Welcome to The Wealthy Accountant
Less Tax — More Wealth
LATEST BLOG POSTS
Miss the newest posts? Here are the last six!
The Fuzzy Math Behind COVID-19
Fear is the most powerful weapon in war. Hitler deployed buzz bombs against London in an attempt to destroy resolve and heighten fear during World War II. It nearly worked, if not for the even greater resolve of the British people and their leader, Winston Churchill.
Fear is such a powerful weapon that nations will go to great lengths in war to manipulate the news reaching the people. During World War I, only Spain had a reliable free press reporting the deadly flu ravaging troops and populations. No army wanted the world to know they were taking heavy causalities from what would later be called the Spanish Flu. Yet every nation, on the battlefield and at home, were taking a hard hit from the disease. The U.S. was particularly hard hit. But when the absence of daily news on the deadly flu was only to be found in Spain, it was felt it the virus originating there. The truth was far from it.
Today we are facing a similar, though less deadly, threat, and the disinformation machine is in high gear. This time the media seems to want fear cranked to the highest level.
The First Real Test of the FIRE and FI Communities
There is an adage on Wall Street many have repeated over the years and more so in the last month:
BUY THE DIP
What so many forget is another Wall Street adage similar to the first:
BUYING THE DIP WORKS UNTIL IT DOESN’T
I have warned this is not over yet so don’t get too excited about buying the first decline.
My opinion is unchanged. Unless something drastic changes, the events put in motion will play out until their logical end (the end all panics end in).
Most readers of my blog have never experienced a prolonged decline in many markets at once. It has been 12 long years since things were really ugly. This will be the first REAL test of the FI and FIRE communities. Unfortunately, most leaders in these communities have also never experienced a real market panic when they had meaningful money invested.
Security Recovery Plan for Businesses
All too often we install the security cameras after we are burglarized; start carrying pepper spray after an assault. Business owners, large and small, face heightened risks in our modern world and reactive security plans do not cut it. A proactive plan can prevent the breech before it ever happens.
Small business owners, income property owners and even people with a side hustle need to have a security plan. It’s not only a big business problem. Some businesses are required by law to have a security plan. For example, the IRS requires tax professionals to have a written security plan that is updated annually. Those selling securities or insurance, banks and other financial institutions have similar requirements.
Whether your industry requires a security plan or not, you must have one. In this post we will start with a short discussion on security plans for tax professionals and accountants because that is the demographic this blog serves. I will then share where the detailed security plan nearly failed in my office and how we shored up our procedures to protect employees and clients. Then we will discuss implementing a security plan for your business, regardless the field you are in. I will point out the benefits of a security plan for even as innocent a side hustle as dog walking. If you never need to test your security plan in real life, all the better. But if fate comes knocking I want you, kind readers, to be prepared so risk is reduced.
As Seen On
