The DIY movement is alive and well. Taking the bull by the horns and getting a job done can save massive amounts of money. Early retirees get to their exalted status because they kept costs low. Frugal people are drawn to DIY projects like flies to honey. With so many people undertaking projects on their own it is time to ask an obvious question: Should you be doing that project on your own.
I have seen some really bad DIY jobs over the years. Buying a large number of rental properties over the years revealed some doozies. Still, I handle a large percentage of jobs around the office, home and farm on my own. There are times I do need to take a knee and bring in somebody with experience.Read More
Early retirement comes faster when you have a plan. A frugal lifestyle is the first step; the second step is a high paying part-time seasonal job allowing you a retirement lifestyle with a modest amount of work to cover living expenses. Regardless your net worth, you can semi-retire at any time with the game plan outlined here. Below I highlight twelve high paying jobs you can use to start your retirement today. I have clients in each job earning $30,000 or more per year working part-time. Since $30,000 is more than enough to live a phenomenal lifestyle, the jobs below are a great way to live the good life starting now.Read More
The day is April 2nd, a Thursday. A small bar attached to a bowling alley next to the college has Happy Hour until 7 p.m. A young man who would someday be known as the Wealthy Accountant attended Macro-Economics at the college across the way. Class was held on Tuesday and Thursday from 5 p.m. to 7 p.m. A group of students, led by the junior wealthy accountant, ambushed the professor, convincing him to cut breaks short and end class at 6:50 so the group could race to the bar called The Image before Happy Hour ended. It was important to the students to make Happy Hour. The Image had free tacos if you bought a drink and a full meal for the price of one soda was one heck of a deal.Read More
There are a lot of blogs out there telling you how to retire early. It seems 35 is the new 65 or whatever age we were supposed to retire. I think it is all crazy talk. Why would anyone ever want to start working in the first place? According to my own father I never worked a day in my life and I turned out just fine. Okay, bad example.
There was a momentary lapse of sanity in my grand design back when I met Mrs. Accountant. As we prepared for marriage the minister of the church knew I was not working and offered me a job as janitor. What was I going to say? I accepted the job. A year later I quit because I did not want to swill toilets for a living. Don’t get me wrong. The people were awesome! I loved the people over at Trinity Lutheran Church, but I did not want to be janitor.Read More
Back in the early 1980s a CPA named Herb Vest had this crazy idea to merge the investment and tax preparation fields. By the 1990s both HD Vest Financial Services and your favorite wealthy accountant’s tax firm were hitting full stride.
My first career choice was not tax preparation or accounting, it was financial services. I fell in love with the stock market crash of 1929 my sophomore year of high school and from that point on wanted to be a stock broker. Tax preparation was a seasonal job I preferred over working all year long, putting the stock broker idea on hold. Besides, I invested most of my income and the library was filled with great books on the stock market and its history.Read More
I sometimes play a little game with people to prove most tax returns are prepared wrong. Before any tax professionals reading this start writing nasty comments I confess I also make errors on tax returns. I get it. Tax season is more triage than solid tax planning. However, once tax season slows down it is time to put your tax preparer to work saving you money, building your net worth, helping you with early retirement and making your life easier from a financial and investing point of view.
Certain errors on a tax return are understandable. Maybe you did not know the tax law or you forgot to tell your accountant about a certain income or expense. Other errors are unacceptable. These include transposed numbers or forgotten elections. This is sloppy tax work and it drives me insane. Anyone plugging numbers on a tax return must review their own work and reduce the number of issues on the return to zero before sending it to the final reviewer.Read More
When I was a little boy I loved watching the stars and dreaming. Then I grew up and, for a short period of time, lost the awesome wonder of the universe. Truth is I lost sight of the big picture for a better view of the small picture.
In the early years of my marriage we forwent cable television. The local free channels were enough entertainment for us. Even after children entered the scene the TV remained free. Massive wealth later caused me a moment of insanity where cable TV entered my home; a decade later it was gone.Read More
Last year I inherited a client with 23 years of unfiled tax returns. Normally I enjoy multiple years of unfiled returns. The extraordinary number of years in this instance put me at risk of potentially preparing a tax return by hand for the early years and the tax return contained rental real estate, a trucking business and a farm. I have an allergic reaction to preparing tax returns by hand; it brings up memories of my early days in the business.
The exact year eludes me when we converted the office to 64 bit computers. Old tax programs only run on 32 bit systems so I keep an old computer at the home office for just such an occasion. I had to check the old computer to see if I still had a tax program available all the way back to 1992. I breathed a sigh of relief when I found I did.Read More