The Benefits of Structuring Your Business as an S Corp and Its Impact on Taxes and Credit Applications

As I reflect on my experience with running a small business, I've come to realize the importance of structuring it in a way that benefits both financially and personally. One of the most significant advantages is setting up our company as an S corp, which has greatly simplified my tax obligations and improved my creditworthiness.

The S Corp Structure: A Game-Changer for Small Business Owners

We set up our company as an S corp because it provides a more reliable and consistent way to report income. As self-employed individuals, we've historically struggled with seasonal fluctuations in revenue, which can make it challenging to demonstrate stable income to creditors. With the S corp structure, we now have a clearer picture of our personal income, which is essential for predicting our financial situation and making informed decisions about investments like buying a home.

The Tax Benefits of an S Corp

One of the primary advantages of setting up an S corp is the tax benefits it provides. By structuring our business in this way, we can take advantage of reduced self-employment taxes and access more favorable tax rates on dividends. This means that I can earn a stable income from my company, which will be reflected on my W-2 form, making it easier to demonstrate financial stability when applying for credit or loans.

The Impact on Credit Applications

Running an S corp has also improved our creditworthiness significantly. As self-employed individuals, we've historically faced challenges in demonstrating consistent income to creditors. However, with the S corp structure, we now have a more stable and predictable income stream, which is essential for establishing credibility with lenders. This makes it easier to secure loans or financing when needed.

A Reliable Paper Trail

Another significant advantage of setting up an S corp is having a reliable paper trail. By being employed by our company, I can access the necessary documentation and records to demonstrate our financial stability, which is particularly important when applying for credit or loans. This level of transparency and accountability is essential for lenders and creditors.

The Reliability of an S Corp

In comparison to self-employment, running an S corp provides a more reliable and consistent way to report income. As seasonal fluctuations are common in many small businesses, this structure allows us to better manage our finances and make informed decisions about investments like buying a home. With the S corp structure, we can now predict our personal income with greater accuracy, which is essential for financial planning and decision-making.

A Home Purchase: A Smart Financial Move

One of the most significant advantages of setting up an S corp is the impact it has on our ability to buy a home. By having a stable and predictable income stream, we're now in a better position to qualify for a mortgage and secure financing for our new home. This was a major consideration for us when deciding whether to rent or buy, and I'm confident that our S corp structure will serve us well in this endeavor.

The Importance of Financial Planning

Running a small business can be stressful, especially when it comes to managing finances. However, by setting up an S corp and structuring our business accordingly, we've been able to simplify our tax obligations and improve our creditworthiness. This level of financial stability has given us peace of mind and the confidence to make smart financial decisions, like buying a home.

Our New Home: A Haven for Our Growing Family

We're excited to be moving into our new home, which will provide plenty of space for our growing family. With five bedrooms, we'll have more than enough room to spread out and enjoy quality time together. I'm grateful for the support of my wife and children as we embark on this new chapter in our lives.

A Personal Note

I want to take a moment to express my gratitude to my wife and children for being such a huge part of this journey. Without their support, encouragement, and love, I wouldn't be where I am today. I'm proud to be their partner in every sense of the word.

Following Up on My Journey

As I look back on our journey so far, I'm reminded of the importance of staying connected with our audience. If you're interested in following along with our personal and professional lives, please consider subscribing to our channel or following me on social media. We'll continue to share updates, insights, and advice from our experiences as a small business owner and new homeowners.

The Importance of Staying Connected

I want to thank everyone for watching this video and sharing their thoughts and feedback with us. Your support means the world to us, and we're committed to continuing to create high-quality content that resonates with you.

Our Journey: A Testament to the Power of Hard Work and Determination

As I look back on our journey so far, I'm reminded of the importance of hard work, determination, and perseverance. From running a small business to buying a home, we've faced numerous challenges along the way. However, through it all, we've remained committed to our goals and values.

A Message from Greg

Finally, I want to take a moment to express my personal gratitude for this incredible journey. As I look back on our experiences as a small business owner and new homeowners, I'm filled with a sense of pride, accomplishment, and joy. I hope that our story will inspire others to pursue their own passions and goals, no matter how daunting they may seem.

In conclusion, setting up an S corp has been a game-changer for my business and personal life. The tax benefits, improved creditworthiness, and reliable paper trail have all contributed to a more stable financial situation, which has enabled us to make smart decisions about investments like buying a home. I'm excited to see what the future holds for our company and family, and I'm grateful for the support of our loved ones along the way.

"WEBVTTKind: captionsLanguage: enif you're sick of seeing that same activate Windows watermark over and over snag an OEM license from s CD key you'll have a fully activated OS in seconds and you can kiss that watermark goodbye and be sure to use many offer code GSL for that suite discount hey there those who don't know my wife and I just recently had our first child right I suppose Lisa more specifically gave birth to our son I had to talk him first to a child his name is Gregory the third and he is the best thing straight up to ever happen to me but kids are a handful parents know that and having extra space in the house can help quite a bit our current apartment was way too smoky it's not current anymore but the apartment we were in for the last year so I had two bedrooms one of those was my office and it wasn't gonna work I want to talk finance with you guys because we decided around that time to buy a house to this place that we're in now it is much bigger than an apartment and believe it or not despite it being the biggest purchase of my life it's actually cheaper to live here than it was to live in that tiny apartment I want to talk about all of that in this video so I want to show you a few clips here and there of the house being built maybe a few pictures as well we did build this not ourselves with our two bare hands but we built it kind of a spec it's more of a cookie cutter house but we were able to change a few things we added a fifth bedroom we were able to customize the kitchen almost completely choose the carpeting things like that but the overall dimensions of the house with the exception of again adding that extra bedroom we're kind of set in stone we could choose what style house we wanted but that was about it I also want to be candid with you guys about the difference in price because I think that's like a huge that's a that's a huge factor for a lot of people when when choosing from buy a house versus continuing a lease right it's just when you lease that money is completely gone it's down the drain you'll never get it back again whereas if you're buying a home at least further down the line you're building equity to a pretty decent extent upfront like I am now we have beef this is a 30-year conventional loan we put 20% down but after that all of my payments for the most part are going to interest for the first five or six years you don't actually start paying more into principle than interest until about the eight or nine year mark and there's a huge and position chart I can show you but yeah if you do the math and actually we're paying the bank the interest for the first eight years more so than we're paying actually own the house one of the downsides of deciding to buy a house or I should say taking out a mortgage to buy a house it's a downside if you're just paying straight-up cash I think that's the best way to go of it let's be honest how many people can do that so let's start off first with monthly payments to live in that small 1,200 square foot apartment where you sell videos like this one being filmed I paid fourteen hundred eighty dollars per month plus one hundred fifty dollars from my garage which I needed for my car and the dozens of PC case boxes that add up pretty fast trash and pest control are bundled in for another forty bucks a month with the pet fee for Pepsi who is somewhere I don't know where she is right now that was another fifteen bucks a month I know that's like small fish big pond stuff but still it adds up and we haven't even touched utilities none of which were included at the old apartment so yeah just to live in the apartment we pay around $1600 per month that's $1600 for twelve hundred square feet of living space which isn't very big I'll put the square meters here I know Europe does that two bedrooms one of which I use from my office a living room a kitchen and that's really about it that was really how there was in the apartment but the house we built in where I'm at right now in Central Florida has more than double this space and comes with a monthly payment that is pretty similar to what we paid at the apartment actually just under $1600 about 1597 when you bundle in the HOA fee I know right and then the CDD which is like for that we have a community pool or we should but they haven't built it yet a few other things tacked into that but anyway yeah comes out to around sixty hundred bucks for again more than double the living space and I get my own lawn to cut how awesome is tact and like that's one of the first things you typically notice about renting versus buying I mean sure a mortgage is a hassle and the applications seemingly never end you have to give up and disclose so much information about yourself to the financial institution or which you choose to finance your home it's usually a bank or maybe your builder although I'm sure they'll sell that loan off right after it's complete we're talking three years of tax returns right w-2s invoices hard credit pools and more and if you don't like their interest rate you'll need to go through the entire application process again and again until you're comfortable luckily we were able to buy our interest rate down from I think we reported at four percent a few months ago and actually almost half a year ago we bought it down for I think two grand to like 3.75 percent which was pretty good at the time now I think if you had even lower fee refinance but we're talking maybe a quarter of a percent it's not a big enough deal to make me want to redo the whole process again but anyway we'll talk about buying down rates and stuff more in a second in a nutshell the reason some folks choose to rent for life because they don't want to do all of that application crap they don't wanna deal with it I totally get it some people actually don't even have credit or maybe they have bad credit they could just prefer casual lifestyles whatever and in some cases leasing hand be cheaper than owning but in Florida's case for the most part homes outside of town are pretty cheap and since I work out of the house we had the pleasure of shopping in areas where the price per square foot was relatively low if you can find anything for under 100 100 bucks per square foot in Florida you're sitting pretty fancy and we I think got this house for eighty nine ninety bucks a square foot in that price range which is pretty good so specs our house is approximately 2,900 square feet five bedrooms three bathrooms a two-car garage our own grass to cut god I love that and yeah it's actually something looking forward to Bluebird not I used to mow the lawn at my parents place all the time they pay me like 20 or 30 bucks to mow the front backyard they set on a half acre a lot so it wasn't a job you could just get done with a push mower in 30 minutes but anyway I take pride in my work I loved mowing the lawn in a weird sick kind of way but it's great to be able to look after my and I mean come on builds character and remember we're also getting all this extra space for the same price per month as the tiny apartment so how does it work for one you got to go into debt a lot of debt especially if it's your first house and depending on how structured it is you could be in said debt for decades we financed our house with a conventional loan 20% down no PMI because we did put 20% down and with a market value of just over a quarter million dollars around the median house price or the median house price is around 200,000 in the States we're a little over that but we bought this size house so that we could kind of expand into it and not anticipate moving again for the next five or ten years you never know what the future has in store but I could see ourselves being comfortable in here for a long time and because I'm in a decent enough financial situation to do it I wanted to get this size house while I could so the mortgage on its own that's just over $1,000 per month then you have to add property tax you will pay that for life for us nearly $200 per month for this address here then add insurance we round that to around $100 per month we're actually over insured for this house which I think it's safe then add any HOA fees so when it's all said and done in our case again around $1600 per month but for more space I'm about it right I'm not going to complain another great reason to consider a mortgage over leasing is equity when you rent an apartment your payment totally disappears you're not getting any of that money back it cannot be recovered it's a bit like kind of leasing a car assuming you can't buy it out at the end of your term although usually can you'll never own the title in the case of a lease it's not your car and sure I mean you don't technically own your home either until the mortgage is paid I mean you do your home owner but the bank can foreclose you if you don't make your payment so do you really own it I mean you can sell it it's yours but you're in debt at the same time but the important thing is throughout this process you were building equity granted you're building equity in a very slow rate at the very beginning because again you're paying the bank more an interest in you are an actual principal apart from the 20% that you already put down and if you're paying more in principle than the minimum it accumulates quickly that's the key if you can pay more per month in your minimum payment which in our cases against 1600 then all of that extra money goes straight into principal to equity it's what you end up and that's the value of the home that you've paid for so if I sold the home with a $60,000 in equity then I would get 60,000 back the bank would take the difference there you go so it can be a great way to build long term wealth have handled material that's why so many rich folks especially invest in property all over the globe land is one of the few things on the planet that will never be worth zero because there is a very finite amount of it on which to live and on which to build interesting sidenote actually you could have found yourself stuck in an 18% interest rate in your mortgage a few decades ago and can you imagine that depends on several factors but rates today are generally great we just talked about that but the yeah a company through which I financed accorded me originally I think it was a 4% a little over 4% I think it's four point one to five pretty sure that's not bad at the time it wasn't but I was able to buy it down to three point seven five percent for around one percent of the total mortgage in my case it's just over two brands um it'll pay for itself in only a few years it's a great option if you have the extra cash to put down one other thing I wanted to mention it bit off topic again but still interesting for those business savvy folks out there how I structured my business right the one responsible for the videos you see on this channel I set up an LLC a few years ago as a sole proprietor and without incorporating it means that the federal government basically sees your business as a pass-through entity so that means all the income your business makes flows directly to you you report it all on your personal tax returns which can be a kick in the teeth if you're interested your tax rate is know your interest rate your tax rate is like thirty percent or so I mean you're paying thirty percent on everything you make that really sucks but this year I elected for something known as S corp status it means the company is still a pass-through entity technically but I can elect to pay myself a reasonable salary when seen in the context of my lifestyle and the company's earnings so I'm taxed on that salary and any equity that I draw from the company is exempt from the self-employment tax even though the the equity draw because I own a hundred percent of the business and it's all technically passed through all of that extra income is not double taxed right whereas if you were just an LLC you would have pay Social Security Medicare Medicaid and that would be no fun if you're making hundreds of thousands of dollars so not only does it now restructure how I pay taxes but it also allows me to save quite a bit on my taxes every year it also gives me a reliable paper trail for loan officers to follow see technically since I'm employed by my company now and not self employed at least again on paper it looks considerably better on a credit application it's very difficult to show consistent income when you're self-employed and not employed by a company whether it be your company or someone else's and running a small operation especially for industries seasonal or spotty can be a red flag for a potential creditor all right some months you're making a ton of money some mom's you're not making any money at all that's a seasonal thing then you know exactly what that's like and that's another reason why I set up the S corp it just my company employs me we handle payroll taxes monthly and quarterly now and I can finally predict our personal income at least to an extent unless the company completely goes into the red and I won't be able to pay myself but it looks more reliable and consistent to a creditor so if you're trying to apply for a home loan I would strongly consider an S corp if you run your own business so know this part was a bit off-topic but I do think it'll help those like me who have built a business from scratch and are interested in structuring it in such a way that you know allow you to benefit not only from a tax perspective but also from like an investment because if you want to buy a house let's say it'd be much easier to do that I presume with it with an S corp and with a w-2 right you being employed by your company just got under the law you got another conventions and stuff I learned quite a bit about personal corporate finance while earning my MBA and I'm content with a degree to which I've applied it in my own company I guess that's the one part of one of my degrees that I've used is that kind of money management business side of things I don't know helps I'm trying to make sense of why I went through six years of college I'll also show you guys a few additional shots of the house now in case you wanted to see some of that I didn't intend for this to be a talking head video but again there was a lot to justify here and I think our family's making the right decision by choosing to buy a home rather than rent it doesn't make sense for everyone I understand that there are you know great arguments for renting as well but as our family continues to grow in the future and hopefully the company as well we'll have plenty of space to breathe five bedrooms something I never expected to be able to afford at 25 years old and I'm grateful to all of you of course according us on this journey you're a huge if not meant solely responsible for why we are here sure I could be doing another job using my degrees whatever but I much prefer doing this so this point in the script I had talked about mentioning some moving vlogs totally didn't get to that because yeah we just got too busy with it but you sure to follow me on Twitter and elsewhere if you haven't already for some updates into the family life if you want to know what's going on around the house there was an incident a few weeks ago they're building houses on either side of our property and the construction workers just snapped our fiber lines straight in half kudos though to frontier who just bought out Verizon FiOS for setting a guy out the next day to set up a temporary fiber line around the backyard it was really cool because much of what I do is can you know it's reliant on a stable internet connection and I'm really glad that I live in a space where fiber is readily available I pay 40 bucks a month plus taxes to have 500 up 500 down fiber which is freaking awesome I was paying I think 90 bucks a month for gigabit fiber at at my old apartment and that was really good as well that was with AT&T never had a single issue with them but yeah one of the main reasons we moved here not somewhere down the road it's because this place explicitly offered fiber through frontier so so far so good if you want to see our internet set up logs and whatnot you can check out this video here but I think you guys for watching this far into the video consider subscribing if you haven't already and you know catch you next one let me know if you like this style of it if you like me just talking about stuff I'm not sure how well or poor this video will do on the channel but I figured there was some decent information in it so why not put it out there I want to be upfront and candid about some of the things going on in our personal lives money is fun it also can be super stressful so manage it well my name is Greg thanks for learning with meif you're sick of seeing that same activate Windows watermark over and over snag an OEM license from s CD key you'll have a fully activated OS in seconds and you can kiss that watermark goodbye and be sure to use many offer code GSL for that suite discount hey there those who don't know my wife and I just recently had our first child right I suppose Lisa more specifically gave birth to our son I had to talk him first to a child his name is Gregory the third and he is the best thing straight up to ever happen to me but kids are a handful parents know that and having extra space in the house can help quite a bit our current apartment was way too smoky it's not current anymore but the apartment we were in for the last year so I had two bedrooms one of those was my office and it wasn't gonna work I want to talk finance with you guys because we decided around that time to buy a house to this place that we're in now it is much bigger than an apartment and believe it or not despite it being the biggest purchase of my life it's actually cheaper to live here than it was to live in that tiny apartment I want to talk about all of that in this video so I want to show you a few clips here and there of the house being built maybe a few pictures as well we did build this not ourselves with our two bare hands but we built it kind of a spec it's more of a cookie cutter house but we were able to change a few things we added a fifth bedroom we were able to customize the kitchen almost completely choose the carpeting things like that but the overall dimensions of the house with the exception of again adding that extra bedroom we're kind of set in stone we could choose what style house we wanted but that was about it I also want to be candid with you guys about the difference in price because I think that's like a huge that's a that's a huge factor for a lot of people when when choosing from buy a house versus continuing a lease right it's just when you lease that money is completely gone it's down the drain you'll never get it back again whereas if you're buying a home at least further down the line you're building equity to a pretty decent extent upfront like I am now we have beef this is a 30-year conventional loan we put 20% down but after that all of my payments for the most part are going to interest for the first five or six years you don't actually start paying more into principle than interest until about the eight or nine year mark and there's a huge and position chart I can show you but yeah if you do the math and actually we're paying the bank the interest for the first eight years more so than we're paying actually own the house one of the downsides of deciding to buy a house or I should say taking out a mortgage to buy a house it's a downside if you're just paying straight-up cash I think that's the best way to go of it let's be honest how many people can do that so let's start off first with monthly payments to live in that small 1,200 square foot apartment where you sell videos like this one being filmed I paid fourteen hundred eighty dollars per month plus one hundred fifty dollars from my garage which I needed for my car and the dozens of PC case boxes that add up pretty fast trash and pest control are bundled in for another forty bucks a month with the pet fee for Pepsi who is somewhere I don't know where she is right now that was another fifteen bucks a month I know that's like small fish big pond stuff but still it adds up and we haven't even touched utilities none of which were included at the old apartment so yeah just to live in the apartment we pay around $1600 per month that's $1600 for twelve hundred square feet of living space which isn't very big I'll put the square meters here I know Europe does that two bedrooms one of which I use from my office a living room a kitchen and that's really about it that was really how there was in the apartment but the house we built in where I'm at right now in Central Florida has more than double this space and comes with a monthly payment that is pretty similar to what we paid at the apartment actually just under $1600 about 1597 when you bundle in the HOA fee I know right and then the CDD which is like for that we have a community pool or we should but they haven't built it yet a few other things tacked into that but anyway yeah comes out to around sixty hundred bucks for again more than double the living space and I get my own lawn to cut how awesome is tact and like that's one of the first things you typically notice about renting versus buying I mean sure a mortgage is a hassle and the applications seemingly never end you have to give up and disclose so much information about yourself to the financial institution or which you choose to finance your home it's usually a bank or maybe your builder although I'm sure they'll sell that loan off right after it's complete we're talking three years of tax returns right w-2s invoices hard credit pools and more and if you don't like their interest rate you'll need to go through the entire application process again and again until you're comfortable luckily we were able to buy our interest rate down from I think we reported at four percent a few months ago and actually almost half a year ago we bought it down for I think two grand to like 3.75 percent which was pretty good at the time now I think if you had even lower fee refinance but we're talking maybe a quarter of a percent it's not a big enough deal to make me want to redo the whole process again but anyway we'll talk about buying down rates and stuff more in a second in a nutshell the reason some folks choose to rent for life because they don't want to do all of that application crap they don't wanna deal with it I totally get it some people actually don't even have credit or maybe they have bad credit they could just prefer casual lifestyles whatever and in some cases leasing hand be cheaper than owning but in Florida's case for the most part homes outside of town are pretty cheap and since I work out of the house we had the pleasure of shopping in areas where the price per square foot was relatively low if you can find anything for under 100 100 bucks per square foot in Florida you're sitting pretty fancy and we I think got this house for eighty nine ninety bucks a square foot in that price range which is pretty good so specs our house is approximately 2,900 square feet five bedrooms three bathrooms a two-car garage our own grass to cut god I love that and yeah it's actually something looking forward to Bluebird not I used to mow the lawn at my parents place all the time they pay me like 20 or 30 bucks to mow the front backyard they set on a half acre a lot so it wasn't a job you could just get done with a push mower in 30 minutes but anyway I take pride in my work I loved mowing the lawn in a weird sick kind of way but it's great to be able to look after my and I mean come on builds character and remember we're also getting all this extra space for the same price per month as the tiny apartment so how does it work for one you got to go into debt a lot of debt especially if it's your first house and depending on how structured it is you could be in said debt for decades we financed our house with a conventional loan 20% down no PMI because we did put 20% down and with a market value of just over a quarter million dollars around the median house price or the median house price is around 200,000 in the States we're a little over that but we bought this size house so that we could kind of expand into it and not anticipate moving again for the next five or ten years you never know what the future has in store but I could see ourselves being comfortable in here for a long time and because I'm in a decent enough financial situation to do it I wanted to get this size house while I could so the mortgage on its own that's just over $1,000 per month then you have to add property tax you will pay that for life for us nearly $200 per month for this address here then add insurance we round that to around $100 per month we're actually over insured for this house which I think it's safe then add any HOA fees so when it's all said and done in our case again around $1600 per month but for more space I'm about it right I'm not going to complain another great reason to consider a mortgage over leasing is equity when you rent an apartment your payment totally disappears you're not getting any of that money back it cannot be recovered it's a bit like kind of leasing a car assuming you can't buy it out at the end of your term although usually can you'll never own the title in the case of a lease it's not your car and sure I mean you don't technically own your home either until the mortgage is paid I mean you do your home owner but the bank can foreclose you if you don't make your payment so do you really own it I mean you can sell it it's yours but you're in debt at the same time but the important thing is throughout this process you were building equity granted you're building equity in a very slow rate at the very beginning because again you're paying the bank more an interest in you are an actual principal apart from the 20% that you already put down and if you're paying more in principle than the minimum it accumulates quickly that's the key if you can pay more per month in your minimum payment which in our cases against 1600 then all of that extra money goes straight into principal to equity it's what you end up and that's the value of the home that you've paid for so if I sold the home with a $60,000 in equity then I would get 60,000 back the bank would take the difference there you go so it can be a great way to build long term wealth have handled material that's why so many rich folks especially invest in property all over the globe land is one of the few things on the planet that will never be worth zero because there is a very finite amount of it on which to live and on which to build interesting sidenote actually you could have found yourself stuck in an 18% interest rate in your mortgage a few decades ago and can you imagine that depends on several factors but rates today are generally great we just talked about that but the yeah a company through which I financed accorded me originally I think it was a 4% a little over 4% I think it's four point one to five pretty sure that's not bad at the time it wasn't but I was able to buy it down to three point seven five percent for around one percent of the total mortgage in my case it's just over two brands um it'll pay for itself in only a few years it's a great option if you have the extra cash to put down one other thing I wanted to mention it bit off topic again but still interesting for those business savvy folks out there how I structured my business right the one responsible for the videos you see on this channel I set up an LLC a few years ago as a sole proprietor and without incorporating it means that the federal government basically sees your business as a pass-through entity so that means all the income your business makes flows directly to you you report it all on your personal tax returns which can be a kick in the teeth if you're interested your tax rate is know your interest rate your tax rate is like thirty percent or so I mean you're paying thirty percent on everything you make that really sucks but this year I elected for something known as S corp status it means the company is still a pass-through entity technically but I can elect to pay myself a reasonable salary when seen in the context of my lifestyle and the company's earnings so I'm taxed on that salary and any equity that I draw from the company is exempt from the self-employment tax even though the the equity draw because I own a hundred percent of the business and it's all technically passed through all of that extra income is not double taxed right whereas if you were just an LLC you would have pay Social Security Medicare Medicaid and that would be no fun if you're making hundreds of thousands of dollars so not only does it now restructure how I pay taxes but it also allows me to save quite a bit on my taxes every year it also gives me a reliable paper trail for loan officers to follow see technically since I'm employed by my company now and not self employed at least again on paper it looks considerably better on a credit application it's very difficult to show consistent income when you're self-employed and not employed by a company whether it be your company or someone else's and running a small operation especially for industries seasonal or spotty can be a red flag for a potential creditor all right some months you're making a ton of money some mom's you're not making any money at all that's a seasonal thing then you know exactly what that's like and that's another reason why I set up the S corp it just my company employs me we handle payroll taxes monthly and quarterly now and I can finally predict our personal income at least to an extent unless the company completely goes into the red and I won't be able to pay myself but it looks more reliable and consistent to a creditor so if you're trying to apply for a home loan I would strongly consider an S corp if you run your own business so know this part was a bit off-topic but I do think it'll help those like me who have built a business from scratch and are interested in structuring it in such a way that you know allow you to benefit not only from a tax perspective but also from like an investment because if you want to buy a house let's say it'd be much easier to do that I presume with it with an S corp and with a w-2 right you being employed by your company just got under the law you got another conventions and stuff I learned quite a bit about personal corporate finance while earning my MBA and I'm content with a degree to which I've applied it in my own company I guess that's the one part of one of my degrees that I've used is that kind of money management business side of things I don't know helps I'm trying to make sense of why I went through six years of college I'll also show you guys a few additional shots of the house now in case you wanted to see some of that I didn't intend for this to be a talking head video but again there was a lot to justify here and I think our family's making the right decision by choosing to buy a home rather than rent it doesn't make sense for everyone I understand that there are you know great arguments for renting as well but as our family continues to grow in the future and hopefully the company as well we'll have plenty of space to breathe five bedrooms something I never expected to be able to afford at 25 years old and I'm grateful to all of you of course according us on this journey you're a huge if not meant solely responsible for why we are here sure I could be doing another job using my degrees whatever but I much prefer doing this so this point in the script I had talked about mentioning some moving vlogs totally didn't get to that because yeah we just got too busy with it but you sure to follow me on Twitter and elsewhere if you haven't already for some updates into the family life if you want to know what's going on around the house there was an incident a few weeks ago they're building houses on either side of our property and the construction workers just snapped our fiber lines straight in half kudos though to frontier who just bought out Verizon FiOS for setting a guy out the next day to set up a temporary fiber line around the backyard it was really cool because much of what I do is can you know it's reliant on a stable internet connection and I'm really glad that I live in a space where fiber is readily available I pay 40 bucks a month plus taxes to have 500 up 500 down fiber which is freaking awesome I was paying I think 90 bucks a month for gigabit fiber at at my old apartment and that was really good as well that was with AT&T never had a single issue with them but yeah one of the main reasons we moved here not somewhere down the road it's because this place explicitly offered fiber through frontier so so far so good if you want to see our internet set up logs and whatnot you can check out this video here but I think you guys for watching this far into the video consider subscribing if you haven't already and you know catch you next one let me know if you like this style of it if you like me just talking about stuff I'm not sure how well or poor this video will do on the channel but I figured there was some decent information in it so why not put it out there I want to be upfront and candid about some of the things going on in our personal lives money is fun it also can be super stressful so manage it well my name is Greg thanks for learning with me\n"