Small Business
The Master Archive!
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Several false starts have finally ended in a real Camp. The changes were important. I was pushed to do a Camp by someone else’s rules and it kept falling apart. I finally decided to have the Camp right where I want it: a short walk from my tax office.
I also decided I would run it my way. These things are a lot of work and I expected somebody else to do all the lifting. I would show up would be my contribution. That does not work.
Instead of the traditional FI and FIRE camps around the country, I settled on a one-day event. I brought in two speakers and all attendees get a Wealthy Accountant t-shirt. We also will tour my office so the proletariat can see how the bourgeoisie works in his natural habitat.
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The old story of the frog tossed into boiling water and immediately jumping out comes to mind. With climate change the warming is so gradual (and sometimes welcome) we don’t notice we are getting boiled. Yet the temperature inexorably continues to climb. Like the frog, we will stay in the stew until the meat pulls away from the bone.
Change can be good. And profitable! If only we have the will. Otherwise another kid with a cute message will get a good jab in on Congress thirty years from now when the problem is still unresolved and much worse.
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It is temping to think you know more than you do when your stash grows. Success gives the illusion of intelligence. When the crisis arrives the illusion evaporates.
Please, kind readers, use common sense. If you don’t fully understand the concept and the financials then take a pass. Better to miss a deal than to go all-in on a scam.
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Commingling of funds (mixing business and personal funds) is one of the riskiest things you can do, causing serious legal and tax problems.
The issue is less acute from a legal standpoint if you are a non-LLC sole proprietor. There are still plenty of tax issues, however.
LLCs and corporations are at extraordinary risk when funds are commingled. Treating your business as a personal fiefdom instead of a separate entity—which it is—can cause serious legal and tax issues down the road. We will deal with both issues in this post.
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The word goal has taken on dreaded status. Over the decades I’ve attended several informational and motivational seminars. Whenever the topic of goals comes up, heads duck. It shouldn’t be that way.
I think people dread goals because they feel obligated once they are on paper. There is also some fear of stating your goals because they entail your deepest desires.
The thing is, goals should change. Not every goal deserves consideration. It would be nice to skydive. Sure it would. But after careful consideration other goals might interest you more. More family time might be the goal you wish to pursue instead and the rewards (in your mind) might be better than falling from 10,000 feet.
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As the weight started taking its toll I adjusted as best I could. First the other blogs were cancelled. Then my farm was sacrificed. The weight of my choices extracted a serious penalty.
I have always been healthy. I did have a heart operation in junior high, but outside that I was like a machine. I enjoyed life and took the largest bite I could chew. If life is worth living it is worth living to the max.
It was easy to brush off the first warning signs. Yes, I was working long hours, but I enjoyed the work so why not.
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Finding a qualified tax professional takes time and work. It is all worth it in the end. The best tax professionals are selective in who they take on as clients so you will be vetted at the same time you are vetting. This is a good thing as you want a good fit for all parties involved because it is your investment and money is on the line.
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Burnout is only one step on a road to hell. Left unchecked it can cause serious damage to your health.
If you experience burnout and take no remedial actions you can start to exhibit symptoms of something much worse.
The first step toward a nervous breakdown is burnout. Fatigue lowers your mental defenses. When the situation continues to pound feelings of desperation can set in. Helplessness is a large factor of burnout.
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