No matter your income level, everyone and I repeat everyone has the opportunity to create wealth over $1,000,000.
Most if not all of these individuals valued relationships over possessions and money. It was who they could impact with their wealth that was much more important than the number of earthly items they could collect.
Every single one of the stories ends with a person(s) creating a lasting legacy in their community. When your time on earth is finished what do you want to be remembered for? I’m sure the people in these stories asked themselves this question, and the legacies they created was beyond comprehension.
Reduce your taxes and increase your savings. Sounds almost a little too good to be true right?
It’s possible, it’s easy, and I just did it and so can you.
Today is the final day for you to file your taxes for this year. Did you pay more in taxes than you would have liked? Do you want to lower your tax bill for next year? If so, then here is how to do it:
Increase your 401k contribution to your company’s plan. What percentage of your salary are you contributing to your 401k currently? Bump it up. By increasing your pre-tax 401k contribution to your plan you are in effect reducing the amount of income you take home, thus reducing your tax burden.
I recently increased my pre-tax contribution percentage by 8% and found that I will save roughly $1700 this year on my taxes. It’s that simple. Increase your savings, reduce your tax burden. This offers 3 key benefits.
You lower the amount of taxes you will be paying for the year.
You increase the amount of savings you will have at retirement. The more you save now, the more you will have later.
Because you don’t see the additional money you put into your 401k plan on your paycheck, you won’t spend it, and most likely you won’t miss it.
Most of us are familiar with famed investor Warren Buffett. He has amassed a fortune of over $60 billion in his lifetime. He is known for picking great investments and sticking with them for the long run. In a world where it is easier than ever to buy and sell stocks in the blink of an eye, day-trading has become more and more popular. However, Buffett has always been outspoken about the negative effects of buying and selling equities over the short period.
So what does Warren think people should do to create wealth for themselves? The link below tells you just that. While creating a net worth equal to that of Buffett’s is highly unlikely, it is very easy to take just a few steps in the right direction to follow Buffett’s advice.