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I make about $313k. I spend about 65% of it on one form of tax or another. Most of my money is used by big government for illegal and unnecessary wars, and scams like social security and medicare, which have no assets and are operated like ponzi schemes. It feels great knowing the vast majority of my hard work is being used by a criminal enterprise (congress) to bilk our most vulnerable Americans. Read this if you want to see where the wealth in America is really going: thenationdivided.blogspot.com.
If you do like the good detectives do, you will find that nearly all the wealth in our country is divided between the two houses of congress and their Wall Street short-selling cronies.
I am wondering if anyone in here who are single with income over $300,000.
My question is what you do with that large amount of money. Do you invest it, save it, use it to buy toys such as a new fancy car, go to fancy restaurants everyday, go to exotic vacations or all the above?
I just think it will be hard to spend such a large amount of money for someone who is single.
I know single people making $28,000/ year income and are doing just fine. Some even manage to save some money with that income.
How would someone who is single spend that $300,000? I am curious.
I'm in that category.
Just find the right balance. Treat yourself well but make sure to save/invest a decent amount of it. Extra money never hurts.
Probably illegal if you are not paying any taxes. Pretty much your deductions need to be almost equals to your income, making your taxable income minimal.
I know someone who put her husband consultant income as LLC business, then claim everything she can think of, BMW, dinners, gas, repairs, insurance, kids private schools, house improvements. definitely not legal if IRS audits it.
It's all about getting away with it before you are caught.
Probably illegal if you are not paying any taxes. Pretty much your deductions need to be almost equals to your income, making your taxable income minimal.
I know someone who put her husband consultant income as LLC business, then claim everything she can think of, BMW, dinners, gas, repairs, insurance, kids private schools, house improvements. definitely not legal if IRS audits it.
It's all about getting away with it before you are caught.
In fact my deductions are more than my income and always will be.
When you have a million plus in equipment it gives you plenty of depreciation.
Fuel, repair and insurance, and all medical is deductible.
I have been audited twice......in the end the IRS came up with the same figure owed as me......"0".
You need to look at a schedule "C" before forming and opinion.
Million plus in equipment is tough to get. Few have that option to deduct that depreciation on that amount of equipment.
It is really not that much......a new well drilling rig is $600,000 alone......then you need support vehicles...a pump hoist..excavator....trailer and a truck to pull it.
And with this investment....you need a big building to keep it in.
The school system trains people to be wage earners and teaches people nothing about money management.
Personally, I believe it's done deliberately to keep people enslaved to both big business (for jobs they can't walk away from because they're living payday to payday or are in debt) and the government (the welfare state).
I give myself a C for ability to earn wages and an A for money management.. guess I didn't pay enough attention when I was in school..
Originally Posted by SOON2BNSURPRISE View Post
I am thinking that for most the problem here is the concept that we were taught to work for wages.
For the most part when you go to college you are learning a skill to work for someone else. I'm thinking that college may not be such a great idea unless you go and learn skills that you can apply to your own business.
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