invest your money on your own...
Pay your bills and minimize them. Buy silver UD coins in bags and rolls, .22 caliber ammo in bricks of 500 and .22 caliber revolvers that use them. Useful trading items. Glass bottles of whiskey. Food items with long or unlimited shelf life. Learn useful skills to be valuable to a group who want to thrive and survive. Good side hobby activities.
I’m not sure how one goes about that, if you work on a W-2, you are paying social security taxes, if you work on a 1099, your income gets reported, and then you pay taxes.
Are you suggesting not funding a 401K plan ??
I would say a 401K is a good investment decision to make, especially if your employer has any kind of program that matches some percentage of your contributions, until you withdraw the money you control where investments are made with that money, yes you get taxed when you withdraw the money, but investments return prior to any withdrawals are not taxed.
It’s nearly impossible to avoid paying taxes on investments, the key is to delay the taxes and minimize their impact.
” young people to NOT donate to their retirement accts”
Strong disagreement.
Unlike wages, most types of retirement accounts are safe from various types of legal predation.
The best advice I have is
-Open up a brokerage account and self-managed Roth IRA.
-Put all spare and available funds into it paying the taxes up front.
-Roll that snowball using a good index fund or daytrade to build faster growth.
TMK only a ROTH IRA protects your savings and retirement.
Retirement accounts (IRAs) when self-managed can easily surpass the rate of currency debasement (inflation).
Stay ahead of Inflation. Otherwise - Doomage
cherry wrote: “if I knew then what I know now, I would advise young people to NOT donate to their retirement accts because they are never truly yours...the govt taxes you when you take it out and when you have to take some out to pay property tax or other bills you income goes up and then you don’t qualify for anything like stimulus, or property tax relief....”
And if that means forgoing employer matching....
I agree that you should also invest money on your own but you should participate in your employer's retirement plan at least up to the amount required to get your maximum match.
Only max out your before tax accounts to the tune of the matching provision, if there is any. Put the rest in after tax accounts and leave them alone. Avoid rebalancing where you have to pay taxes on any gains until much later. Up and down the market will go, you probably aren't good enough to time it. Follow the advice of Bogle and Buffet.
—> because they are never truly yours...the govt taxes you when you take it out and when you have to take some out to pay property tax or other bills you income goes up and then you don’t qualify for anything like stimulus, or property tax relief....
100%
There are permanent tax breaks to use.
Why settle for deferring to ordinary income (highest taxed category of income) later??????
Most people never frame that thought.
Congratulations!🏆