You did everything right. You found a job you enjoyed, saved half your income, maxed out your retirement plans, and built a nice nest egg. You are well on your way to financial independence. Then the inevitable happens. The economy slows or the boss retires or the company downsizes and you are unemployed. The nest egg you built is now providing a cushion to live, but you are no longer running towards financial independence. Your day of early retirement is slowly slipping into the future.Read More
Everything I am I owe to the world and people around me. Motivation and inspiration are the necessary ingredients to build the person you want to be. Reading good books every day is a must; listening to awesome people share their story is a must; learning every day is a must. Today I want to share part of my personal life. From a young age I started listening to Zig Ziglar; I have a picture on my wall at the office with Zig and I shaking hands. It was a highlight of my young life. Later I immersed myself in Tony Robbins. The internet, especially YouTube, allowed me to listen to massive numbers of happy, successful, achievers on a regular basis. Today I will share some of those videos I start and end my day with.Read More
From an early age I practiced picking out conversations from a crowd. It’s a neat little trick for a business owner to have. When you think I cannot hear you I may actually be listening in closely. Conversation in a crowded room takes skill with multiple conversations amped in volume so you can be heard over the cacophony. Picking out a select voice from across the room takes a lot of practice.Read More
Some of the largest companies in the world did not exist a few decades ago. Amazon, Apple, and Microsoft are only a few of the organizations with massive market share, Microsoft and Apple with humble beginnings in the 1970s and Amazon gaining life in the 1990s. Each is a leader in their industry. It is hard to imagine the world without the retailing genius of Jeff Bezos. The way we shop, work, play, invest, read, and think have all been radically altered in the last few years by companies with vision. And a secret weapon to put them in front and keep them there.Read More
There should be no battle between good and bad debt. Debt is not good or bad in and of itself. Debt is a tool that can be used to simplify personal and business finances or can be used with reckless abandon. The internet is filled with advice on debt. In one corner is Dave Ramsey and his ilk claiming all debt is bad and should be avoided at all cost. In the other corner is Donald Trump and his “There is never too much debt” mantra. Only rarely is someone smart enough to discern between the two camps and provide appropriate advice on debt. Today your friendly Wealthy Accountant will be said smarty-pants.Read More
Financial independence means you can indulge your dreams. By 1995 I had reached a level of net worth where I could realize many of my dreams. Coming from an agricultural background I wanted to move back to the country and have a small farm. Ten acres with a house and barn came up for sale a mile from where I grew up. My dream was now owned.
In 1982 the family farm went through a wrenching bankruptcy. I was eighteen and had no future. Everything I knew related to farming. The pain etched a deep wound in my psyche that never went away. My desire to live in the country was not the whole dream. I had to own a small farm. In my mind I had to understand why the family farm died when I was at such an impressionable age.Read More
When it comes to passive income I have an edgy side as the title indicates. Multiple streams of income showing up in your account regardless what you are doing is a powerful force to have on your side. Losing your job is only an issue if your job is the bulk of your income. Business owners know the loss of one client out of hundreds is no more than an annoyance. You can harness the same force in your finances.
Before I list the sources of passive income I have, let me share a short story that happened to me recently. Certain sources of passive income are offered to small groups only. I was fortunate enough in my business to have one of these sources. Mr. Money Mustache, a personal finance blogger named Pete, gave me a plug, including a plug for this new source of passive income. I did not expect a lot. When the numbers were finally tallied I was surprised. The revenue was much higher than I calculated. I shared the info with Pete along with traffic data. He responded with an email saying, “Welcome to the world of passive income.” It started me thinking about all the sources of passive income I have and how passive income cements my finances regardless of the economy or my business.Read More
They seem so small and harmless: words. Yet words can create great beauty and wonderful works while at the same time destroy relationships, ruin happiness, disrupt wealth, even bring down empires. Words are a means to communicate. The accuracy of our words makes the difference between building great things and fantastic disasters. NASA’s Mars Climate Orbiter failed in 1999 because engineers did not convert English measurements to metric. A word left unsaid wasted $125 million and countless hours of work.Read More