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How is our income taxed by law? MASTER INVESTOR | FINANCIAL EDUCATION
The Myth of the Rich Doctor
Read the entire blog here: https://www.masterinvestor.education/pages/blog?p=how-our-income-is-taxed
But the reality is that many doctors are not rich. They struggle financially because being rich is about how much money you keep, not how much money you make. How our income is taxed?
We want to share with all the three types of income and the different ways those incomes are taxed.
For most people, they believe paying taxes is simply a part of living in a civilized society. And while that’s true, not everyone is taxed the same.
Below, we will explain how the three different types of income are taxed and why.
1. OrdinaryIncome
As we discussed earlier, ordinary earned income is money you make from your job such as wages, tips, and your salary.
In an attempt to make things even between the different tiers of society, the government has set up varying levels of how much people will pay in taxes.
Tax brackets, as they are called, tax people within each bracket at different percentages. For example, in the United States, if you make under $9,525 per year, your tax rate is 10% of your taxable income. If you make between $9,526 and $38,700 per year, your tax rate is 12%. There are varying tax brackets all the way up to individuals that make up to $500,000 per year, who are taxed at a high 37%.
2. PortfolioIncome
Portfolio income is made through capital gains.
Unlike ordinary earned income, portfolio income is a tax on how much money you made on the sale of your asset. The tax rate is determined by how long you held the investment and how much income you made during the tax year.
For instance, if anyone owned a rental property for more than a year and decided to sell it, the owner would be taxed anywhere from 0% to 20%. This would be called a long-term capital gains tax.
There are also short-term capital gains tax (taxes applied to profits from selling an asset you held for less than a year) and property sales tax which are governed by their own set of rules.
3. PassiveIncome
Passive income is money that comes in consistently from an asset.
One of the reasons we encouraged all to invest for passive income is because of the amazing tax benefits it provides.
Passive income is taxed at the lowest rate of the three types of income.
For example, if we own a rental property, we make passive income every month. Not only do we make money through rent, but the passive income we put in our pocket is taxed at a very low rate, if at all.
RETIRE YOUNG, RETIRE RICH
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As we say here, “Money is just an idea.”
An asset puts money in your pocket. A liability takes money out of your pocket.
The simple definition of a fake asset is one that promises to make us richer but in actuality robs us blind. We need three things:
1- Capture Page (https://www.masterinvestor.education/pages/affiliate)
2- Email Auto Responder (https://www.masterinvestor.education/pages/affiliate)
3- Hot leads (https://www.masterinvestor.education/pages/affiliate)
Then, we need to offer something of value in exchange for their email and name. Then, after we obtained the visitors of our capture page's information and email address. Then, we can deliver the free gift and also give them the product/solution of their problem.
Where to get products to sell that are already made for us? We do not need to create the products or sales pages, we can have use leverage by using other people's products that are already made for us. All we need to find the products we are passionate about marketing and bring new clients to the sales pages of those products.
Where can find these products that are already made?
Go to our website and find out where are the platforms to choose from hundreds of already made products that are paying high commissions and passive income for you to bring new clients to them - you will find products in any type of niche you can think about: Here: (https://www.masterinvestor.education/pages/affiliate)
Ultimately, any personal finance philosophy would be incomplete without discussing retirement.
THE RICH DON’T WORK FOR MONEY
This statement probably comes as no surprise based on what we’ve talked about so far, but it’s very important to understand that a secure retirement is one where money works for you via cash-flowing assets. There is nothing quite as comforting as knowing money will come in each month whether you are working or not.
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