From: Dale Gatherum-Goss
G'day!
In the last few days we've had a couple of interesting comments about accountants, all of which I would agree with.
However, it made me stop and think about why we get so little advice from our accountants and without defending them (especially since I am one of them!!) I thought I'd explain why.
Accountants are not trained in investing and therefore you probably know more than a room full of accountants (which is my personal idea of a nightmare!!)
Accountants are paid to protect you from yourself. That is, to be that little voice of conscience reminding you that what you might think about doing IS risky and may cost you more than you can afford.
Accountants are more interested in protecting their own bum than looking after you. That is, if you are given conservative advice and you choose to ignore it, you cannot sue the accountant if you lose the lot because his/her advice led you to believe that you would be fine.
So, what does this mean?
It means that you should get your investment advice from mentors, and fellow investors who have done what you are looking to do. It also means that you should engage an accountant to help you find the best way of doing it to protect you, and your assets, and to make the tax system work for you.
Have fun and torment an accountant if you get the chance!
Dale
G'day!
In the last few days we've had a couple of interesting comments about accountants, all of which I would agree with.
However, it made me stop and think about why we get so little advice from our accountants and without defending them (especially since I am one of them!!) I thought I'd explain why.
Accountants are not trained in investing and therefore you probably know more than a room full of accountants (which is my personal idea of a nightmare!!)
Accountants are paid to protect you from yourself. That is, to be that little voice of conscience reminding you that what you might think about doing IS risky and may cost you more than you can afford.
Accountants are more interested in protecting their own bum than looking after you. That is, if you are given conservative advice and you choose to ignore it, you cannot sue the accountant if you lose the lot because his/her advice led you to believe that you would be fine.
So, what does this mean?
It means that you should get your investment advice from mentors, and fellow investors who have done what you are looking to do. It also means that you should engage an accountant to help you find the best way of doing it to protect you, and your assets, and to make the tax system work for you.
Have fun and torment an accountant if you get the chance!
Dale
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