Rich keep getting Richer because they do these 2 Things
This is a question many people get. Why do the rich keep on getting richer?. It is because god has given them a one up against everyone else or maybe it’s just plain luck. Years of scientific studies have shown us that the rich (self made, not handovers) have one very specific thing in common. This thing that anyone can master and apply to their own lives in a matter of seconds.
The way the rich are actually growing their wealth is through a handful of tax saving shelters. Many of these methods may seem illegal, but if you happen to ask a lawyer, they’ll say that they are 100% legal. Here’s why the rich are getting richer:
Captive Insurance Company:
Insurance is something you already have. But did you know that you could own your own insurance company? Any business that has a risk of losing money can be classified as an insurance company.
The beautiful part about IRAs is that you can put money in them and save money on taxes, although that’s true, the rich usually avoid traditional IRAs.
No state income tax:
This is one of the most common ways the rich save on taxes…they move to a state with no state income tax.
Invest in gold:
The rich are worried about inflation or devaluation of the dollar. The best way you can protect your assets against the above scenarios is to switch a portion of your cash into gold.
Commercial real estate:
One of the best way to decrease your tax rate is to own depreciating assets. One of the easiest assets to depreciate is a commercial building as you can write it off over time, typically, a 39-year period.
Spend money wisely:
Rich people are smart spenders. Learning how to become rich is just as much about how you spend your money as how you get it. Shop around before buying anything online or in the store. Plenty online stores offering free shipping and returns, so you don’t lose anything if you decide you don’t want or need the item.
The goal for everyone should be to try to get richer themselves. Not to complain about how the rich are getting richer.