Whether you like it or not You are a brand. Everything you say and do either adds or subtracts from your brand. Ignore You and your brand starts to turn stale.
You, Inc. is your brand. It will take you wherever you want to go. But do you know what You, Inc. is all about?
It is simple to see You, Inc. in action when compared to a business. Take this blog for example. I can speak at conferences or just attend to build contacts. Guest blogging brings more visibility to my work. Or I can spend money to promote my brand. How I act and interact with people around me reflect on my brand. Treat the brand well and it will take good care of me; ignore it or treat it badly and the brand will kamikaze faster than you can snap your fingers.Read More
There are advantages to writing a personal finance blog that go beyond the love of writing and meeting new people. Few things in life bring as much pleasure as sharing knowledge gleaned over decades of experience. Stories are the best. Sharing stories with friends is a time honored pleasure handed down to us through countless generations.
The old adage about the teacher learning more than the student applies in blog writing as well as in formalized education settings. Additional research and looking at a situation considering perspectives wider than just your own is an eye opening experience.
The constant search for a story idea and angle is hard, yet rewarding, work. Topics I would never think of digging deeper into eventually reach the front burner. Unexpected paths are taken. I always have a plan. It never ends up the way I anticipate. Stories have a habit of taking on a life of their own. (At least I started with good intentions.)Read More
Residential investment property is forgiving for the most part. Professional managers exist in most markets and except for the very worst of conditions it is possible to fill most apartments even if it is not at a profitable rate.
The number of residential properties available is large and unloading a single family home or duplex is fairly quick and simple. Many economists consider a six month supply of homes on the market a healthy balanced market.
Things get slightly less forgiving when you graduate to multi-unit apartment complexes. There are fewer to select from, they cost significantly more, there are more tenants to manage and it usually takes longer to sell the more expensive buildings. Not as many investors can swing a multi-million dollar deal or even finance one.Read More
How long does it take to crawl out a hole you dug? How long to formulate a plan? Execute it? Reach your goal? Financial independence (FI) is a goal most people have. Some want it bad at a young age and work toward that goal. Others wait until Father Time ticks closer to the traditional retirement age. Still others get a wakeup call when their body fails in some way.
Before this blog I was a tax Endorsed Local Provider (ELP) for the Dave Ramsey organization. His story resonated with me. I agreed with Ramsey that debt is the acid which destroys the vessel that holds it. Ramsey is fanatical against any kind of debt; I am a bit more moderate in the faith. Still, debt is a problem for many people.
Before FI can be achieved debt first needs to either be eliminated or seriously curtailed for most people. The Ramsey plan is to eliminate all debt and invest in actively managed mutual funds offered by a financial advisor. If you read that last sentence carefully you will begin to understand why I could no longer in good conscious be a Dave Ramsey ELP. Ramsey’s philosophy is right on so many levels and wrong on so many more.Read More
Today The Wealthy Accountant has been exposed in his first ever podcast! (Why am I talking in third person about myself?) In January at Camp Mustache SE Jonathan asked me if I would do a podcast with ChooseFI. Brad loved the idea too. I agreed. A month ago the podcast was recorded. Then, through the magic of editing, Jonathan and Brad made me look good. Thanks guys!
Today is Memorial Day in the States and my intention was to take a day off from my publishing schedule, but with the podcast out I wanted my kind readers to have a chance to enjoy the podcast.
Enjoy, everyone. I’ll be back Wednesday with a Camp Mustache IV roundup.
P.S. I enjoyed doing the podcast and am open to doing more for other podcasters too. (Brad and Jonathan nailed me down for additional podcasts for ChooseFI.)Read More
It had to happen. Reading personal finance blogs finally paid off. Your side gig or business idea exploded to the upside. Maybe you decided it was time to hire a household employee (nanny or groundskeeper).
Worse, you started reading this blog and finally pulled the trigger on your own accounting/tax firm. Now you have clients with payroll issues and you don’t want to spend the time or deal with the headaches of payroll. Your goal was a side gig, not an albatross.
You might have your own small business turning a tidy profit, but the taxes are killing you. You stumbled into this room and discovered there is another way, a way where you can earn the income and pay only a small portion in taxes.Read More
There are two kinds of stories people like to read in the personal finance community: personal finance reports and “What am I doing” stories. Pete over at Mr. Money Mustache released his spending report for 2016 this past week and Jim at jlcollinsnh provided us with a report on life in the comfortable Wisconsin south woods.
Spending reports/progress reports toward financial independence interest me, too, even though my financial situation has been solid for a few decades. Spending reports motivate me, giving me ideas to cut consumption without sacrificing quality of life. Progress reports are always interesting. The writers of such reports usually express an emotion with where they are at on the scale of financial independence. From my viewpoint it seems so obvious they are in much better financial shape than they imagine. It is intoxicating watching these good people make their way to the Promised Land.Read More
There is an old Looney Tunes cartoon where Daffy Duck is portraying Sherlock Holmes. Daffy is seated at a desk stacked with papers vigorously working the calculator. Porky Pig, portraying Watson, walks in and asks, “Whatever are you doing, Holmes.” “Deducting, my dear Watson. Deducting,” came the frantic reply.
Deductions come in a variety of flavors. We are all familiar with deductions matched with an expense. Donations to charity are deductible on Schedule A. Business owners deduct marketing expenses dollar for dollar.
There is another elusive deduction taxpayers only dream about: the non-cash deduction. The appeal of the non-cash deduction is the large write-off without a matching real world expense. Capitalizing on non-cash deductions can supercharge your retirement or debt reduction plans. The list of non-cash deductions is long. We will explore several ways you can reduce your taxes without spending a penny or taking a deduction significantly higher than the actual expense and stay out of jail in the process.Read More