In real estate and business investing, your time is valuable. Delegating your tasks helps investors acquire more time to find deals and change communities.
Hi, J Massey here with the CashFlowdiary.com with another quick tip about real estate and business.
Today we're going to talk about everybody's favorite subject, taxes.
You know, it's almost that time of year again and even if it's not that time of the year again, you're thinking about it. I know for some people, as it gets close to April you get all nervous and you're thinking about taxes and for other people as it gets close to October you start thinking about taxes and some people when you're thinking – every 90 days you're thinking about taxes because we got so many different forms of taxes and we get worried about it.
Here's one of the things that I'm going to share with you. Stop worrying about it. It's part of the system, absolutely, but one of the things that my CFO has thought me is a simple phrase that I have to keep remembering so that I can stay focused on what it is that I do best.
Yes taxes are part of our system but it doesn't mean you should be worrying about it because it's not the highest and best use of your time but here's the phrase and I'm going to share it with you.
It's a great phrase and every time she says it I have to remember that it's there for a reason and here's the point. She always is telling me, “There are people for that.” She's always telling me, “There's people for that, there's people for that,”
Oh, that's right, there are people for that, but if you are concerned, wrapped up over your taxes, you know what there people for that are.
When is the last time you actually tried to do your own taxes anyway? I heard a recent statistic that said, “60% – 60% of people use a professional preparer of some kind, 29% use some sort of tax software,” and only a very small, small percentage of the population actually go out there and try to do it, totally on their own with no additional assistance, etc.
So, I think we actually understand this concept but don't worry about it. What's the highest and best use of your time because here's the point, how could you go create value? Yes, you got to pay the tax preparer but could you think of an idea that could earn more than what the tax preparer is charging you, how much time?
How many hours are you spending, actually going out there researching the tax code or even trying to research prepares and get all these things done.
Think about that, that's an opportunity cost that we're paying and you're wondering about that cost of your taxes. Isn't that opportunity cost just a little bit larger? So here's the point, if you don't want or can't and I in my opinion shouldn't be the expert, you can therefore devote your time to something more important like going out there to create value and improving the lives of other people to your real estate, to your business or whatever that great idea is.
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