Top 10 Excuses Why You Aren’t Getting Rich – #3 The Government Taxes & Interfers With Me Too Much

Last week I wrote the fourth most often heard excuse for not getting rich was “it’s too complicated to run a business” and this provides a great lead in to the third most often heard excuse I’ve heard why my peers aren’t getting rich. The third excuse is best described as a sentiment that “government” interferes too much in the affairs of a person trying to conduct business. What is government interference? Taxation, Regulatory Compliance, Ordinances, and various other laws or requirements for a particular business.

While I wrote last week that starting a business was as easy as filing a form with a state agency, running a business can get complicated when dealing with the government but there are plenty of ways of dealing with the issues.

A relative who used to run a restaurant complained once to me that the city was making his employees go to a health safety education class before he could officially hire them and put them to work. Of course, he was required to pay their salary during the training and had to pay for the class as well. This “bureaucracy” seemed to have bothered him a great deal but in the end it probably provided some benefit to his business in that his customers were likely kept from getting sick because of better food handling training.

I recently wrote about a friend who’s getting dinged for government required “equality” for health insurance premiums and he also had griped about having to file quarterly sales tax reports with the state.

Of course I know others who ended up owing the IRS a ton of cash and when unable to pay, had various property seized to settle the debt.

What really irks me however are the people that don’t even want to ATTEMPT to start a business because of what they’ve seen happen to others: IRS seizures, Fines for non-compliance w/ ordinances, etcetera and the perception that it’s impossible to start a business because of government rules or laws. It’s NOT that bad people! And if you properly plan for the beginning (e.g. expenses, taxes, government requirements) then you’ll have absolutely no problem.
Speaking of government regulations, every third Friday of the month is Options Expiry and on Monday I’ll update you on how my Power Funds account and Mini-Funds Account have fared over the past 6 months using my ETF Covered Call Strategy. You can read the update on Monday or visit http://www.etfcoveredcalls.com to see it in action.
We’re closing in on the top 2 excuses I’ve heard over the years from peers and family as to why they’re not getting rich and I hope you’ll click in to read them. Here’s a sneak peak to #2, “I don’t have the time or money to do X“