“Two roads diverged in a wood, and I—I took the one less traveled by, and that has made all the difference.” —ROBERT FROST
Have you ever thought that others had more control over your finances than you do?
Taxes are typically the biggest expense for most. From federal, state, local, property, sales, gas…the list can go on and on. Add them together and they can take nearly 40-50% of your income. What are you doing to reduce your tax burden now and in the future?
We’re told to store our cash at banks earning next to nothing in interest (and it’s taxable) while they get to loan us our money back at a higher interest rate.
We’re told to “save” as much as possible in qualified plans such as 401ks, IRAs, 403bs etc…without being able to use that money without penalty until later in life. And when we do get to use it, we’re subject to whatever tax rates prevail at the time with no guarantee they will be lower. Oh, and how about the fees that are stealing from your wealth?
We’re told to invest all of our assets in the stock market as it always goes up in value, and we just need to deal with the volatility. What if that volatility hits right before or at the beginning of your retirement?
This doesn’t sound like financial freedom to me.
Check out a free chapter from Heads I Win, Tails You Lose written by Patrick Donohoe, President & CEO of Paradigm Life, in which he details unconventional strategies to take back control of your finances and reach true financial freedom.