax-advantaged manner, but actually, there are several options available to self-employed workers that salaried employees don’t get access to. If you’re a freelancer without employees, one option you might consider is the SEP IRA. Short for simplified employee pension, a SEP IRA lets you contribute up to 25% of your net business earnings (your earnings minus your business expenses, SEP contribution, and half of your self-employment taxes. If you employ other people, saving in a SEP can get expensive because you must contribute the same amount to your workers’ accounts, percentage-wise, that you put into your own plan. But if you don’t have employees, this isn’t an issue.

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Talk with Tom: Episode #88 | TwT Motivational Minute: Accepting and Using All Feedback For Success

 

Make a commitment today to listen, and ask for, all types of feedback – both negative and positive. Accepting all feedback in your life will support you reaching your goals and your overall success in your life.


Every month Tom shares topic after topic to Grow Your Life and Build Your Business. If you’re not already a subscriber, join us. Talk with Tom is 100% free, and there are special benefits available only to our subscribers, so be sure you subscribe yourself on iTunes or wherever you get your podcasts, and we look forward to seeing you right back here on the last Wednesday of every month with Talk with Tom.