So here’s the bottom line: Stop leaving money on the table. Capture your lost passive income:
1) Pay a visit to HR. Ask to update your W-4 Form: Opt to have your taxes NOT withheld.
2) Calculate your taxes (pad the amount, especially if based on prior years).
3) Deposit this amount into an interest-bearing account ASAP: Make sure you don’t spend this money!
4) Pay your taxes on time. Check with your financial counselors: You may have to file quarterly (which can be automated).
5) Brag to your friends. And do them a favor: Show them this article.
After all, we pay for convenience. If this is too much work for you, then allow the corporation to earn passive income on your hard work, for nothing. But there is a fundamental shift going on: The powers that be are expecting us to become more financially literate and responsible.
Pensions are already a relic; Medicare is in shambles. Private savings accounts are inevitable. Banking only on your job income is financially stupid. We have to create multiple streams of income: The more passive, the better. The sooner you start, the better. Get used to it; have fun profiting.
 | ||||||
|
|
|
||||
|
|
|
|
| ||
|
|
|
||||
| ||||||
