I love to spend time in my little Cabin in PA. I purchased it at a great price from my cousin and using some of my winnings from my 401G back in the spring of 2016. One of my favorite activities is building a fire and thinking about life. One of the things I learned about building a fire is that you can’t light a giant log and expect to build a roaring fire. You need good tinder, then add kindle then fuel (Giant Logs) to keep it going.
The same is true with your 401G. Your 401G is your fire your fuel source to keep you in the game of being an advantage player. If are like me, you really don’t want to use you main source of income for funding this endeavor. In my case, I was using my “Side Money” as the tinder for building my 401G approximately 50% of it.
My “Side Money” was a fixed stipend from a Tax Prep Business that my brother, CPA owned and operated. I helped him start it over 20 years ago and as with most successful small businesses I contributed to the PPT, P = People (that’s me), P = Process, T = Technology (Built Custom File Servers from scratch and networked the office computers … etc.). The business was running smooth with close to 3K active clients and growing at a rate 200 clients per year, the process was so refined that an average tax return would take a little less than 7 min to process.
After just coming back from my relaxing Mexico trip, on September 10th, 2018 I received several calls from clients that were also close friends that I referred them to, they received a letter from my brother that he was closing indefinitely for personal reasons. At first I thought it was a scam of some sort, but after verifying it with other co-workers it was true, my brother shut everything and told the other members not to tell me that he would tell me himself of course that was like 3 weeks ago before getting the phone calls. After speaking to my brother in person I could not understand why he destroyed the business and I couldn’t find a good explanation why he closed abruptly other than maybe pressure from the wife because she moved her medical practice from next door to him to walking distance from where they lived and didn’t want him to work a full time Job and make his own “Side Money”.
I was not particularly upset about the decision to close, but about the way it was done and communicated with absolutely no respect or regards for me as both a family member and a business associate where simple collaboration or a heads up to take over the business where I can leverage the great lease at, location, resources and customer based he cancelled everything and sent a notice to all the clients. Also, he took away my Tinder for my 401G.
My goal is to someday become proficient in dice control that the 401G would be roaring fire fueled by my Session Gains and not be dependent on my Side Money source. As an advantage player, one must be able to be agile and resourceful in finding a different source of Tinder for my 401G and continuing to improve each day my Dice Control Skills. I cleared my head and now I am in strategy mode and I would like to share with you my 401G Cash Flow diagram (See Below). Question: What is your 401G tinder?
Replies:
Posted by: Dr Crapology on October 9, 2018, 11:47 am
See you in AC.
Rose and Doc
Posted by: Dominator on October 10, 2018, 11:41 am
Your brother…. you were a lot nicer than I would have been! Closing a thriving business without thinking about selling it is something I can’t understand
Dom