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Another expense is that you will have to pay employer's social security, so it helps to keep salary low & pay your self dividends, which is more tax effective. A limited company would allow you to take $45k form the company each year, if that is enough to live...
A six figure salary can range from $100,000 to $999,999. So I figure I'd start on the low end for two people. $200,000 is a comfortable household income, but I don't think it can qualify as rich. With inflation running at 40-year highs, households need to earn more to run in...
since the yearly salary is the standard way to calculate income. If you think this way, you've gotthe employee mentality. There's a natural tendency for the majority to slack off or do the minimum over time since you're going to get paid a set rate, no matter how little you work....
Related:Why you need a wealth plan, not a financial plan. Yes, I know that leaves you with only $14,400 per year to live on (I'll address this issue later), but the fact is, you'll be financially independent in 10 years because 3% of $515K is $15,450 in spendable income. Th...
The current limit for a Roth IRA is $6,000 per year for people under 50. You get to put in after-tax money, and from that point on it’s never taxed again. If you make over $122,000 as a single-filer or $193,000 as a married couple, then you’ll be restricted from using ...
t miss the second car for a moment. Investment gains on the existing savings contributed another $20k. It is complicated to remember what portion of income was taxable salary, and what was non-taxable gains inside of retirement accounts and such. But a reasonable estimate of...