I read today that actor Wesley Snipes recieved a 3-year jail sentence in relation to his legal tax troubles. I’m not going to argue whether or not I think he deserved to get that sentence or not. That was for the judge to decide. I thought that the most interesting part of the story was contained in the statement that Mr. Snipes read where he called himself “well-intentioned, but miseducated” in matters of finance.
I believe Mr. Snipes to be in the majority on this one. How many of us have made errors in judgement as it relates to financial matters?
……… Sorry for the delay in continuing my thoughts, I was too busy raising my hand, so I couldn’t type…
Where Mr. Snipes and I differ, however, is in the fact that he presumably has access to advisors and counsel that little-ole me doesn’t. For someone who earned millions of dollars over the past few years, to have not sought to use a fraction of that money to seek the wise counsel of some sort of financial advisor or accountant, is just silly to me. Granted, I am not wise about the stress, strain, hardships or responsibility that one faces when earning that level of money. But what I do know is that the instant I am making enough money that my taxes need no longer be handled by TurboTax’s software program because I am needing necessary creative deductions to help protect my wealth, is the instant that I will be finding a trustworthy tax accountant. What’s my alternative? Plead ignorance to the financial ways of the world, continue to live life with my head in the sand, get caught, and get sent to jail for 3 years where I can’t practice the livelihood that provided me the money in the first place? That’s one way to not give any money to Uncle Sam… don’t earn any to have to pay taxes on!
For these and other posts, as well as the books in the 26 Things to teach Your Parents series, visit http://www.26thingstoteach.com/
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