Today Ete sits down for a talk with Peter Malinka.
Peter is a CPA and absolutely loves tax strategy. We all know that accountants have a certain reputation for being rather, well, boring. Luckily for us, today's guest, Peter Malinka, is not the stereotypical accountant. Engaging, fun, and full of good stories, we promise you won't be bored by this episode.
Peter Malinka grew up in Minnesota, the fifth of seven children. His father had a PhD in physics, but with seven kids, money was always an issue. Peter learned early on that all the education in the world would not necessarily give him a life where money wasn't a constant worry and he decided to go into business.
In the interview Peter discusses the difficulties and lessons learned during his mission in Japan, and the story of getting into BYU after a chance discovery that he had been formerly rejected due to a fluke, a mistake.
After working for companies both large and small, from Goldman Sachs to a little firm in Arizona, Peter honed his sense of what was good and bad, right and wrong with both types of companies. He finally settled in Midway, here in the Heber Valley, and started his own accounting firm.
It's not been an easy road, and he's got some unbelievable stories about the darker moments in his company's history–think tiny accounting firm with 5, that's 5, key employees giving notice within a 24-hour period, purely by coincidence. And then, as if that weren't enough, breaking his dominant hand in a freak ATV snow-plowing incident right before tax season. We're talking bad luck to a crazy degree. Peter tells us what that was like and how he got through it.
By way of these experiences, Peter has discovered some very helpful things about himself and about life. He's found that "Business is managing disappointment," which is an idea that's a lot more helpful and a lot less pessimistic than it sounds. He learned the importance of looking at hard data. He learned to ask, "What am I supposed to learn from this?", and the benefit of keeping a journal. He learned the importance of patience and the need to slow down, giving your mind and body what they need, and evaluating and improving the processes you're working with. He learned that sometimes it's worth it to let some clients go. He learned that Karma is a real and operational force. He's also found that he is truly passionate about helping people build wealth. It's his way of making a mark in the world.
Enjoy this episode!