Download e-book for kindle: Automatic Wealth: The Six Steps to Financial Independence by Michael Masterson

By Michael Masterson

Masterson, a self-made millionaire, attracts upon his personal studies and that of specialists in particular fields (retirement, making an investment, genuine property) to provide a whole software on reaching monetary independence. prepared round 5 key ideas, the writer exhibits readers easy methods to elevate their source of revenue and proceed to avoid wasting for the long run; tips to stay extra very easily; find out how to achieve fairness in a enterprise that would offer an source of revenue move for the long run; the right way to purchase actual property and the way to take a position the remainder of your funds. The booklet will supply particular steps together with how you can advance wealth-building behavior, locate the fitting company to speculate in and the way to enhance a 3 to 15 12 months plan to arrive millionaire prestige.

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Additional info for Automatic Wealth: The Six Steps to Financial Independence

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This is universally true, but it’s especially true when the goal is to build wealth. You can’t control the economy. You can’t predict the markets. You can’t ultimately protect yourself from disaster. But you can make yourself richer tomorrow than you are today. There’s always something you can do. Work an extra hour in the morning. Work another extra hour before you go home at night. Sell an extra widget. Start a partnership. Cook up a moneymaking idea. Remember, every dollar you earn today is more valuable than a dollar you earn tomorrow—because of the value of compound interest.

What’s more, as they continue practicing those lifelong good money habits, it’s very possible they can achieve a fortune in the millions of dollars during their 30s or 40s—even if they never make a great deal of money in their chosen careers. And while your child is quietly and methodically securing his or her financial future, he or she will be mastering life-long money skills that will enable them to further grow that nest egg into over a million by age 38 . . and between $9 million and $10 million by the time they’re ready to retire at 55!

Rules will change over the next 20 years. But remember, income from municipal bonds and distributions from Roth IRAs are tax free. Qualified stock dividends are now in a lower bracket. A rough but easy way to estimate the required pretax income to support your lifestyle is to assume that your tax obligation will be approximately 20 percent to 25 percent of your income. That should still be true even if you are in a high-income-tax state. ) To determine your expected gross income (pretax), take the estimate that you just made of what your lifestyle will cost and divide it by (100 − tax rate).

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