Here at the Pastor’s Wallet, we’ve discussed ways of earning extra money before. However, those were more like side gigs or one-off opportunities. For a pastor who wants something more substantial and longer-term, the answer is to build a side business.
Pastors often need additional sources of income besides just their church. Running a side business is a great option, but you have to be careful. You shouldn’t try to monetize your ministry. Your ministry can feed off of your business, but your business should never feed off of your ministry.
Researchers have found that certain characteristics are common to those who are able to successfully build wealth over time. Let’s take a look at them and what they could mean for your personal finances.
The most commonly asked question regarding the new tax reform bill that went into effect at the beginning of the year is, “How will it affect me?” Since everyone’s situation is different, no amount of searching on Google is going to give you the right answer.
The most accurate answer you can find will come from doing calculations based on your 2017 tax return. If you anticipate being in the same, or a similar, financial situation for 2018 as you were for 2017, then you can get a pretty good estimate of this coming year’s tax bill by looking at last years’ numbers. Here is how to do it:
