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ONE THING: DAY 7
Day 7: Bad Accountants / Taxes
Thank you, weekend.
I had my high school reunion on Saturday and holy cow was it a hoot. I’m fortunate to still be wicked friends with many of my high school budds but it was great to see some old faces.
Some looked a little older than others!
Friday’s ONE THING was explaining how I was told by a 30-year professional accountant that I provided a 2-year degree on reading financial statements in 30 minutes.
I’d say a tad exaggerated but so powerful, for someone wanting to be financially free, it could blow your ear off.
Not sure that’s a good thing??
I’m sleep deprived, go easy.
If you give me a room of 1000 business owners and I ask ‘What’s the number 1 expense in your life?”
80% of them will put up their hand with a variation of mortgage / living expenses.
The answer, for every person in the room and I don’t care which room nor which country, is TAXES.
Not by a little… not by a lot… but by a hundred miles!
Your ONE THING today is learning to minimize your taxes.
Families spend countless hours and money starting something like an MLM, throwing parties in their kitchen to make $10,000 per year. Or similar like mowing lawns or renovating bathrooms.
They don’t spend 5 minutes per year educating themselves on the number one expense, taxes, and minimizing tax position to save / keep / earn $20,000?!
Umm…. HULLO (echo).
Anyone listening out there?
Plus I’ll give you the red hot tip… not all accountants are created equal.
A bad accountant is a great guy that works for the government and not you… but doesn’t realize it and sends you the bill.
More lashings please Sir.
You should grill your accountant on where you’re at and asking “How can we save $20,000 over the next year on taxes without earning less?”
And if you go to see your accountant once a year with your shoe box, 90 days after the year is over in a mad rush to get your taxes in on time, you’re costing your family COUNTLESS vacations due to “tips” you’re leaving the gov’t.
Can you please remind me to do this during the day tomorrow rather than after midnight.
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Obsessed with your business coaching success,
The man by the pool with, unfortunately, no belly button.
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