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I'm not saying all middle and lower class people are stupid. I've seen people from lower backgrounds who were very intelligent but on avg, I can speak to my wealthy clients and tell immediately that they're much more intelligent than my customers who make 30K a year
Anybody that NEEDS A CONSUMER LOAN isnt that smart IMHO, paying some middle man so he/she can have their ice cream cone NOW. Everybody has their talents. Being a salesman/capitalist/middleman/loan shark/gambler looking for profit is just another kind of talent. Not a particularly worthwhile one IMHO, get rich, live an easy life (peel me a grape...) but actually contribute to human knowledge or advancement?? Lets see that genius design and hand build his own car????? Lets see that genius take care of his invalid grandmother's personal needs daily for YEARS on end. Debate life philosophy? Make a big advance in science? This society just worships Mammon above all so values the talent of making money over all else.
Luck does indeed exist, you just have to recognize run of luck when it happens and when its waning. Know when to hold them, know when to fold them, know when to walk away. Those that believe a run of luck wlll continue forever are fools and will lose any gains. Genius businessmen go bankrupt every day. They didnt know when to fold them and walk away.
How "smart" are people, though, who don't seem to grasp or understand that intelligence (or -- if you will -- how "smart" a person is) is not the same thing as education.
It might show a better understanding of the issue if one were to say that most people who have a high(er) income are more EDUCATED than lower income people. THAT may be more accurate.
It also might go a long way toward keeping a person from being dismissed, or thought of, as not knowing what they're talking about.
Anybody that NEEDS A CONSUMER LOAN isnt that smart IMHO, paying some middle man so he/she can have their ice cream cone NOW. Everybody has their talents. Being a salesman/capitalist/middleman/loan shark/gambler looking for profit is just another kind of talent. Not a particularly worthwhile one IMHO, get rich, live an easy life (peel me a grape...) but actually contribute to human knowledge or advancement?? Lets see that genius design and hand build his own car????? Lets see that genius take care of his invalid grandmother's personal needs daily for YEARS on end. Debate life philosophy? Make a big advance in science? This society just worships Mammon above all so values the talent of making money over all else.
Luck does indeed exist, you just have to recognize run of luck when it happens and when its waning. Know when to hold them, know when to fold them, know when to walk away. Those that believe a run of luck wlll continue forever are fools and will lose any gains. Genius businessmen go bankrupt every day. They didnt know when to fold them and walk away.
My daughter has really bad ADHD so I had to sit with her and help her get through her Consumer Ed class. I watched all the videos with her and they had many on payday type loans. (Far too many relative to other assignments, but I digress.) They portrayed EVERY situation as the person who took the payday loan was a victim and capitalism was bad. People say that education doesn't have influences but it does. It's intentional. There was one assignment where they had to be a payday lender and all these people came in in hard luck situations. They were all things that could not be their fault like a medical bill or something similar.
... Itemizing is done on Schedule A. So what itemized deductions did you have that didn’t require you to spend any dollars?
In my career, I was required to live underwater 7 months of each year, which made my sub my tax home. The home where I housed my family and stuff then became a write-off. Utility bills, taxes, were all write-offs. https://supertaxgenius.blogspot.com/...worksheet.html
In my case, my medical expenses were never very high. Navy corpsmen are good at following a protocol. But they are terrible at diagnosing ailments. So it is sometimes necessary to go to a civilian MD doctor for diagnostics and then bring the diagnosis to the HM corpsmen for them to provide treatment. I have worked with sailors who have had very high out-of-pocket medical bills. Dental and orthodontics are usually out-of-pocket and can be pretty high.
For any hope of advancement, I was expected to document taking college courses every year, as I recall you used to be able to claim educational expenses on a Schedule A. Along with trade association dues, union dues. At one duty station, I was required to join the local union to allow me to have access to my chain of command.
My wife and I have always been very active in our church, and we gave a lot to charity.
In my career, I was required to live underwater 7 months of each year, which made my sub my tax home.The home where I housed my family and stuff then became a write-off. Utility bills, taxes, were all write-offs. https://supertaxgenius.blogspot.com/...worksheet.html
In my case, my medical expenses were never very high. Navy corpsmen are good at following a protocol. But they are terrible at diagnosing ailments. So it is sometimes necessary to go to a civilian MD doctor for diagnostics and then bring the diagnosis to the HM corpsmen for them to provide treatment. I have worked with sailors who have had very high out-of-pocket medical bills. Dental and orthodontics are usually out-of-pocket and can be pretty high.
For any hope of advancement, I was expected to document taking college courses every year, as I recall you used to be able to claim educational expenses on a Schedule A. Along with trade association dues, union dues. At one duty station, I was required to join the local union to allow me to have access to my chain of command.
My wife and I have always been very active in our church, and we gave a lot to charity.
Username checks out.
Also, I find that fascinating. Obviously, that’s a hyper rare distinction so I’ve never seen it in practice or even heard of it being part of the law. Good stuff.
In my career, I was required to live underwater 7 months of each year, which made my sub my tax home. The home where I housed my family and stuff then became a write-off. Utility bills, taxes, were all write-offs. https://supertaxgenius.blogspot.com/...worksheet.html
In my case, my medical expenses were never very high. Navy corpsmen are good at following a protocol. But they are terrible at diagnosing ailments. So it is sometimes necessary to go to a civilian MD doctor for diagnostics and then bring the diagnosis to the HM corpsmen for them to provide treatment. I have worked with sailors who have had very high out-of-pocket medical bills. Dental and orthodontics are usually out-of-pocket and can be pretty high.
For any hope of advancement, I was expected to document taking college courses every year, as I recall you used to be able to claim educational expenses on a Schedule A. Along with trade association dues, union dues. At one duty station, I was required to join the local union to allow me to have access to my chain of command.
My wife and I have always been very active in our church, and we gave a lot to charity.
Very unique situation to be sure, but it still requires you to spend dollars in order to get a tax deduction. You said you didn't have to spend dollars in order to get a tax deduction. Explain how that works.
You also didn't explain how paying down the principal of your mortgage kept your taxable income low.
I work in car sales so I work with people from a huge variety of backgrounds and I do credit applications so I see everybody's income
With absolutely no doubt in my mind, people from higher incomes and higher credit scores are a lot more intelligent and educated than lower and middle class people. Every customer I have who makes 15-25+K a month is extremely intelligent and educated, with very very rare exceptions... I would say the only exceptions would be professional athletes, rappers and trust fund babies being born into very wealthy families who aren't all that sharp themselves (but obviously their parents are very sharp) but the people who became wealthy through normal careers (business, doctors, lawyers, etc....) are extremely intelligent
Why is this a dirty topic to discuss?
I'd agree that high income people are smarter about 'money' but that is but one area of intelligence. And it's the main area a car salesman can assess.
Very unique situation to be sure, but it still requires you to spend dollars in order to get a tax deduction. You said you didn't have to spend dollars in order to get a tax deduction. Explain how that works.
You also didn't explain how paying down the principal of your mortgage kept your taxable income low.
You are never going to get a good answer because it doesn’t exist
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