Posts tagged Career Planning
How is my severance package taxed?
How is my severance package taxed?

Severance packages are considered compensation by the IRS and are taxed the same as other income from a job, but this means not all of your severance is subject to taxation. Reviewing the terms of the agreement with your CPA or financial advisor can help you know exactly how it is taxed. If you are still negotiating your severance, you have an opportunity to lower your taxes by changing the terms of the package.

ALSO COVERED:

  • The Severance Agreement

  • Estimating Tax Withholdings

  • Avoiding Taxation — healthcare & fringe benefits

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Life Planning, Tax PlanningJoshua Escalante Troesh, CFPYoung Families, Starting Out, Financial Foundation, Corona Virus, Covid 19, Severance Package, Layoff, Building Wealth, Career Advice, Career Planning, Career Development
How does one weigh the trade offs between bootstrapping a small business and seeking Venture Capital?
How does one weigh the trade offs between bootstrapping a small business and seeking Venture Capital?

While the concerns over the slower bootstrap method are legitimate and should be considered, I still believe bootstrapping for as long as possible is the way to go for the vast majority of enterprises because of the significant potential downsides of VC and Angel funding. Ultimately the question you want to ask is if it is possible to build your business through bootstrapping considering the concerns you identified. If it is, then I recommend going with bootstrapping as long as you can. Here are potential challenges with getting funding:

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Business AdvisingJoshua Escalante Troesh, CFPStarting Out, Financial Foundation, Business Owners, Career Development, Career Advice, Career Planning, Entrepreneurship, Building Wealth
Should I take a lower salary working for my family or pursue a higher paying job for a good company?
Should I take a lower salary working for my family or pursue a higher paying job for a good company?

From your question, it seems like you truly think working for the bank is the right choice, and I agree. You are not the only person who is going through a situation like this, although it might feel that way. I am also a professor of entrepreneurship and at least once a year I have a student . . . .

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Life PlanningJoshua Escalante Troesh, CFPStarting Out, Financial Foundation, Business Owners, Career Development, Career Advice, Career Planning