The two biggest wealth thieves a person will encounter are tax deductions and lawsuits. Taxes work against you by chipping away at your wealth. These include federal income taxes (deducting up to 39% of your income), state taxes (deducting up to 9.6%), and self employment or social security (over 15.5 %.). The average American is paying 42-55% in taxes. Ironically, the wealthiest people in the U.S. are paying only single digits taxes. Rest assured, because there is something you can do about this, and it wont cost you the $500/hr that these wealthy people are paying for tax tips from their specialists.
Next, lawsuits are the other evil. This is not the slow reduction of your wealth as with taxes. It is the sudden confiscation of the money you worked hard to build. You can literally fall from the top of the totem pole to the bottom of the barrel overnight. I believe there are no winners in lawsuits because even winning a lawsuit takes up time and money that will set you back. Once again, you can protect yourself by learning how to structure yourself properly. You can “bullet-proof” your assets. You can even avoid lawsuits all together.
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