.The first chapter deals with increasing your income, and focuses on reducing tax liability. I am intimately familiar with the need to reduce taxes, but I never really connected the concept of reducing taxes with increasing income! What a simple concept! And something you can do right away! So how do you do that? By creating the types of income that are taxed less, such as passive and deferred income. I thought I had read all the advice by the financial gurus, but no book I have ever read really explained the difference between different types of income and how the income is taxed differently. I had no idea. I have been struggling with whether I should contribute the maximum to my 457 plan at work and this book has helped me see the contribution as non taxed deferred income, rather than a pre-tax retirement contribution, which sounds less like a benefit. So I am thinking that I am going to do it, because this year's tax situation was abysmal. If I had made 7K less, I would have gotten 13K back, but instead, I had to pay the feds!
Monday, April 28, 2008
Trump University and Asset Protection 101
I am currently reading Trump University Asset Protection 101 (Trump University) .The first chapter deals with increasing your income, and focuses on reducing tax liability. I am intimately familiar with the need to reduce taxes, but I never really connected the concept of reducing taxes with increasing income! What a simple concept! And something you can do right away! So how do you do that? By creating the types of income that are taxed less, such as passive and deferred income. I thought I had read all the advice by the financial gurus, but no book I have ever read really explained the difference between different types of income and how the income is taxed differently. I had no idea. I have been struggling with whether I should contribute the maximum to my 457 plan at work and this book has helped me see the contribution as non taxed deferred income, rather than a pre-tax retirement contribution, which sounds less like a benefit. So I am thinking that I am going to do it, because this year's tax situation was abysmal. If I had made 7K less, I would have gotten 13K back, but instead, I had to pay the feds!
.The first chapter deals with increasing your income, and focuses on reducing tax liability. I am intimately familiar with the need to reduce taxes, but I never really connected the concept of reducing taxes with increasing income! What a simple concept! And something you can do right away! So how do you do that? By creating the types of income that are taxed less, such as passive and deferred income. I thought I had read all the advice by the financial gurus, but no book I have ever read really explained the difference between different types of income and how the income is taxed differently. I had no idea. I have been struggling with whether I should contribute the maximum to my 457 plan at work and this book has helped me see the contribution as non taxed deferred income, rather than a pre-tax retirement contribution, which sounds less like a benefit. So I am thinking that I am going to do it, because this year's tax situation was abysmal. If I had made 7K less, I would have gotten 13K back, but instead, I had to pay the feds!
Tuesday, April 22, 2008
Does work affect your health?
My work has a direct relationship on my personal health, and is one of the reasons I want to quit my job. My job has destroyed my eyesight because I work in a dark room in front of lots of computer monitors. I also sit for many long hours during the day. Its a totally sedentary job, so I've gained alot of weight. I can hardly stand myself but of course, the wine I consume at the end of the day doesn't help, so I have to blame myself as well. I take full responsibility. Jack Canfield would be proud. Taking responsibility is paramount to the fundamenals of The Success Principles(TM): How to Get from Where You Are to Where You Want to Be
. So in that light, I have decided to try and walk on my lunch break and take a break and rest my eyes every couple of hours. I have already cut out caffeine and ramped up the exercise, so maybe losing a little weight will make me like being at work more, since I cannot blame it all on the job anymore.
. So in that light, I have decided to try and walk on my lunch break and take a break and rest my eyes every couple of hours. I have already cut out caffeine and ramped up the exercise, so maybe losing a little weight will make me like being at work more, since I cannot blame it all on the job anymore.
How Many Days to Freedom?
I hate to admit it but I am a whiner when it comes to my job. Or so some would say. I want to quit my job so I complain about it, because I actaually believe that life is too short to spend it doing things you don't really want to do, and going to work eats up a good portion of my life at present. Its not that I really hate the work I do, I don't. I work with great people. I have nice benefits and the salary is not bad either, so most people would say I should be grateful for what I've got. What I don't like is the absolute boredom of knowing how each day is going to unfold. My job controls my time, and that is something I just cannot reconcile. I want to control my time and what I do with it. I want to be free to do what I want when I want where I want for as long as I want with whomever I want. I just have not figured out a way to do that yet, so I ask the question: How many days to my personal freedom? How can I get out of this? My life is so predictable and I just can't live like this without feeling like the walking dead. Is there anyone out there who relates to what I am saying? Why do so many poeple settle for a life of preparing for retirement?
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