Your Feelings on Taxation May Indicate Your Success Ceiling.
Touchy subject, I know. And folks outright I’m telling you- pay your taxes!
No ifs ands or buts!
The issue I’m talking about today is fearing the tax man. If you play it straight there is no need. So let’s break this down a bit.
Also I’m not a licensed financial advisor so everything I state is conjecture and opinion.
Aka I’m not liable ;).
I have a coworker who does 90 to 100 hours of work a week. And that’s between two jobs. At his night job he’s a supervisor. And in the day he’s at the bottom of the pay scale. When I approached him with simple ways to raise his pay via union and or company related methods that were low cost he said ‘naw then I have to pay more taxes.’. He essentially turned down about 10 to 12 grand in extra income to do the same hours, same labor. I’m sorry folks but in my book that is the definition of insanity.
He has dependents.
He has a home.
His spouse has a home based business.
These are all great tax deductions.
Also he could make that money and have it go to pre-tax retirement funding or medical funding plans to offset future costs. See he would in essence be funding both his present and his future with the governments blessing. He’d also gain peace of mind and some extra coin in his pocket.
However he won’t do it. Which leads us to the next issue.
-Self imposed failure
Folks I’m not being mean. I’m not a jerk either. I just call an ace an ace and a spade a spade. What my coworker is doing is self imposed failure. Simply put that is when you are the author of your own disaster. Sadly this ruins more entrepreneurs than competition. Fear of taxes and the long arm of the irs is gutting people. Look at the coming elections and the current fear many business owners have. Taxes from healthcare, 75% tax brackets in france. People who can are avoiding it and saving wealth and others are simply self sabotaging. I personally am more scared by the fear. The only way to beat the system is to learn it’s rules. The tax code has ways to enable you. Get a great CPA. Not the local guy. Learn the rules. Life is chess not checkers and as such you have to move from that mindset and rule group.
-Owning your own business can help stave off taxes legally.
Lastly, if you are scared of taxes don’t be. Uncle Sam rewards those who give back by creating jobs. The people who become the stopgap are those who will be richly rewarded. When you make a greater effort there is a greater reward. Its that simple. Ever put your all into something?
What did you reap? I bet more than you did when you put in less effort. See Jeter, Jordan, Bloomberg and the rest. To get to the top you have to put your all in.
I have chosen the independent route. While I will keep my day job for now- I will be minding my business full time. It is the true way to survive. And while I’ve had a few failed options my learning curve has been tremendous. And all the while I reaped the rewards of tax benefits I earned legitimately. And its a good feeling. I earned income. I lost income. And I got tax breaks in all instances. It works folks.
If you step out of your comfort zone you will succeed.
Basically folks if you fear taxes you are living with a self imposed ceiling. You have literally told your mind and subconscious to program failure as the main option and catalyst. When fear becomes the strongest advocate your horizons shrink.
Let your life be more than that. If your tax bracket makes you feel pressure GOOD!!!
Pressure creates diamonds. Don’t let the fear of a small tax bill impede dreams of great wealth.
What is a million dollar tax bill to a billionaire? (And even that bill can be worked with via the United States governments legal tax code!).
See the point?
#findyourfuel.
#thriveorsurvive.
“Things work out best for those who make the best of how things work out.” -John Wooden
Thoughts? Concerns?
Questions? Think I’m wrong?
Let’s chat.
Need ideas?
Want to learn how to invite?
Let’s chat.
Want a mentor or maybe the guy who will bounce ideas back and forth with you?
Let’s chat-
Tony@Changeinadvance.com
@changeinadvance
http://www.changeinadvance.com
Or simply reply to this article.
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