#bossedenterprises

According to Bloomberg, OnlyFans will finish 2020 with the following financials:

• $400 million in revenue

• $300 million in profit

The $300 million in profits will be “before accounting for expenses like income taxes, amortization and depreciation.” For perspective, DoorDash went public in November and recorded $885 million in revenue during 2019 with a $667 million loss. Again, that’s a LOSS.

Earlier this month, Bloomberg called OnlyFans a “Billion-Dollar Media Giant Hiding in Plain Sight.”

If you’re just starting out and you don’t know the first thing about taxes, the most important things to understand:

• You WILL have to pay taxes as an OnlyFans model

• You WILL have to do this yourself (or hire a professional)

• OnlyFans does NOT withdraw taxes from your pay

• Save 20-30% of your earnings to cover your tax bill

• Save ALL receipts, both offline and online

• OnlyFans counts as self-employment

Good luck!

Bookkeeping clean-up (12 months) is now just $2,500.00! What do you get? Check out the details here:

Senior executives routinely share and discuss financial data with marketing directors, operations chiefs, and other direct reports. But how much do those managers really understand about finance? Recently investigated this question, and the news is not good.

Asked to take a basic financial-literacy exam—a test that any CEO or junior finance person should easily ace—a representative sample of U.S. managers from C-level executives to supervisors scored an average of only 38%. A majority were unable to distinguish profit from cash. Many didn’t know the difference between an income statement and a balance sheet. About 70% couldn’t pick the correct definition of “free cash flow,” now the measure of choice for many Wall Street investors.

Does this lack of financial literacy matter? From individual managers’ point of view, it surely does. Those who can’t speak the language of business can’t contribute much to a discussion of performance and are unlikely to advance in the hierarchy. They may be caught off guard by financial shenanigans, as many employees at Enron were. They will be unable to gauge the health of a prospective employer. A chief financial officer of a small manufacturing company often asks candidates for engineering positions whether they would like to review the past two years of the company’s financials. None yet have taken him up on the offer—knowing, perhaps, that they could make neither head nor tail of the statements.

Financial illiteracy in the managerial ranks can be a crippling weakness for the organization, as well. Imagine a business that is attempting to increase operating cash flow, as many firms are at the moment. Even experienced executives, accustomed to managing a P&L, may be unaware of the many balance-sheet levers they can pull to affect cash—decreasing inventory, for example, or reducing days sales outstanding.

The first thing you may have to do with your sales force is help them understand the difference between making a sale and making a profitable sale. Unfortunately, this is a widespread problem. Nearly two-thirds of most sales reps think that discounts offered by them had no effect on gross margin. If you don’t understand what goes into a number, you can hardly know how to improve it.

Why don’t people tell their bosses that they don’t speak finance? It’s the usual human reluctance to admit ignorance. In a survey of a different sample of managers, it was asked what happens in meetings when people don’t understand financial data. The majority chose answers reflecting that reluctance, such as “Most people don’t ask because they don’t want to appear uninformed in front of their boss or peers.”

To gain a wealth of financial literacy information, subscribe to BOSSED (a Financial Literacy publication).

Penalty for Taking Advantage of Power of Attorney.

A power of attorney is a legal status given to an agent by a principal. Under a power of attorney, an agent is able to engage in legally binding conduct on behalf of the principal including buying and selling real estate, making investments, managing assets or entering into contracts. If the agent takes advantage of his power of attorney, he could face civil penalties including restitution of lost money or a judgment for damages and fees. Conduct amounting to a crime could result in incarceration or significant criminal fines.

Restitution

Restitution is a term meaning to pay back the victim of a civil violation or crime. If an agent has misused his authority under a power of attorney, a civil action against him could include the requirement that the agent refund the principal the entire sum lost by the misuse. Many states also permit the imposition of an interest rate on money misappropriated or otherwise taken unlawfully.

Accounting and Review

Many states maintain a cause of action allowing a plaintiff to petition for an accounting or review of an agent's performance. If family members believe the agent is engaging in misuse of the power of attorney, a court can order a full financial review of the accounts through an independent, third-party accountant. Likewise, the principal-agent relationship gives rise to a fiduciary duty that may be reviewed by a court upon petition. The fiduciary relationship imposes a duty of loyalty and care upon the agent and any deviation from these standards could result in liability for the agent.

Damages

In a civil action against the agent, the court could order the violator to pay money damages to the principal for additional losses incurred as a result of the misconduct. These damages are above and beyond the base amount lost and could include damages for loss of business opportunities or interference with investments. For instance, if an agent is directed to manage an investment portfolio and misallocates funds resulting in lost profits, the court could award the principal the lost profit amount. If an agent's conduct is especially malicious or intentional, the court may award punitive damages, which are damages above and beyond the actual amount lost and are designed to punish the defendant and deter others from engaging in similar conduct.

Attorney's Fees and Costs

Many states allow for a plaintiff to request reasonable attorney's fees and costs incurred to prosecute the action against the agent. This amount becomes part of the total judgment entered against the defendant and generally includes the amount of money the plaintiff spends on court fees and legal counsel to win back the missing funds.

Criminal Penalties

Taking advantage of a power of attorney also carries possible felony or misdemeanor criminal penalties. The severity of the charges depends on the amount of money taken or the complexity of the wrongful conduct. Possible charges include extortion, exploitation, embezzlement, money laundering, theft, larceny, fraud or forgery. If the victim is elderly or incompetent, many states maintain sentencing enhancements.

The price of a busy career is time away from friends and family. The price of long-term market returns is uncertainty and volatility.

Everything worthwhile comes with a price, and most of those prices are hidden. They’re sometimes worth paying for, but you should never ignore their true costs.

Once you accept this, you’ll start to view things like education, time, relationships, autonomy and creativity as currencies that are just as valuable as cash.

Happy End of the Year!!! Take 25% off all services and merchandise storewide from now thru 12/31/2020. www.BOSSEDenterprises.com