The 3 T’s of Success is the twentieth in a series of articles to help you reach your goal. What are your goals? I know you thought about it! You know, it is your dream, wish or resolution you made! Before you can get to where you want to be, you need to know where you are going. You wouldn’t get on a bus, train or plane without knowing where it was going.
As a child of entrepreneurs, it was no surprise that I was interested in business. I learned very early that my talent lied in money. My dilemma was how to turn this interest into a passion I could pursue as a career. Talent and skills usually start out as an interest and turns into a skill. In school I, I was particularly good at math which started me thinking about how use this talent in business. College allowed me to find my talent in accounting, business and finance. I learned that I was more interested in running a business than recording the performance of a business. I found my passion!
I was always in a hurry! I remember walking with my mother and I could not keep up. I think that affected me! Not only did I eventually catch up, I passed her. My mother was a very determined person, but I think I doubled down because of my Dad’s genetics. My parents as role models set a very high bar. I think it motivated me to do more. I used every opportunity to make my own mark. A variety of sales jobs gave me confidence that I could make it on my own. I was in a hurry to find my passion.
At one time, I thought of becoming a tax attorney. I remember learning how to prepare income tax forms when I was a high school freshman. I liked the idea of using regulations to lower taxes. I never did, but I used it for myself. Investing in income property or a business provides opportunities to lower your tax burden thanks to depreciation. The tax regulations encourage risk by providing tax breaks to invest in assets. Understanding taxes is a skill that can help you put more of money to work for you.
Talent is a natural aptitude or skill. Turning your special skill or talent into a career you can be passionate about is not easy. So much is written about finding your passion in life. According to Deloitte Shift index, 80% of employees are dissatisfied with their jobs. If your talent and skills are appreciated in your career as an employee, you are one of the lucky few. Either join a company where you will flourish or start your own company. Finding your passion and using your talent and skills are very important to your success. What are you going to do?
Time goes by very fast! You realize it is gone when it is too late to do anything about it. Use your time well when you are young. As a student, make the investment in your education, it pays off big later. Invest your time in your career because careers change and the skills you learn will help you in the future. Do you plan your time or just let things happen? Since time is a resource you lose if not properly used, you should plan your time better. If you don’t, you will look in the mirror when you are older and ask yourself where did it go?
Death and taxes are not avoidable or are they? Taxes are compulsory contribution to federal, state or local revenue, levied by the government on workers’ income and business profits. I cannot avoid death or taxes, but I can delay the inevitable. Assets are economic resources that grow in value over time. The tax regulation encourages investment in assets because it helps individuals and the economy. Over time, assets useful life decreases over time for accounting purposes and that decrease or depreciation may be used to reduce your taxes. Last year General Electric paid no income tax thanks to their investment in assets and using the depreciation to offset profits.
This is the twentieth article in the series about success; I expect to publish throughout 2012. There will be twenty-six (26) of them, one for each letter of the alphabet. The 3 T’s of success are talent, time and taxes. I think everyone wants success in life; business and career; however it takes a concerted effort to reach success. The difference between the impossible and the possible lies in a man’s determination.” Tommy Lasorda sums it up much better than I can!
I started this series because I run into so many people who have difficulty reaching success. They want to know my secrets! So I thought I would share them in a format that will be most helpful. I also think this format may make it more interesting and easier to use. My goal in these articles to provide useful and interesting information that will help you succeed. The 3 T’s of Success is now a series.
Photo by: Alan Cleaver