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AFIK, they all cut their own grass. As far as "shifting the time somewhere else", isn't that what the rest of us have to do?
Well, I lived in Miami until recently and you couldn't drive 500 feet on a road without passing at leat 3 lawn-cutting service trucks. I don't think ANY homeowner cuts their own grass in Miami. When I was growing up that was a job teenagers could get for some extra money. Now it is all done by "undocumented workers" (a.k.a. illegal aliens).
Time is more valuable than money. If you work hard you can double or even triple your money. It is not easy but it is possible. There is no way you can triple your time on this planet -- barring some superscience discovery. The value one places on that time is relative to how much money one could earn during hte same time. To a high-earner, like a doctor, it is just no cost-efficent to cut one's own grass. The opportunity cost is too high. IT is the same with cooking for more and mroe Americans. At one time most Americans cooked from scratch but now most do a cost benefit analysis and determine that throwing something half-made in to the oven is a better return on one's time than cooking from scratch. I don't see articles admonishing those people.
I see both sides of this story since I am in the same income bracket (you know the HENRY's, "high earners not rich yet" category).
On one hand, I am tired of paying close $100K in federal taxes alone (I am excluding the self employment and extra medicare taxes and unemployment taxes which would take me well over 100K in taxes paid; I see that almost 50% of the country escapes federal tax liability (sure I know most pay payroll taxes).
But those making 200K-500/700K really end up paying a lot more in overall taxes than say someone making 2-3 million? Why? AMT (Alt Min. Taxes). The AMT hits almost all those HENRY's especially in the high state income tax states like California, NY, NJ, Maryland, DC etc. That means you lose a lot of big deductions like personal exemptions, property deductions etc.
But on the other hand, I've seen some of my friends making 500K and upwards "struggle" to make ends meet. They are there own worst enemies. Most don't have a working spouse (that's fine, it's a personal decision for some to stay at home with their kids). But you are talking about 7-8K a month mortgage payments. Sending their kids to 15-20K a year private school. I tell them what's the point of living in good school district if you are going to send your kids to a private school. You might as well live in the city instead of the suburbs. I also tell them if they are making 500K a year, they better be paying cash for their cars, unless there is 0% interest financing involved.
It's those simple things like that. Unfortunately people are always trying to keep up with the "Joneses". Those making 200K try to live like those making 500K. Those making 500K try to keep up with those making 1 million and on we can go.
My rule of living is quite simple. Whatever I take home, I use the rule of 1/3. Since I am self employed, I shave off 1/3 for taxes. I immediately put 1/3 into savings. And I try to live off 1/3 of my income. When you are making over 200/300K, there's no reason you can't put 1/3 of it away for savings/emergency savings.
Well, I lived in Miami until recently and you couldn't drive 500 feet on a road without passing at leat 3 lawn-cutting service trucks. I don't think ANY homeowner cuts their own grass in Miami. When I was growing up that was a job teenagers could get for some extra money. Now it is all done by "undocumented workers" (a.k.a. illegal aliens).
Time is more valuable than money. If you work hard you can double or even triple your money. It is not easy but it is possible. There is no way you can triple your time on this planet -- barring some superscience discovery. The value one places on that time is relative to how much money one could earn during hte same time. To a high-earner, like a doctor, it is just no cost-efficent to cut one's own grass. The opportunity cost is too high. IT is the same with cooking for more and mroe Americans. At one time most Americans cooked from scratch but now most do a cost benefit analysis and determine that throwing something half-made in to the oven is a better return on one's time than cooking from scratch. I don't see articles admonishing those people.
If your highest priority is making money, I suppose that's true. But, if you value anything more than your pocketbook, you'll make time for it.
We all spend our time doing what's important to us. And, for some, it's important to step back from the relentless pursuit of wealth and enjoy a nice, leisurely turn around the yard on a lawn mower. I heartily recommend it for you rat racers.
If your highest priority is making money, I suppose that's true. But, if you value anything more than your pocketbook, you'll make time for it.
We all spend our time doing what's important to us. And, for some, it's important to step back from the relentless pursuit of wealth and enjoy a nice, leisurely turn around the yard on a lawn mower. I heartily recommend it for you rat racers.
Sure, and I follow that philosophy too. However, we are still paying the opportunity cost for taking that time off. We're doing the same thing when we eat and sleep but those things have to be done so we usually don't count it. This is also why doctors in European countries take so much vcation time. Wit hthe super hgh income taxes there the opportunity cost of a vacation goes down as their annual income goes up (and more and more of it goes to taxes).
Sure, and I follow that philosophy too. However, we are still paying the opportunity cost for taking that time off. We're doing the same thing when we eat and sleep but those things have to be done so we usually don't count it. This is also why doctors in European countries take so much vcation time. Wit hthe super hgh income taxes there the opportunity cost of a vacation goes down as their annual income goes up (and more and more of it goes to taxes).
Contrary to popular opinion, doctors do get time off. It's not like they would be working if they weren't mowing the lawn. The recommendation was for them to mow the lawn themselves or get their kids to do it. It would probably even be cheaper to pay some high school kid than to hire a lawn service.
I will agree that the author, Henderson, should reduce his list of needs. However, the left wing in this country seemingly LOVES to turn the other way when the list of wealthy people includes ATHLETES and ENTERTAINERS. When it comes to the likes of Evander Holyfield, Scotty Pippen, Toni Braxton, or Wesley Snipes, the left are curiously absent, in terms of commentary. Latrell (two by four) Sprewell blew through 96 million dollars in earnings, lost personal property holdings and real estate, then, turned down a 21 million dollar contract because he said it "wasn't enough to feed my family". However, the left will be advesarial when it comes to the owners of these sports teams, or the owners of business. 80% of NFL players, according to Sports Illustrated, face bankruptcy 2 years after they retire. Should they be taxed more as well? Maybe the Obama administration could grant these denizens of society an exemption!
I will agree that the author, Henderson, should reduce his list of needs. However, the left wing in this country seemingly LOVES to turn the other way when the list of wealthy people includes ATHLETES and ENTERTAINERS. When it comes to the likes of Evander Holyfield, Scotty Pippen, Toni Braxton, or Wesley Snipes, the left are curiously absent, in terms of commentary. Latrell (two by four) Sprewell blew through 96 million dollars in earnings, lost personal property holdings and real estate, then, turned down a 21 million dollar contract because he said it "wasn't enough to feed my family". However, the left will be advesarial when it comes to the owners of these sports teams, or the owners of business. 80% of NFL players, according to Sports Illustrated, face bankruptcy 2 years after they retire. Should they be taxed more as well? Maybe the Obama administration could grant these denizens of society an exemption!
What does that have to do with people making 300K/yr pretending to be poor b/c they can't manage money?
I will agree that the author, Henderson, should reduce his list of needs. However, the left wing in this country seemingly LOVES to turn the other way when the list of wealthy people includes ATHLETES and ENTERTAINERS. When it comes to the likes of Evander Holyfield, Scotty Pippen, Toni Braxton, or Wesley Snipes, the left are curiously absent, in terms of commentary. Latrell (two by four) Sprewell blew through 96 million dollars in earnings, lost personal property holdings and real estate, then, turned down a 21 million dollar contract because he said it "wasn't enough to feed my family". However, the left will be advesarial when it comes to the owners of these sports teams, or the owners of business. 80% of NFL players, according to Sports Illustrated, face bankruptcy 2 years after they retire. Should they be taxed more as well? Maybe the Obama administration could grant these denizens of society an exemption!
So, you're OK with people you don't happen to particularly like, such as athletes, paying more taxes, but not those others you think more highly of?
How is that not a form of class envy?
By the way, speaking of sports taxes, back in the day, Troy Aikman paid $15,000 of city income taxes every time he played in Philadelphia. God knows what it is today! Is that OK with you?
So, you're OK with people you don't happen to particularly like, such as athletes, paying more taxes, but not those others you think more highly of?
How is that not a form of class envy?
By the way, speaking of sports taxes, back in the day, Troy Aikman paid $15,000 of city income taxes every time he played in Philadelphia. God knows what it is today! Is that OK with you?
Back in the day, athletes used to take jobs in the off season.
Back in the day the rich paid 90% in taxes.
HENRY's deserve little sympathy. The working poor are able to manage their money making a lot less, work more strenuous and health hazardous jobs. Commutes are a choice for these people, as well as neglecting a health problem that needs treatment. Not so for the working poor.
Be happy you're still above 99% of Americans, even if your tax rate goes up a little.
Oh, and one more thing. Never, ever, ever again blog about how hard it is to live on $300,000 or $350,000 a year at a time when one middle-aged man in four can't find a full-time job, and one in five can't find any job at all.
Makes one laugh one's ass off.
Wonder how much they spend in tissues for all the tears.
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