Make $32K A Year? If So, You’re Richer Than 50% of American’s and That’s According To The IRS!
IF YOU’RE IN NETWORK MARKETING AND YOU HAVEN’T GONE INTO “HYPER PROSPECTING MODE”, YOU’RE MISSING THE BOAT TO FINANCIAL FREEDOM. THERE HAS NEVER BEEN A BETTER TIME TO BUILD A NETWORK MARKETING BUSINESS! USE THIS INFORMATION WITH YOUR PROSPECTS AND WATCH YOUR BUSINESS GROW!
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Top 1% of US earners, collectively, make nearly twice that of the bottom 50% OF American tax payers combined!
· The top earning 1% ($388,000 or higher) of taxpayers in America make 22.06% of all income reported to the government.
· That's almost twice the 12.51% of total income earned collectively by the lowest-earning 50% of workers, which represents 68 million.
· Yes, 1.4 million taxpayers claim 22% of income earned while 68 million (earning less than 32K a year) share just 12.5%.
56% of all wage earners (meaning the 9 to 5 slave train employees), pay more in Social Security and Medicare taxes than they do in income tax – which represents money they’ll probably never see again!
A third of Americans have no emergency savings, according to the National Foundation for Credit Counseling, and 57% of those who have a fund don’t have enough in it. It takes an average 4.5 months to find a job. So a good rule of thumb is that you should have three to six months of living expenses in the bank.
How does your income stack up?
The 2006 IRS tax data also makes it easy for you to know how your income stacks up against that of your fellow citizens. The numbers show that an income of just $31,988 or more puts you in the top half of U.S. taxpayers. Earning a bit more than twice that much — $64,703 — places you among the top 25% of all wage earners.
· You crack the elite top 10% if you earn $108,905 or more.
· $388,807 buys top bragging rights: Earn that much or more, and you're among the top 1% of all American earners.
Before we proceed any further, Do you know where you’d need to be on your companies leadership / pay levels to get into the top 10% income bracket of all Americans……. You should!
Clearly "employees" (salaried workers), at higher income levels pay the greatest share of taxes, especially when one consider all of the "loop-holes" that are in place for business owners, which can reduce their tax burden immensely (sometimes by over 70%), through "pre-stated" income tax deductions. This means that business owners can write off costs before establishing their taxable income, thus significantly reducing their tax burden. Next time you hear the tax relief hype being thrown out by political parties on giving tax breaks to people earning less than $32,000.... Consider the real math. That tax group only pays 3% of the overall tax bill! A strong recommendation to high salaried employees (those who earn over $80,000)..... Get ready to look for every possible way to secure a tax write off. UNCLE SAM DEFINATELY WANTS YOUR MONEY!!!
LET’S TALK TAXES AND ANOTHER GOOD WAY TO BUILD YOUR NETWORK MARKETING BUSINESS:
If you're a business builder, find a CPA and make sure you have an LLC or S-Corp setup. Most of the time the LLC will be your best bet. I strongly recommend that you shop around for your tax professional and tell each one that you interview, that you will offer him/her the opportunity to be promoted to your entire group. But there's a catch, they must be part of your organization to get this reward..... Think I'm kidding, No Way! If they want your business and access to an established group of home based business owners, they absolutely need to be in your business.
Not sure where to start looking for a quality CPA? Type "Angies List" into your internet search engine. This website offers a great source for all kinds of business owners (are you thinking potential prospects?), so make sure to check it out.
RESCUE PLAN APPROVED, YET STOCKS FALL! September job losses are the worst in 5 years. Stocks finish their worst week since Sept. 11.
Treasury Secretary Henry Paulson remarked the other day that this is a "humbling time" for Americans. The American way of life is under pressure.
Forbes Magazine outlook on the future - Forget about an early retirement unless you "Start Your Own Business Now". Business owners are likely the only Americans who can realistically retire early with true wealth.
OK, YOU HAVE ENOUGH AMMO IN THIS ARTICLE TO SIGN ANY “INTELLIGENT” (NOTICE I SAID INTELLIGENT), PERSON UP. YOU HAVE THE RARE ABILITY TO OFFER A TRUE RAY OF SUNSHINE TO MOST OF YOUR FRIENDS WHO ARE ABSOLUTELY FINANCIALLY TERRIFIED RIGHT NOW. AND RATHER THAN THE DOOM AND GLOOM THAT THEY’RE ALL HEARING RIGHT NOW, YOU CAN TALK ABOUT TAX SAVINGS AND BUILDING A RESIDUAL INCOME!
YOU CAN SHOW THEM THAT IN JUST 12 MONTHS TIME (AND IT COULD BE A LOT LESS THAN THAT IF THEY WORK HARD), WITH REASONABLE "PART-TIME" EFFORT, THEY COULD CREATE THE EQUIVALENT YEARLY RESIDUAL CASH FLOW OF WHAT THEY WOULD EARN PASSIVELY IF THEY COULD FIND A BANK TO PAY 5% INTEREST ON A $1,000,000......THINK THAT'S CRAZY?
IF YOU CURRENTLY HAVE $1,000,000 IN AN INVESTMENT FUND THAT EARNED A SOLID 5% (BANKS ARE ONLY PAYING 2.5% ON AVERAGE), THIS WOULD PRODUCE A RESIDUAL, OR PASSIVE INCOME OF JUST OVER $4,000 A MONTH OR JUST UNDER $50,000 YEARLY. SO IF YOU’RE NETWORK MARKETING BUSINESS EARNINGS ARE IN EXCESS OF $4,000 A MONTH, YOUR BUSINESS COULD BE SHOWN AS A MILLION DOLLAR ASSET ON YOUR PERSONAL FINANCE SHEET. IF YOU’RE EARNING HALF THAT, LET’S SAY $2,000 A MONTH, THAN YOU’VE BUILT A $500,000 ASSET!!!
IF YOU EVER WONDERED WHAT TYPE WEALTH COULD BE PRODUCED WITH YOUR NETWORK MARKETING BUSINESS FOR YOU AND YOUR FAMILY, THIS SHOULD HAVE EFFECTIVELY ANSWERED THAT QUESTION. WHY DO YOU THINK WARREN BUFFET (THE RICHEST PERSON IN THE WORLD), OWNS 5 NETWORK MARKETING COMPANIES!
THE ONLY REAL QUESTION THAT REMAINS IS THIS: ARE YOU WILLING TO PAY THE PRICE (2 TO 5 YEARS OF HARD WORK), THAT’S REQUIRED TO BUY YOUR FAMILIES FINANCIAL FREEDOM?
YOUR PARTNER IN SUCCESS,
KEN EGGLESTON
FOUNDER, 500K SUCCESS TEAM
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