Lifestyle

The Master Archive!

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The Best Kept Secret of Early Retirees, the Wealthy, and Happy People

By Keith Taxguy / April 3, 2016 / 11 Comments

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.

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Retire Before You Start Working

By Keith Taxguy / March 31, 2016 / 5 Comments

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.

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The Tragedy of the Commons in Investing

By Keith Taxguy / March 27, 2016 / 2 Comments

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.

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Caveman TV

By Keith Taxguy / March 21, 2016 / 5 Comments

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.

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Card Counting

By Keith Taxguy / March 17, 2016 / 8 Comments

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.

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What I am Reading

By Keith Taxguy / March 13, 2016 / 0 Comments

Charlie Munger, the right hand man of Warren Buffet at Berkshire Hathaway, is quoted as saying he never met any wise person who did not read a lot. Reading is how we learn about the world around us. We live better when we educate ourselves. Every year I read 20 – 30 books of substance and a handful of entertaining novels I think have a value lesson to teach. Reading is as important as breathing. Many of the greatest books I’ve read were introduced to me the same way you are being introduced to books here, from a blog.

This list is by no means comprehensive. Periodically I will add more posts with a list of books I feel are significant. Most of you have already read several books on this list. No surprise there; people interested in bettering themselves will discover these gems on a regular basis all on their own. There will be a few you have not heard of and now is your opportunity to add to your wealth of knowledge.

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Why I Don’t Smoke Marijuana and Don’t Care If You Do

By Keith Taxguy / March 5, 2016 / 3 Comments

Last year I attended a conference forty miles east of Seattle. The venue was nestled in a wooded area with hiking trails and mountain climbing. Meals were provided and some of the best home cooking I’ve ever eaten. I was honored with an opportunity to speak at the conference and made several new friends and gained a few new clients. I’m headed back again this year with a new presentation ready to go.

I was one of the first speakers at the conference and word soon traveled that I had a pretty good offering. The only thing I can think of is I made taxes into an interesting subject. (Taxes are boring until you hear how much you can save on yours. Then taxes are the most interesting subject in the world. Go Figure.) More people wanted to be my client than I could handle. The rest of the day I was grilled non-stop with tax questions. There is a real hunger for good tax advice out there and only one me. Exhaustion set in by the end of the day.

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Zen Meditation: The Quiet Mind

By Keith Taxguy / February 28, 2016 / 7 Comments

Several years ago my office building was burglarized. Two young men used a tire iron to break a window and enter the building. Tax offices do not have a lot of stuff worth stealing so they settled on two monitors and an old safe with an empty coffee can in it. People pay their bill by credit card or ACH in the majority of cases; a few still pay by check and cash comes in during tax season and is removed each day.

The young men caused thousands of dollars in damage for the massive haul of two monitors worth maybe $20 each. (New monitors are under $100.) So what were they geniuses looking for? Well, it seems they remembered I had a soda machine outside my building a decade ago and they assumed I moved the machine inside the building. Yes, they burglarized my building for some of that lucrative soda machine money.

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