My business just got wings

Ischgl99 said:
I don’t have any crypto myself, but I think they will eventually kill off crypto if they feel it is competition for the digital dollar. They can track it now, so crypto holders don’t necessarily have the secrecy they think they do. There are differences between different ones, but it sounds like governments have found a way to trace transactions of most if not all of the various coins.

I think the government will do a phased in adaption of the digital dollar, starting with commercial bank transactions and federal benefits. I expect there will be a date when physical money will no longer be made, but I’m in the camp of them taking the longer approach to ensure they get buy in from the public instead of a drop dead date for using our current currency.
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Transactions are already done digitally, but they are "backed up" by paper and by the full faith and credit of the US Government. Crypto is a scam. Always has been. Always will be (in it's current form). Just ask Warren Buffet.

The vast majority of crypto transactions are either by speculators thinking they'll get rich off a math problem, or people wanting to hide transactions from law enforcement - those trafficking in drugs, humans or child pornography. Crypto will implode on itself after more places like FTX go belly up because it is fraught with illegal activity.
 
MyLilMule said:
Sorry, but this is the silliest thing I have read in a long time. The US Dollar will not go anywhere in my lifetime and I have a lot of life left.
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Don’t be so sure of that…

thehill.com

Treasury Department developing tech for digital dollar as Congress debates crypto rules

The Biden administration is working to develop technology to help create a central bank digital currency (CBDC) as the policy debate as to how to do so continues, a Treasury official said Wednesday…
thehill.com thehill.com
 
I ran a business out of my garage for years. A neighbor complained about me not being able to park two cars in my garage. Got a visit from the code compliance officer who didn't know how to read a set of plans or that the required size for covered parking is measured by inside dimensions. Not outside dimensions. My garage was an oversize one car garage. A legal non-conforming use because my house was permitted and built with the oversize one car garage. The end result was that I could run my business in the garage as long as it was walled off from the garage and there was a 9' x 20' space for a car in the garage.

Your city's building codes are all available online. All of their home business regulations will also be online. Read them. You can't rely on free advise given over the internet. Be sure you comply with all taxing regulations. The penalties for non compliance will bankrupt you. Insurance may be hard to get without a business license. Your homeowner's insurance probably won't cover your home business. Best read the exclusions. You can't trust what your agent tells you. He is just a salesman and most likely not an employee of the insurance company.

The potential problems sky rocket as soon as you have an employee.

Home businesses work for many people. You just have to make sure you are in compliance with all regulations.
 
Ischgl99 said:
Don’t be so sure of that…

thehill.com

Treasury Department developing tech for digital dollar as Congress debates crypto rules

The Biden administration is working to develop technology to help create a central bank digital currency (CBDC) as the policy debate as to how to do so continues, a Treasury official said Wednesday…
thehill.com thehill.com
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Good luck getting Congress to agree to any of that anytime soon. Doesn't matter what the Treasury Dept is doing (which, I doubt they are throwing a lot of resources to this effort). If Congress can't agree, and you won't get enough support from either side, it will never happen.
 
Janderso said:
After a year of retirement, I decided it was time to look into starting a business.
Heck, I’m retired, I have time and I’m getting bored.
My wife helped me to set up a Facebook business page. She made up flyers and ordered business cards.
In other words, the lights are on, the door is open and I’m just waiting for the business to just start rolling in.
I went out this morning with one thing in mind, find a customer.
I did. An equipment rental place near me was my first stop. I went in and said, I’m retired, I’m bored, I’m a hobby machinist looking to help you out.
All of a sudden the questions started flying. Can you do this?, do you have a surface grinder?
I think I have some work coming my way.

They send out their tooling that needs to be sharpened. The carbide cutters go in a stump grinder. I was told, if you can sharpen these every rental place in three counties will be calling you.
The jack hammer tool needs to be reground, then heat treated.

I have some fixturing to do but I know I can perform what is required.

Sorry for the long thread. I’m pretty jazzed!

I’m on my way :)
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Good luck with this.

I'm beginning my 6th year of retirement, but between a young child and a "retirement gig" that has pretty much turned into full time seasonal work, I'm still looking forward to bored. ;)

It would be nice to find something that I like doing that would help my machines pay some of their rent.
 
I've owned several businesses and always did things above board. I also worked freelance for a long time and was paid in cash for much of it, this was when I was much younger and didn't own anything of much value.

Yes, back taxes and penalties can ruin your day. But, that's just money you'll have to fork out that you should have in the first place. Since I've owned real property I've always operated under an LLC and carried liability insurance. If someone gets hurt doing something stupid (once had a customer try to start his chainsaw inside my shop) it doesn't matter if they want to come after you or not. Insurance companies always look to shift any losses to someone else. That's not even mentioning personal injury laywers who would like to turn your house into their boat....

I think you're on to a great potential client base @Janderso. Much better to have a B2B model than dealing with the general public IMHO. Yes, it is a pain doing things right but for me at least it was worth the peace of mind.

John
 
The small business I had was all above board, I registered it with the state, paid for everything with a CC so I always had records of anything coming off my taxes, kept a separate account just for the business, and paid myself regularly. Never had any problems, legal or tax wise.
 
mickri said:
I ran a business out of my garage for years. A neighbor complained about me not being able to park two cars in my garage. Got a visit from the code compliance officer who didn't know how to read a set of plans or that the required size for covered parking is measured by inside dimensions. Not outside dimensions. My garage was an oversize one car garage. A legal non-conforming use because my house was permitted and built with the oversize one car garage. The end result was that I could run my business in the garage as long as it was walled off from the garage and there was a 9' x 20' space for a car in the garage.

Your city's building codes are all available online. All of their home business regulations will also be online. Read them. You can't rely on free advise given over the internet. Be sure you comply with all taxing regulations. The penalties for non compliance will bankrupt you. Insurance may be hard to get without a business license. Your homeowner's insurance probably won't cover your home business. Best read the exclusions. You can't trust what your agent tells you. He is just a salesman and most likely not an employee of the insurance company.

The potential problems sky rocket as soon as you have an employee.

Home businesses work for many people. You just have to make sure you are in compliance with all regulations.
Click to expand...
Thanks for this information.
The only car I could fit in my garage is a Hot Wheels :)
 
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