Examples of How To Keep Your Money & Pay Less Taxes – from Tax-Free Wealth by Tom Wheelwright

In this video training we discuss Examples of How To Keep Your Money & Pay Less Taxes – from Tax-Free Wealth by Tom Wheelwright.

How much did you pay in taxes in 2016?

Can you guess how much my friend worth $24 Million Dollars paid?

I recently hosted a private training with a local real estate investor/developer on June 7, 2017, and the shocking truth of his tax bill was revealed…

In 2016 he paid in taxes only $5,000!!!!!!!!!!!!!!!

How did he do it?

How is it he pays less in taxes than most people working pay check to pay check, and he is a multi millionaire?

The key to wealth is in the details…the tax details!

BUT how can a working class person learn to understand taxes like the ultra rich?

Well, that’s why I’m here, to make the secrets easy to understand for everyday people, just like you and me.

Watch this video training and be ready to finally understand how to use the tax laws to create more money in your pocket.

How Much Would You Save in Taxes if You Made Less Money

…the other day I asked my accountant “How Much Would I Save in Taxes if I Made Less Money”?

…specifically, I had her show me the difference in the taxes our family would pay now and if I wasn’t working my job…

…my husband and I both work jobs now…

…and not surprisingly, we would drop a tax bracket, and we would pay $7,000 less in taxes if I hadn’t worked last year…

How Much Money Are You Really Making At A Job?

The reason I asked my accountant this question is because my husband makes a lot more money in his job than I do…

…so, it may be more cost effective if I didn’t work a job and concentrated more on my business, on investing our money for dividends and my family…

…Why would that be the case?

Read on to find out more…

Business Income vs. Employment Income

…so one of my options, instead of working a job, would be to spend more time on my business…

…since our business income increases when we make more sales, we can make more money in our business than in a job…

…for example, in my job, I make $2/sale…

…however, in my business, I can make up to $2,000+ per sale…

…in addition, business income is not taxable in the same way as salary or job income…

…business income is taxed only after business expenses are deducted…

…business expenses include the space where you do business, and if your business is from home, then it would be the portion of your home that is dedicated to your business, your wage from your business…

…it would also include any phone or internet service charges…

For a detailed list of business expense deductions CLICK HERE

…so it’s probably becoming clear that there are tax advantages to making money in a business…

…in addition to these advantages, I enjoy running my business…

…and I enjoy learning internet marketing, blogging and researching financial freedom…

…if you have a talent or interest in a particular niche, you can also start an internet blogging business, with very little upfront cost, CLICK HERE to learn more…

…I know other friends who have businesses, like baking wedding cakes, making leaf pressed stationary, personal training, writing books…

…whatever your business, you can improve it, leverage it, and increase income and make it more successful…

Dividend Income vs. Employment Income

…another option for me, instead of spending time at my job, would be to spend more time researching dividend paying stocks…

…first reason to spend time increasing dividends is because it’s fun, and I really enjoy growing our personal income through investing…

…second reason I like spending time increasing our dividend income: because it’s income that is not dependent on my job, and to me it’s more stable than job income…

…if you do it right…

…also, dividend income may not be taxed the same as employment income, depending on the type of dividend and also on your tax bracket, according to a Wells Fargo article for 2016:

“For tax purposes, dividends are considered either “qualified” or “nonqualified.” Qualified dividends are:

Tax-free for those in the 10% and 15% brackets to the extent qualified dividend income remains within those brackets
Taxed at a 15% rate for those in the 25% up to 35% tax brackets
Taxed at a 20% rate for higher income taxpayers whose income surpasses the 35% tax bracket
Nonqualified dividends are taxed at the same rates as ordinary income (currently a 39.6% maximum).”

So in determining if you should work less, take into account if you are growing your dividend income…

Time With Family vs. Employment Income

Let’s pretend you are on your deathbed, and you are thinking back on the most important moments of your life…

…most people will think back to happy times with their family…

…when their son or daughter first said “Daddy” or “Mommy”…

…or their first softball game…

…or their wedding day…

…these precious moments when we are spending quality time with our parents, siblings, children…

…these are the most cherished moments of our lives…

…and yet many people spend time away from their families doing unmemorable things at their jobs…

…some people don’t even know their own children because they are so caught up in their work life, that they are hardly ever home…

…it may be the case that the money that I’m making at my job is not worth the time away from my family…

…I’ve met plenty of people who couldn’t bear sending their kids to be raised by strangers, and left their jobs to raise their own children…

…some are internet entrepreneurs, some are spouses who have enough money with the other spouse working…

…so another option for me is to quit so that I can spend more time with my son, with my Mom and husband, and building a happy and healthy family…

Conclusion

I believe that anyone can become financially free, and it doesn’t matter what your profession is or your educational background…

…all that matters is that you decide you want it and you follow the steps to attain it (CLICK HERE FOR THE STEPS TO FOLLOW)…

…share this article with a friend and spread financial freedom throughout the world =)

 

What Did You Do With The Money From Your Wedding Reception?

Mey here blogging about the interesting question What Did You Do With The Money From Your Wedding Reception?

…on your wedding day how much money did you get from gifts from your guests?

…what did you do with that money?

…did you buy dishes and appliances?

…did you put it in a joint savings account?

…what if you I told you that we invested that money and now we get paid monthly from that initial investment and I’m going to tell you how to do it too?

How We Made Our Wedding Money Make Us More Money

…Jomel and I got married on August 12, 2012 and we had our big wedding party at the end of October of that year…

…so we gathered up some cash from the party, and it was about $5,000 total…

…I discussed with Jomel and we decided to take that money and invest it for dividend income…

…so we opened a joint brokerage account and then started investing in ARR (click here for more about ARR)

…so right now, our original $5,000 investment is valued at about $2,500, meaning that if we sold all of our stock today we would get that much money (so ARR depreciated in value about 50% in the last 2 years)…

…and our dividends that we’ve earned in a little over 2 years until now have been about $1,000.00…

…currently we are making roughly $30.00/mo from this investment…

…now, we don’t know if the dividends will go up or down…

…however, we are happy that our investment is still making us money and will continue making us money until we are old and gray and pass it on to our estate…

What Would Have Happened If We Had Spent Our Wedding Money Instead?

…let’s say we had spent the money instead?

…over 2 years we could have spent about $200/mo…

…that would have helped pay some bills, just our utilities really =)

…and then what?

…we would have nothing left…

…we wouldn’t have monthly dividends to put in our joint account which have ranged from $30/mo – $60/mo…

…maybe we would have some furniture or stuff if we used it to get something…

…however, I don’t know about you, I would rather have the monthly dividends!

Conclusion

…what you did with your Wedding money is probably what you do with all of the money that comes into your life…

…you’re either investing or spending…

…wouldn’t it better to have our money work for us?

…I’m here to help you have that shift in a Financial Freedom mindset…

…because your freedom matters…

…more money for you means more money towards a harmonious marriage, and a stable family where you actually have the time and money to be there for your kids…

…please let me know in the comments below what you did with your the money from your Wedding Reception, or any other thoughts on your goal of financial freedom!

P.S.

…also, I want to let you know a little bit about me and what I do…

…I’m Mey, a blogger and a mother, wife and I’m committed to your financial freedom…

…I also use my blog to help myself and others achieve financial freedom by making money through blogging…

…have you ever thought of blogging too and making money teaching people something that you love?

…it could be on how to raise 3 boys, or on how to cook Vegan food…

…it could be on nutrition or working out to get muscle definition…

…whatever your passion is, there’s a simple system that I use to blog and make money too!

…if that is something that interests you then I invite you to CLICK HERE, watch the free video and get started =)

 

7 Key Steps For Married Couples to Become Financially Free Together

…Mey here on a dark Saturday evening after a nice day with my family blogging about the 7 Key Steps For Married Couples to Become Financially Free Together

…a lot of people will joke around about marriage, in that the wife spends all the money the husband makes and so on…

…yet, married couples are more likely to become free because they are a team, a mastermind…

…two heads are better than one…

…so, go ahead and read on and make sure you follow to 7 key steps for married couples to become financially free together

 

Key #1 Saying I Do want to Be Financially Free

…the first key is to actually decide as a couple that you want to be financially free…

...say I DO to financial freedom and that you want it together…

…many couples never do this, never make this pact, and yet, it is Key #1…

Key #2 Divide and Conquer Your Money and Accounts

…some couples throw all their money into one joint account and even though this may seem simple, it actually makes it really hard to manage where you want your money to go…

…there are a lot of different ways to manage your money and we use the Jar System from T Harv Eker

…in this system, you have a financial freedom account already established so you can just follow the system and make it happen…

Key #3 Give Your Spouse Freedom To Spend

…it’s important that both spouses have some freedom to spend on whatever they want…

…this can be accomplished by having each spouse have their own personal spending account…

…if one spouse works as a housewife or househusband, then give that spouse an allowance so that they have their own money…

…most housewives and househusbands are estimated to give about $100,000/year in services (if you were to pay someone else to do all that they do, that’s roughly the figure)…

CLICK HERE for a post I wrote on how Moms Can Become Financially Free

Key #4 Communicate About Your Financial Goals

…when you want to buy something, or go on a trip, or whatever it is…

…if it isn’t coming out of your personal money, and it is going to be a joint expense, communicate with your spouse about it…

Key #5 Respect Your Spouse’s Decisions

…if you want to spend the money in the joint account on a trip to France, and your spouse wants to trade in your car instead, then respect each other and know that you are not going to spend the money until you are in agreement…

Key #6 Enjoy Your Money Together

…the joint accounts are for your marriage, your love for each other, to be spent and a couple…

…make the process fun and happy…

…enjoy your money, and the process of making financial decisions together…

…enjoy the negotiation, and love your money…

Key #7 Monthly Check In Together

…every month see how you are doing…

…did you save like you planned…

…are your investments making passive income…

…are your expenses going down or at least staying the same…

…plot your progress until your passive income finally exceeds your expenses and you both are free!

Conclusion

…getting married is a blessing and if you manage your money properly, you will become financially free together!

…I hope you enjoyed this post…

…tell me what you think in the comments below!

…as you can tell I love my husband and I love sharing knowledge on Financial Freedom…

…do you have something that you are passionate about?

…ever consider blogging about it?

…you might be surprised on how much you can make doing it!

CLICK HERE, watch the free video and make your decision to get started =)