Below explanation is just for sake of education and to understand concepts, it should NOT be considered as tax or financial advise. Please consult your personal CPA and tax advisor as each persons income and tax situation is unique. Tax laws are rules can change totally or be amended therefore its a must to work with qualified professional to implement any of these tax strategies. Article written and published on Jan 17, 2020
Plenty of professionals (Engineers, Architects, Doctors, Lawyers, Business Owners) living in Silicon Valley, CA and other locations make very high income, and they feel they have made it in America. However, some high net worth individuals never take time to reflect on the fact where is money is going out.
If one adds up all the taxes, income, property, sales, capital gains, short term gain etc very quickly the realization hits home that close to 35% to 50% of annual gross income may be going out of the door.Â
During the pursuit of learning wealth building stra...
Reading the above quote was an AHA moment.Â
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