Tuesday, July 2, 2013

How To Get Rich - Legally Keep More Money

Do you know what one of the biggest threats is to your wealth ?

Do you think most people understand the impact ?

Most people have no clue how much their own governments steal from them !

The Biggest Threat To Your Wealth

One of the biggest threats to your future wealth building efforts are the politicians and governments of your country. Most governments if not all are extremely inefficient in the use of their funds. Or should I say in the use of your funds that you are forced to pay them in the form of various taxes.

If most people were given a choice, they would prefer to keep all of the money they earn. But unfortunately much of the world's population does not have that choice. They must pay part of their money to their governments or face going to jail. We have come to accept this as a normal way of life. But should we ?

It's true governments often provide essential services for the taxes that are paid. But the one weakness of governments is that the top priority of all politicians and other world leaders is to remain in power. All other goals become secondary. This leads to much corruption and inequality in how people are treated.

The Wealthy Keep More Money

Because of the inequality in how people are treated, the wealthy can often pay much less in tax than the average individual. This is because in many countries the wealthy have a strong influence on the governments and their taxation policies. The wealthy are basically rewarded for helping keep the politicians and other world leaders in power.

This is far from a perfect system, but the average individual has no choice. We must accept the system for what it is and try to limit the amount our governments steal from us.

What To Do

None of us want to end up in jail, so we must comply to our governments current rules. But we should take advantage of opportunities, if any, that our governments offer to reduce the taxes we must pay.

Think of your government as your opposition in your wealth building challenge. In order to limit your opposition's effect, you must learn to limit the amount of money they steal from you. Therefore you must make it one of your priorities to learn everything you can about how your money is taken from you each and every day and how you can limit that amount.

As taxation laws are often written by lawyers, it is very difficult for most to understand and interpret the rules and opportunities that are embedded. This is no doubt done on purpose to intimidate the average individual and discourage them from learning on their own. However, you should try and understand all you can on your own before seeking help. The more you know, the better off you will be.

As your wealth grows, you should seek the help of a good tax professional to help in your tax limitation plan.
You may find that as your wealth grows so will the opportunities to reduce the amount your government steals from you.

Stay on top of how much your opponent is taking as the rules of the taxation game are forever changing.  

As always, I welcome your comments and suggestions for future topics.

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