Blog

This Simple Practice Did More for My Business Than Any Productivity Hack

This Simple Practice Did More for My Business Than Any Productivity Hack


Opinions expressed by Entrepreneur contributors are their own.

When it comes to entrepreneurship, picking up a new hobby probably isn’t top of mind. You’re already juggling a packed schedule — and maybe you already have hobbies you love. Still, it should come as no surprise: hobbies are good for you.

In fact, a 2023 study published in Nature Medicine found that adults aged 65-plus who engaged in hobbies reported better health, higher life satisfaction and greater happiness. And in my own experience, embracing a musical hobby has been one of the most effective ways to improve my mental health, reduce stress and maintain a sense of balance as a business owner.

You don’t need to be a lifelong musician to benefit. Music offers a creative outlet and a mental reset — something all entrepreneurs need more of. Whether you’re learning an instrument, singing, or simply listening more intentionally, musical hobbies can change how you show up in business and life.

Let’s break down three key ways music can positively impact entrepreneurs.

1. Music relieves stress — fast

Entrepreneurship comes with constant pressure — deadlines, decisions, responsibilities. Stress builds up over time, and if left unchecked, it can lead to burnout, anxiety, trouble concentrating or even depression.

A musical hobby can serve as a powerful stress reliever. Studies show that playing an instrument or singing can lower cortisol levels and reduce anxiety. Even listening to music intentionally — without multitasking — can focus your mind and create a sense of calm.

Of course, not everyone has time to learn an instrument. That’s okay. For me, just putting on a record and truly listening helps me reset. Whether it’s practicing piano, jamming with friends or listening to a favorite playlist, music becomes something to look forward to — a reliable, restorative escape.

Related: How I Turned My Hobbies Into Profitable Side Businesses With My Friends — Without Losing the Joy

2. It builds transferable skills

Musical hobbies don’t just relieve stress — they sharpen your mind. Actively engaging with music can improve memory, concentration, and cognitive flexibility. For entrepreneurs, that’s a powerful edge.

Learning to play an instrument, for instance, requires self-discipline, time management and resilience — all skills that mirror the entrepreneurial journey. It challenges you to get comfortable being a beginner again, to practice patience, and to build momentum over time.

Musical practice enhances:

  • Creativity
  • Problem-solving
  • Focus
  • Coordination
  • Confidence
  • Discipline
  • Learning agility

And perhaps most importantly, it reminds you that growth comes from consistency — a principle that applies just as much in business as it does in music.

Related: Every Entrepreneur Needs a Hobby Separate From the Company — Here’s Why

3. It strengthens your brain

Engaging with music activates multiple regions of the brain — the same areas responsible for memory, movement, emotional regulation and complex thinking.

A 2023 study found that musical training enhances auditory processing and working memory. According to AARP, playing an instrument lights up your brain, improving functions like listening, reading, and recall — and may even help grow new neural pathways. That means better cognitive health, greater adaptability, and increased creative thinking.

For entrepreneurs who rely on clear decision-making, creative problem-solving and rapid learning, that kind of cognitive workout is invaluable.

Treat music as self-care, not a side project

Musical hobbies give entrepreneurs more than just stress relief. They offer a creative space to disconnect from the daily grind, while strengthening the mental and emotional muscles that help you lead, build and grow.

Even if you can’t commit to lessons or learning an instrument, find ways to engage with music that work for your schedule. Deep listening, group classes, or even karaoke nights can reignite joy and spark inspiration.

Entrepreneurship demands everything from you — but that doesn’t mean you can’t take something back. A musical hobby could be exactly what you need to recharge, grow and show up better in every area of your life.

When it comes to entrepreneurship, picking up a new hobby probably isn’t top of mind. You’re already juggling a packed schedule — and maybe you already have hobbies you love. Still, it should come as no surprise: hobbies are good for you.

In fact, a 2023 study published in Nature Medicine found that adults aged 65-plus who engaged in hobbies reported better health, higher life satisfaction and greater happiness. And in my own experience, embracing a musical hobby has been one of the most effective ways to improve my mental health, reduce stress and maintain a sense of balance as a business owner.

You don’t need to be a lifelong musician to benefit. Music offers a creative outlet and a mental reset — something all entrepreneurs need more of. Whether you’re learning an instrument, singing, or simply listening more intentionally, musical hobbies can change how you show up in business and life.

The rest of this article is locked.

Join Entrepreneur+ today for access.



Source link

This Simple Practice Did More for My Business Than Any Productivity Hack Read More »

OpenAI-Backed AI-Made Animated Movie Headed to Theaters

OpenAI-Backed AI-Made Animated Movie Headed to Theaters


A new animated movie made mainly with AI could challenge the time and resources it takes to put together a Hollywood production.

According to a Sunday report from The Wall Street Journal, OpenAI is giving its tools and computing resources to a new feature-length movie called “Critterz,” which follows the journey of forest creatures who embark on a quest after a stranger intrudes on their home.

Chad Nelson, a creative specialist at OpenAI, conceptualized “Critterz” three years ago while experimenting with OpenAI’s image generation tool Dall-E. It was originally a short film funded by OpenAI that was released in 2023. Nelson has since joined forces with movie production companies in London and Los Angeles to make his vision of a feature film a reality. It’s unclear if OpenAI will be marketing the full-length movie.

Related: Meta Says Its New Movie Gen AI Is an Industry First — But a Demo Shows It Isn’t Perfect

Nelson says that the film will demonstrate what OpenAI’s tools can do, creating a highly visible (the plan is to debut at the Cannes Film Festival in May) use case for the technology.

“OpenAI can say what its tools do all day long, but it’s much more impactful if someone does it,” Nelson told WSJ. “That’s a much better case study than me building a demo.”

After being introduced at Cannes, “Critterz” is expected to be released in theaters globally next year. In a press release on Monday, Vertigo Films said the film will be funded by Vertigo’s Paris-based parent company, Federation Studios.

With a budget of less than $30 million, the movie would cost less to make than a standard Hollywood film. For reference, major Hollywood productions like Disney’s “Tangled” cost over $200 million to create, while the studio’s “Tarzan” cost $130 million. If successful, it could cause Hollywood to take notice and use AI for future films.

Related: A Movie About Sam Altman’s Ouster and Wild Week at OpenAI Is Currently Filming. Here’s Who’s Portraying the Tech CEO (and His Nemesis, Elon Musk).

“Critterz” would also take less time to produce: The production team is aiming to create it in nine months instead of the standard three to four years. Production has started, with casting decisions aiming to go out within the next few weeks.

Other Hollywood studios have already begun experimenting with AI. In July, Netflix disclosed that it had used AI to generate a scene on an Argentine TV show called “El Eternauta.” Meanwhile, Disney has experimented with tapping into AI to create clones or digital body doubles of actors.

Entertainment companies have also pushed back against unauthorized AI use. In June, Disney and Universal filed the first major Hollywood lawsuit against AI startup Midjourney, alleging that the startup copied its characters from copyrighted works without permission.

Related: Universal Pictures Just Added an Anti-AI Legal Warning to the End of Its Movies, Including ‘How to Train Your Dragon’

A new animated movie made mainly with AI could challenge the time and resources it takes to put together a Hollywood production.

According to a Sunday report from The Wall Street Journal, OpenAI is giving its tools and computing resources to a new feature-length movie called “Critterz,” which follows the journey of forest creatures who embark on a quest after a stranger intrudes on their home.

Chad Nelson, a creative specialist at OpenAI, conceptualized “Critterz” three years ago while experimenting with OpenAI’s image generation tool Dall-E. It was originally a short film funded by OpenAI that was released in 2023. Nelson has since joined forces with movie production companies in London and Los Angeles to make his vision of a feature film a reality. It’s unclear if OpenAI will be marketing the full-length movie.

The rest of this article is locked.

Join Entrepreneur+ today for access.



Source link

OpenAI-Backed AI-Made Animated Movie Headed to Theaters Read More »

We Built a 7-Figure Business Without a Single Investor — Here’s Why Saying No to VC Was Our Smartest Move

We Built a 7-Figure Business Without a Single Investor — Here’s Why Saying No to VC Was Our Smartest Move


Opinions expressed by Entrepreneur contributors are their own.

You’ve heard this story before: a couple of college kids launch a startup from their dorm room. Surrounded by engineers, finance majors and future founders, venture capital wasn’t just common — it was expected. So when my co-founder and I launched Prepory, our college admissions coaching company, we assumed we’d need funding to be taken seriously.

We entered a pitch competition and came in second. No check. We reached out to investors. No bites. We had a choice: give up or keep building.

We kept building.

What started as a one-person operation helping students in our local community has grown into a seven-figure, global company with nearly 100 team members. We’ve supported over 14,000 students, partnered with school districts and institutions in multiple countries and built one of the most trusted brands in college admissions — all without a single outside investor.

Here’s why we said no to VC, and why bootstrapping was the smartest decision we never planned to make.

The pressure to raise

In elite academic circles, starting a business often goes hand in hand with chasing venture capital. I pictured the high-stakes pitch rooms, the dramatic investor meetings — scenes straight out of The Social Network. But after our early efforts fell flat, we stopped trying to win someone else’s approval and turned our focus inward.

We obsessed over our product, our client experience and our outcomes — not “scale.”

One month before our one-year mark, we hit $100,000 in revenue. It wasn’t a headline-grabbing number by Silicon Valley standards, but it proved something more important: we didn’t need permission to grow. We just needed to execute.

Related: Most Startups Ignore This One Asset That Makes or Breaks Their Success

What bootstrapping taught us

In hindsight, bootstrapping didn’t just work — it shaped the business in ways VC money never could.

Every dollar mattered, which meant we tested fast and paid close attention to what customers wanted. Client feedback shaped everything. We pivoted early on from a B2C model to B2B — realizing that one school contract could bring the same revenue as ten individual clients. That insight wasn’t born from a boardroom; it was born from necessity.

Bootstrapping also made me a better leader. I didn’t start by managing dozens of people. I started with one, then five, then ten. That kind of slow, intentional growth gave me room to develop as a leader — learning how to listen, communicate clearly and lead with clarity and care. There was no pressure to scale overnight, so we could prioritize culture, values and quality.

The hidden cost of raising too soon

VC can be a powerful accelerator — but if you raise too early, it can also be a trap.

Many founders take funding before they’ve found product-market fit. They shift their focus from solving customer problems to pleasing investors. Instead of building a strong foundation, they’re stuck managing burn rates and expectations. Teams get stretched. Quality suffers.

We built slowly. That meant we stayed close to our mission and recruited talent who were energized by the opportunity to build something meaningful. Today, we outperform companies twice our size because we’ve built a team that shows up with purpose — and we’ve stayed aligned with what matters most: helping students reach their full potential.

Related: How to Scale a Business Without Wasting Millions (Or Collapsing Under Your Own Growth)

Should you bootstrap?

Ask yourself this: What do you actually need the money for?

If you’re building a product that truly requires upfront investment — hardware, tech or time-sensitive development — funding may make sense. But if you’re starting a service-based business, you might not need capital to get traction.

Bootstrapping requires resilience, patience and a tolerance for delayed gratification. But it gives you full ownership of your company, your vision and your decisions. Today, we have the freedom to invest in growth on our own terms.

People still ask if we’d raise money now. My answer? Not unless we have a strategic reason to. Not because I’m anti-VC, but because we no longer need it.

Bootstrapping gave us something far more valuable than capital: it taught us how to build a resilient, values-driven, adaptable business. And if we ever decide to raise, we’ll do it from a position of strength — not survival.

You’ve heard this story before: a couple of college kids launch a startup from their dorm room. Surrounded by engineers, finance majors and future founders, venture capital wasn’t just common — it was expected. So when my co-founder and I launched Prepory, our college admissions coaching company, we assumed we’d need funding to be taken seriously.

We entered a pitch competition and came in second. No check. We reached out to investors. No bites. We had a choice: give up or keep building.

We kept building.

The rest of this article is locked.

Join Entrepreneur+ today for access.



Source link

We Built a 7-Figure Business Without a Single Investor — Here’s Why Saying No to VC Was Our Smartest Move Read More »

A New Platform Uses AI to Build Your Website, Create Sales Funnels, and More

A New Platform Uses AI to Build Your Website, Create Sales Funnels, and More


Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners.

Running a business comes with enough challenges without having to manage a stack of disconnected tools. If you find yourself wasting time moving between platforms instead of focusing on growth, Sellful may offer a more efficient solution.

Sellful is a fully integrated business platform that combines website building, CRM, marketing, invoicing, scheduling, and project management in a single dashboard. Designed with agencies and entrepreneurs in mind, it supports full white labeling so you can brand the system as your own. You can manage everything from client portals to payroll, all in one place. The lifetime Agency Plan is currently available for $349.97, down from $1,497, but only for a limited time.

What can Sellful do?

You don’t need to be tech-savvy to use Sellful. It has a unique AI-powered website builder that lets you launch sites, landing pages, and sales funnels in minutes. You can manage product sales, inventory, and payments across 20 supported gateways. Built-in CRM tools help you track customer relationships and automate communication via email and SMS. Sellful also includes tools for scheduling, course and membership management, help desk support, and team collaboration.

Agencies can manage multiple client accounts, customize the platform for each business, and handle internal tasks like HR and accounting. With integration support for more than 5,000 apps, Sellful is designed to fit into your existing workflows without disruption.

There are no limits on users, contacts, or hosted websites. One upfront payment gives you lifetime access, allowing your business to scale without additional subscription costs.

For a limited time, you can get a Sellful Lifetime Agency Plan for $349.97.

Sellful – White Label Website Builder & Software: ERP Agency Plan (Lifetime)

See Deal

StackSocial prices subject to change.

Running a business comes with enough challenges without having to manage a stack of disconnected tools. If you find yourself wasting time moving between platforms instead of focusing on growth, Sellful may offer a more efficient solution.

Sellful is a fully integrated business platform that combines website building, CRM, marketing, invoicing, scheduling, and project management in a single dashboard. Designed with agencies and entrepreneurs in mind, it supports full white labeling so you can brand the system as your own. You can manage everything from client portals to payroll, all in one place. The lifetime Agency Plan is currently available for $349.97, down from $1,497, but only for a limited time.

What can Sellful do?

The rest of this article is locked.

Join Entrepreneur+ today for access.



Source link

A New Platform Uses AI to Build Your Website, Create Sales Funnels, and More Read More »

I Had the Right Answer in a Room Full of Decision-Makers — But No One Backed Me Until I Did This

I Had the Right Answer in a Room Full of Decision-Makers — But No One Backed Me Until I Did This


Opinions expressed by Entrepreneur contributors are their own.

Here’s a moment every technical leader knows too well: you’re in a room full of executives, creatives, agents or business leaders — and you’re the only one who speaks “tech.” Maybe you’re a new CTO. Maybe you’re just the most technical person in the room. You have ideas that could solve real problems. But no one gets what you’re saying.

I’ve been there more times than I can count — at UTA, the Clippers and now as co-founder of SkaFld Studio. And here’s what I’ve learned the hard way:

It doesn’t matter if you’re right if no one understands you.

Your job isn’t just to solve complex problems. It’s to help others see how those solutions fit their world. Harvard Business Review backs this up: the best leaders use clear, resonant language to make complexity approachable. That requires more than just communication skills — it requires empathy, strategy, and what I call the Translator Mindset.

The instinct is to lead with jargon, credentials or cleverness. But that only creates distance. The Translator Mindset is about meeting people where they are, then guiding them somewhere new. Clarity matters more than ego. Connection matters more than correctness.

Related: How to Build and Sustain Deep, Meaningful Business Relationships (and Why It’s the Key to Long-Lasting Success)

What the Clippers taught me about influence

One of my most valuable lessons came during my time with the LA Clippers, at a moment when the entire league was embracing analytics. We had the data. It felt like we had the answers. But I was walking among legends — Jerry West, Doc Rivers — and when they have an opinion, you listen.

During a tense draft season, the analytics team wanted to cast a wide net, calling dozens of prospects to increase our odds. But the old guard insisted we focus only on the top few. And more importantly, they wanted those calls to come from someone with real influence — one of our big names.

They were right. Every player who got a call from one of our top voices came on board.

The data team wasn’t wrong. But they were missing the bigger picture: it wasn’t about efficiency — it was about influence. That moment showed me how instinct and data don’t need to compete. But someone has to bridge the gap.

Why tech initiatives really fail

Most tech ideas don’t fall apart because they’re flawed — they fail because they’re misunderstood.

I’ve watched engineers try to bury doubt with detail. But doubt isn’t rational. It’s emotional. Disruption often feels like displacement. Confusion can trigger fear. And fear doesn’t get solved by specs.

Empathy is a strategy. Before I pitch anything technical, I ask myself:

  • What does this audience actually care about?
  • Where might they feel threatened?
  • How do I make them feel like co-owners of the solution?

In the early days of my career, I used jargon as a defense mechanism. It made me feel competent. But it didn’t build trust. I had to unlearn that habit and retrain myself to reframe, simplify and connect. Once I did, everything changed — not just for me, but for the people around me. I went from being a translator to being the person who helped everyone in the room align.

3 tools to help you communicate tech better

Whether you’re the only technologist in the room or just the one willing to speak up, your job is to create clarity, credibility, and connection. These tools will help:

1. Reframe, don’t repeat
When someone pushes back, don’t double down on detail. Reframe their concern in their own language. Make them feel heard — and then offer a clearer path forward.

2. Start with outcomes
Never open with the tech stack. Open with the result. Instead of “We’re using containerized microservices,” say “We’re cutting load times by 70% so fans don’t drop off before tipoff.”

3. Speak their language
Metaphors work. To a producer, AI is a script assistant. To a VC, it’s a high-frequency analyst. Familiar language lowers resistance and builds buy-in.

Related: 14 Proven Ways to Improve Your Communication Skills

You’re the bridge

You’re not in the room to explain code. You’re there to turn potential into progress — to connect software with story, abstraction with action and fear with adoption.

That’s leadership. Done well, it builds momentum, earns trust, and drives real change.

And it starts not with speaking louder — but with being understood.

Here’s a moment every technical leader knows too well: you’re in a room full of executives, creatives, agents or business leaders — and you’re the only one who speaks “tech.” Maybe you’re a new CTO. Maybe you’re just the most technical person in the room. You have ideas that could solve real problems. But no one gets what you’re saying.

I’ve been there more times than I can count — at UTA, the Clippers and now as co-founder of SkaFld Studio. And here’s what I’ve learned the hard way:

It doesn’t matter if you’re right if no one understands you.

The rest of this article is locked.

Join Entrepreneur+ today for access.



Source link

I Had the Right Answer in a Room Full of Decision-Makers — But No One Backed Me Until I Did This Read More »

Luxury Yacht Sinks First Time It Hits the Water: Video

Luxury Yacht Sinks First Time It Hits the Water: Video


The owner of a luxury yacht worth around $940,000 had to swim to shore after his brand new 85-foot vessel, dubbed “The Dolce Vento,” launched for the first time on Tuesday off the coast of northern Turkey.

After hitting the water for its maiden voyage, the boat turned to its side and began to sink a couple of hundred feet offshore. A video widely shared on social media captured the boat being led into the water, and one person jumping as it sank.

Related: Video Shows Las Vegas Billionaire Traveling the East Coast With Two Megayachts — One Just Carries the Toys

So far, no cause has been officially determined, but Boat International reports that an investigation has been opened, and local outlets are blaming a “stabilization issue.”

Local reports also said the captain and two crew members swam to shore without injury.

Related: These Luxury Boats Are Owned By Some of the Wealthiest People in Tech and Include Swimming Pools and Basketball Courts





Source link

Luxury Yacht Sinks First Time It Hits the Water: Video Read More »

Get 1,800+ Titles Condensed into 12-Minute Micro-Books for Just  with Lifetime Access

Get 1,800+ Titles Condensed into 12-Minute Micro-Books for Just $40 with Lifetime Access


Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners.

For entrepreneurs and business leaders, the challenge isn’t finding valuable books—it’s finding time to read them. Between back-to-back meetings, managing a team, and keeping an eye on the market, even carving out an hour a day can feel like a luxury. But knowledge doesn’t have to wait for the rare moments when you have a free weekend.

The 12min Micro Book Library trims bestselling titles down to concise, actionable insights that can be read or listened to in about 12 minutes. With lifetime access, you’ll tap into 1,800+ titles across 24 categories and get 30 new additions every month, all designed to keep you learning without slowing down your schedule.

Imagine digesting the core ideas of The 7 Habits of Highly Effective People before your morning coffee or listening to The Subtle Art of Not Giving a F*ck on your commute. Instead of skimming or abandoning books halfway through, you’ll walk away with the key lessons—ready to apply them to your business, career, or personal goals.

The library supports English, Spanish, and Portuguese, works offline, and even syncs with your Kindle. That means whether you’re flying to meet investors, taking a break between calls, or catching up on strategy while commuting, your personal book vault travels with you.

For leaders who believe continuous learning is part of staying competitive, this is one of the most efficient ways to keep your edge sharp—without adding another subscription or calendar block to your day.

Get lifetime access to the 12min Micro Book Library for just $39.99 (MSRP: $399.90) while it’s still on sale.

12min Micro Book Library: Lifetime Premium Subscription

See Deal

StackSocial prices subject to change.

For entrepreneurs and business leaders, the challenge isn’t finding valuable books—it’s finding time to read them. Between back-to-back meetings, managing a team, and keeping an eye on the market, even carving out an hour a day can feel like a luxury. But knowledge doesn’t have to wait for the rare moments when you have a free weekend.

The 12min Micro Book Library trims bestselling titles down to concise, actionable insights that can be read or listened to in about 12 minutes. With lifetime access, you’ll tap into 1,800+ titles across 24 categories and get 30 new additions every month, all designed to keep you learning without slowing down your schedule.

Imagine digesting the core ideas of The 7 Habits of Highly Effective People before your morning coffee or listening to The Subtle Art of Not Giving a F*ck on your commute. Instead of skimming or abandoning books halfway through, you’ll walk away with the key lessons—ready to apply them to your business, career, or personal goals.

The rest of this article is locked.

Join Entrepreneur+ today for access.



Source link

Get 1,800+ Titles Condensed into 12-Minute Micro-Books for Just $40 with Lifetime Access Read More »

Save  on Lifetime Access to the Latest MS Office Apps

Save $80 on Lifetime Access to the Latest MS Office Apps


Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners.

Running a business today means efficiency matters more than ever. Between client emails, financial spreadsheets, and polished presentations, having the right tools on your desktop can make or break productivity. That’s why having the most modern software to support you is key.

Microsoft Office 2024 Home & Business is the latest, tech-forward iteration of the widely used Office suite. It’s also currently on sale for just $169.97 (MSRP: $249.99) for either Mac or PC.

Unlike subscription-based alternatives, this one-time purchase gives you permanent access to Word, Excel, PowerPoint, Outlook, and OneNote—the backbone apps businesses rely on daily. The 2024 release is more than just familiar icons: it introduces AI-powered suggestions, improved Excel data insights, enhanced PowerPoint storytelling tools, and a modernized Fluent Design interface that looks and feels streamlined across every device.

For business leaders, the collaboration features stand out. Co-authoring lets teams edit in real time, Outlook has improved accessibility checks to ensure communications remain professional, and PowerPoint now supports full voice and video recording — ideal for remote pitches or client updates. Excel’s AI-driven analysis also helps entrepreneurs spot trends and make faster, more informed decisions.

Another key advantage is security. Office 2024 strengthens protection against malicious add-ins, while Outlook makes email safety and organization easier to manage at scale. And because this is a lifetime license tied to your Microsoft account, there’s no recurring cost, no surprise renewals—just dependable productivity software for the long haul.

For business owners looking to upgrade their workflow without adding another monthly subscription to the books, this Office 2024 lifetime deal is a straightforward win.

Pick up a lifetime Office 2024 Home & Business license while it’s just $169.97 (MSRP: $249.99) for a limited time.

Microsoft Office 2024 Home & Business for Mac or PC Lifetime License

See Deal

StackSocial prices subject to change.

Running a business today means efficiency matters more than ever. Between client emails, financial spreadsheets, and polished presentations, having the right tools on your desktop can make or break productivity. That’s why having the most modern software to support you is key.

Microsoft Office 2024 Home & Business is the latest, tech-forward iteration of the widely used Office suite. It’s also currently on sale for just $169.97 (MSRP: $249.99) for either Mac or PC.

Unlike subscription-based alternatives, this one-time purchase gives you permanent access to Word, Excel, PowerPoint, Outlook, and OneNote—the backbone apps businesses rely on daily. The 2024 release is more than just familiar icons: it introduces AI-powered suggestions, improved Excel data insights, enhanced PowerPoint storytelling tools, and a modernized Fluent Design interface that looks and feels streamlined across every device.

The rest of this article is locked.

Join Entrepreneur+ today for access.



Source link

Save $80 on Lifetime Access to the Latest MS Office Apps Read More »

Powerball Jackpot: Which States Don’t Tax the Lottery?

Powerball Jackpot: Which States Don’t Tax the Lottery?


This weekend’s Powerball drawing is one for the record books — the $1.8 billion jackpot is now the game’s second-highest prize of all time. (The world record is the $2.04 billion Powerball jackpot, which was won in California on Nov. 7, 2022.)

The winning ticket has an estimated cash value of $826.4 million.

“Excitement is building as players look forward to tomorrow night’s drawing for this historic jackpot,” said Matt Strawn, Powerball Product Group Chair and Iowa Lottery CEO, in a statement. “We encourage everyone to play responsibly and take pride in knowing that every $2 ticket also helps support good causes in their community.”

Related: Thousands of Lottery Players Were Mistakenly Told They Won Millions

Saturday’s Powerball drawing will be live-streamed on Powerball.com, broadcast live at 10:59 p.m. ET from the Florida Lottery draw studio in Tallahassee. Powerball tickets cost $2 and are sold in 45 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.

How Much Money Will the Winner Receive?

A 24% federal tax is imposed immediately. Then, since the winner has skyrocketed themselves (if they weren’t there already) into the highest tax bracket (37%), the leftover tax will be paid when filing 2025 taxes.

CNBC notes that many states then add on a 2.5% to 10.9% income tax, though eight states (California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming) don’t tax lottery winnings. In all of the above states, the winner would take home the most money available, with a lump sum of $520,674,980 or an annuity of $1,135,289,400, according to USAMega.com and CNBC.

On the opposite end, the states where the winner will receive the least after taxes are:

  • New York (lump sum: $430,597,380; annuity: $939,089,400)
  • New Jersey and Washington, D.C. (lump sum: $431,836,980; annuity: $941,789,400)
  • Oregon (lump sum: $438,861,380; annuity: $957,089,400)
  • Minnesota (lump sum: $439,274,580; annuity: $957,989,400)
  • Maryland (lump sum: $442,166,980; annuity: $964,289,400)
  • Massachusetts (lump sum: $446,298,980; annuity: $973,289,400)
  • Vermont (lump sum: $448,364,980; annuity: $977,789,400)

Related: I Won $28 Million in the Lottery When I Was 21. It Changed Everything.

This weekend’s Powerball drawing is one for the record books — the $1.8 billion jackpot is now the game’s second-highest prize of all time. (The world record is the $2.04 billion Powerball jackpot, which was won in California on Nov. 7, 2022.)

The winning ticket has an estimated cash value of $826.4 million.

“Excitement is building as players look forward to tomorrow night’s drawing for this historic jackpot,” said Matt Strawn, Powerball Product Group Chair and Iowa Lottery CEO, in a statement. “We encourage everyone to play responsibly and take pride in knowing that every $2 ticket also helps support good causes in their community.”

The rest of this article is locked.

Join Entrepreneur+ today for access.



Source link

Powerball Jackpot: Which States Don’t Tax the Lottery? Read More »

Smart Tax Moves If You Have Multiple Income Streams

Smart Tax Moves If You Have Multiple Income Streams


Opinions expressed by Entrepreneur contributors are their own.

There’s a common debate about whether to diversify your income or stay specialized, although the statistics are factual. Nearly half of Americans have at least two revenue streams, and multimillionaires have at least seven. The reason is simple. Having multiple income streams equips you with options and provides you with financial stability.

Once you decide to have multiple revenue streams or you already have them, the most critical thing to keep in mind is taxes and remaining compliant. However, more crucial is to plan so you have plenty of time to define a strategy and save for tax payments. Never wait until the last moment.

Step 1: Treat each income stream like a business

Whether you earn a W-2 salary, work as a freelancer or contractor, consult, rent properties, or trade stocks and other assets, each activity follows its own set of tax rules.

You wouldn’t declare Airbnb earnings under your payroll, for example. First, you must set up the correct legal entity, such as a single-member LLC, S-Corp or C-Corp. Ticking the right boxes can significantly reduce your liability. A building contractor with multiple earning streams might benefit from switching from an LLC to an S-Corp, which could potentially save you up to $20,000 in taxes.

Related: What Is an LLC? Here’s How It Works.

If you own properties and rent them out, you will want to separate your expenses. It can boost deductions significantly. It is also a way to accelerate depreciation write-offs, allowing you to retain more cash now instead of waiting 20 years.

If you are selling one or several properties, you need to check out a 1031 to defer capital gains taxes by rolling your profits into a different investment.

Step 2: Pay taxes as if your life depended on it

This year, you cashed in on consulting, bonuses, stock options or a side gig. Think ahead, because you don’t want April to bring an unexpected tax bill that devastates your cash flow. That’s the reality for many who ignore quarterly taxes.

So, set aside 25 to 30% of every non-W-2 dollar. Track earnings, make quarterly payments and avoid penalties or fines or both. Vendors accept payments quarterly. You should treat IRS installments the same way.

Related: How Smart Entrepreneurs Turn Mid-Year Tax Reviews Into Long-Term Financial Wins

Step 3: Track your deductions all year round

Most people wait until March, then frantically search through their emails for receipts and invoices. Not a good idea. Start thinking about taxes in July, when you can make smart, sensible and timely moves. If you are a freelancer or contractor, you may deduct expenses such as your home office, internet bill and travel to meetings with clients, including business lunches.

Please don’t become the entrepreneur who misses a $3,000 gasoline deduction because they didn’t track their mileage to all those meetings and lunches. There’s no need to go to extremes, either, so don’t try to claim dog grooming or any other suspicious “business expense,” as it will raise red flags.

“The optimal tax strategy isn’t always about pushing every possible benefit to its limit — it’s often about creating a framework that allows for consistent, long-term, justifiable tax efficiency,” said George Dimov, CPA, who helps professionals navigate the complex tax and planning system.

It’s a good idea to maintain all your records in a spreadsheet or app to log expenses as they happen, and you’ll thank yourself when tax season arrives.

Related: Why Mid-Year Tax Reviews Are a Must for First-Time Entrepreneurs

Step 4: Expats, don’t miss these tax breaks

If you are a US citizen earning abroad, operating a business from Thailand, or consulting for clients in Europe, taxes can become overwhelming. Tax law has a provision that allows approximately $120,000 of foreign-earned income to be excluded from US taxes. Be sure to check this number annually, as the exact amount changes frequently.

The foreign tax credit can also save you from paying taxes twice if you are taxed overseas. However, you must report all relevant information, including foreign businesses, bank accounts and even small investments. There are fines of about $10,000 for failing to report a foreign bank account.

Research as much as you can about international taxes or consult an expert who knows the subject and can save you time, trouble, and money.

Related: 5 Tips for Finding the Tax Advisor Who Will Save You Millions

Bottom line: multiple streams call for multiple planning layers

More income streams mean more options, but also more tax complexity. Success lies in structure, timing, and ongoing management. Structure your entity to match your objectives. Pay quarterly. Plan mid-year. Track everything. However, taxes don’t have to be a nightmare.

There’s a common debate about whether to diversify your income or stay specialized, although the statistics are factual. Nearly half of Americans have at least two revenue streams, and multimillionaires have at least seven. The reason is simple. Having multiple income streams equips you with options and provides you with financial stability.

Once you decide to have multiple revenue streams or you already have them, the most critical thing to keep in mind is taxes and remaining compliant. However, more crucial is to plan so you have plenty of time to define a strategy and save for tax payments. Never wait until the last moment.

Step 1: Treat each income stream like a business

The rest of this article is locked.

Join Entrepreneur+ today for access.



Source link

Smart Tax Moves If You Have Multiple Income Streams Read More »