Note: We highly recommend you print out this report to read at
your leisure. There is a lot of valuable information here!
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The answer to why you have more month than money is simple - most
people are only living on about 50% of their income depending
on where they live, their marital status, and how much debt they
owe. Nonsense! you say - there is no way I could live on 50% of
my income, I can't even live on 100% of my income. And that's
what I used to think too. That is until the last time my husband
said to me "What happened to all the money? I know I didn't
spend it!" (Translation - What did "I" do with all the money?)
Well normally I don't pay much attention to his tirades about
money. But this time I decided to find out once and for all who
was spending all the money.
Well after about an hour of burning up the keys on the old
calculator, I made some startling discoveries. We both spent
about the same amount of cash and together we didn't have that
much cash to spend. So where did all of the money go? Well, as my
husband says - "A calculator with new batteries doesn't lie" and
here's what my calculator told me.
Taxes took a 24% bite out of our total income and our creditors
were getting another 28% - so we were truly trying to survive on
only 48% of our total income. No wonder we had no money at the
end of the month for savings, retirement, vacations or anything
else.
Now, I can hear you saying that you don't pay out 50% of your
income to taxes and creditors. Well, you might want to get all
your financial and tax records together and fire up the old
calculator to find out for sure. Haven't we made you curious?
Be sure to include the percentages you pay to the Federal
Government (IRS, Social Security, Medicare Tax), State Income Tax
and other state taxes, miscellaneous taxes such as property,
city, and utilities and the interest you pay to your creditors
for credit card debt, car loans, personal loans and mortgages.
And it can really get interesting to figure out some of the
hidden taxes like both Federal and State tax on gasoline, and car
registration fees (which are a tax no matter what the politicians
say). So how close did you get to our 48%? Are you surprised?
Some people that we had do this same exercise actually found they
were being robbed of approximately 60% of their total income by
government, loan companies and banks. I hope that's not true in
your case. Of course the governments, banks and loan companies
are not the only ones that are literally stealing your money.
They are just the major ones. The insurance companies and others
also have their hands in your pocket too. But they are minor
thieves when it comes to the amount of money the government and
banks are taking from you.
Now I don't know about you, but when I finally figured out why I
was always broke and could never afford any of the nice things I
wanted, let alone the necessities of life, I really got mad -
first I got mad at the ones who were literally stealing my wealth
and then I got mad at myself for letting them steal my money. So
that very day I set out to find a way to total financial freedom
for me and my family. And after some thought I defined Financial
Freedom as being totally debt free and not owing anything to
anybody and living 100% on cash. So I started a program of
learning how to get debt free by reading everything I could find
on personal finances.
The first thing I found was that people that should know about
financial freedom such as financial consultants, CPAs, and
accountants didn't have a clue about how to get financially free.
For instance, four out of five would respond when asked if it was
a good idea to pay off a home mortgage by saying, "Oh no! That's
the last good tax deduction you have left." What all of them
should know is that every time you make a home mortgage payment
you are paying $1.00 in interest to the bank to save 30 cents in
taxes. Now how smart do you have to be to figure out someone is
losing 70 cents for every dollar they are paying on their home
mortgage. Over a 30 year mortgage that adds up to thousands of
dollars of your hard earned money. Wouldn't you rather have that
money in your pocket or invested in a good mutual fund instead of
the bank or mortgage company's pocket?
I don't know where these people got their education but most (not
all) try to find ways for you to live on the approximately 50% of
your income you get to keep instead of finding ways to increase
that 50% to as close to 100% as possible.
So you have to be careful who you get your financial advice
from. For as I found out after much research, getting total
financial freedom is very simple, not easy but simple. First you
must eliminate all debt. That means you operate 100% on cash and
you pay no interest to anyone, any time, any how. Just by doing
this it's like giving yourself a 20% to 30% pay raise. Just think
of all the things you and your family could have if you could get
that kind of pay raise.
Next you must try to reduce the percentage of your money going to
taxes down to as low a percentage as possible.
And once you have completed these two things, you can start
building wealth by investing your money so you'll be paid the
interest and not pay it to someone else. Won't that be
nice for a change?
And don't let the word invest scare you. You're not going to
have to become a Wall Street wizard to invest your money. All
you need to do is find just a couple good mutual funds and let
the fund managers do all the work for you. Plus you have plenty
of time to study up on mutual funds while you're getting yourself
out from under the yoke of debt.
Now, as for reducing your tax bill, there are only a couple of
ways left to do it. One is to move to a state and city that has
no or low taxes like most any city in Nevada. Most people moving
to Nevada report a tax savings of between $2,000 and $3,000. So
with that kind of savings it's something to think about. But if
you're like most people, moving anytime soon is not an option. So
that leaves the one big tax break still available to everyone.
That being starting your own part-time business. Did you know
that by just having a small part-time business you will have
hundreds of tax deductions that are not available to a salaried
person? How would you like Uncle Sam to buy you a top of the line
computer with all the bells and whistles? Or a new fax machine,
pay for your postage stamps, or even pay you to drive your own
car?
These and hundreds of more tax deductions can be yours when you
start your own business part-time out of your home. And best of
all you get to keep the profits from your business to help pay
off all your debts and then when your debts are gone you can
invest the money for your retirement or whatever else you like.
Well, there you have it -- the answer as to why you always seem to
have more month than money, and what you can do about it. I hope
this information has been of help to you.
I wish you great success!
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