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lifestyle

Early Retirement, Lifestyle

Take a Selective Vacation to Maximize Productivity

vacation-149960_960_720The past year has been the most brutal of my career. What started out as a good idea has cascaded into a challenge I am still working the details out on. Challenges excite me, but this one showed up unannounced.

Back in the day when I was building my practice I didn’t work that many hours because it was a seasonal business and I saw no need to bust my tail for “a few more dollars”. (A good movie, by the way.) My strategy was simple; always do better than the year before. As the years accumulate, beating last year required more work. It wasn’t money; it was pride.

Eventually I was working way more than I wanted to, so I cut back dramatically and seriously considered selling my practice and living a “real” retirement. The reduced hours and the return to a normal lifestyle (for me) put the “selling the business” idea on the back burner.

It all changed a year ago. This blog and other media attention sent requests for my personal services through the roof. The process of digging out is still ongoing. I had no choice but to say “no” a lot more than I ever had before. That is a difficult pill to swallow because I love working with people and helping clients reach their goals.


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Early Retirement, Lifestyle, Small Business, Taxes and Investing

Making the List

396px-a_list_of_the_names_of_all_the_adventurers_in_the_stock_of_the_honourable_the_east_india_company_the_12th_day_of_april_1684A reader of The Wealthy Accountant recently offered me lunch. I have a weakness when it comes to food. Offer me a free meal and I am virtually a prostitute.

I accepted the offer of lunch for three reasons: 1. He is a local reader; 2. He asked nicely; 3. He wanted to discuss quitting his current job and starting a bookkeeping business as a side hustle. The last point is what got me. A local guy who wants to do bookkeeping is also a guy I might build a strategic alliance with to handle some of my bookkeeping work.

As we talked I shared stories like I do here. Eventually I got to a story I like to tell a lot, but failed to mention on this blog so far. I am not sure where to fit it in, but the story is so powerful it needs sharing. So I decided a story about making a list would be perfect for the Christmas holiday.


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January 2, 2017
Lifestyle

Silent Night




stars-821611_960_720The year is 1991. Mrs. Accountant and I had a foster child that year. On Christmas morning I was to take him to his mother for a day. We got up early and dressed for the chilly morn. I lived in town at the time. His mother lived in apartments near the Valley Fair Mall, the first mall in America.

The mall is gone now, replaced by a variety of shops, a gas station, and a movie theater. The apartments still stand. As I drove down Memorial Drive we rounded the curve toward the apartments. The road was dead quiet. No cars anywhere. It felt peaceful. A major highway completely empty. It only happens once per year on Christmas morning. I stopped the car in the middle of the road and watched a lone snowflake land on the glass and melt. I leaned forward and looked up at the early morning sky out the windshield. The hair on my skin rose with gooseflesh.

“Where is everyone,” asked my foster child, a huge young man from a family with more issues than I care to remember.

“They are sleeping,” I said in barely a whisper. “Resting. But not for long. They are exhausted from all the running and spending. Resting for a day. Tomorrow they will be back, crazed as ever, credit card in hand.” I turned to my foster child, “Never be like them.”Continue reading

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Lifestyle

Sex, Porn and Addiction: The Killers of Financial Independence

586746403_1280x719Goodwill Industries of North Central Wisconsin provides a multitude of services to the poor in my community. Everything from help with medical, job search services, to the iconic Goodwill thrift store are there to benefit the poor. Another program is the Financial Information and Service Center, otherwise known as FISC. FISC provides personalized counseling in financial matters: bankruptcy, student loans, budgeting, credit card debt, and delinquent taxes.

Every year FISC calls me in to speak to their group. Counselors from around Wisconsin come to hear my message. Sometimes it is an informal presentation more along the lines of an inquisition (Q&A session). Other times we fill a large room and food is catered. A few of the counselors are clients as a result.

The FISC counselors are not tax professionals or even trained in tax matters. For their worst cases they refer their client to my firm. And so it was this past week. A man in his mid 30s had serious tax problems. When no one else can help there is always me. I take a limited number of impossible cases each year. These people have limited funds for my services so I charge a very low fee or just do it pro bono.


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Lifestyle, Small Business

Increase Blog Traffic Faster Than Naked Kim Kardashian Pictures

blog-1027861_960_720By this time I am mildly qualified to intelligently explain how to increase blog traffic. My online writing goes back to the AOL days in the 90s and grew over the years. The Wealthy Accountant is my most popular blog, but I have two fantasy fiction blogs pulling around 4 million pageviews a year, an astounding number for online fiction. The Wealthy Accountant numbers are lower, but the traffic is higher quality; in other words, Google, advertisers, and readers like it more. This blog now boasts 40,000 page views per month with a strong growing trend line. There are a few tricks I learned over the years to accelerate blog traffic. I am no expert on the subject and there are many with greater skills at increasing blog traffic. My experiences, however, should provide a solid framework to take a blog from zero to a million pageviews in a year.

The first year is always the hardest. Unless you have a name people know growing traffic is done the old fashioned way. It takes work and time. My three steps to building a blog are:

  • First, create content
  • Then, build traffic
  • Then monetize

Jumping the gun on any step can harm traffic. You need content before building traffic; you need traffic before monetizing. Growing quality content is the hardest part for many people. Writing is supposed to be easy. You just sit in a chair and type. And bleed.


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Advantages of Living on the Road

rv_camper_at_north_toledo_bend_state_parkCome with me on a journey where taxes no longer apply.

Fifteen to twenty years ago I made it a mission to get people out of paying state taxes. Income taxes are the most obvious, but there are litanies of other taxes states levy against the people. Over the last few decades I estimate I cost the State of Wisconsin approximately $43 million in tax revenues. The richer you are the easier it is to avoid.

First I will tell a true story before I move to a tax strategy many of you early retirees will find very interesting.

Sometimes wealthy people wander into my office to pick my brain. This always amazes me because the pickings are rather slim at times. Still, it happens. On the particular day I have in mind one of the top people at a major financial firm stopped in. They were using a high powered firm in Chicago at the time so they thought an ‘ol farm boy from the sticks in Wisconsin could do better. And I did.

The issue revolved around retirement. They wanted to move to Wisconsin. When I reviewed their finances I explained why they did NOT want to move to Wisconsin. I showed them a number and they agreed. There was a solution, however.


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Frugal Living, Lifestyle

Celebrate ‘Buy Nothing Day’




bnd1-friday-25nov2016The day after Thanksgiving in the States is called Black Friday, as if anyone doesn’t already know that. What you might not know is that it is also Buy Nothing Day. Buy Nothing Day started in Canada (how un-American) in 1992 and has grown into an international movement against overconsumption. The idea is one day of no spending should lead to a lifetime of responsible personal finance which should ease pressure on natural resource demand and pollution. It has been a slow start.

If you print it they will spend. The non-stop growth of fiat money, created by central banks at the click of a button (I know it involves more than that, but a longer description would interrupt the flow of my story) gets spent. The money supply growth of the last decade has not generated a massive wave to new consumption and inflation because most of the newly created money is sitting bank vaults and central banks around the world to prop up balance sheets. Siphoning off the excess cash once it is unleashed has a high likelihood of being very painful. Before this happens you must hone your financial muscles to protect yourself.

Self control is the only tool you have in self protection. Just because you have money doesn’t mean you have to spend it. If you hold a hammer in your hand do you automatically hit something? Okay, bad example.

Buy Nothing Day is a great idea to get us thinking, but it is a stupid idea in practice. Staying home and not spending on one day of the year is meaningless. It’s like those “Don’t Buy Gas on Friday” slogans, as if not buying gas on Friday will stick it to OPEC and Exxon. It doesn’t. You just fill up on Thursday and drive all the more. You want to stick it to OPEC and Exxon? Ride a fucking bike. Want to send a message on overconsumption? Then spend less all year round.Continue reading

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Early Retirement, Frugal Living, Lifestyle

Reality Check: Calm in the Face of Panic




img_20161109_031304

Pinky could care less who won the election. She is happy with a clean litter box, a bowl of fresh food , and a scratch behind the ears.

It is 3:30 in the morning and I just discovered who our next president will be. I had a nice nap earlier, but tend to sleep in fits and starts which is great for quiet writing time in the middle of the night. I’ll probably take another nap later this morning so I will be awake and alert. Back to the election.

The news reports say the Canadian immigration website collapsed from the deluge of visitors. Stock markets are down around the planet, but from what I read it is better than what it was earlier. One newsfeed had pictures of crying Hillary Clinton fans. It seems like the world is ending for people who worked so hard for their candidate.

There will be pain in the weeks and months ahead. There would be pain in the weeks and months ahead regardless who won the election. This is reality. America is undertaking a grand experiment. It isn’t the first time we walked the road less traveled. My political position is unimportant, but I will share my vote so you understand I am not writing this from the victor’s side. I voted for Hillary and had my reasons. None of that matters now. Trump will be the next President of the United States.

The Root of Panic

There is plenty to be concerned with. An untested politician jumps straight to the top. What could go wrong? Well, lots can go wrong. But a lot is always going wrong. We lived through a Civil War, two world wars, victories and defeats. And life kept chugging along. Now is not the time to panic. (There is never a good time to panic.)Continue reading

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