Building wealth isn’t about how much money you make, it’s about how much money you keep. One of the biggest factors in how much you get to keep is directly related to how much of your income goes to taxes. On this episode of the “Sharing the Illumination Wealth” podcast, we discuss 5 types of income that are available to you and the different ways in which they are taxed.
Warren Buffett has famously said that he pays less tax this his secretary and shared in a New York Times op-ed how his tax rate was significantly lower than 20 of his employees who make far less money than himself as the 3rd richest man in the world.
The tax code favors certain types of income and it’s your responsibility to learn how to build those into your wealth plan in a strategic manner. At the end of the episode we share one action you should take after your taxes are prepared so you can get to the reality of your tax situation and make improvements from there.