Learn exactly what the “Wall Street mindset” is.
The truth is, Wall Street needs you to live your financial life according to their rules.
You won’t find the “Wall Street mindset” as a term in a Webster’s dictionary. Rather, it is a collection of idea’s that we as consumers have been told so many times we accept them as truth. As you know, Wealth Without Wall Street is a shift in mindset more than anything.
In this episode, we will challenge your brain to think differently.
Have you ever heard of “The Revenue Act of 1978” that our government created? Do you have a qualified plan (401k, IRA, SEP, etc.)? If so, you are partaking in their brilliant act to generate future tax revenue.
The hype around qualified plans is that you:
- Get to write off deductions today
- Will defer the tax of the contributions to another date (when you access the funds)
Have you ever heard this from your financial advisor?
Wall Street commonly teaches the idea of taxes being lower upon your retirement.
Let’s take a deeper look at why this may not be true with some basic tax write-offs you may not be able to take advantage of upon retirement age:
- Home mortgage interest (assuming your home is paid off)
- Children (assuming they are out of the house)
- Earned income credit
- Qualified plan contributions
- Business expenses (assuming you sold the business)
On top of these, you may eventually change your filing status to single causing the rates to skyrocket.
As it relates to your finances, why would you want to do things differently than everyone else?
Following the herd is comfortable.
However, the fact of the matter is the majority of people you know are not getting ahead financially. The definition of insanity is continuing to do the same things over and over again while expecting different results. The hamster wheel effect.
Unfortunately, hundreds of thousands of people go to work every single day just to earn a paycheck to pay the bills and hopefully accumulate enough to “retire on”. What genius Wall Street marketer came up with the accumulation idea, anyway?
Challenge yourself on this. What is appealing about building up a number only to begin depleting it upon retirement? What if you want to take a trip with your spouse to Europe, but your funds continue to drop? What if you run out?
Wouldn’t it make more sense to put our money in places that accrue wealth WITHOUT having to work for it? In places WITHOUT Wall Street?
Almost 10 years ago, the idea of “there being a better way” hit us and nearly a decade later we are preaching our message via Wealth Without Wall Street.
Learn this and more in today’s episode of The Wealth Without Wall Street Podcast.
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