In his best selling book, "Rich Dad, Poor Dad, Robert Kiyosaki warns people against the dangers of buying what he calls "doodads" - you know, junk, spur of the moment items.
Tax Secrets of the Rich Found Here
Those things that you didn't know we existed until you read about them in an in-flight shopping catalogue and know that you know about them, you just can't live with out one. Many people have basements that are packed with electric pet feeders, remote controlled shoulder massagers, hardly used camping equipment, fishing poles, baby toys and clothes.
These are the every same items you see being sold at garage sales just a short time later, for about 5% of the original purchase price.
Some people take this to mean that the only way to become financially free is to stop spending money. That's simply not true. The trick, however is to manage your spending by focusing on buying more assets (things that put money in your pocket) and less liabilities (things that take one out of your pocket).
But this begs the question: "What is the smartest way to pay for my fun?"
The first way is to make your fun tax deductible whenever possible.
Did you know that things like season tickets and tickets to concerts can be tax deductible?
Same thing with country club memberships?
Are you trying to get into shape for the summer?
You can deduct the cost of a personal trainer and your corporate gym. Would you like to take the family on that terrific vacation they so deserve?
Make it part of your annual meeting and let Uncle Sam underwrite the cost.
How about new furniture, ski equipment or golf clubs? Would you like to learn to cook, fly or meditate?
Would you like to have your own swimming pool and health spa?
No problem.
All of these things can be done with pre-tax dollars with a HUGE net savings to you.
All the Best,
Drew Miles, The Tax Saving Attorney.
Drew has combined what he learned during formal education, informal education and twenty five years of business experience in the development of programs designed to teach people how to build and preserve lasting wealth. He is an author, teacher and international speaker in the areas of asset protection, and tax saving and wealth building strategies.
Financial planning is an ongoing process individuals and businesses should... Read More
Ever think about how eating all those fast food meals... Read More
Compounding: The Ninth Wonder of the WorldBy Nicola Cairncross Compounding... Read More
There once was a hawk, ferocious and swift. He was... Read More
1) Pay off your loan, credit and store card debt... Read More
As you know, we're now well and truly in theInformation... Read More
Wealth Secret 1 - Decide Your Outcome Right Now.Unless you... Read More
Every day you work is one day closer to your... Read More
The four main steps in building a wealth cycle foundation... Read More
If you're wondering where to create passive income, then you... Read More
Giving and ReceivingIt seems that people generally find it easy... Read More
Have you any idea how many people search Google every... Read More
Estimated Reading Time: 4 minutes -- Envision your life 10... Read More
You can learn the secrets of world monetary flow if... Read More
Saving money for retirement can be easy or difficult depending... Read More
Yesterday we learned that 74% of all wealth is created... Read More
To budget, to have a budget and to be on... Read More
1. Pay off high-cost debt. The best investment most borrowers... Read More
No matter what markets you serve; what products you sell;... Read More
This new way is catching on around the world. People... Read More
Points to ponder as you consider what can be done... Read More
When Building Wealth by Russ Whitney was released a few... Read More
Early in my legal career I represented two young women... Read More
It all begins with a simple calculation.You are home on... Read More
Anyone knows that material wealth is measured in goods: apples,... Read More
A mole travels one road, according to the way nature... Read More
It is with great pleasure of having you here at... Read More
This article focuses on generating cash as a full time... Read More
Let's begin easing you out of the pits. I mean,... Read More
An ellipsis to your success is hidden in the word... Read More
So you want to become wealthy? While there is no... Read More
Money can be your servant or it can be your... Read More
If you don't have discipline then walk away from the... Read More
It is sometimes pitful how many projects are never born... Read More
Want to be one of the lucky ones on the... Read More
They are the object of thinly disguised envy. They are... Read More
There is no need to use the many middleman websites... Read More
Wealth - an abundance of values. Each of us determines... Read More
Many people have a false understanding of what it actually... Read More
Vacation season is upon us and it can be tempting... Read More
Part of learning to become financially free is to begin... Read More
The cashflow board games, Cashflow 101, Cashflow 202, and Cashflow... Read More
Although there are advantages to selling other people`s products and... Read More
The word 'diversity' is a unique one. It can represent... Read More
Top Investment PerformanceThroughout history, many coin collections have produced substantial... Read More
1. Pay off high-cost debt. The best investment most borrowers... Read More
A residual income is one that comes in no matter... Read More
Compounding: The Ninth Wonder of the WorldBy Nicola Cairncross Compounding... Read More
As you know, we're now well and truly in theInformation... Read More
Building wealth is as simple as saving a little bit... Read More
How Much Money Will I Need to Earn to Retire?This... Read More
No one has complete control over their thoughts. But with... Read More
Many people assume that the offshore world is accessible only... Read More
While you need to have a lot of positive-thought and... Read More
Most people want to get to the end of their... Read More
How many people search Google, Yahoo and MSN each day... Read More
Very few people whom I know are familiar with the... Read More
It's no secret that the market goes UP...the market, goes... Read More
Everyone dreams of early retirement. The idea of no longer... Read More
From tender age, we were exposed to myths about money... Read More
There are many wealth creation strategies and investment techniques available... Read More
"It's the business of your life?and you're the CEO!" Gala... Read More
Let's begin this lesson with a definition of the term... Read More
"The quickest way to wealthThat I've found to be true;Is... Read More
I have a good friend who works in an area... Read More
Not Enough Money?I believe that most people haven't got enough... Read More
Wealth Building |