> Working for yourself means you can earn less income than a normal salary and still make more due to tax reasons.
When I clicked through to his "money" link, it was a category for his blog where he posts multiple posts per day on making money online. All with clickbaity headlines. Hard to take this seriously.
Edit: Ah yeah, he's selling money making courses and ebooks. This is complete spam.
The other answer that could fit the premise is a solo 401k, for the higher pre-tax contribution limit than a standard employer 401k.
I'd be surprised if there was really anything substantial besides those.
It really makes me wonder who needs telling “If the person you’re with is rude to people, they might not be a nice person”.
People who generally don't think of service people as people, perhaps
Any links for actual useful and rarely shared cheatcodes/heuristics for a positive life?
It shouldn't be the way it works, but unfortunately it is in many places. In the UK it's definitely significantly better to have your own company than be a PAYE employee.
Even without being creative at all, instead of working, paying tax and then using your post tax earnings to give your kids money, just hire them. Instantly you get another 12k tax free (or whatever the tax free allowance is). Not to mention all the stuff you can expense, being more creative with how you pay yourself (dividends have a different tax rate) etc.
He's definitely right that being self employed gives you more flexibility about how you pay taxes.
It definitely shouldn't be this way though. Just another way for the rich to keep the poor down.
"The world wants you to be normal. F*ck being normal. That’s when being extraordinary becomes impossible."
"Watch how people treat service workers. It tells you a lot about their character."That is, I'd expect people who use vulgar words gratuitously to be rude in general.
One interpretation is that this person is narcissistic but they are also Machiavellian and knows they'll be judged for how they treat service workers.
> Taking things for granted is a slow demise into madness. Be grateful.
Either this guy doesn't understand how income tax works, or I don't. (Or he's just lowkey recommending tax fraud)
At least in the UK:
* Dividends pay less tax than income.
* Any work related equipment is a deductible expense. Includes computer, mobile phone, etc.
* A company car, particularly an electric one, is much cheaper than buying a car as a private individual.
Those are just the basics.
I know "everybody and her mom" is doing it, but it's still fraud. If you get caught it could have quite bad consequences.
What you're missing is tax deductions.
when you operate as salary, you get no deductions and pay maximum taxes.
When you operate as sole proprietorship you can deduct 'business expenses'
Business travel and parking? Deducted.
Any new gadget or widget? Deducted.
It doesn't create new money, you have to still earn the money in the first place, you can't go buy a porsche but you'll be surprised at how many things you can get away with at least partially deducting and when you do this to a full extent. You end up paying little to no income tax. You take home more while earning less.
For number 6, any details on avoiding taxes? Are they in a different jurisdiction? My experience is that self employment taxes (FICA), and the need for benefits makes it so you cannot earn half as much and still take home more.
We set up a solo 401k let us max out tax-deductible contributions on the employer side as well as the employee side, which is great for our early retirement plans because we have a much higher limit than if we were contributing to a typical employer’s plan. We are also able to work part-time without forfeiting our ability to participate in the plan, unlike a lot of employers which only offer retirement accounts to full-time employees.
We also realized that at least in our state, the income threshold for qualifying for state-sponsored health care is based on adjusted gross income. Our ability to contribute so much of our income to pre-tax retirement accounts means that we can qualify for health care despite earning significantly more, as long as we’re putting all the extra into the retirement accounts. We have to keep our spending low to be able to save that much, but that’s in line with our FIRE goals anyway.
Not an accountant, so I'm likely not perfectly stating the point.
> 36. When you stop having big dreams that’s when you’ve died, despite not being buried yet.
Any 26yr olds care to chime in? Are there people that get something out of this? What's that like?
I reckon that this post resonates with exactly who he’s describing in the title: Twenty-somethings (predominantly male), who are looking for advice that would give them (theoretically) a ten-year head start on whoever doesn’t read this post?
selling a self-help book.
> Are You Operating With Maximum Energy?
> For those who are tired of dragging through the day, who want to get back the fire they once had, who are ready to reclaim your natural energy… this is your book.
Edit: Don’t even waste your disk space.
The updated post at age 46 should be pretty funny.
> At 26 I had a closed mind, eating disorder, and thought I was smarter than Einstein. At 36 I’ve come a long way.
Mmm.
Not in the US in my experience. Switching from full time to contract/1099 work was a nightmare for me. You have to file and pay quarterly expected income tax payments. If you want to maximize retirement savings (401k etc) or even just get good healthcare you have to do all kinds of machinations to create a business with yourself as sole employee, etc. and increase the tax burden, filings and paperwork even more. It's an enormous burden and I honestly would rather just work full time instead of deal with this stuff.
"People who like pseudo-profound quotes are not so smart, science says" [1,2]
[1] https://qz.com/566050/people-who-like-pseudo-profound-quotes...
> Stop being so freaking busy. Prioritize 2–3 goals and ditch the rest.
Tripped over this one haha. If I tell someone I'm busy it's because I have prioritised 2-3 goals and am ditching them.
> 20. The best life experiences make you nostalgic later on.
Oh really!
> 21. Taking things for granted is a slow demise into madness. Be grateful.
Gratitude. So insightful.
Flagged.
https://kk.org/thetechnium/103-bits-of-advice-i-wish-i-had-k...
This is an awful statement in so many ways.
If you're affected by mental illness please don't think that you're the problem. Or that it can be solved by thinking less about yourself. Even if it's the case, it's likely just a symptom, not the cause of your suffering.
You can get yourself out of depressive phases with repression and 'everything-is-awesome-actionism' but it will probably come back to haunt you. The depression wants to tell you something but you have to listen to it, not give it a pep-talk.
Maybe his ways are right for him. But almost every single point can have a detrimental effect on somebody with a mind that works differently.
I hate the way these articles tug on the part of yourself that already shames you anyway for not having 'figured it out'. Even if you know you shouldn't listen, you can't help but feel a little worse after reading it. At least that's the way it is for me. I don't even read this type of content anymore but I felt like I needed confirmation on why I avoid it. Boy did I get it.
Now that I've read it I need to articulate my thoughts and feelings to get it out of my system. It's not to be 'a hater' who wants the author to pay taxes. I wish him all the best and hope that his house of cards doesn't come crashing down again.
Maybe these types of content creators are in kind of a pinch. Even if some part of him feels like he might do a disservice to certain people, he can't really write it out. It would be 'off-brand' to not write in absolutes and it would take away from the persona who knows it all. (Because despite saying he doesn't think he knows it all he comes off very much as someone who thinks he knows it all. 'Cheat codes'...)
But I'm pretty sure this type of content is more damaging than helpful to most people. You can't really 'teach' life. If you know a lot about a person and his circumstances you can point them towards options they haven't considered. But that's about it.
Most self-help is a scam. They sell dopamine. You feel good while reading it (if you believe in it) and making plans, but as soon as your brain is back to homeostasis you see that nothing has changed. I've seen it a dozen times in dozens of people.
The only good literature in self-help is the one that actually identifies a real problem that holds you back and helps you solve it. (Trauma, ADHD, bad relationships, stress for example)
While I agree that work is needed...James 2:17 says faith without work is useless...that comment was straight up uncalled for.