Accountant resort to eating 1 meal a day after losing job

[gz0707]

He may be a qualified accountant but this is typical of the bulk of professionals who are clueless when it comes to financial planning.

The austerity measures come too late. They should have been imposed while he was earning a good living and he could easily have saved half his salary every month. Instead, the bulk of his salary went towards keeping up appearances and other good things in life.

With the money he would have saved, he should have then started his own accountancy firm, grown it, sold it and retired.

The accountant who does my accounts every month did just that. She worked for 5 years to gain experience and obtain the necessary qualifications. At the age of 28, she started her own company specialising in accountancy services for small business. She had 60 clients at last count. Each client pays her $150 per month. That's $9000 per month gross and she's only 30. Bank accounts are linked to Xero so much of the work is automated. She provides expertise but she doesn't have to waste time doing data entry.

When the business grows, she'll start hiring junior staff so she can take on more clients and bigger projects. That's how you achieve financial security.

People think that jobs provide security and that entrepreneurship is risky. In reality, it's the other way round.

the Zeitgeist movement explains this very well, even though the proposed solutions are not realistic in the short term. we are now wired to earn money and consume in large ways, especially with easy credit, which results in "future spending". This accountant provide a sign of times to come.

 

[Leongsam]

Wah .......that is impressive !!!

It's actually just common sense. When you work for someone else, your destiny is in the hands of the business owner. When you work for yourself, your destiny is in your own hands. Which would you prefer... someone else controlling your life or you in control of your own?

 

[myfoot123]

This is what you get and it is happening all over Europe with their welfare state mentality.
Why singkies are so stupid to want welfare state?

He was used to material pursuit but forgot that even a degree may end up jobless. Singapore is no different, all jobs gone to foreigners and our qualified local talent driving taxi or doing garang guni job.

 

[gz0707]

He may be a qualified accountant but this is typical of the bulk of professionals who are clueless when it comes to financial planning.

The austerity measures come too late. They should have been imposed while he was earning a good living and he could easily have saved half his salary every month. Instead, the bulk of his salary went towards keeping up appearances and other good things in life.

With the money he would have saved, he should have then started his own accountancy firm, grown it, sold it and retired.

I can see this still happening. With good times, senior managers and management staff are buying 2 million dollar apartments, all in the name of property's ever increasing prices. what will happen when the ball drops. 1 guy I know is the sole bread winner with 4 kids in tow.

 

[choirboy]

The accountant who does my accounts every month did just that. She worked for 5 years to gain experience and obtain the necessary qualifications. At the age of 28, she started her own company specialising in accountancy services for small business. She had 60 clients at last count. Each client pays her $150 per month. That's $9000 per month gross and she's only 30. Bank accounts are linked to Xero so much of the work is automated. She provides expertise but she doesn't have to waste time doing data entry.

When the business grows, she'll start hiring junior staff so she can take on more clients and bigger projects. That's how you achieve financial security.

and how much does she have to pay in taxes?

 

[Leongsam]

and how much does she have to pay in taxes?

She's an accountant. I'm sure she knows how to play the game legally.

She has client who's professional photographer. When he travels, he brings his camera along. The images are then uploaded and offered for sale on his website. It doesn't matter whether the travel was business or pleasure. As long as the images taken are placed on a commercial website with a price tag attached, the whole trip becomes a business expense by default. That's how the tax laws stand and this has been tested in court.

For a person earning a salary, there is very little wriggle room. Most companies deduct your income taxes before you see your pay cheque. It's called PAYE. However, if you're self employed, you get the first bite of your money and the government is then offered what is left after all expenses are subtracted.

This is another reason why it is so much better to be your own boss.