Cars are a leading cause of wealth destruction; they are also a necessary evil in our society. The only way to win the “car” game is to prepare for battle with a fully loaded arsenal. Today I am going to show you how I buy cars for $4,000 or more under Blue Book.
Before we begin battle you need to understand my car habits. I drive 6,000 – 8,000 miles per year, mostly for business trips. I bike to work around 100 days per year and drive another 100 days. The round trip to work is 30.2 miles. I always buy a used vehicle. Once I claim ownership of said vehicle I drive it for 15-20 years. There are two cars in the garage. This means I buy a car every 7 to 10 years on average. I keep my cheapskate skills honed by helping clients and family members engage in the same mischievous auto savings activities.Read More
Many years ago a young man entered my office wanting to see me. He had a fan folder filled with documents and needed his tax return prepared. In a weak moment I allowed him a meeting without an appointment. As I always do with a new client, I started to ask questions. It is my firm belief that you must know your client before you can help him.
Opening a file for a new client requires their Social Security Number. He questioned my need for this information. I explained how I cannot even open a file for him without the SSN. He grudgingly provided the number. As I continued asking questions to understand my new client I was met by a wall of resistance. Finally, the young man had had enough of my questions. He informed me I was on a need to know basis, to which I replied, “You need to know you need to leave.”Read More
An excited young man calls for an urgent appointment to see me and only me. My schedule is tight. Normally, appointments are set for me two or months out. (A lot of people want my advice/opinion.) The urgency of the matter caused me a momentary lapse of sanity and I stuffed another appointment into an already overcrowded schedule. Next Tuesday would be the big day.
There are only a small number of issues that are really urgent: IRS letter, inheritance/death, purchasing a home, divorce (you would be surprised how many people I know who came this close to getting divorce papers and didn’t), and either buying or selling a business or major asset. Periodically something new shows up, but 95% of urgent calls fall into the above mentioned categories. Today we have a client purchasing a business.Read More
Balancing family life, personal, and business present challenges when your interests are catholic (little c, not big C). Family is always a priority while business always demands more of your time; personal time is needed for mental well-being and health. Business owners are in the toughest situation. Bill Gates, Steve Jobs, and Elon Musk changed the world with their work. The best learn quickly to avoid keeping busy. Even small business owners suffer the same demands on their time as captains of industry.Read More
People suffer financial hardship largely due to limited math skills. Myths, frequently perpetuated by the financial services industry, are created, repeated, and reinforced to keep people poor and enslaved. Financial services companies are there to provide financial services and collect a fee for that service, not make you wealthy.
Today we are going to dispel a few of those myths and start you thinking differently about money, investing, and wealth. Armed with the real math you can avoid stupid money mistakes. Early retirement (any retirement for that matter) and financial independence requires you to manage your money wisely. This means you will need to put aside the lies you have been told from young on.Read More
There are certain characteristics common among people who achieve early retirement. Saving and investing are a serious part of the lifestyle of an early retired individual. Another common strait is a nervous energy to get things done. People who retire early, or at least can, tend to work hard and save.
I am an unusual type of retired person. Travel does not interest me, nor does sitting around. Like many people headed for an early retirement, or already there, I am full of pent up energy and filled with ideas and full of curiosity. So the question begs asking: What do you do once you are retired?Read More
In the beginning it is hard to tell if you love your work because you have to work. That is why we preach early retirement here; not to bow out of life as soon as possible, but to live the life you want. Once you have amassed a large enough nest egg you are retired even if you chose to continue working your job. FIRE allows you that freedom.
Once you have moved beyond the need to work a job many people continue to do so. Self-employed people are the worst. I know, I’m living it! Just because you can quit doing what you do to earn income does not mean you should. If you enjoy the work environment, co-workers, clients, and the work itself, why would you quit? There is no shame in doing what you love as you work toward financial independence and even afterwards.Read More
A letter was waiting for me on the kitchen table. My daughter had a letter from school. “What’s this?” I ask. My daughter was all smiles as she says, “I made Student of the Month.” Mrs. Accountant was not as excited as she should have been and I know why. Her bullshit meter goes off as easy as mine. I read the letter and discovered there is more than one Student of the Month. In fact, there are a lot of Students of the Month. And here is the coup de grace that set off the BS meter in Mrs. Accountant: Our daughter gets a free meal at a certain restaurant with all the other “Students” of the Month. Of course, mom and dad have to fork out an armload for their meal and mom and dad are required to attend the function if our daughter is to get her meal gratis.
Free: The one word in the English language sure to get people to look. It is used by marketers and scam artists alike with great skill. It is the most dangerousRead More