How the rich get rich [Long]

This is a discussion on How the rich get rich [Long] within the A Brief History of Cprogramming.com forums, part of the Community Boards category; is it me or does it seem like Australia has a high tax rate?...

  1. #16
    Bob Dole for '08 B0bDole's Avatar
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    is it me or does it seem like Australia has a high tax rate?
    Hmm

  2. #17
    Banned nickname_changed's Avatar
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    Apparently it does, something like 45% for people over AUD$60,000 P.A. No tax till you earn over $15,000 I think.

  3. #18
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    Why work 8-10 hours a day (like most of the middle class) 5 days a week (plus working from home, plus 1.5 hours travel, not to mention overtime)
    Very few jobs are both high paying and part time, the main one, of course, being self-employment.

    if you can spend a little time learning how money works and doing a little investing and building your assets and work half as much?
    Learning how money works is helpful for practically anything. But people are not going to be able to work half as much unless if they double their return on their investments. I don't see how this is possible.

  4. #19
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    Quote Originally Posted by okinrus
    But people are not going to be able to work half as much unless if they double their return on their investments. I don't see how this is possible.
    Or they half their expenses. Or actually acquire assets. The majority of people don't even have any assets - "my house is an asset!" they'll say. But it's not, it's a liability because it's costing you money. (I know in accounting/banking sense its technically considered an asset, but take a step back)

  5. #20
    train spotter
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    Before you get too carried away remember one thing....

    RISK

    Risk is the probability your investment goes down in value rather than up.

    Land never goes down in value.
    Property occasionally does.
    Shares do regularly.


    >>Apparently it does, something like 45% for people over AUD$60,000 P.A. No tax till you earn over $15,000 I think.

    It changes in 2005 to 47% on income over Au$70,000.
    $6,000 tax free.

    So at $50,000 you pay 24% tax

    Company tax is a flat 30%.


    >>But it's not, it's a liability because it's costing you money

    Ahhhh.....No.

    If so my 'liability' has increased in value $250,000 in the last 5 years (and cost me $75,000 in interest, rates and repairs).

    It has saved me $60,000 in rent (based on a similar property in the area).



    Just like 'margin lending' shares (using current owned shares as collateral to buy more shares), interest paid is a tax deduction, called 'negative gearing'.

    I write software for share trading.
    I don't own any shares.....
    "Man alone suffers so excruciatingly in the world that he was compelled to invent laughter."
    Friedrich Nietzsche

    "I spent a lot of my money on booze, birds and fast cars......the rest I squandered."
    George Best

    "If you are going through hell....keep going."
    Winston Churchill

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