For most entrepreneurs, it's not about the money

Money is a scorecard, not the goal

Published on April 3, 2006 By Draginol In Blogging

Since Thanksgiving, I've worked every day, 7 days a week, including Christmas other than last weekend where I took one day off. Why?

What drives me isn't money. I'm a computer geek. What money I have I put into computer hardware and other gadgets and most of that is taken care of by the company. I do have a nice car. I drive it the whole 6.2 miles back and forth to the office. But that's about it. I don't even have a big screen TV. My main TV isn't even high-definition.

And when I have time on the weekend, I enjoy making skins, widgets, and lately computer AI updates to Galactic Civilizations II.

That's not to say I don't begrudge the excessive taxation of what I do earn. It really irritates me to be driving on Michigan's ridiculously crappy roads after paying hundreds of thousands in taxes each year. I guess you'd say I'm tight with money and that's why taxes bug me because the government is so much less careful with it than I am. Give me a million dollars and I'll try to turn it into some cool new stuff. Give it to the government and they'll waste it on something stupid in all likelyhood.

When I got to dinners that involve "Entrepreneurs" it's the same story. The money they make is largely a side-effect, a by-product of what they do. It's not the goal unto itself. They, we, really enjoy what we do and we happen to be lucky enough that what we do makes money, sometimes a lot of it.

The joke around the house is that I need a hobby. A hobby that doesn't involve what I do for a living. Somehow hobbies end up being part of what we do anyway. JoeUser.com, after all, started out as a hobby and then expanded into what you see now. I don't like boats or fishing. So I'll have to find something unusual to have as a hobby one of these days.

But in the meantime, I'll continue to just do what I'm doing, reinvesting what I get back to do more of it and groan about the government confiscating 40+ percent of it right off the bat to squander.

Comments

Dr Guy

on Apr 03, 2006

Some people work for the money. I dont. I use to, but found it was not satisfying. I earn enough to be comfortable, and that is fine by me.

Dynosoar

on Apr 03, 2006

As a fellow self-employed taxpayer, I too, USED TO dedicate every waking moment to "scoring", until my youngest daughter was diagnosed with type 1 diabetes, I was basically a great provider and little else.

Before that revelation, I did recognize a need for more time with my son's, and we all dove into Boy Scouts, two Eagle Scouts later, I am seriously considering Professional Scouting as a "retirement plan".

You don't like fishing, so I can't win you over to the joys of a Marlin jumping on your line, but one other distraction I've had for years may intrigue you....Old Car Restoration.

I've overseen more than a couple of ressurections, and they're more than fun. Finding parts used to be the most difficult part, but the internet has fixed that problem, now the hard part is finding a worthy candidate that the present owner doesn't think will be the next Barrett-Jackson high bid winner.

I concentrate on the strange and unusual; 63 Chrysler 300 Convt., 87 Caddy Limo, 76 Linc Mark V, 66 Devile Convt., 72 Cietron SM, 56 190SL Convt, 52 MG TD, Austin -Healy's, just to name a few.
I do not attempt to get them perfect, I get them where they're dependable and pleasing to the eye, and I don't do the hard work. I'll sub out the major body work, interior, as well as mechanical so I can concentrate on putting it all together.
It's not really profitable, but as you trade up or down it's at least self-sustaining..

Dr Guy

on Apr 03, 2006

You don't like fishing, so I can't win you over to the joys of a Marlin jumping on your line

Pick me! Pick me! I have never been deep sea fishing, but would love to go! Guess I will wait until my youngest is old enough to go with me and make a day of it!

Dynosoar

on Apr 03, 2006

My 16 yr old actually requested we go fishing this weekend for his birthday!

We'll do the head boat thing, go out about 5 miles and bottom fish for Red Snapper, Sea Bass, and Grouper.

The Dolphin, Yellow Fin Tuna, and Kings won't start running for another month or 2 ( usually the best fishing is on Mothers Day )and the Marlin and Sail Fish follow them a couple of weeks later.

Darn it! Now I gotta go do reel maintainance......

Another Taxpayer

on Apr 06, 2006

A good way to reduce the hundreds of thousands a year in taxes is to give 50% of your income to charity.

Dr Guy

on Apr 06, 2006

Darn it! Now I gotta go do reel maintainance......

I guess that means you are not going to pick me!

Have a great time! I will just salivate.

Dr Guy

on Apr 06, 2006

A good way to reduce the hundreds of thousands a year in taxes is to give 50% of your income to charity.

Charity is not a credit, just a deduction. And then the AMT kicks in.

Dynosoar

on Apr 06, 2006

Hey DG,

Weather permitting, be on the dock of the Stacy in AB, NC they pull out 'round 6am, look for a tall guy with a beer in his hand ( It's the only sure fire avoidance method for sea-sickness)

NOA is calling for crappy weather Saturday, so it may be a bust.

KellyW0498

on Apr 07, 2006

You don't like boats or fishing...What is wrong with this picture!

I think the saying do what you love and the money will follow is pretty much correct. At least you are not really going to work everyday when you love it. You are going to play.

You are a lucky person when that happens, well maybe not lucky, but a happy person.

Dynosoar

on Apr 07, 2006

Arrgh,

35 mph winds and 13ft seas....ain't killin' no sqid this wkend.

Guess I'll hang out at "The Yott Club", and sing Buffett songs for Karoke ( yet another self-indulgent hobby )

Another Taxpayer

on Apr 09, 2006

Charity is not a credit, just a deduction. And then the AMT kicks in.

Charitable donations are a deduction, which means that if you give 50% of your income to charity, your taxable income is less than half of your gross income, so you pay, at most, about 20% of your income in taxes. Probably less because you have some other deductions. Not the 40% that Brad gripes about.

And charitable deductions aren't an AMT adjustment, so you get the same break on the AMT as in the regular tax system for your charitable deductions.

I do give away 50% (of a lot of income), so I know how it works.

Dr Guy

on Apr 09, 2006

I do give away 50% (of a lot of income), so I know how it works.

many of us do. It is still not dollar for dollar. A $100 donation might net you $40 in savings on taxes. And AMT kicks in when the government arbitrarily decides you dont pay enough in taxes. That is why you have carryover.

Welcome Guest! Please take the time to register with us.
There are many great features available to you once you register, including:

Richer content, access to many features that are disabled for guests like commenting on the forums.
Access to a great community, with a massive database of many, many areas of interest.
Access to contests & subscription offers like exclusive emails.
It's simple, and FREE!