*A Dollar Saved Is TWO Dollars Earned*
Earn more.Save More? Those are the two ways to get out of debt or build wealth.
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I’m a big proponent of doing both, but I think for many people it is easier to cut back on some luxuries rather than look for a raise or more work.
It’s also more effective, and here’s why:
If you were to go out and earn another additional $1 at as an employee, Here’s how that $1 would get broken down:
You’d only keep 58 cents. On top of that, a lot of extra or freelance work is done as an Independent Contractor. "THAT'S YOU"
If you are selling on the web -THAT'S You
That means you’re self-employed and get the happy task of paying another 7.65% of payroll taxes (the employer share), which brings your total tax hit to 49.6%!
So in order to keep $1 in your pocket, you’d have to get someone to pay you $1.99.
Then your choice becomes:
This fact helps me visualize the balance between spending and saving in my head. Now when you save $1, you can feel good knowing that you’d have to have earned $2 of income to equal that.
The reality is: "when I get a check from a project for $500, I know I’ll only keep $250. "
The Small Print
- This is a specific example, your tax situation may vary. Also note that this isn’t the average tax rate on all your income, but for the next $1 you might earn.
- You might get a portion of your Social Security or Medicare taxes back in the future, even though your taxes aren’t being saved or invested anywhere; it’s being paid out immediately to current retirees. In any case, the return on investment certainly won’t be that great.
. Some states don’t have an income tax, but may have higher sales tax or property tax rates. But remember, a sales tax is basically a tax on income that you spend!
. You’re allowed to deduct half of your self-employment tax from your adjusted gross income, which saves you a bit in taxes
- Product Information
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Larry Remondelli holds no responsibility for Products that are linked to outside sources.
Larry Remondelli is an experienced web marketer. Having covered many diverse topics his main focus now is with affiliate programs and making money through work at home programs..
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