Ever wish you learned more about investing, managing money, taxes, etc. in school? Well this has been my “Seriously!?” thought for some time now. I grew up in a middle class neighborhood, typical families that get by working the typical 9-5. I was always under the impression that if I want to be successful in life then I need to be working those hours and more! I remember in high school over summer break I was working 4 jobs just to accumulate as much money as possible to get a “head start in life”. You can imagine the disappoint I felt when I found out that was a lie. Yes, working 9-5 for some will let some families live comfortably, but that’s not what I wanted. I wanted to learn how the super wealthy make money work for them. As I continued to research how the super wealthy think, I realized that how I though it was done and how it really is done is totally different. For example, did you know that when you finance a home your mortgage interest can be written off as a tax deductible, as well as your property taxes, PMI, and accumulated points? These super wealthy people are not letting the money sit in their accounts to be taxed, they invest in property. With the property as an asset (potentially a way for them to make more money) and tax deductibles, they are letting their money work for them. Investment property, second family home, or even a little condo that could be rented as an Air BNB, it can all be used to potentially cut the amount of taxes you pay. Don’t let your money sit in the bank, make it work for you. That is the super wealthy secret.
