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So since he won't ever have to worry you're saying he'll always be a governor? Just because you make that kind of money this year doesn't mean you'll make it next year or the next or the next. Lots of people had great paying jobs but lose it. That's where people get into trouble, they think that money will keep flowing for the rest of their lives.
I wasn't really even referring to his job, but the 5 million in assets. A reasonably responsible person with that much in assets should never have to worry about money again even if his income dropped to a fraction of what he currently earns. If someone manages to screw that up, they won't get any sympathy from me. The average US worker will be fortunate to earn 2 million over a lifetime, most will earn less.
I wasn't really even referring to his job, but the 5 million in assets. A reasonably responsible person with that much in assets should never have to worry about money again even if his income dropped to a fraction of what he currently earns. If someone manages to screw that up, they won't get any sympathy from me. The average US worker will be fortunate to earn 2 million over a lifetime, most will earn less.
Yet government attacks and taxes the oblivion out of people who hasn't had time to build that kind of wealth. Then people complain that it's too hard for them to get rich (build wealth) ...Got to love it
I'm just waiting for rent to be taxed. Then homelessness will be protected political speech and you won't be able to stop it. People will devise all sorts of creative workarounds to avoid the tax.
Yet government attacks and taxes the oblivion out of people who hasn't had time to build that kind of wealth. Then people complain that it's too hard for them to get rich (build wealth) ...Got to love it
It's hard for most people to build wealth because most are bad with money. It's not taxes that prevent most from building wealth
It's hard for most people to build wealth because most are bad with money.
Or bad with discipline. I don't know if you are lumping those in the same basket. They are real closely related, but not exactly the same thing.
I know people who have had far better careers than I have had, but always have to buy the latest thing.
A certain relative of mine is ten years older, has had a consistent stream of income and thinks he's going to retire soon. He has a much better computer than I do, a much nicer car (*), ( has never been a felon for five years ), yet would be in trouble in less than two months if he ever loses his job at a tech company that never makes any money.
I don't imagine that I could finance his lifestyle for more than 5 years, but I could come close.
(*) Financed with a five year loan. Really? I can't imagine financing a car any more - let alone with a loan so long ( or a lease ).
You could be a financial idiot, but if all you did was save 25% of your gross pay and with your non-401k stuff, just bought stock in companies you knew about by name ( and not what they did ) and never sold them, you would probably be able to retire well and "early."
Or bad with discipline. I don't know if you are lumping those in the same basket. They are real closely related, but not exactly the same thing.
I know people who have had far better careers than I have had, but always have to buy the latest thing.
A certain relative of mine is ten years older, has had a consistent stream of income and thinks he's going to retire soon. He has a much better computer than I do, a much nicer car (*), ( has never been a felon for five years ), yet would be in trouble in less than two months if he ever loses his job at a tech company that never makes any money.
I don't imagine that I could finance his lifestyle for more than 5 years, but I could come close.
(*) Financed with a five year loan. Really? I can't imagine financing a car any more - let alone with a loan so long ( or a lease ).
You could be a financial idiot, but if all you did was save 25% of your gross pay and with your non-401k stuff, just bought stock in companies you knew about by name ( and not what they did ) and never sold them, you would probably be able to retire well and "early."
And the bad news is that its very hard to change habits ... Including bad money habits ...
Most will just not educate themselves .. And don't even try because they think education is only higher education . I didn't go to business school , but from prominent people that did go I've heard that they don't really teach you much about making or investing money in business school .
Regarding the tech companies , I've heard that the philosophy of most tech companies is to not worry about profit but to focus on " building things people love "
I'm surprised there is so much money being thrown at startups now but it's all because these venture capitalists are looking to hit that 1 in 30 and find the next Facebook or Google .
They don't seem to be hurting much or losing too much overall .
Of course you gotta be in the insiders club to invest in these startups in the first place .
It's hard for most people to build wealth because most are bad with money. It's not taxes that prevent most from building wealth
Many people are bad with money, but I don't think I'm particularly bad with money. However, I could use some help with the following:
Federal income tax
State income tax
Corporate Federal and state tax (I own a business)
Unemployment tax (ditto)
Social Security tax (employer and employee share)
Medicare tax
Property tax
Sales tax
Capital gains tax
Estate tax
Gift tax
Alternative minimum tax, and
The corporate and personal taxes built into the price of everything I buy.
Many people are bad with money, but I don't think I'm particularly bad with money. However, I could use some help with the following:
Federal income tax
State income tax
Corporate Federal and state tax (I own a business)
Unemployment tax (ditto)
Social Security tax (employer and employee share)
Medicare tax
Property tax
Sales tax
Capital gains tax
Estate tax
Gift tax
Alternative minimum tax, and
The corporate and personal taxes built into the price of everything I buy.
Thanks in advance for the help.
Are you unable to build wealth?
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