Tax Amnesia and Giving Birth

I want to tell you about a quick idea and thought process that can make your taxes, and your life, BollitProof.

Ever heard the phrase, “Knowledge is power?”

Well, it’s really an incomplete statement. The legendary Tony Robbins says it a different way: “Knowledge is only potential power.” In other words, you have to apply the knowledge for it to be powerful.

You can know all of the right information and study everything there is to know about a subject, but if you don’t put it in motion, does it really matter?

In the same respect, there are some pretty unbelievable tax and financial strategies out there. When you understand them, they give you potential power to change your financial life. These are strategies that can really rock your world but only if you put them into practice.

I’m going to tell you why I believe tax strategies don’t get implemented very often. And I’m going to compare it to a woman giving birth.

Stay with me on this one.

Women say giving birth is one of the most painful experiences ever, and no one is going to argue that.

However, after a certain amount of time, especially after holding and loving their newborn, many women get “mothers amnesia,” where they actually forget how painful giving birth was.

Same thing with taxes.

April 15 roles around. On this day, you look at what you owe and it bums you out. You officially hate the IRS. On April 16, you’re motivated by the pain of the IRS and fired up to implement one of our bookkeeping strategies by tracking everything properly so you won’t have to deal with this frustration again. Next year will be different!

Then a month later you stop logging your mileage and you don’t even save your receipts anymore.

And why?

Because you forgot how much you hate taxes. IRS amnesia kicks in and the process continues. Every. Single. Year.

The great news is there are some BollitProof steps that help you to form habits. We even recommended some apps to make your amnesia stay at bay.

Your take-away from this message is to know that part of changing a behavior is knowing the behavior. Then it’s up to you to take that action!