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How to Build Tax Free Income
The past couple years I have climbed my way out of foreclosure and financial ruin. It has allowed me to focus on my long term wealth and looking at ways of tax free income, this audio goes into depth on what I have learned.
I used to be a scaredy-cat
From 2004 to sometime in 2008, we were making a lot of money in real estate (although not as much as we are now thankfully) and investing all over the place. I invested in all sorts of different real estate ideas and let me tell ya, MOST of them didn’t work out. Most of them relied on a continued hot real estate market and we all know that didn’t last.
This learning process made me very cautious to invest in anything once I did start making money again and I was just stockpiling cash into my bank account which is most certainly not the smartest thing to do. It was until I learned about tax free income ideas that were liquid that I got re-jazzed for investing.
How to Build Wealth
Right now you have to be careful as to not solely focus on the here and now. Don’t just focus on making this months mortgage payment, you want to also use the time that you have to start saving and planning for the time that you won’t either want to or be able to work as hard as you are now.
There are ways to plan tax free income and if you want to know how to build wealth it is NOT just making more money but planning on how that money will be utilized. The biggest gotcha for most people are penalties and taxes. If you can find ways to create tax free income, you should certainly pay attention. The book that helped me the most in this regards is The Retirement Miracle by Patrick Kelly. Highly suggest you get that book if you are at all serious about your wealth planning.
Tax Free Income Interview
I bring the retirement topic up every once in awhile as I see far too few people, young and old, planning their retirement and the majority of those that are, haven’t even heard about ways of tax free income. Again, as you study and learn how to make more money now, don’t forget to setup a long term plan. In the below audio my financial guy talks about how anyone at any income level can create a plan that suits them and their family. Pay close attention to what is in the audio as it could seriously impact the way you live your life when you are older.
Inside this audio:
There are a few questions that have been asked of me that I asked on this audio, here are a few of them:
1. What are some of the benefits and downfalls of traditional IRA’s and 401K’s?
2. What’s the average age a person is living these days?
3. What are your thoughts on Roth IRA’s?
4. Should people be afraid of nationalization of retirement accounts? (if you think that is conspiracy talk, read this from Bloomberg)
5. Hypothetically… Someone says “I wanna get 250,000 a year, tax free income from 70 til I die.” What do you recommend to them?
6. What are wealthy people doing that most people don’t know?
To download this audio, go here
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