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6 Steps to Retain More of Your Life Earnings
Do you want to earn more than a million dollars during your working life? According to the US Census Bureau, if you finish high school and work for 40 years, you can. For the same lifetime of work, you can increase your earnings to more than $4 million, which is three times the amount earned with just a high school diploma by completing a business degree. In our society, these statistics reveal a unique relationship between education and training and the growth of individual earnings. Although not expressed in the figures above, any related learning and training opportunities that expand knowledge, develop new skills and increase productivity on the job, in specialized seminars, workshops and apprenticeships are associated with increased personal earnings.
I am sure you are familiar with many great success stories of individuals who beat the average by making more money in less than 40 years. I met with a business owner to introduce some financial products that would help him grow and improve his business. He quickly informed me that he never had any debt. He proudly shared with me that he is debt free and currently owns personal residences, rental apartments, barbershops and bar-bq restaurants. All his transactions in buying and selling property are in cash. His model for business expansion or entry into a new venture is to first purchase the necessary equipment and facilities for the business venture and then start the business without debt. He asserted that “a person who needs a loan to start a business does not need to be in business!”
Many may disagree with this business philosophy and speculate that he might have earned more revenue and amassed more wealth using the concept of leverage, but this businessman defines his success. He has debt-free cash-generating assets valued at over a million dollars and has set aside cash for each of his children should they decide to travel down the entrepreneurial path. This gentleman is in his early sixties, does not have a high school diploma, and cannot read or write.
Bill Gates dropped out of Harvard University in his junior year and became a billionaire in less than 40 years. I am truly moved by each of these stories and many others that inspire many of us in various areas of our lives. Likewise, I am uniquely impressed by the US Census data which suggests that the masses in this society can also reach an impressive economic milestone. So, whether you fit the profiles of business people mentioned above or are representative of US Census data, the wisdom is that being prepared, having the right attitude and courage to act, gives you the greatest chance to fully develop your earning potential when the opportunity arises. present
Now, just as you expect your earnings to grow over a lifetime of work, you want to be consciously aware of how you can avoid erosion of your earnings, any declines in your savings, and how you’ll be paid less if your standard of living declines. Buy a family home, educate children, take family vacations and plan for retirement.
Therefore, whatever amount of money is earned during a lifetime of work, it is important to know how to spend and manage it in order to achieve and maintain a high standard of living. Recognizing that each individual situation is different and requires attention, there are six areas where some effort is needed to maintain earnings and allow for future growth.
First, poor health, practicing high-risk behaviors, and ignoring known preventive health and medical advice lead to increased incidence of illness, reduced personal finances, and reduced earnings. Based on data from the California Health Interview Survey that was collected during the economic boom period (2007), nearly one in 13 Californians have some form of medical debt, and those with no debt are twice as likely as those with no debt. Obtaining necessary medical care. The cost of medical care threatens the finances of many families and has become the most common cause of personal bankruptcy in our country.
Being physically active, eating a nutrient-dense diet and reducing caloric intake, avoiding tobacco and alcohol abuse, adjusting to stress, wearing seat belts, and practicing appropriate infection prevention and control practices are good health habits that will reduce personal risk. For chronic conditions such as heart disease, high blood pressure, diabetes, obesity, accidents and injuries, and infectious diseases. These conditions can leave a huge hole in your finances and reduce your lifetime earnings. Good personal health habits can reduce the risk of these acute and chronic conditions and provide effective prevention or control of disease if present.
Why not adopt good health habits and start early?
Second, failure to take advantage of education and training opportunities can leave you unprepared when the opportunity knocks. As a result, an opportunity for increased income, promotion or advancement to a higher level, a new job or a new venture is lost. The prices of goods and services often rise at a faster rate than the income of many households, so you need to be alert and ready when an opportunity arises to improve your income, lifestyle or standard of living.
You can prepare for changes in the market by taking courses, additional training, and having the courage to seek new opportunities for advancement. To our surprise, the cost of living often does not match the cost of goods and services. You have to adjust through promotions, new career opportunities, acquiring new skills and creating multiple streams of income which has now emerged as a wise strategy in the 21st century.
Third, expensive personal loans and mortgages make you pay a lot more interest. Banks are very effective in increasing the velocity of money after incentivizing customers to keep deposits and earning small interest income in return. Banks are aggressive in investing those deposits to make money through loans and other financial instruments that provide returns to depositors that exceed interest income. For short-term loans, interest rates can be as high as 20%. Paying high interest on credit card debt reduces your effective or available cash for other family or personal needs. For a long-term loan of $200,000 at a fixed interest rate of 5.32%, the borrower will pay slightly more in interest-only payments over the 30-year period. (Total repayment of $400,714 including interest of $200,714) The interest amount, being the cost of borrowing, is a significant deduction from personal income even after tax adjustments. You, the borrower, need to be aware of this significant cost and plan to reduce or offset this large deduction from lifetime earnings.
Fourth, everyone must pay their fair share of taxes, and we must continue to fight for good tax laws that help uphold the responsibilities set forth by the Constitution. On the other hand, many pay unnecessary taxes due to lack of knowledge of tax laws and innovative efforts that allow them to take full advantage of tax incentives. The government uses tax incentives and grants in certain areas of our society such as community service, national and international programs, business start-up, local development, locating in certain communities, providing job opportunities, charitable giving and some investment programs. In some of these areas, you will have the opportunity to partner with the government for your benefit and others.
Fifth, failure to establish legal entities such as businesses, trusts, retirement programs, estate donations, and other deferred programs may result in tax incentives, deductions, deferrals, additional revenue streams, and increased income. The Internet offers a great opportunity to start a business in the 21st century and has paved the way for many home-based operations.
Sixth, Improper Spending – Our economy depends on two fundamental things: consumer confidence and consumer spending. During a recession, consumer spending is reduced compared to a growing economy where consumer spending increases. Our available money is used to pay expenses and the remaining money, if any, is usually kept in banks in checking and savings accounts or other types of bank financial instruments.
The common understanding is that money used for expenses or purchases is considered a spending activity and money left over or deposited in the bank and not used for expenses, is considered savings. Conversely, your deposit or money in the bank is also an act of expenditure. You have purchased bank services with checking and storage privileges, agreed access, capital security and modest interest income. As consumers, we must reframe our thinking and view all distributions and investments of money as an act of resource consumption.
In an up or down economy, you, the consumer, should focus on spending for value rather than buying or spending or simply accumulating money (savings) in bank accounts. Spending for value brings efficiency, and engages self-responsibility by asking clear reality-checking questions such as: Is it prudent for me to spend this money now, am I getting the best value for my dollar? Does this expense contribute to meeting my goals? Answering these questions is the beginning of control and the first defense against overspending. Applying Irving Fisher’s (1930s) “velocity of money” concept is a great lesson in learning how to safely invest my available cash, just like banks.
These six areas, if attended to, will help you retain more of your earnings, add additional growth earnings during your tenure, and support and maintain a healthy lifestyle.
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