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I think you misunderstood. I was responding to the poster who said, in effect -- unless I was the one who misunderstood! -- that owning second homes should be prohibited. That is why I answered as I did.
I honestly don't understand how you thought I said I wanted them to pay MORE! I certainly meant no such thing.
I'll have to go back and re-read but ok. I may have misunderstood because we've just lived through a long period where people who worked hard to make something of themselves and are enjoying a nicer living are now demonized because without the people who are demonizing don't have the entire picture which I've described in a post before. I'll go back and re-read
I think you misunderstood. I was responding to the poster who said, in effect -- unless I was the one who misunderstood! -- that owning second homes should be prohibited. That is why I answered as I did.
I honestly don't understand how you thought I said I wanted the owner of the VERY expensive vacation home to pay even MORE than $365,000 a year in taxes! I certainly meant no such thing.
Oh wow, I did misunderstand, sorry. Reading the post you responded to especially puts it in perspective.
I'll have to go back and re-read but ok. I may have misunderstood because we've just lived through a long period where people who worked hard to make something of themselves and are enjoying a nicer living are now demonized because without the people who are demonizing don't have the entire picture which I've described in a post before. I'll go back and re-read
Okay, I just reread my post and now I understand your confusion. By paying "more", I was referring to the $365,000 for the second home which would be in addition to the taxes he would be paying for his "first" home, so the $365k was what I meant by "more". I did not mean that he should pay more than the $365,000 annually in taxes for his vacation home that he is already paying.
Okay, I just reread my post and now I understand your confusion. By paying "more", I was referring to the $365,000 for the second home which would be in addition to the taxes he would be paying for his "first" home, so the $365k was what I meant by "more". I did not mean that he should pay more than the $365,000 annually in taxes for his vacation home that he is already paying.
Sorry for the confusion!
LOL, now that we are no longer confused lol.
Here is another thing that helped me understand awhile back. The cash flow quadrant.
Here is a graphic from Robert Kyosaki that explains the difference between the income statement and balance sheet of a working/middle class person vs the rich. I've posted this before in this thread.
Working / Middle Class:
Left side,
They spend their time working at a job, earning an income which is used to pay for their liabilities. They think month to month (what are the monthly payments). If they get a raise or get a better paying job, they increase their lifestyle (lifestyle creep), instead of growing wealth. They can also get bumped into the next higher tax bracket. Liabilities and taxes, both expenses ... money paid out (lost opportunity).
The Rich:
Right Side
They own assets that provide income and are used to pay for their liabilities. No, not all people were born rich and those who were not born rich they learned and took action early on to buy assets. They think long term. They also pay for professional advise and buy with tax efficiency in mind, legally reducing their taxable income so they can keep more of their money which in turn can be invested to grow wealth ect....
I know that kiyosaki and his books have helped a lot of people to get the right mindset. Of course it's easier said than done.
I've heard several interviews with kiyosaki and remember him mentioning that the rich leverage other people's time , money and effort . Pretty powerful quote.
I know that kiyosaki and his books have helped a lot of people to get the right mindset. Of course it's easier said than done.
I've heard several interviews with kiyosaki and remember him mentioning that the rich leverage other people's time , money and effort . Pretty powerful quote.
Yes he's big on real estate. Kiyosaki really put the bigger picture together for me.
People mistake of thinking that being rich is having all the fancy toys (glitzy rich) when in my opinion, having assets that pay a passive income to support a reasonably good lifestyle is financial freedom.
Here is a graphic from Robert Kyosaki that explains the difference between the income statement and balance sheet of a working/middle class person vs the rich. I've posted this before in this thread.
Working / Middle Class:
Left side,
They spend their time working at a job, earning an income which is used to pay for their liabilities. They think month to month (what are the monthly payments). If they get a raise or get a better paying job, they increase their lifestyle (lifestyle creep), instead of growing wealth. They can also get bumped into the next higher tax bracket. Liabilities and taxes, both expenses ... money paid out (lost opportunity).
The Rich:
Right Side
They own assets that provide income and are used to pay for their liabilities. No, not all people were born rich and those who were not born rich they learned and took action early on to buy assets. They think long term. They also pay for professional advise and buy with tax efficiency in mind, legally reducing their taxable income so they can keep more of their money which in turn can be invested to grow wealth ect....
Every income property is someone else's outgo property.
What a depressing thought. Kids should not go to college? Where will we get doctors, nurses,engineers, scientists and computer professionals to lead all those jobs?
The federal government (the state) now funds and enforces rentier-cartels that have pushed the cost of healthcare and education through the roof. This is why I call our economy a state-cartel system: the state defends cartels against competition, and the cartels can charge prices far above what an open market would support.
Memo to what's left of the middle class: the Powers That Be are perfectly fine with your transition to proletarian debt-serf. All the handwringing about the decline of the middle class is just alligator tears shed while they gobble up your wealth and labor.
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