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re: Creating Wealth and the people you know who have it ...
Posted on 3/23/09 at 11:14 am to MileHigh
Posted on 3/23/09 at 11:14 am to MileHigh
Well I'm assuming that the people we're talking about are over forty years old and have had some time to build up wealth. Most people don't just go from 0 to $300K (although I'm well aware that some do, like these 23 year old finacial analysts at investment banks). And as for your private school payments, country club dues, leased Lexus, etc. cry me a river. Those are choices you make.
Edit: also, I would be appalled if a married homeowner making $300K is paying over 6 figures in taxes.
Edit: also, I would be appalled if a married homeowner making $300K is paying over 6 figures in taxes.
This post was edited on 3/23/09 at 11:17 am
3
Posted on 3/23/09 at 11:39 am to Cold Cous Cous
quote:
Edit: also, I would be appalled if a married homeowner making $300K is paying over 6 figures in taxes.
Well then be appalled because you will.
Posted on 3/23/09 at 11:45 am to Cold Cous Cous
Remember the 36%+ marginal tax rate before the Bush tax cuts? It is coming back and the IRS has done a pretty good job of eliminating tax shelters and investments generating passive losses to offset income over the last decade or so.
I do believe a lot of what the OP said is true. Accumulation of wealth in families is often a factor of time and savings and the 3rd generation behind a couple of generations that have saved and let time work to build their wealth may be more apt to mis-management.
I do believe a lot of what the OP said is true. Accumulation of wealth in families is often a factor of time and savings and the 3rd generation behind a couple of generations that have saved and let time work to build their wealth may be more apt to mis-management.
Posted on 3/23/09 at 12:10 pm to Cold Cous Cous
quote:
Well I'm assuming that the people we're talking about are over forty years old and have had some time to build up wealth. Most people don't just go from 0 to $300K
Right, but my income ramped pretty quickly in 2007/08. The wife and I try to save about 30% of our pre-tax income, we don't always succeed though. Its going to take quite a few years at our current saving rates for us to hit 1M. Even if I do at some point make over 300k, I won't get near to it for a while.
I think it takes decades to get up the million plus in assets for us regular folks. Some people get lucky with their job, or with family income, but if you start at zero.....its going to take a long time.
quote:
Edit: also, I would be appalled if a married homeowner making $300K is paying over 6 figures in taxes.
I would be surprised too if they are paying 100k in income taxes (for a 300k income person). Maybe 100k in income taxes plus payroll plus property taxes, but just income, its doubtful.
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