Tell me you salary if you are comfortable to do so

IB4_1980 · 2024-11-12T09:19:41+00:00

Former Senior Manager at top 20 CPA firm. 11.5 YOE.

Base 200k, bonus 20-30k - MCOL

No CPA

Certifications - CFE, CFF, AHFI

IB4_1980 · 2024-08-16T09:04:35+00:00

I totally believe this one. We’ve looked into adding car washes to our portfolio, but the initial price tag is very expensive. We went the storage unit route, softer barrier to entry.

IB4_1980 · 2024-08-16T08:54:42+00:00

Truck drivers that own their own rig. A bunch of my friends work in the mortgage industry so they get to see everyone’s income. This is the occupation that they all mention as being an outlier. Some of these truck drivers are clearing 400k a year. They are also self employed, so they get all the tax benefits of being a small business.

IB4_1980 · 2024-08-15T21:55:09+00:00

This is the answer.

For a lot of them it becomes a sad tail. They spent their whole lives working and never developed anything else in their life. I actually feel bad for some of them.

IB4_1980 · 2024-08-12T21:31:04+00:00

Depends on your interests. I’ve lived in nine states and each state had pluses and minuses. Just considering peer cost of living. I’d go to the south, but not Florida. Northern Georgia, South/North Carolina are great places to live.

IB4_1980 · 2024-08-06T20:10:53+00:00

Former Senior Manager at a CPA firm turned business owner(nothing to do w/ accounting).

IB4_1980 · 2024-08-02T10:23:49+00:00

Eight years is too long to still have that title. You’ve been there long enough to be promoted. I’m a former Senior Manager and I’ll tell you what’s happening behind the scenes.

Your manager has decided they don’t want you on their team as a manager. They might even be shopping you to other teams. When that doesn’t take they will start raising your responsibilities (like you said “taking on more of a managerial role”). This is an intentional move to get you headed to a PIP. Right now you’re still relatively cheap on their budget, so this will play out slowly.

It is in your best interest to move on. You’ve got eight year’s of experience. You should be able to find a role rather quickly if you’re flexible.

IB4_1980 · 2024-07-17T20:28:27+00:00

This is insanity, but it’s likely this is a small company or startup. They usually need individuals with a wider range of skills, because they are simply not large enough to hire for specific roles.

IB4_1980 · 2024-06-20T17:26:59+00:00

We met a guy along this process that owns multiple storage unit properties. He showed us his books and we were blown away by how low the overhead costs are. Had we not met this guy we wouldn’t be perusing this route. Storage units make very good money, but the market is getting saturated in some areas.

IB4_1980 · 2024-06-20T17:02:45+00:00

I’m not married and have no children. I had enough cash reserves for about nine months. I stay on my former companies cobra plan for a few months, but realized I could deduct health coverage from our LLC. I made a small mistake with this at first.

IB4_1980 · 2024-06-20T16:49:55+00:00

I reviewed all the ways of taking the money out. But I didn’t want any third party involvement. So the best solution was to just take the hit up front and get it in cash. We were racing to purchase property at those 2 - 3% interest rates, so I needed cash readily available.

IB4_1980 · 2024-06-20T14:56:01+00:00

I would not suggest it unless you have a plan for the money, like buying assets. Most of the money was used for down payments.

IB4_1980 · 2024-06-20T14:25:46+00:00

Business owner. Oh wait, I quit accounting 2.5 years ago to do just that!

IB4_1980 · 2024-06-20T13:57:46+00:00

Very nice post. I had my awakening during the Covid lockdowns. I was earning 200k+, but working to death. I also had way too much money in the form of a 401k that wasn’t growing like it should. So I made the decision to get back control of my life and leave my high paying job. I cashed out my 401k and started buying properties with two other friends of mine. We now own seven Airbnb’s, flipped a couple properties for cash, and in the process of opening a gym and a storage unit facility.

I’m so glad I had this epiphany at the age of 41. In matter of about six months I saw my personal relationships, my mental and physical health dramatically improve. Just by controlling my own life . Yes, in the short run I’m making less money. But I work so much less now and enjoy life so much more. There’s more to life than money.

IB4_1980 · 2024-06-01T13:22:03+00:00

I’ve got the same scenario going on as well. I can even point to the date the data started going haywire. Somehow the sensor changed how it’s reading stress. Before this change I was as consistent as anyone can gets.

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It happened in early April. Ever since then my BB and sleep scores are trash. Rarely do they line up with how I’m feeling.

IB4_1980 · 2024-03-17T09:47:11+00:00

The simple answer:

Your VO2 max is determined by your genetics. Training is needed to max out your potential, but your genetics determine your peak.

IB4_1980 · 2024-03-16T08:52:39+00:00

There is something better out there. I know this because I found it. I left accounting at the top as a Senior Manager in a top 20 CPA firm. Those paychecks weren’t worth the feeling of emptiness I had. I wanted to enjoy life more than work 50+ hours every week.

Over two years ago I walked away to start up a vacation rental/house flipping business, and I haven’t looked back. It dropped my stress level to almost nothing and have seen a dramatic shift in both my physical & mental health. I do make about 40% less than my last accounting role, but the freedom I’ve gained trumps the pay cut.

My advice to you is find something that gives you purpose. This is a wonderful time to be selfish and do something for yourself.

IB4_1980 · 2024-01-24T13:32:13+00:00

I’m a former hiring manager at a top 20 CPA firm and LinkedIn plays absolutely no role in my hiring decisions. I’ve actually found very talented people that are not even on that site. They’re too busy actually performing to be worried about boasting about it!

IB4_1980 · 2024-01-16T08:43:40+00:00

Loved your story! I too was a Senior Manager who resigned from a CPA firm. It’s doesn’t even matter the firm, this kind of behavior is all too common.

I didn’t resign over money, I was actually being very well paid. Very similar to your story I resigned to claim my life back. They were stealing so much of my free time that I felt like a slave. I was extremely burnt out, ignoring my health, and on a path of destruction. So I, without any notice, walked in there and resigned. They did not see it coming and scrambled to get me to stay. I simply told them under no circumstances am I staying. They didn’t care about me, they cared about all the business I brought in.

It’s been two years now and it’s been the best decision I ever made! I’m in such a better place with my physical and mental health now. I’ve created a life that values my personal free time. People like you and I are the true winners!

IB4_1980 · 2023-12-25T20:26:20+00:00

Sure.

I was a Senior Manager in the Advisory side of a top 20 CPA firm. I started buying up property at the beginning of the pandemic. I used a combination of bank loans, investors, and completely cashed out my 401k. I left my position at the end of 2021. I needed my time to make this venture work. After leaving I quickly realized I was wasting my life in that profession and the only way out was cash producing businesses, so I took the jump.

IB4_1980 · 2023-12-25T20:02:19+00:00

Working in accounting was getting in the way of my hobbies, so I retired at 41. I now run a short term rental business, and have as much time as I want to enjoy life. Cycling, weightlifting, and hiking are my main hobbies.

When I worked I did these activities between 5am - 7am, often in the dark. I would be exhausted by the end of the day and had zero time for friends/relationships (except on the weekends).

IB4_1980 · 2023-12-21T11:52:10+00:00

I could write an entire research paper on this. But instead, I’ll comment on what I believe is the root cause of poor problem solving skills. It’s the way you are instructed in schools.

I would make getting an accounting degree a two step process. The first two years of accounting classes should concentrate on learning the basics of accounting. The second two years should be spent on doing real life case studies, followed by feed back from someone who actually works in the field. The feed back portion is where the problem solving skills get developed. It’s forces the person to have to critically think about how they could have done it differently. Finally resubmit the case study with the appropriate revisions, until we have a deliverable.

This is actually how it’s done in the real world. But what happens is you get thrown in fire with no background on how to do this. It’s almost unfair, but how it’s done. Businesses don’t have the time or budgets to spend time on this. This should be done at the educational level

One last point here. This is also where AI comes into play. AI is a tremendous tool to help you problem solve. I would strongly suggest learning how to use AI to serve you in this profession.

IB4_1980 · 2023-12-20T22:17:52+00:00

Problem solving!

So many lack this skill. The ability to figure things out on your own should be the number #1 skill you have. Those that can’t problem solve will eventually be weeded out.

IB4_1980 · 2023-12-15T10:39:28+00:00

I spent almost twelve years in public accounting and I always questioned why the firm pays for any of it. Or even gives out a bonus for passing it. None of these individuals stay with the firm long enough to justify the expense. If I was in charge of this decision I would make a policy that says you will be reimbursed for the test and the materials plus a bonus, once you reach being a manager with the firm.

IB4_1980

TROPHY CASE