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Contractors and Accountants
Old 06-20-2007, 08:32 AM   #1
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Contractors and Accountants

Correct me if I'm wrong but it seems contractors and accountants are some of the worst personal money handlers in the world. Is it something inherent in their genes/profession(s). Contractors typically (my guess) have financial problems and overspend and borrow from Peter to pay Paul and accountants with all their calculable capabilities are completely lost personally. Are there any accountants and contractors out there who can answer this for me?
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Old 06-20-2007, 08:48 AM   #2
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You mean 'building or construction' contractors, right? Because I'm a "contractor", i.e. self-employed working as a non-employee for a major energy company.
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Old 06-20-2007, 09:52 AM   #3
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As a recovering CPA, I can tell you that there are those who are lousy money managers from all walks of life.

As I recall, there was a thread a while back discussing the fact that although "I" can retire, my doctor can't, etc. So, don't limit your scope to accountants and contractors....there's plenty to go around.
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Old 06-20-2007, 10:08 AM   #4
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I get to see a lot of people's personal finances.

Accountants and contractors have nothing on doctors.

As for why some accountants or contractors have financial trouble I would suggest the following

Contractors - In many cases these guys are in capital intensive projects in which they are forced to self finance all the materials up front. That can lead to trouble if you aren't really well capitalized

Accountants - As a CPA I can tell you that a good part of your education is focused on risk avoidance. That generally doesn't lead to huge financial success.

Doctors - Long periods of Schooling (pent up demand) combined with debt and working with other high spenders is just a train wreck waiting to happen for many of them.
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Old 06-20-2007, 10:11 AM   #5
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Quote:
Originally Posted by saluki9 View Post
I get to see a lot of people's personal finances.

Accountants and contractors have nothing on doctors.

As for why some accountants or contractors have financial trouble I would suggest the following

Contractors - In many cases these guys are in capital intensive projects in which they are forced to self finance all the materials up front. That can lead to trouble if you aren't really well capitalized

Accountants - As a CPA I can tell you that a good part of your education is focused on risk avoidance. That generally doesn't lead to huge financial success.

Doctors - Long periods of Schooling (pent up demand) combined with debt and working with other high spenders is just a train wreck waiting to happen for many of them.
I had a doctor referred to me once. He made just over $1 million a year, but his "yearly living expenses" with the 4 homes, 3 country club memberships, nanny, Mcmansion, etc, were $1.2 million a year.........
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Old 06-20-2007, 12:00 PM   #6
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Are these the same docs you hear crying all the time about the unfairness of the healthcare reimbursement structure...I wonder how they'd make it on their avg patients' salary.

For the accountants, I guess my logic is they "see" the financial mistakes of their clients first hand through financial documents etc and how folks screw up huge sums of earned dollars and not pay their taxes.

I guess being a building contractor will drive you to either be an alcoholic, a drug addict, wife beater , divorced and poor......it appears from the outside to be a pretty stressful occupation. Are there any upsides to being a building contractor? I guessing lawyering nowadyas is fairly stressful also, especialy just starting out as a bottom feeder. Maybe they should learn something from John Edwards !!!
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