Finding Celebrity Clients
It is the one thing that could put you on the fast track to the top. A-list actors, international rock bands, name-brand athletes, successful business people and the uber-wealthy are the kinds of clients that turn your business into something special. Selling an actor’s home, consulting with the wealthiest people in the world and business planning with an athlete automatically changes the nature of your business. You are now working with the elite and that takes a proper mindset.
Having a name on your client list from the zeitgeist gives you instant credibility. People will want to do business with you when they know you work for a famous individual. Better still, once you manage to add one superstar to your client list it has a habit of growing into a larger list of famous names.
And the income isn’t bad either. Someone pulling $28 million a year needs more tax and accounting advice (using the author as an example in this post) and they pay more for it because much more issues are involved. In a way, having famous people on your client list makes you famous, at least in a small group comprised mostly of other superstars.
There are two levels to the process of adding well-known names to your client list. In the last twenty years my tax practice has added names from the NFL and other professional sports, rock bands even non-listeners would recognize, actors on the big and small screen and high net worth clients. Prior to that I had few rock bands and wealthy business people and professionals visiting me. Then something changed and my business was never the same.
Tradelines: The $1,000 an Hour Side Gig
Remember all those credit cards you acquired to earn out those bonuses and eventually canceled? You’re going to wish you hadn’t done that.
Credit cards are one of the most powerful wealthy building tools in existence today when used properly. They get a bad rap because irresponsible people rack up massive quantities of high interest debt and spend decades digging out if they ever get out. Still, credit cards can put a lot of ka-ching in your pocket if you understand the rules and never run a balance on the card.
If you are in the accumulation phase of your wealth building cycle, looking for a high income compared to the time invested or love gaming the system (your favorite accountant is guilty as charged), then you need to learn about tradelines.
Better than Raising the Minimum Wage
The minimum wage has come off the front page recently as the economy expands and other matters of national interest steal column inches from the headlines. The issues haven’t gone away. The minimum wage is sure to rear its ugly head again.
In the past the argument revolved around how much to raise the minimum wage if at all. Forcing wages higher can cause job losses, accelerate automation or cause businesses to close due to the additional overhead. On the other hand, working full-time at minimum wage is getting near impossible to survive on. There has to be a better way.
In 2015 Warren Buffett wrote an op-ed piece for The Wall Street Journal saying a carefully crafted expansion of the Earned Income Credit could solve the problem. The title of this post is from that op-ed piece.