Jim was born on January 2, 1947 in Coahoma, TX to Bill and Margie Shafer. He was raised in Coahoma, graduating from Coahoma High School in 1964. He then moved to Lubbock, attending Texas Tech University, where he received his Bachelor's Degree in Accounting. Jim was then drafted into the United States Army, serving until his honorable discharge in 1971. Upon his return, he went to work for Leon Hoyt and Co, eventually becoming partner, where he worked for over 35 years. He later began Shafer-Hicks CPA, working until his retirement in 2022.

Jim married Tanga Kay Neel on September 29, 1983 in Amarillo. Together, they made many memories, traveling, visiting their children and grandchildren and vacationing to many beautiful places. He was a devoted member of the Amarillo Downtown Lion's Club, where he served as secretary for many years and made many close friends. One of his favorite activities was the bell ringing at Christmas time, where he enjoyed the company of his 2 sons, Ty and Eric as he volunteered. He enjoyed fishing, watching the Texas Rangers play ball, spending time with his wife, Tanga and going to see his grandchildren as often as possible. Above all, he loved his family and cherished all the time he spent with them.

Jim is survived by his wife, Tanga Shafer of Amarillo; 2 sons, Ty Shafer and wife Stephanie of Lufkin and Eric Shafer and wife Candice of Amarillo; 2 daughters, Amber Friemel and husband Kelby of Phoenix, AZ and Tara Eickenloff and husband Rhett of Blanco; 2 sisters, Peggy Davis and husband Tommy of San Angelo, TX and Barbara Wallace of San Antonio and 8 grandchildren, Daphne, Anthony, Cooper, Carson, Rush, Crew, Isla and Ben.
He was preceded in death by his parents.