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I don't hate poor people. I used to be below the poverty level myself. I just refused to remain there.
Look, you seem to be a nice enough individual. I know you won't listen to me buy please at least read what I am telling you. There's absolutely no charge.
So you go to college and get a degree. How much did that degree end up costing you? How much debt did you incur?
For the most part unless you take accounting, law, become a physician, or something like that, the college trained you to become an employee of some company or corporation. You will probably be on a salary or salary plus commission for the rest of your life and answer to a supervisor or other management official.
Take the same money or less that you spent on that degree and go into business for yourself. You will work harder, put in longer hours, have more headache, and may not break even. You might even fail. You could however, become very wealthy.
I was never happy working for someone else myself.
D1 athletic scholarship, hockey. An incredibly tiny percent of people can ever hope to play competitive sports beyond high school; I never made it to the show, obviously. Still got me laid back home in Minnesota, haha.
Starting a business was never my cup of tea, and where exactly is your average poor person going to get startup seed money?
D1 athletic scholarship, hockey. An incredibly tiny percent of people can ever hope to play competitive sports beyond high school; I never made it to the show, obviously. Still got me laid back home in Minnesota, haha.
Starting a business was never my cup of tea, and where exactly is your average poor person going to get startup seed money?
Improvise. I started out with a used 1962 Corvair van, a little 1500 watt generator, a 1/2 inch electric drill and two ship augers, and the tools in my pouch. I didn't get rich by any stroke of the imagination but I raised three kids, sent them to college, own my home and my wife's car and my truck. I have no debts at all. I pay my credit cards in full as they are due and incur no interest. I know a lot of guys who got into the air conditioning and heating business, the plumbing business, and the home building business about the same way I started. I would term a couple of them as "wealthy" by today's standard. One guy still runs about eight or nine air-conditioning and heating service vans. He's pretty much on the desk now having turned the business over to his two sons. It can still be done, friend. Just takes ambition and perseverance.
I get that... but the income taxes were paid on the principal... anything earned from the investment of that principle is new income and should be taxed accordingly.....
Based upon my earlier hypothetical, how do you figure the 4 million dollar man's tax bracket of 10% is higher than the 40K man's tax bracket of 20%??
What you need to do is reduce your taxable income.
Improvise. I started out with a used 1962 Corvair van, a little 1500 watt generator, a 1/2 inch electric drill and two ship augers, and the tools in my pouch. I didn't get rich by any stroke of the imagination but I raised three kids, sent them to college, own my home and my wife's car and my truck. I have no debts at all. I pay my credit cards in full as they are due and incur no interest. I know a lot of guys who got into the air conditioning and heating business, the plumbing business, and the home building business about the same way I started. I would term a couple of them as "wealthy" by today's standard. One guy still runs about eight or nine air-conditioning and heating service vans. He's pretty much on the desk now having turned the business over to his two sons. It can still be done, friend. Just takes ambition and perseverance.
Cases like that are the exception, not the norm. Many poor people would certainly like to start their own business, but how will they do that when they're busy working 3 or 4 odd jobs to put food on the table?
D1 athletic scholarship, hockey. An incredibly tiny percent of people can ever hope to play competitive sports beyond high school; I never made it to the show, obviously. Still got me laid back home in Minnesota, haha.
Starting a business was never my cup of tea, and where exactly is your average poor person going to get startup seed money?
I was working three small jobs when I bought an old repair drilling rig because I could not afford a new water well.
Then the people across the road ask me to drill theirs.
Now I have drilled over 1000 water wells and have nothing but the best equipment.
Cases like that are the exception, not the norm. Many poor people would certainly like to start their own business, but how will they do that when they're busy working 3 or 4 odd jobs to put food on the table?
Cases like that are the exception, not the norm. Many poor people would certainly like to start their own business, but how will they do that when they're busy working 3 or 4 odd jobs to put food on the table?
Not really. It happens all the time. But, since you have no interest in starting a business of your own, it's probably better for you that you just get a job and work for someone else. You'd probably fail anyway. Then you can continue to complain and lust after the money folks who did go through the rigors and hardships of starting a business. If my memory serves me right, didn't your champion Bill Gates start from his garage?
What you need to do is reduce your taxable income.
Stop worrying about the percentages.
He can't see the wood for the trees. It's those Marxist college professors again.
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