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Originally Posted by petch751 View Post
First you have to figure out how to make money, then you have to learn how to keep it.
Quote:
Originally Posted by Pinkmani
Lol, well obviously. I know how to make money. I just don't know how to make a lot of it.
Obviously or you would understand what I was saying. I guess I have to spell it out. I used to believe if I made more money I would be rich. Yes, I am better off but not rich. Why? Because I learned how to make it but didn't learn how to keep the governments hands from taking too much of it. It's hard to get rich if government keeps taking more and more from you.
Some earned it. Most figured out how to get around paying taxes. When the rich do it, it's called a loophole. When the poor or middle class do it, it's called illegal. That includes major corporations, who are considered to be
"an individual".
Taxes are definitely an issue...but low taxes alone (or even NO taxes) won't make someone rich.
You have to do more than just saving on taxes to become a 1%er.
CA and NY are known as high tax states , but business still operate there because they know they can make more money there than elsewhere...even factoring in the higher taxes.
But, I don't think the leaders of these higher tax states should be so complacent. For example many parts of Texas have become a lot more desirable. The attitude of "People will always want to do business or live here" is a dangerous one. I'm sure many thought that about Detroit at various points too.
If you have a lot more than what you need to live on than you can afford to have investments and hire people smarter than yourself to mange the investments.
Normal people have to show up at jobs and make the investment profitable.
It may not be slavery but the wealth differential has the same effect. You can quit your job but you will probably have to get another one somewhere else. So little or no extra for investments and you spend what you make surviving and making yourself as comfortable as possible with that income. Probably lucky if the mortgage is paid off by age 60. Most do not do that.
Some investor made money on the interest on the mortgage and that amount could be greater than the value of the house.
Taxes are definitely an issue...but low taxes alone (or even NO taxes) won't make someone rich.
You have to do more than just saving on taxes to become a 1%er.
CA and NY are known as high tax states , but business still operate there because they know they can make more money there than elsewhere...even factoring in the higher taxes.
But, I don't think the leaders of these higher tax states should be so complacent. For example many parts of Texas have become a lot more desirable. The attitude of "People will always want to do business or live here" is a dangerous one. I'm sure many thought that about Detroit at various points too.
I agree. What liberals do not understand is you can't fight human nature. If I a business owner and live in a high tax state which means government takes more of the money I make I am encouraged to move to lower tax state. That means when I move operations I will hire people in the state I move to. The high tax state not only loses the money I would have paid them, the people lose jobs (less taxes paid and either UE or welfare). The government and people of the state I move to benefit. High tax states lose because of their greed in wanting too much of our money.
If you have a lot more than what you need to live on than you can afford to have investments and hire people smarter than yourself to mange the investments.
Normal people have to show up at jobs and make the investment profitable.
It may not be slavery but the wealth differential has the same effect. You can quit your job but you will probably have to get another one somewhere else. So little or no extra for investments and you spend what you make surviving and making yourself as comfortable as possible with that income. Probably lucky if the mortgage is paid off by age 60. Most do not do that.
Some investor made money on the interest on the mortgage and that amount could be greater than the value of the house.
psik
So are you going to determine my standard of living too so you know if I make enough to live on. Should my standard of living be in the slums so I can support other people too?
Some earned it. Most figured out how to get around paying taxes. When the rich do it, it's called a loophole. When the poor or middle class do it, it's called illegal. That includes major corporations, who are considered to be
"an individual".
Government allows deductions and credits to encourage people to do what they want. The rich are doing just that. Example, government doesn't want to be a landlord and look at government housing, they do a poor job of it. So they allow tax advantages for people who are willing to invest in rental property and people who can't afford to buy a house rent.
I lived right on the county line. On my side we paid higher taxes but I could walk to the other side where real estate and sales taxes were lower. No city privilege for living there tax either. When we decided to sell our house and buy another what side do you think I looked to buy?
Because of their greed and poor finances the higher side lost everything I would have paid to their coffers and the lower tax county gained. Taxes also determined how much house I could afford, a much nicer house. After retirement, after mortgage paid off, taxes can make a difference if I can afford to stay.
Many people are trying to sell to get the hell out of the high tax county and the people who are stuck, property is going to the dogs, houses are looking shabbier etc. They are struggling. Retirees are struggling or losing their houses because they can't afford the real estate taxes.
good topic. I think I am going to be rich just reading all these great tips.
Last edited by bbnetworking; 02-28-2014 at 01:08 PM..
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