Archive for WOW Income Growth
Part II: Why You Should Start A Personal Business; The Nitty Gritty On Tax Advantages
Posted by: | CommentsWar On Wealth Series – Taxes
In my previous post “Why You Should Start A Personal Business”, I made the statement that obtaining Financial Independence and becoming Wealthy is simply the process of continually increasing the gap between the amount of money that comes in and the amount that goes out. The greater the gap the faster your wealth pot grows and multiplies. The goal is to learn how to optimize what you currently have by learning how to keep less of your money from going out. The next step is to learn how to bring more money into the pot. Starting your own personal business is such an efficient weapon against ‘The war on Wealth” that in my opinion absolutely every one should have one. I also want to reiterate the fact that it is not necessary to plunk down $100,000 to start a printing shop. You can get started for as little as a few hundred dollars and a lot of sweat equity in any number of things that are available to you. The only thing that I would suggest is to find something that you love or can get passionate about. However for our purposes neither one of those is necessary. I just believe if I am going to spend my time doing anything, I am going to be passionate about and love everything about my life. I am also not concentrating on the earning of income in this post as I am going to assume that whatever you choose it is with the intent of making money. What I am going to dive right into is how you can keep more of the money that comes into your pot just by having a “personal Business”. Read More→
Popularity: 100% [?]
War On Wealth Series – Taxes
Taxes, taxes, taxes, we are taxed on everything. You paid a “whop” for the house, didn’t include escrows in your closing costs so you were able to come to the closing table with less money and now that $5,000 annual tax bill on that $400,000 purchase price is making you teeter on the edge of financial catastrophe, and you have no idea where the next payment is going to come from. So you ask, if my house in this market is worth half as much, why does my tax bill not follow suit? HA! Welcome to the new economy. As I told you before, we are fighting a “War On Wealth” like never before. Money is scarce all around us. Cities, Counties, States, and our entire Country is thinking of new and creative ways to pay their bills on “YOUR BACK”! Even if you had included the taxes in your escrow, imagine what $200 of that $416.67 a month tax bill (In Sacramento County) would do going into your investment account earning 6% interest compounding annually. In 10 years you would have $16,765.97. In 15 years, $29,607.03. What if you took the almost $17,000 in 10 years and leveraged it on a small rental property with positive cash flow, then sold it 10 years later for a nice gain. At that point you could take that money and put it into some asset protected, capital gains protected trust for maximum leverage. Wow! The possibilities are endless. Imagine if you instead paid $2 million for the house with a monthly tax bill of $2,083.33 (in Sacramento County), and you could put a $1,000 per month into that same investment account. In 10 years you would have $167,659.71, in 15 years $296,070.34. But I guess it’s really moot, because its all allocated to the “Tax Man” who is just going to foolishly waste your tax dollars and misappropriate as much as possible for good measure.
Don’t Despair
Luckily there are provisions in your county to remedy the situation. Every county is a little different, but here are the 9 basic steps that you are going to have to take to get your tax bill reduced. Read More→
Popularity: 20% [?]
How Owning Real Estate Can Help Me Save On Taxes
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There are several ways Real Estate can reduce the amount of tax you pay Uncle Sam? Here is a list of the most common methods to use as a tax saving tool and thus a Wealth Building and Wealth preservation tool. Read More→
Popularity: 18% [?]
War On Wealth – A Primer (Introduction)
Posted by: | CommentsWar On Wealth Series
This is the first in a series of writings designed to inform, educate, and instruct you how to win this battle that you have unsuspectingly been drawn into. Obtaining Financial Independence and becoming Wealthy is simply the process of continually increasing the gap between the amount of money that comes in and the amount that goes out. It’s the amount that goes out that devastates most of us. In case you haven’t noticed, you are right smack in the middle of a war zone. Over the last century a stew of born entitlement, government inefficiencies and waste, continuing financial illiteracy, and greed (corporate and consumer) has been brewing and simmering to the point where the lid bursting from the top was all but inevitable. Well, we are at the point. At no other time in our young history Read More→
Popularity: 18% [?]
