Tax Help - Girls (and Guys) Just Want to Have Fun by Using Tax Saving Tips

In his best selling book, "Rich Dad, Poor Dad, Robert Kiyosaki warns people against the dangers of buying what he calls "doodads" - you know, junk, spur of the moment items.

Tax Secrets of the Rich Found Here

Those things that you didn't know we existed until you read about them in an in-flight shopping catalogue and know that you know about them, you just can't live with out one. Many people have basements that are packed with electric pet feeders, remote controlled shoulder massagers, hardly used camping equipment, fishing poles, baby toys and clothes.

These are the every same items you see being sold at garage sales just a short time later, for about 5% of the original purchase price.

Asset Protection

Some people take this to mean that the only way to become financially free is to stop spending money. That's simply not true. The trick, however is to manage your spending by focusing on buying more assets (things that put money in your pocket) and less liabilities (things that take one out of your pocket).

But this begs the question: "What is the smartest way to pay for my fun?"

The first way is to make your fun tax deductible whenever possible.

Did you know that things like season tickets and tickets to concerts can be tax deductible?

Same thing with country club memberships?

Are you trying to get into shape for the summer?

You can deduct the cost of a personal trainer and your corporate gym. Would you like to take the family on that terrific vacation they so deserve?

Make it part of your annual meeting and let Uncle Sam underwrite the cost.

Tax Strategies

How about new furniture, ski equipment or golf clubs? Would you like to learn to cook, fly or meditate?

Would you like to have your own swimming pool and health spa?

No problem.

All of these things can be done with pre-tax dollars with a HUGE net savings to you.

All the Best,

Drew Miles, The Tax Saving Attorney.

Drew has combined what he learned during formal education, informal education and twenty five years of business experience in the development of programs designed to teach people how to build and preserve lasting wealth. He is an author, teacher and international speaker in the areas of asset protection, and tax saving and wealth building strategies.

In The News:


Financial guru Jack Thurman shares secret to building wealth
KY3
You might think a man who manages billions for some of the nation's wealthiest individuals would say it's all about the money. But BKD's Jack Thurman describes himself as more of a social worker who just happens to be a very successful entrepreneur.

and more »

Building Wealth With An Overvalued Stock? (NKE)
Seeking Alpha
By historical accounts, the current P/E ratio of 32 indicates that Nike is overvalued compared to historical norms. Despite this overvaluation, Nike is still building wealth as earnings per share are growing at 14% annually. Holding an overvalued stock ...


New York Times

Equity-Building Mortgage Challenged
New York Times
13 blog post by the Urban Institute's Housing Finance Policy Center argues that, contrary to what its proponents suggest, the so-called Wealth Building Home Loan is “not a silver bullet” for lower-income borrowers. “Some people have made it sound like ...

and more »

Forbes

Why Affluent Women Love Building Wealth -- But Loathe Investing
Forbes
By now, it's old news that women exhibit certain traits that make them more successful investors than men, like the fact that they view investing on a long-term timeline and aren't quick to trade based on market whims. On the flip side, other studies ...


Seeking Alpha

For Wealth-Building Investments, Time Is The Trouble; So Time Is The Treasure
Seeking Alpha
In the tradeoff between investment Risk and Reward, Time is the most powerful element of the reward equation. Emotion (fear) is the biggest danger on the Risk side. Time tends to be a major influence there – for good and bad. Diversification may be the ...

and more »

The Wealth Building Home Loan Builds Equity Fast
U.S. News & World Report
How does the Wealth Building Home Loan help borrowers reliably build wealth? The loan is a 15-year, fully amortizing loan. This faster amortization means you build equity quicker and pay less interest. In the first three years of this loan about 75 ...


MainStreet

Busting the Homeownership Wealth-Building Myth: Renters Get Richer
MainStreet
He found that over 50% of U.S. homeowners – that's over 40 million households -- bought their homes during a period of time when renting and investing the difference would have been a better builder of wealth. Szapiro based his analysis on home price ...
Why you're often better off saving for retirement than buying a homeWashington Post
Study: Owning a Home Is OverratedValley News

all 15 news articles »

Sometimes, it pays more to rent your roof than own it
Washington Post
So the question HelloWallet set out to answer was this: Could renters build more net wealth than homebuyers, while taking on much less risk, by forgoing homeownership and investing the yearly savings from renting in a tax-deferred retirement plan?
Singletary: Renting no longer carries stigma as financial failureDallas Morning News

all 10 news articles »

Building Wealth with Real Estate Part II: Rental Property
Palestine Herald Press
A “buy and hold” investment strategy is just like it sounds—buy it and hold it (typically as income-producing rental property). Rental property is a great way to create monthly income and will also yield a payoff should you ever decide to sell. The ...


OCRegister

Peter J. Brennan: Insider tips for building wealth
OCRegister
This is a great route for regular workers to build wealth. This column was condensed from Peter J. Brennan's “The C Route to Practical Financial Advice: How to Build Wealth in 8 Steps.” It is available on Amazon, iBooks and www.c-routeport.com. Brennan ...

Google News

Four Pillars of Creating Wealth

Some people in this world are thinking that their poor... Read More

Discover the Secrets and Possible Solutions To Money Problems

It is sometimes pitful how many projects are never born... Read More

Principles to Ensure a Fantastic Financial Finish

Most people want to get to the end of their... Read More

Still Using Federal Reserve Notes?(How to Beat Inflation)

"My people are destroyed for lack of knowledge." Hosea 4:6... Read More

Real Estate Stories that Show You How!

Let's begin easing you out of the pits. I mean,... Read More

Why do Some People Rake in the Dough while Others Spin Their Wheels to No Avail?

Here's the truth: I have read hundreds and hundreds of... Read More

Start A Cashflow Club

The cashflow board games, Cashflow 101, Cashflow 202, and Cashflow... Read More

Starting With Smaller Goals First And Work Your Way Up Until You Achieve Financial Freedom

While you need to have a lot of positive-thought and... Read More

The Top 10 Steps to Becoming a Millionaire

There is perhaps no more important decision than to take... Read More

Financial Freedom for Every Employee

You may think you have to be an entrepreneur to... Read More

8 Tips for Keeping More of Your Hard Earned Money

Masters degree not required...just a little common sense, a $5.00... Read More

Wealth Building Tips: Manage Your Money

As someone who loves to shop, enjoys holidays and owns... Read More

10 Ways to Save $50 Per Month: The Art of Pinching a Penny Until It Screams

1. Save up to 50% per month on convenience cleaner... Read More

Uncle Sams Snake Oild

Uncle Sam and his band of merry-men, better known as... Read More

6 Proven Wealth Building Strategies

Building wealth is as simple as saving a little bit... Read More

The Underlying Belief System

Many of us do not consider the underlying belief system... Read More

Financial Planning for Beginners

Financial planning at an early age may seem complicated, however... Read More

Offshore Strategies & Services

Offshore strategies may or may not be right for you.... Read More

Residual Income - 3 Ideas for Long Term Profits

A residual income is one that comes in no matter... Read More

The Philosophers Stone

"If you know how to spend less than you get,... Read More

The 11 Best Money Saving Ideas of All Time - Part 3

At any time in history, no matter what the current... Read More

Get Rich Slowly

Is it hard to get rich? If you're young, not... Read More

Wealth Building Strategy

There are many of us who are working on our... Read More

Gain More Control of Your 401k - What It Can Mean to Your Future

Points to ponder as you consider what can be done... Read More

How to Save Money and Take the Vacation You Always Wanted

Many people don't realize how much money they spend on... Read More