*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 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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