In a not too recent interview, multi-billionaire Bill Gates of the gargantuan Microsoft Corporation (started in his garage as a college dropout) was asked this question:
What Are Your Keys To Your Wealth & Success?
Bill says, "I'll give you 3 guesses!" (or something along those lines).
The interviewer says: Okay...I guess it has something to do with your personal sense of drive and ambition, right?
Bill says, "Nope." Guess again....
"Okay, I got it! It's your software design, right?"
"Wrong" says the multibillionaire college drop out. "One last guess."
"Alright I KNOW I have it this time! You had the connections to get your software on every computer for free. It was your marketing savvy, right."
Bill just stares at the interviewer.....
And he stares....
And he stares....
And he stares....grinning....and starts to leave the room. . .
"Hold up wait a sec Mr. Gates! Was I right?"
Bill stops just short of turning the doornob to the interview room, gazes with a smile known to one who is full of confidence and humility...and asks the interviewer:
"You really want to know the answer to my success?"
The interviewer, aghast with mild frustration thinking that the second richest man was going to leave him hanging....said, "Mr. Gates, I've always been taught that if I work hard, if I study hard, and if I play by the rules I'll be successful. But 95% of all the people in the world are either dead broke by age 65, or just plain DEAD! What is the answer to your success?
Bill Gates, billionaire extraordinare gives the young college interviewer his answer...which is simply this:
"A FUNDAMENTAL WORKING KNOWLEDGE OF THE TAX CODE."
Lesson Learned: Bill Gates surrounded himself around people who knew more than he did about the tax codes. He did enough research to learn how to stay ahead. How else could he, Robert Kiyosaki, Warren Buffett, Donald Trump and yes even former President of the United States George W. Bush, know how to put themselves in the SAME tax bracket as an employee who makes no more than $50,000 a year, and pay taxes totalling less than 10 PERCENT OVERALL when at the same time, any employee, ANY EMPLOYEE regardless of title, regardless of how many perks they get, regardless of how many recognitions they receive in the company newsletter, regardless of the EMPLOYEE OF THE WEEK PARKING SPACE, that no matter HOW MUCH they make, even a millionaire basketball star--the NON BUSINESS OWNER STILL ends up paying up to:
up to 39% in federal taxes,
up to 9.6% in state taxes,
up to 15.9 percent in F.I.C.A. (Social Security-what an irony)
Now add up those percentages. At least 1/2 of the posted income, regardless of how good one's job may be in their own little world....goes right to the government. And business owners know how to keep more than the government takes.
Business owners MAKE their money, SPEND what they make, and get taxed on what's left over....what if they spend it all on business tax deductible needs, like a cell phone, internet, utilities, computer, auto to visit the family in Alabama or Georgia because they are too cheap to go anywhere else on vacation.... (Let's do the math okay? The IRS allows $0.55 cents for every mile we get to keep and the average driver/employee drives 12,000 to 15,000 miles to work at LEAST every year. How much is that: AT LEAST 6,600 that they could have written off on their taxes just for passing out a business card and saying, "I appreciate your business."
So if you don't have a business. Put $1.10 in a zip lock bag. Set your odometer to zero.
Everytime it hits 2 miles, throw one of the zip lock bags with the $1.10 in it out of the window.
Next tax webinar is Wed. 25 of Feb. That's 3 days before the end of the YTB Special. March 1, 2009 the price goes back to the regular $449.95 one time, and $49.95 monthly overhead to have a business that runs itself. And in March, it's REALLY gonna get good!
We're glad to know that one year from now, no one can say "Reed didn't warn us YTB was going to be THIS incredible. Why didn't I listen to them 12 months ago?"
But we'll still be friends because we'd rather have good friends than uncaring business partners.
They say the future's always changin', right? We all become who we hang around.
If you hang around 4 broke people, guess who the 5th one is???