Mika
VIP Contributor
You might have been born poor but you have the capacity to die rich. Sadly, a lot of people are doing things that are making them poorer.
Saving Money in Banks: When you save money in banks, the value of your money will go down due to inflation. You also get a meager return which otherwise would have given a better return when you have invested.
Buying Liabilities: If you buy a house to live in, you are buying liabilities, if you are buying cars, you are buying liabilities. You will have to spend money to maintain your house or car. However, if you buy a house that you can rent out or buy a car that you can rent out to uber, you are buying assets.
Working for Earned Income: Do you know job holders are the highest taxpayers, they pay a lot of taxes on their payroll? Instead of working or earned income, try working for capital gains or passive income, which have lower tax rates.
Saving Money in Banks: When you save money in banks, the value of your money will go down due to inflation. You also get a meager return which otherwise would have given a better return when you have invested.
Buying Liabilities: If you buy a house to live in, you are buying liabilities, if you are buying cars, you are buying liabilities. You will have to spend money to maintain your house or car. However, if you buy a house that you can rent out or buy a car that you can rent out to uber, you are buying assets.
Working for Earned Income: Do you know job holders are the highest taxpayers, they pay a lot of taxes on their payroll? Instead of working or earned income, try working for capital gains or passive income, which have lower tax rates.