Way too conservative!

[Pat]

Hi Xenia,

When you are advising your accountant then you're right it's time to move on. Positive people, encouraging investing with business and tax advice are good accountants.

Cheers

 

[DavidMc]

I never really thought to look to my accountant to provide financial advice. Unless they are licensed they can't anyway.

Tax advice, yes.

 

[Pushka]

I never really thought to look to my accountant to provide financial advice. Unless they are licensed they can't anyway.

Tax advice, yes.

Yes, that was exactly what my acccountant kept saying too; eventually he obtained his financial planners certification, but until then he was really clear about that.

 

[Corsa]

Accountants are so risk averse and when you grow to a level that they are no longer comforable with they become non effective.

The trouble is that most are working for a pay cheque and no matter how much they know about business development and property portfolios they still have a mindset that likes the security of a job. People growing by taking risks without job security really freaks them out, I don't think many of them really understand true financial freedom!!!!!

They certainly do not understand that real wealth is your own intrinsic value and once you have that you can do anything over and over again.

many tend to want to focus on "worst case scenarios" and have a very lack, scarcity mindset. If you lose money its the end of the world type of thing!

anyone else find that to be the case?

Dear Xenia

I am struggling a little with your post. How many accountants are you basing this view on?

We have known each other for a long time and I think you are great. As you know, I am an Accountant practising in Adelaide - do you think I am like that? I think that the nerdy conservative accountant image is over. The industry does attract dynamic, smart individuals who understand the power of residual income and the power of cashflow.

How can you summarise up all accountants as having a mindset that likes the security of a job and doesnt understand their own instrinsic value? A number of accountants end up running successful businesses like everyone and are typically investors themselves.

Your accountant may be providing you some advise in the areas of "Dont grow so quickly that you cant cover your cashflow committments" or "we cant make that deductible because the connection with earning income is too loose". With audit insurance these days, if an accountant makes a claim that they are not comfortable with they end up getting burnt, not the client. Most accountants I know are doing their best to ensure their clients have successful businesses not trying to hold clients back.

Anyway, I find your post more than a little judgemental and perhaps unnecessary. I know that you are doing well with your businesses but that doesnt mean that everyone who does not think the same as you is making incorrect or poor decisions. Yes you did put a qualifier in saying some accountants like JamesG are not like that however it goes without saying you are summing up a whole industry as risk adverse and only working for a pay cheque instead of business minded entreprenaurs.

I say keep looking till you find an accountant that truly understands the direction you are going and if you are feeling continually constrained by your accountants maybe you need to do some soul searching about why this may be the case?

Respectully,

Corsa

 

[Xenia]

Dear Xenia

I am struggling a little with your post. How many accountants are you basing this view on?

We have known each other for a long time and I think you are great. As you know, I am an Accountant practising in Adelaide - do you think I am like that? I think that the nerdy conservative accountant image is over. The industry does attract dynamic, smart individuals who understand the power of residual income and the power of cashflow.

How can you summarise up all accountants as having a mindset that likes the security of a job and doesnt understand their own instrinsic value? A number of accountants end up running successful businesses like everyone and are typically investors themselves.


Respectully,

Corsa

OMG, you are right Corsa! So sorry, I totally forgot you are an accountant too! Yes an n of 3 that I have tried does not make it statistically relevant .

Just posting up my experience and did not mean to include the whole accounting industry. Oops! Sorry!

 

[hobo-jo]

Problem is they are not a big enough investor to be financially independent!

Maybe all the good ones are getting to that point and then giving the day job the flick (ie no longer doing accounting)