Tax season (for me) is here and my final income tax bill will be $0 for one main reason – Cost Segregation Studies and bonus depreciation.
DO NOT FORGET TO GET COST SEGREGATION STUDIES DONE ON YOUR REAL ESTATE. The folks at RE Cost Seg have already delivered my cost segs this year and the depreciation is mouth watering. Reach out if you’re in the market – the proposal is free.
Professional engineering reports you can count on, and they do virtual visits to turn them around even quicker.
Not sure what a cost seg is? Check out this thread.
—
A story about me swallowing my pride and profiting:
We sent an offer to a key employee at one of my companies 8+ months ago. The business was growing fast and we were super stressed about deliverables.
The employee accepted the offer and all was good. He was a critical employee with the perfect experience level. It was going to take us to the next level.
A few days before he was supposed to start he declined the offer because his employer offered him more money. We were pissed and my team was upset.
Then early the next week he came back saying he left his other job and asked for another chance.
My idea was to tell him no way. You missed the chance. See ya. Unprofessional. My advice to my partner was to tell them to pound sand.
A member of my team I trust insisted that we should swallow our pride and make the hire.
After some deliberation I swallowed my pride, we welcomed him back and extended the offer.
He has been one of the best hires we’ve ever made and has added a ton of value.
The lesson:
Swallow your pride sometimes and relax your “principles” or you might just miss out on something awesome.
Your ego is the enemy. Being stubborn doesn’t get you anywhere.
I almost made a very expensive mistake here all because of how I felt at the time and my emotions (anger).
It’s amazing how much value a killer employee can add to your business. This has been one of those killer employees.
If you are trying to make real money in this world or run a business there is one thing that is most likely to destroy you:
Your temper.
Losing your temper is a weakness.
Sending a nasty email. Raising your voice. Getting angry and making a brash decision.
The problem:
People see anger as strength. The hulk is a superhero. Yelling parents get respect from their sons. An angry person is scary and looks powerful.
In reality it is the sign of a weak man who doesn’t even have control of himself.
A fact:
People will let you down. They will make mistakes. They will mistreat you. They will make poor decisions. They will say things that are hurtful or petty.
Blowing up at these people NEVER works out well.
In reality it is a weakness and it will blow up your life.
—
A lie:
The harder you work, the more you get paid.
The truth:
Rich people play golf and vacation while their assets make them way more money than the people who work really hard.
—
Some entrepreneurs leave a wake of distruction and get wealthy by taking advantage of people.
Angry employees. Partners who got screwed over. Customers who got dooped.
Others don’t.
Be the one who doesn’t.
—
Stress is relative. You get better at dealing with it as you practice.
It’s why most people with an easy life get really worked up about small things.
Since emotions destroy your ability to make decisions, it drastically reduces your chances of success.
Onward and upward,
Nick
P.S. Is it time to sell your business?
I launched a business brokerage.
We now have 2,000+ buyers on our distribution list.
When we get a listing we’ll do a podcast episode with the owner, a breakdown of the business to my 210,000 newsletter subscribers, and several tweets promoting the listing (I get 50 million impressions a month on Twitter).
Wanna sell your small biz? I can get you a great deal. Click here.