Tag

happiness

Early Retirement, Frugal Living, Lifestyle

Tax Deductible, Low Cost, High Speed Internet You Can Take Anywhere

Internet service in the U.S. can be spotty for people living out in the boondocks, like your favorite accountant. Travelers need to hunt for an open Wi-Fi hotspot to stay in touch. Even worse, internet is frequently bundled with cable, forcing you to buy both or face wildly overpriced stand-alone internet service. They got you where they want you and your pocketbook is the victim. There has to be a better way. There is. And since I’m an accountant I want a big tax deduction too.

Internet service can cost $50 a month and more for high-speed broadband. (Please sit for this next part. I don’t want anyone falling and getting hurt.) How would you like fast internet (I’m talking 10 Mbps and higher with 10 people on at the same time) for $41.67 a month, paid annually? That works out to $500 per year. After the first year the cost drops to $400 per year or $33.33 per month. You can take this little gem with you on vacation, too. Your fast and low-cost internet is as small as a cell phone, has a 10 hour battery life and is very portable.

Okay, enough of the baiting. Time to get down to facts, get a tax deduction and details on obtaining this money-saving, tax deductible gem.

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Everybody is Talking about the New Forum on The Wealthy Accountant

The ever talented Kevin Clack is at it again. He put together an awesome forum here on The Wealthy Accountant. Now you can share ideas, get help and help others with the most pressing problems in your life as you move toward financial independence and beyond. I can’t answer every question or meet every demand, but as a team we can solve anything. Don’t be afraid of subjects outside the tax and accounting field. I talk tax in maybe a third of the posts at most for a reason. Taxes are a fun hobby to keep more money in your pocket. But the important stuff is learning to live right, to live the good life. That is where we are all most valuable. Money is great; friends better.

Finding the right professional is easier than ever now that you have a resource on your favorite blog. (I wonder why they let me in the place. Hmmm.) Have fun and be nice. Kevin and I will moderate the forum in these early days. As traffic grows I will ask for a volunteer or two to keep peace in the forum. You never know when a Hummer driving, spendaholic will show up. I trust you guys can take care of any unruly guests.




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Lifestyle, Small Business

It’s a Small World

There is a ritual the accounting profession goes through every autumn. Eager tax professionals attend continuing education programs to hear all the latest tax law changes with interpretation. Large hotel venues fill with CPAs, enrolled agents, and even attorneys eager to learn. The room is filled with tax professionals all from within a hundred miles.

It amazes me how small the accounting profession is. Tax professionals are an even smaller crowd. A handful of conferences draw nearly the entire industry in each geographic region of the country. Smaller programs abound, but the annual refresher courses with tax law updates bring out the vast majority of the industry.

The same people attend year after year. We know each other. Sometimes personally, sometimes we are only aware of each other’s existence. Many times we talk and share ideas, talking taxes, clients and business management. There is respect in the air. We have something in common and feel comfortable together.  Some of us worked in the same office or worked together on a client’s file. Few members of the crowd feel we are competition.




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Early Retirement, Frugal Living, Lifestyle

Thriving on Minimum Wage

Minimum wage to riches.

Complaints about wages are rampant in the current news. The common wisdom is wages are too low for people to save for retirement or even pay for basic needs. Today I will dispel this common wisdom and prove 1.) Minimum wage, while not very much, is more than enough to live on; 2.) You can get a pay increase even if the boss refuses to pay you more than the minimum wage; and 3.) Early retirement is possible even at minimum wage and in fact you are more motivated to reach early retirement goals when you are locked at the lowest pay scale allowed by law.

I know I’m coming across as a dick to many people. But I’m right and you know it. I can and will deliver on all three points above in one short blog post. The problem with reaching these goals is you and your spending habits.

My dad grew up on a farm and started his own agriculture repair business back in the early 80s. He noticed his employees were no better off regardless what he paid them. Some were paid very well and still were flat broke.

I see the same thing in my practice among employees and clients. With a larger group to sample, my data is conclusive: Income is not the problem, spending is. Where you live has nothing to do with it. Nothing! Living in a high-cost area of the country usually means minimum wage is higher than the federal minimum wage. Since a few will refuse to believe me, I also included point #2. If you are so underpaid you should be excited to know I can guarantee you a pay increase on a regular basis. That means minimum wage will be history for you, my friend, and your employer can’t do a damn thing about it.

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Early Retirement, Frugal Living, Lifestyle

Stop Working for Money

Have you ever wondered why Elon Musk keeps pushing so hard? A hundred million from PayPal wasn’t enough, I guess. Building the greatest all-electric car is not enough for Musk, either. He also wants to fundamentally change the way humans see the world by starting a company called SpaceX. As I write, Musk promised to take two people to the other side of the moon and back next year! Talk about pushing yourself.

Before you start thinking Musk is a slacker, he also has this thing he manages called Solar City. If you want to build the greatest electric car ever you may as well figure out a way to fuel the darn thing for next to nothing. Right?

You would think running three large companies at the leading edge of technology would be enough for a 45 year old man with plenty of money to kick back and spend the rest of his life gloating. If you think that you don’t know Elon very well. He wants to put mankind on Mars in the next decade and send the species even further into space. His dreams never stop flowing and he makes them real against all odds. Just one great feat of Musk’s would make anyone’s career complete. So why does he do it? Why does Musk keep dreaming and then putting those dreams into action?




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Early Retirement, Frugal Living, Lifestyle, Taxes and Investing

Here is How You Can Piss Off Donald Trump

Disclaimer: This is not a political rant! The time is ripe for this message and Trump happens to be President. It is meant as satire wrapped around a serious message you must follow or suffer the financial consequences.

Nothing is more fun than good times. The recent run in the stock market in nothing short of incredible. After years of slow growth economy and low inflation coupled with a rising stock market, the stock market has exploded. The chart has gone parabolic! But this is not a story about investing or the stock market, however. This story is about pissing off Donald Trump.

Promises of faster economic growth and more high paying jobs face reality after Election Day. President Trump has hitched his wagon to a promise of hyper economic growth, in the neighborhood of 4% or higher. Depending on the day, a lot higher. I’m guessing if things go well we can see wages double every three, maybe four, years. And the best part, no inflation while the government pays off the national debt and increases spending across the board. Such are the promises of politicians.

And in these “best of times” you think it will last forever. Think 1929 or 1987 or 1999. Oh, for the heady days on 1999 when broad stock indexes sported triple digit P/E ratios. How can you lose? The future is clear to the horizon. Life is good, just ask the government.

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Lifestyle

An Open Letter to My Children

Normally when a parent leaves a letter to his children the doors and windows are closed. However, when your dad is a business owner and somewhat known due to decades of publishing, the public will want to look in the window. Regardless, this letter is for you girls and no one else.

My fondest hope is you will print and carry this letter with you. There are many things I want to share with you about life. I know it looks daunting and impossible at times, but it isn’t that bad. During those darkest hours, hours when you doubt your own judgment, you can reference this letter and know that your father has felt this way many times in his life. Watching me over the years you probably think it comes easy for me. It doesn’t. I fight as hard as or harder than the next guy to achieve goals.

The same applies for those moments of excessive glee. Honing the highs and lows is an important part of living a joyful life. Always keep an optimistic attitude. Regardless the situation, it helps. Things are never as bad as they seem and rarely perfect either. Life is in the middle.

Life is a journey best taken at a gentle pace. Don’t rush! Goals are fine as long as there is more. The only real goal life offers is death and you will get that right the first time, same as everyone else. What matters is what you do now, at this very moment. Yesterday is a memory; tomorrow a dream. All that is real, all that matters is this moment in time. The universe is not 13.7 billion years old. It is one moment only. This moment. The one you live in.





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Lifestyle

The Easy Way to Wealth: Deferred Gratification

 

Sometimes it is hard to wait.

Instant gratification is the hallmark of a good economy according to the government wonks and marketers. It is also the hallmark of the impoverished souls forced to work forever in a soulless job to cover the debt payments.

Watching clients for decades has made it clear there are only a few golden rules to wealthy. Automatic investing is one; deferred gratification is the other. Deferred gratification is what funds the investment account so I think deferred gratification is by far the more powerful of the two traits.

Instant gratification is sometimes hard to see. Today I will point out all the signs you are satiating your lusts a bit too quickly for your own good. By recognizing your overzealous spending habits you can delay gratification to your benefit. You give up nothing, but gain plenty of freedom, less (or no) debt and financial independence. It is a stress-free way to conduct life.

Support this blog. Thank you.

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