Archive for August 2016

Dealing with Mistakes

Have you ever made a mistake? Of course you have. Like me, you have a few doozies in the closet to air out, too, if you are honest. Mistakes come in all sizes. From the minor mishap to the really stupid to the criminal, we all have our moments of ignorant brilliance. As luck would…

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Free College Education and a Free Car Too

Before we get started I need to add a disclaimer up front. Periodically a topic comes up at the office where I shed financial advice in a less than politically correct manner. What you read here is a scene that took place as I left the office last night. When I get into one of…

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Leadership

Leadership is a skill far beyond bossing people around and delegating workload. Leadership skills take years to develop with careful grooming to prepare for the day you step into the leadership role. We think of leaders as politicians or business owners, but we all take leadership roles in our daily life. Parents are leaders of…

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Should I Pay My Mortgage Off Early?

Low interest rates have raised concerns if it is proper to pay off debt early. The good news is there are ways to determine if you should pay down debt, including the home mortgage, or invest funds to accelerate net worth building. Low interest credit card teaser rates and equity lines of credit add another…

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Audit Proof Your Tax Return

The IRS has audited tax returns the last several years at a historically low rate. Individuals faced a 0.84% audit rate in 2015; millionaires, 9.55%; Schedule C sole proprietor taxpayers, 4%; partnerships, 0.51%; and S corporations, 0.40%. (Source: The Kiplinger Tax Letter: Vol. 91, No. 4) None of this makes a difference if your number…

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Small Business Owners: Delegating for Massive Profits

My previous post on delegation had a comment from John McCarthy with the following request for advice: I would be interested in some of the behind the scenes (nitty-gritty) detail of the things you are now delegating. Like you, I am running a tax preparation firm. For the past 15 years it has been a…

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Learning to Delegate

There is a sickness spreading in the FIRE (financial independence, retire early) community. This sickness threatens to topple the best laid plans of intelligent young men and women everywhere. The mentality is that you must do everything yourself to save a dollar and reach your FI goal as soon as possible. Except this DIY mantra…

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