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Less Tax — More Wealth

The Wealthy Accountant Excited

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Buy a Car $4,000 Under Blue Book

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.

The Power of Knowledge

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.”

The Powerlessness of Can’t

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.

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