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How is it not impressive? She worked SEVENTY hours a week... that's like sleeping for 3-4 hours with 1-2 hours of family time/dinner each day.... you think that's easy?
Various ways.... tax deductions... etc. The most effective thing I do is maxing out my 401k to $49,000. Tax deductions for car, medical, real estate taxes, etc.
That's weird... Don't you get hit with the AMT? Cause it will take away some of those deductions... the only deduction I know that isn't hit by it is "charity".... the only other way is to "hide" it through "business" expenses...
How is it not impressive? She worked SEVENTY hours a week... that's like sleeping for 3-4 hours with 1-2 hours of family time/dinner each day.... you think that's easy?
It's not uncommon to work 70 hours a week. It's a lot, but not unusually impressive by any means.
That's weird... Don't you get hit with the AMT? Cause it will take away some of those deductions... the only deduction I know that isn't hit by it is "charity".... the only other way is to "hide" it through "business" expenses...
Exactly... AMT is based on your individual income. Take your deduction through your entities and keep the profits/deductions below AMT. My entities include multiple small businesses.
There's plenty of opportunity to avoid AMT, it's just a matter of whether you want to or not.
I really doubt that you need an 8 figure income to raise 6 kids. What are you trying to do? Have a 20,000 sq foot home, 6 nannies, 6 Rolls Royces for each child w/ 6 drivers, 6 private tutors and 6 puppies to keep them happy?
You really need to rake in over 10,000,000/year for 6 kids??
Maybe not $10,000,000, but it sure seems like it some times..... We have four kids....... Children are not inexpensive......
I think we would be right where we want to be at $150K per year. Not there yet though!
Maybe not $10,000,000, but it sure seems like it some times..... We have four kids....... Children are not inexpensive......
I think we would be right where we want to be at $150K per year. Not there yet though!
Just something to consider....is 150K about 20% more than you bring in now??? I'm not looking for an answer...but something to think about is that in every survey they do, most people will say they would be in good shape if they made 20% more than they're currently bringing in....regardless of income level.
I don't think anyone is suggesting that it's fun. Heck, I feel bad when I have to work 40 hours (which I try not to most of the time anymore).... But there are weeks when I'll have to put in 100 hours, although less common these days.
70 hours is common among most business owners and people who work in certain fields, such as legal and finance. Not fun, but normal, for sure.
"Whether you think you can or think you can't, you'll be right."
Henry Ford
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