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this is so true ... it took me 50 years of life to hit a million but only 10 years to multiply it many times .. we could never do that working for just wages. not only do the deals get bigger but the deals and talent you get privy to can be become better.
as i say , a penny saved may be a penny earned but it will always stay a penny , without good solid compounding of it
To get rich you need seed money or the ability to borrow at low interest rates, then need to invest wisely.
The problem that keeps people down is the more yearly income you make it can kick you into a higher tax bracket (all that OT only for it the gov't to take a higher %). Instead, do as the rich do... tax planning to reduce taxable income keeping more of your money.
When a politician tells you that they are going to make "the rich pay their fair share", they know the people don't know any better. The rich know that you can't get rich by giving your money away so they plan and make moves to reduce taxable income while the other classes work away, some working more to make more only to find that the upper portion of the money they earned is now taxed higher.
The rich are better at tax planning than the middle or poor classes and that's why when they say tax the rich the result is usually hurts the middle class.
it took many years but i developed that seed money ..it did not drop from the sky ....there were years i had 3 gigs going on so i could boost savings when bills got tight .
it took many years but i developed that seed money ..it did not drop from the sky ....there were years i had 3 gigs going on so i could boost savings when bills got tight .
Yep, I did the same thing. I started and run a business, many years of keeping my living expenses down while others were living it up, worked constantly and made good money. Unfortunately people think high income = rich ... wrong! I didn't have the time to build my wealth yet so I was stuck paying out the wazoo in taxes pushing me back (in a catch 22). I finally broke through and now have more control over my taxable income, legally paying less taxes so I continue to build my wealth instead of giving so much of my income away.
Taxing the rich always nails the people trying to grow wealth because they need income while the truly wealthy are already rich and are able to plan to keep their taxes down.
To get rich you need seed money or the ability to borrow at low interest rates, then need to invest wisely.
The problem that keeps people down is the more yearly income you make it can kick you into a higher tax bracket (all that OT only for it the gov't to take a higher %). Instead, do as the rich do... tax planning to reduce taxable income keeping more of your money.
When a politician tells you that they are going to make "the rich pay their fair share", they know the people don't know any better. The rich know that you can't get rich by giving your money away so they plan and make moves to reduce taxable income while the other classes work away, some working more to make more only to find that the upper portion of the money they earned is now taxed higher.
The rich are better at tax planning than the middle or poor classes and that's why when they say tax the rich the result is usually hurts the middle class.
The poor don’t need to “tax plan” because their federal ETR is zero.
And what’s a fair share? Because the lowest half don’t pay any share.
The belief that there is a limited amount of wealth in the world and you can only get it by taking it from someone else is called mercantilism
An old world and third world concept refuted and proved to be untrue by Adam smith
Like the good posts on this thread I come from extreme poverty -came here -worked hard saved -purchased small properties- kept them -and am now affluent
The income inequality movement is nothing more than envy and a denial of cause and effect as to ones own life decisions
The belief that there is a limited amount of wealth in the world and you can only get it by taking it from someone else is called mercantilism
An old world and third world concept refuted and proved to be untrue by Adam smith
Agree, it's a false premise especially in the age of digital assets and paper money. For instance, say I spend months restoring a junk car I bought for $1000 and selling it to a collector for $20,000 when it's all fixed up. Did I "steal" $19,000 from someone else's pie?
Of course not, I created value and "new pie". The collector is happy, they have a sweet restored car. I'm happy, I made a profit. And if the collector wants, they can resell easily to another collector. Lasting new wealth was created at the expense of no-one.
it took many years but i developed that seed money ..it did not drop from the sky ....there were years i had 3 gigs going on so i could boost savings when bills got tight .
But if you start from nothing and eventually become one of the top 10% you probably had at least one lucky event that put you on the move. Wouldn't you agree? Just one lucky, and maybe hoped for but unexpectedly lucky break.
But if you start from nothing and eventually become one of the top 10% you probably had at least one lucky event that put you on the move. Wouldn't you agree? Just one lucky, and maybe hoped for but unexpectedly lucky break.
The harder I work, the luckier I get.
Hard work creates opportunities and getting to know people. Just showing up daily is the other half of the equation.
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