The Hero’s Journey to Financial Independence (print edition) is available on Amazon.com
The Kindle Edition is also available:
The Hero’s Journey to Financial Independence (print edition) is available on Amazon.com
The Kindle Edition is also available:
I had the pleasure to see Sandy Botkin speak live several years ago. At the time, several of the tax strategies he advised were not useful to me. I earned so little from my job that my tax burden was almost nil. Additionally, I was just starting out in business and could not see the value in fussing over taxes so much. Taxes were something I would deal with later, after I made my money.
Sanford Botkin once trained IRS agents and it was during his employ at the IRS that he discovered that most people were overpaying their taxes. This is not surprising. The fear of retribution from the feds coupled with the incomprehensible tax code creates a toxic soup no sane person is willing to sip. This is Sandy’s battle-cry. Don’t let the IRS’s policies bully you into overpaying. Pay what you owe but no more.
He founded the Tax Reduction Institute in Maryland and started to teach these strategies to business people and real estate professionals. I saw him speak at a Seminar in Washington D.C. General Norman Schwartzkopf and Sanford Botkin were the ones I truly remember from that day. Schwarzkopf because he was a magnificent speaker and inspiring leader. Botkin because he was funny, smart and what he said made sense. I left the seminar and promptly forgot about the whole matter. My meager income incurred so little tax it was not even worth the hassle. Taxes would just have to take a back seat to the other more pressing things in my life. (like rent, food and other niceties)
A few years later I picked up the first edition of “Lower Your Taxes: Big Time” and started to put the ideas into play. It makes a difference.
I think everyone should consider starting and operating their own business. Tax benefits aside, the act of crystallizing my own ideas into a product or service that is 100% my own holds it own value. Entrepreneurial activities and pursuits help me understand the marketplace, business, law and taxes even more. Even if it is expanding a passion or hobby into a legitimate business that occupies your life only on weekends, there is value in this process. The key word here is legitimate. In Chapter 8 “How to Shield yourself from the IRS weapon of Classifying a Business as a Hobby”, Sandy describes strategies for making sure the IRS sees your activities as a business. For instance, the act of forming an LLC, keeping excellent records and ensuring your business activities are separate from your personal activities is a good start. Proving that you are in fact striving to make a profit at this point is much easier.
I recommend this book. It is well written and informative. I have picked up each annual edition for the past several years. This might not be necessary for each edition, that depends more on how drastic tax law changes from year to year. The greatest value of this book for me are lasting ones:
1. Understanding the ‘real’ value of choosing the proper business structure.
2. Understanding and developing good habits of record-keeping. This includes automobile, business related activities, meeting attendees, etc. Having a Tax Diary and keeping it up to date will alleviate 90% oftax stress. Knowing that you have excellent documentation is key. Having excellent documentation actually helps you grow your business and succeed.
3. The importance of running my business as a business, keeping a firewall between my business and personal finances, has benefits beyond dealing with the IRS. Running a ‘real’ business is empowering and a fantastic education on how things work.
If you are in business or considering one, pick up a copy of this book.
-WR
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It is no secret that I am a fan of the late Joseph Campbell. My book adheres closely to his concept of a monomyth. I do not pretend to be an expert on the subject matter that so fascinates me. I consider myself a student and will always be one. Comparative mythology studies the myths that people live by. It is as much concerned with paleolithic cave drawings as it is with modern middle eastern strife. The breadth is staggering. With our big brains and our assorted accoutrements of modern life it is easy to forget how closely linked we are to our rich mythological past. While there is an anthropological slant to many of the approaches I have studied, Joseph Campbell brings passion and more than a little dramatic flair to his chosen life-work. We all live by a myth, this is our personal story, our personal narrative. Sometimes this is a part of a larger worldview as in the case of membership in one of the great world religions. Sometimes we try to find our way by other means.
Joseph Campbell used to like to say “mythology is referred to as other peoples religion“ and that “religion is simply misunderstood or misinterpreted mythology“. He felt that the emphasis on the historicity of religious texts often got in the way of the spiritual message. While many people get caught up on both sides of the fence trying to either prove or disprove a finite act of religion, trying to tie a religious event to a real historic place, date or person, I believe that it is the abiding, guiding message that matters most in our lives. For example, flood myths preceded the Bible by many centuries. Deucalion of Greek myth was the son of Prometheus and Pronoia. Pelasgians were the neolithic culture that preceded the greeks and the story goes that Zeus let loose a heavy rain, the rivers swelled and the seas rose. Deucalion and his dad Prometheus built an ark and was saved from the deluge. Noah and the Sumerian Xisuthros are both heroes of the same myth, the same story. There are strikingly similar stories in the Koran, in China, in Aboriginal Australia and even with the North American Indian tribe the Menominee. These stories hint at both a universal threat of flood on the ancient world stage and the need for humans to mythologize about it. Our shared stories and ritual bring order out of chaos and help us relate to each other in meaningful ways. We destroy these relationships when we throw out the story and the ritual and instead cling simply to the historical vessel that carried them.
Any of Joseph Campbell’s densely academic books require dedication and commitment to thoroughly absorb. Among his pantheon of wisdom regarding comparative mythology he states that one needs to follow their bliss in order to live a fulfilling life. It is the history of the world as seen through the eyes of the great story tellers that bind us all together and in that vein Campbell drew heavily on the Hindu Upanishads to form his belief on this subject. Earlier, both Ralph Waldo Emerson and Henry David Thoreau espoused transcendentalism as a kind of personal mythology.
I try to view Campbell’s admonition within the scope of his greater body of work. He seemed to firmly believe that we are all intrinsically connected. We all share a common background that reaches back far beyond recorded history might suggest. The roots of the human condition dig deeper than many of feel comfortable admitting. Despite our apparent differences we all share a closely held need to help others. Our bliss is a reflection of that.
Another way of saying follow your bliss could be to follow that which holds you in rapture, that which arrests your soul. It is imperative for us to define our purpose in life and get to the business of following our bliss. Your bliss takes you by the hand and pulls you where you’ve always wanted to go but were afraid to tread there yourself.
What draws you forth?
What would you gladly do for free if your bills were paid and you had no obligations?
Imagine that after you die, there is a giant brass plaque erected in your honor…What would you like it to say?
In the ceremony, the great mayor of the city gives a speech in your honor…What does he say about your life, your contribution?
What does your family say?
To follow your bliss is to do what you are.
To follow your bliss is to help others with the gifts you were given, the skills you acquired and all the strength you can summon.
Write a one-page plan on how to follow your own bliss.
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