The 3 Secrets to Being Rich
The Wealthy Accountant
by Keith Taxguy, EA
1w ago
Is there a secret to having financial wealth, to being rich? Is the secret to wealth complicated? And most important, is the secret something I can use to make myself rich? The good news is that there are only two real ways to build financial wealth. Both are easy to apply. There is a third way to become rich that builds wealth fast and creates a much bigger pile. We’ll save the super-charged wealth building secret for last. If you read social media or the news feeds, you would think having money is some complex,10,000 step process only the lucky and gifted can conquer. It gets people to click ..read more
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Cash Management Tools for Small Business
The Wealthy Accountant
by Keith Taxguy, EA
1M ago
Recently I was discussing business plans with a young business owner. She has just over a year under her belt and money is starting to come in. I mentioned that excess cash should be placed in a money market account so working capital generates some income, too. She stopped me there and asked, “What is a money market account?” This surprised me since I consider cash management accounts basic financial knowledge. Worse, it was my daughter asking the questions! So we discussed money market accounts and other ways to manage working capital in a business and how to use cash management accounts in ..read more
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Right Time to Sell Your Home*
The Wealthy Accountant
by Keith Taxguy, EA
4M ago
The home is often the largest hard asset people own. The right time to sell your home requires you to consideration several factors. Job relocation, retirement, or divorce are reasons to sell your home. Unfortunately, these home sales are often forced upon you. The second reason to sell your home is more strategic. Moving to a larger home or downsizing does not force your hand. You can plan the transition, maximizing your financial benefit, while keeping your taxes at the lowest level allowed by law. Regardless if you are forced to sell your home or are planning a lifestyle change, there are s ..read more
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6 Times Renting is Cheaper vs Owning
The Wealthy Accountant
by Keith Taxguy, EA
4M ago
The battlelines have been draw and feelings are strong on each side of the issue. Some say renting is the lower cost route; and some say owning. The right answer will have a significant effect on your personal finances. At first glance, logic will tell you owning is cheaper. If this were not true we need to tell the income property investors while they still have a chance. The reality is always in the details. When someone says renting is cheaper on social media they are often comparing apples to oranges. In 2022 the average apartment in the U.S. was 887 square feet, down 54 square feet from t ..read more
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Women are Changing the World
The Wealthy Accountant
by Keith Taxguy, EA
5M ago
It is hard to believe that just over 100 years ago in the United States — the Land of the Free — women did not have the right to vote. That right was not granted by the Constitution until 1920 when the 19th Amendment was finally ratified by Tennessee on August 18th, the 36th state to do so, surpassing the required two-thirds necessary to add an amendment to the Constitution. Ratification was certified on August 26, 1920, giving women the legal right to vote nationally. It seems like women enjoyed suffrage forever. We take it for granted these days. But that is not the historical truth.  A ..read more
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Beware the Free Investment Dinner
The Wealthy Accountant
by Keith Taxguy, EA
5M ago
I am of the firm belief you can learn something from every situation, from every event you attend. With this in mind, I decided, after years of avoidance, it was time again to check out what happens behind the closed doors of the free dinner invitations. The older you get the more of these invitations you get. (They put you on a list.) The first one that arrived in the mail was for the traditional investment seminar, followed the next day by an invitation to a health treatment and another for funeral planning. Mrs. Accountant and I pinched our noses and signed up for all three. In each seminar ..read more
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Money Changes Everything
The Wealthy Accountant
by Keith Taxguy, EA
6M ago
Five years ago I started a project where I would publish a special page on this blog listing The 100 “Best” Books for a Financial Education. This project is nearing completion. At the time I felt a few months max would be needed to compile the list. However, prior read books needed another read and the more I read the more books I discovered should get a review for inclusion. As the finish line approaches I see over 450 books on my list. Every book was read at least once. Notes were taken, highlighted text reviewed, and books were re-read. This has been a daunting task, considering I realized ..read more
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Building a Consulting Business
The Wealthy Accountant
by Keith Taxguy, EA
6M ago
The Ugly American William J. Lederer and Eugene Burdick published The Ugly American in 1958. This short novel tells the story of Homer Atkins, an unassuming man in every way. He is plain spoken, plain in appearance. Yet he will change the world forever. Atkins is sent by the US government to the fictional Southeast Asian country of Sarkhan to work on engineering projects. What he finds when he arrives shakes his worldview. Mismanagement and entrenched interests are overwhelming. When Atkins challenges these entrenched interest the American foreign policy is laid bare. Gross incompetence topped ..read more
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Karen Carpenter: The Story of Success Gone Wrong
The Wealthy Accountant
by Keith Taxguy, EA
7M ago
The first time Karen Carpenter stood on the stage as the focal point and vocals of the performance she died. In the early 1960s Karen Carpenter started her music career in an all-girl band that didn’t last long. She teamed up with her brother Richard and Wes Jacobs, a friend of Richard’s, to form the Dick Carpenter Trio in 1965. Karen Carpenter played the drums and did not provide vocals. In April of 1966, she and Richard were invited to audition with Joe Osborn, of Wrecking Crew fame. Carpenter expected to play drums only, but was asked to sing. It was then that her distinctive voice was disc ..read more
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John B. Calhoun and the Future of Wealth
The Wealthy Accountant
by Keith Taxguy, EA
8M ago
One of the most important studies ever conducted on human interactions with money, wealth, and retirement was undertaken in 1968 and it involved mice. John B. Calhoun, an ethologist and behavioral researcher, had a long history of studying rodents in differing environments and recording the rodent’s behaviors and interactions. Much of Calhoun’s earlier work involved Norway rats. But in July of 1968, Calhoun began a study using mice. This research has been debated ever since. A common debate is comparing the mice to humans and population. However, what most never noticed is that the mouse exper ..read more
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