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Why “They” Always Win & “You” Always Lose – Epi-3229

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Do you think billionaires “cheat on their taxes”?  Do you think if we “taxed the rich” anything would change?  Do you think you’d be more successful if we “changed the system”?  Do you think anyone will ever fix “our problems” for us?

If so you are in for a world of fire and brimstone today!

Everything is all on you and it always has been!  Accepting it is the hard part.

Join Me Today to Discuss…

  • How absolutely broke I was at one time in my life but why I was never “poor”
  • How this topic came up, my Twitter thread, billionaires don’t cheat on their taxes – link
  • The mind blowing mental gymnastics of one person’s comments on the above thread
  • Why everyone should at least consider owning a business, a PROFITABLE one, but……
  • Remember that while positive thinking has limits, negative thinking is unlimited in power
  • Which side of your balance sheet do you work on, why, who taught you to do it
  • Key differences between those with a wealth mindset vs. a poverty mindset
    • People with a wealth mind set
      1. Admire and respect success in others
      2. Buy things that hold value, produce value and increase in value
      3. Invest in their personal health heavily
      4. Have a plan for failure not just success
      5. Seek out and obtain “phantom loss”
      6. Are in general very generous
      7. Call spending an expense but see it mostly as an investment
      8. See problems as an opportunity
      9. Know ideas are worthless but actions and follow though are priceless
      10. Do not fear risk, rather then seek it while always hedging against it
      11. Live life in a constant state of learning and seeking knowledge
      12. Set very uncomfortable goals for themselves
  • You are the commander of your life, you always have been, think about why admitting it is so hard
  • Most people will never accept this, they have been domesticated and programmed, that is by design
  • So what opportunity do you see, what knowledge do you seek, are you willing to take command, if not now, WHEN?

 

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Comments

Why “They” Always Win & “You” Always Lose – Epi-3229 — 9 Comments

  1. At minute 30 Jack States that someone may get a raise of $20k pushing them into a higher tax bracket and they will only realize 15 to 20% of that raise as income.

    This is incorrect.

    The IRS taxes us at a marginal tax rate.
    For example $100k income going up to a $120k with the raise:
    You would be taxed at 10% for the first $10k then 12% for the 10k to 80k, and then 22% for anything over 80k (up to $170k). Approx numbers.
    So, you would be taxed 22% on your $20k raise, but not any additional taxes on base $100k income.

    • Sorry wrong it depends.

      Yes I get that it is tiered and in the end we are talking “effective tax rate” but again there is a sweet spot (for them) were most of a raise is consumed in the end. I have done the math before but don’t really have time to do it today for you.

      Your principle in your comment is correct however.

      • I would be interested if anyone wants to do the math to show me that a raise will only add 20% to one’s total net income.

        This “more income pushes me into a higher tax bracket resulting in almost no net income gain” is an excuse people use to NOT make more money.

        I understand effective tax rate. However I am almost certain my math and conclusions from my original comments are correct and there is no circumstance where “it depends”.

        • I also agree on the progressive income tax rates are often misinterpreted.

          I will say that it’s a cost/benefit ratio to be considered….is the extra work/effort to get the raise (net, after taxes on that additional income) worth it? Some employers/management try to use a small raise as though it’s a big thing for all the extra work/expectations.

          So I think that’s the real questions to ask are about the value of the raise.

          Will the extra work keep me from the activities and people I actually enjoy for the extra income (net)?

          Is the extra work an investment with a reasonable pay-off – now or the near future?

  2. I hear that a lot, “if I make more it’ll push me into a new tax bracket” but what people don’t realize it is only the dollars above that threshold get taxed at the higher rate, not all of it. But taxation is still theft.

  3. The Zeroth Rule:
    People with a wealth mindset look at this list and think ‘how can I use this to benefit me, my family & my tribe?’.

    People with a poverty mindset look at this list and think ‘how can I poke holes in this so I don’t have to do anything?’

    😉

  4. This is a little outside the argument…but there are (obviously) ways to increase your overall ‘wealth’ without increasing your ‘taxable space bucks’.

    Penny saved…instead of calling that plumber, learn to plumb…your labor will be taxed at a 0% rate. Same with those vegetables you grew or the fruit off of those trees you planted.

    Non space bucks trading of ‘services’…the IRS may disagree, consult your tax attorney =p

    This is of course AFTER you have ENOUGH space bucks…and I’m not saying ‘do it all yourself’…but you might want to do/try things out…if nothing else you get a better idea of what you SHOULD be paying people to do things for you (how hard is it? how much do you NOT want to do it?)

    & it wall also help you out should space bucks become less available (good ‘habits’ to develop)

  5. Poverty mindset doesn’t necessarily coincide with low income. I know folks with great income, 5x median, that still operate with that mental barrier. That’s the issue, I listened to the podcast 2x, printed out the list and posted it over my office desk.

    Thanks, Jack.

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