http://www3.forbes.com/personal-finance/how-this-couple-retired-in-their-30s-to-travel-the-world/5/
The average American is exposed to numerous advertisements every day, many of them on television and most of them designed to instill a sense of inadequacy: your car is not nice enough, your clothes are out of style, and you’re not attractive enough. All you need to do to solve these imaginary problems is spend more money on things that don’t result in long-term happiness.
http://www3.forbes.com/personal-finance/how-this-couple-retired-in-their-30s-to-travel-the-world/5/
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Editor: Crass Cash Scrooge McDuck my favorite Disney character often said on the hit show of my youth, "Work smarter, not harder." It was as true then as it is now! Now this was a silly cartoon, not real life. Fair enough, but you'd be wrong. I present to you, the real life definition of working smarter, not harder... Warren Buffett is the model for working smarter, not harder. I've come to the conclusion that if you're worker more, than you're doing something wrong. Here's a guy who works the same schedule he did when he was a 28 year old millionaire vs now when he's an 84 year old multidecabillionaire.
He goes to work at normal 8-5 hours with a long lunch. He does nothing but read for the first 4 hours before lunch and then returns phones calls and talks to his individuals chiefs of other companies that Berkshire owns. He then goes home and reads more newspapers or plays bridge at home on the computer. For such an important person you'd think his schedule would have become exponentially more hectic. But all this does is show you that he's doing it right. He has the right people in place to do what they do best. He's a type A personality, but not a control freak. When you realize that people around you can do a better job than you, just let go and let them do it. EVERY DAY THAT YOU GO INTO WORK, YOU SHOULD BE TRYING TO WORK YOURSELF OUT OF YOUR JOB. The 80/20 principle at its finest. Think about it... Editor: IRS Newsletter If you contribute to a retirement plan, like a 401(k) or an IRA, you may be able to claim the Saver’s Credit. This credit can help you save for retirement and reduce the tax you owe. Here are some key facts that you should know about this important tax credit:
• Formal Name. The formal name of the Saver’s Credit is the Retirement Savings Contribution Credit. The Saver’s Credit is in addition to other tax savings you get if you set aside money for retirement. For example, you may be able to deduct your contributions to a traditional IRA. • Maximum Credit. The Saver’s Credit is worth up to $2,000 if you are married and file a joint return. The credit is worth up to $1,000 if you are single. The credit you receive is often much less than the maximum. This is due in part because of the deductions and other credits you may claim. • Income Limits. You may be able to claim the credit depending on your filing status and the amount of your yearly income. You may be eligible for the credit on your 2014 tax return if you are: o Married filing jointly with income up to $60,000 o Head of household with income up to $45,000 o Married filing separately or a single taxpayer with income up to $30,000 • Other Rules. Other rules that apply to the credit include: o You must be at least 18 years of age. o You can’t have been a full-time student in 2014. o No other person can claim you as a dependent on their tax return. • Contribution Date. You must have contributed to a 401(k) plan or similar workplace plan by the end of the year to claim this credit. However, you can contribute to an IRA by the due date of your tax return and still have it count for 2014. The due date for most people is April 15, 2015. • Form 8880. File Form 8880, Credit for Qualified Retirement Savings Contributions, to claim the credit. • Free File. If you can claim the credit, you can prepare and e-file your tax return for free using IRS Free File. The tax software will do the hard work for you. It will do the math and complete the right forms. Free File is available only through the IRS.gov website. |
AuthorThis website was created due to the atrociously misguided financial advice that I've heard over the decades. Financial freedom is not intellectually strenuous, but it takes discipline. Categories
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