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09-11-2007, 12:47 PM
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Senior Member
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Join Date: Jan 2007
Location: Auburn, Maine
1,282 posts, read 1,013,544 times
Reputation: 780
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The poor buy liabilities, the rich buy assets.
"passive income"!!!!!!!!
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09-11-2007, 12:53 PM
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Senior Member
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Join Date: Feb 2007
Location: Argyle, Maine
11,966 posts, read 7,075,208 times
Reputation: 2906
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Quote:
Originally Posted by flycessna
The poor buy liabilities, the rich buy assets.
"passive income"!!!!!!!!
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I agree with the first sentence. Alas not with your exclamation.
It becomes very difficult to shelter passive income. You tend to lose a large portion to the 'Capital Gains' tax bracket. |
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09-11-2007, 03:42 PM
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Senior Member
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Join Date: Jul 2007
Location: Treasure Coast
161 posts, read 134,204 times
Reputation: 67
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"Those who risk nothing-risk everything"
The best financial decisions for me were when I stuck my neck out where it was uncomfortable.
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09-11-2007, 08:58 PM
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Senior Member
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Join Date: Mar 2007
530 posts, read 295,017 times
Reputation: 104
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roth & 401k are tax shelters
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09-11-2007, 09:16 PM
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Senior Member
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Join Date: Feb 2007
Location: Argyle, Maine
11,966 posts, read 7,075,208 times
Reputation: 2906
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Quote:
Originally Posted by Joe107
roth & 401k are tax shelters
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Yes, and how much of your salary are you able to shelter using a 401k?
Have you been able to use a 401k to bring your AGI down to zero? |
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09-11-2007, 09:35 PM
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Senior Member
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Join Date: Mar 2007
530 posts, read 295,017 times
Reputation: 104
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I'm more concerned about making money than hiding money
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09-12-2007, 11:22 AM
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Senior Member
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Join Date: Feb 2007
Location: Argyle, Maine
11,966 posts, read 7,075,208 times
Reputation: 2906
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I don't know so much about hiding money.
If a third of your money goes to taxes, then right away you are losing it. Learning about how to file taxes, and lessen your tax obligations re-gains that money.
To bring your take home pay up, is making more money. More money into your pocket.
You can not always control how much you gross, but you can control how much you net.
Thousands of working folks in America become millionaires each year. Many of the successful ones do it by controlling how much money leaves your pocket without your control.
The Millionaire Nextdoor.
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