Do Rich People Pay More Taxes?

There have been so many insane statements made about taxes and the rich over the last couple of years. In fact, a lot of attention has been allocated towards the wealthy and how they “game the system”.

Many people have heard stories about Donald Trump not paying any taxes at all and demanded he share his tax returns with the world. Some of those same people are pushing to tax anyone who makes over $10 million yearly at a 70% income tax rate.

This isn’t a political support statement or an opinion on whether or not Trump should share his tax returns, it’s just a fact. With this fact comes controversy, and we love controversial topics here at Incite Wealth.

So…it’s time we addressed everyone’s lingering question, “do rich people pay more taxes than your average Joe”?

To clarify, the rich blatantly pay out more in taxes on a dollar for dollar basis. For example, if a wealthy individual has $1 million in income for the year, and their effective tax rate is 25%, they pay out $250,000 in taxes that year. If a normal, every day salaried employee makes $100,000 in a year with the same tax rate they will only pay $25,000.

This concept is relatively straightforward.

More often than not, the wealthy, if also a salaried employee, would be in a much higher tax bracket at this income level. However, wealthy people are intelligent. Wealthy people also understand their finances and have taken the time to either hire someone who knows tax law or learn it their self. When you are educated on taxes you are typically able to make smarter decisions throughout the course of the year that can actually REDUCE your effective tax rate. The bottom line is, wealthy people pay less taxes from a percentage standpoint than the average salaried employee.

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When Is It Time To Hire a Freelance Writer?

Everyone that has ever broken into the online business world has at one point felt a bit overwhelmed by the amount of content creation required to keep your website relevant on the web.

Constantly writing new posts or articles every single day can be time consuming and take you away from a lot of important things in life.

Even the word count required to make your content relevant in the search engines can be a constant uphill battle. Consistently producing 1500+ word articles can really take its toll on even the most seasoned website writers.

At some point, one has to wonder “when is it time to hire a freelance writer?”

There’s a lot that goes into hiring a freelance writer, and you don’t want to make the decision to do so too early…or too late for that matter.

Let’s talk about some of the key metrics that scream you’re not quite ready to hire a freelance writer.

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Are Credit Card Consolidation Loans a Scam?

The average amount of consumer debt racked up on credit cards is around $7,000 and climbing.

That being said, credit card consolidation is a rapidly growing industry. If you have a credit card, you are likely getting constant offers for some sort of consolidation program.

More often than not, you are trading one evil (unsecured consumer debt) for another (secured debt with collateral attached).

The big question surrounding these types of consolidation offers is whether or not credit card consolidation loans are a scam, or if they are providing a very valuable alternative to the massive consumer credit debt that over a million individuals in the US alone have incurred.

Since we primarily focus on building generational wealth, it’s important to note that this determination may be heavily influenced by long term income and wealth building goals, not short term solutions to reduce interest rate.

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Why The FIRE Movement Is A Death Trap

Don’t die in the FIRE.

Oh the FIRE movement. You are probably here because you have heard about this amazing movement that will allow you to achieve “Financial Independence, Retire Early”.

It’s likely you’ve been drug into the depths of Reddit searching for the silver bullet that will lead to riches in your 30s.

Maybe you’ve stockpiled 300 pounds of Top Ramen in preparation for this “living below your means” adventure you are about to embark on.

Unfortunately, the huge proponents of the FIRE movement don’t understand some very important financial fundamentals of life and personal finance… and it seems they might also be failing to take into account quite a few key points that I’d like to discuss in this article.

If you want to understand more fully why the FIRE movement itself is really just a giant death trap, keep reading.

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Where To Find Royalty Free Photos For Your Website

Photos, hard to find but necessary for anyone who owns and operates a website, YouTube channel, acts as a social media influencer, or anyone who just has any sort of online presence.

You may be just starting your blog, maybe you’re an affiliate marketer like me. Whatever the case, it’s likely you yourself are not a professional photographer. Therefore, you need free stock photos for your website.

The hard part is finding the right place for high quality photos that actually relate to the topic you are dicussing.

As a content creator you don’t want to display photos that aren’t relevant, this can detract readers, listeners, or viewers from the message you are trying to portray. The old addage “pictures are worth 1,000 words” is definitely applicable in the online space.

You likely just came here looking for the best place for find royalty free photos for your website so I’ll cut to the chase.

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How To Get Rich Slowly But Surely

Most everyone on the internet these days likes to try and sell you on some surefire way to get rich quick, however, as soon as you fall for their newest gimmick and they sell you on a ridiculously overpriced product, you realize that getting rich overnight is just not a reality. No worries, I’ve been there too.

I understand that you may be arguing the standard “What If” scenarios here. Let’s face it, the odds of winning the lottery are around 1 in 302 million. Seems pretty slim to me, and I don’t exactly have $302 million to put up to guarantee that I pick the winning number combination.  Even if you do, you better hope that you don’t end up having to split the pot with some other lucky sucker out there or you may be net negative pretty quickly.

The beginning of this article may not be exactly what you want to hear, however, I can offer you something much more rewarding, the basic knowledge needed on how to get rich slowly but surely.

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The Best Business Books For 2019

There are thousands of books out there that cover a wide variety of topics on business. Some of the top books I have seen in recent years dive into topics like creating passive income online, building a business with no money, e-books on establishing a social presence, effective management skills, and the more general how to succeed in business.

While all of these topics are great topics to learn, do you really need a book to explore all that field has to offer? Not really.

I went on a search recently to discover the best business books for 2019.

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The Best Investment Opportunities For 2018



As the New Year is now in full swing, you may be reconsidering your current financial situation and may be interested in pursuing new investment opportunities.

Here is my unique take on the 4 best investment opportunities for 2018 and why you should be focusing on these key items over the course of the year.

Short List of Opportunities:

  1. Real Estate
  2. Exchange Traded Funds
  3. Cryptocurrency
  4. Personal Education

Let’s break each of these down and talk about the potential benefits of sinking additional funds, including that 2018 tax return, into one of these categories.

Simply click one of the items in the short list and read all about why that option is a great investment opportunity for 2018.

Disclaimer: The above references an opinion and is for information purposes only.  It is not intended to be investment advice.  Seek a duly licensed professional for investment advice.

3 Key Things You Should Be Doing Now To Achieve Financial Freedom Later

You are probably wondering how to achieve financial freedom in the future. The struggle to achieve financial freedom is one that plagues households all over the world so you are not alone. The idea behind living financially free consumes many people and they ultimately spin their wheels because they have no guidance on how to set themselves up for success.

In order to help you not get distracted by all the fluff and empty promises offered by the “get rich quick” gurus out there, I have compiled my personal list of 3 key things you should be doing right now in order to achieve financial freedom later on in life. These are real life solutions, not some magic formula that will make you millions overnight.

1. Get Out Of Debt

One of the biggest problems in society today is the abundance of debt that consumes individuals. You can never achieve financial freedom, and ultimately entrepreneurial success if you do not get yourself out of debt.

If you are currently in credit card debt (one of the most common types of debt), you must dedicate your time and efforts to getting rid of this debt.

If you are in student loan debt, read my article on how I paid off my nasty student loans in a little under a year.

If you owe a mortgage or maybe have a small car loan out, that is acceptable because some debts are too large to pay in full in any short amount of time. However, make sure that you can refinance or have your rate lowered so that you can afford the most important step (step 3) that I will talk about below.

The biggest problem with people in excessive debt is that they can’t get help escaping this debt. If you do need help, I highly suggest you find a program that suits your needs.

I have found a program that I recommend that has helped thousands of people fight off debt collectors, credit card companies, and even allows people to keep their homes. In fact, many people end up getting paid out after using this service. With a 60 day risk free trial period it is more than worth it to see if you can truly make money and escape your debt at the same time.

2. Educate Yourself

Many people think that the only way to become educated these days is through rigorous schooling. This is not true at all. There are so many ways to self educate especially with the accessibility of internet resources these days.

If you are struggling to make money, find a job, or struggling with life in general…A few good reading materials and the right platforms for education can really help. I can say from experience that attending a university will teach you a ton of information in one specific field.

However, attending a university doesn’t teach you everything you need to know to make it in life. It doesn’t teach you how to be an entrepreneur when you have absolutely no money starting out. It doesn’t help you to make money online, or even to build yourself an excellent resume that will land you a job.

Self education can teach you everything from networking skills, to technical skills that you may need in the future. In addition, there are always certification courses offered online that will allow you to build yourself some credibility when applying.

The more you learn the more valuable you become. You can also use the things you’ve learned to teach other people. This is one of the fastest growing markets on the web and the creation of digital content is quickly becoming one of the best ways to make money this day and age.

If you have ever wanted to work from home, land the job of your dreams, or become financially free and see your goals become realities, then it is necessary that you learn as much as you can.

Don’t just learn from every resource out there. While learning a large quantity of information can be helpful, you want to tailor your self-education to topics that will benefit you or that really fine tune your interests and passions.

A main interest for me was online marketing so I have now built multiple successful websites just by educating myself and leveraging resources like Wealthy Affiliate and Affilorama.

3. Invest Your Earnings

One of the hardest things out there is figuring out where to invest money. With thousands of different options including real estate, online business, the stock market, private investments, or advertisement it is hard to know what will generate you more revenue in the future.

You should never be sinking your money into items that depreciate. Necessities are understandable but make sure that you are investing your earnings in things that will end up making you more money in the long run. One of the easiest things to invest is your tax return. Check out some solid suggestions on what to do with such a large lump sum.

There is also some importance to understanding how to create a variety of income streams for yourself. I’ve managed to create 7 forms of income for myself and some are definitely more profitable than others. Did you know that the average millionaire has a minimum of 5 forms of income? This seems like a lot but after you break down all the different possibilities of where to invest your money you will quickly realize that it’s not too hard to attain.

Why These 3 Things Will Lead To Financial Freedom?

It’s hard to imagine that three simple elements like this can contribute to the ultimate goal of financial freedom but they certainly can. When you remove debt from your life you are essentially removing money leeches.

Debt accumulates and perpetuates and can keep you from turning what you earn into more money. When in debt you are just paying out all the money you work hard to earn in the first place. If you want to be financially free this model is not sustainable.

When you finally pay off all of your debt you will then be able to spend the same amount of money you were spending on debt on investments instead.

The second point of self education is important because if you don’t teach yourself how to properly manage your money and adjust your life to propel yourself forward, you will not achieve financial freedom as you hope to.

By investing a large majority of earnings now you can see huge potential for earnings in the future. Making more money on the money you are currently bringing home is the only way to be truly financially free.

Eventually you may find a program or outlet that will allow you to make money from anywhere in the world or make money while you sleep. This is the ultimate goal and true luxury lifestyle.

Financial stability is not to be underestimated. This allows a legacy to be created that you are establishing the pillars for in your lifetime. Work hard now so that your children’s children will have the life that they dream of. In the end, you will likely have the life you dream of as well.

If you have any questions or comments for me, feel free to leave them below. I would love to talk about any struggles you may be having and see how I can help.

How To Pay Off Student Loans In Less Than A Year

There are millions of Americans out there struggling with extreme student loan debt. Everyone is pressured into going to college these days and quite frankly, it costs a fortune. Graduates are faced with the looming payback period and don’t really understand just how much it can influence their personal finances.

I have personally paid off all of my loans, and have come up with a guide to pay off student loans in less than a year. If you want to learn how to live debt free, and do it as soon as possible, keep reading.

I managed to take care of all my loans and you can too.

The Effects Of Student Loans

Student loans can really take a toll on you if you aren’t careful. Student loan debt across the nation is, according to Mark Kantrowitz editor at FinAid, growing at a rate of $3,000 per second.

While in college a large majority of people forget about their loans completely. They see a check come in and take care of their tuition but are not conscious of the total amount of the loans that is perpetuating until they suddenly have to pay them back.

I have seen so many friends go to school for 4-5 years, take out the maximum allowable on student loans, and be stuck with $50-100k worth of debt upon graduation. This can be overwhelming depending on the average salary for your major.

Would you invest in a house that is guaranteed to be worth less immediately after you buy it? No. So why would you invest in an education paying out a ton in loans that isn’t worth it from a salary standpoint when you finish.

Most graduates these days don’t even manage to find a stable, well-paying job right after school. I know you might be thinking, what about the grace period? Well, 6 months is hardly a grace period, especially when some of those loans are still racking up interest behind the scenes.

If you really think about how much student loan debt you are in, it is probably enough for a down payment on a house, or enough to pay cash for a nice car. Wouldn’t it be nice to be a millennial, or any age and be able to actually own the place you live in?

The harsh reality is, student loan debt can actually ruin your chances at ever buying a home.

This is not because they tear down your credit, but because even $60k worth of student loans can add up to a $500-1000 payment per month depending on what you earn. In some states, this is a mortgage.

If you do use the pay as you earn option that many lenders allow, you will just be stuck paying more interest on those loans as time goes on.

Granted, refinancing options are available, but when I tried to refinance through SoFi I was given a rate that turned out to be the average of the rates I had initially had for each individual loan.

This doesn’t make sense as now I’m just consolidating multiple loans into one giant loan with the same crappy rate. Then the pay as you earn option flies right out the window.

One key concern that should be brought up when discussing potential loan consolidation options is that you are then removed from any potential forgiveness programs, or PAYE (Pay As You Earn Programs).

Although these programs might not be the most lucrative in terms of interest… there are some other benefits to them.

These programs are important because they allow you to lower your overall payment month to month and help you tackle individual loans ultimately using the methods outlined in this article without being burdened by too giant of a payment.

Any extra payment you make during this period is counted as overpayment and reduces your timeline to payoff which is the ultimate goal.

It should be noted that, sometimes these personal loans can be tied to some form of collateral. Ultimately, your 401k, home, car, whatever you use to pledge your allegiance to paying off this loan can be at risk.

Having these loans, both your traditional federal student loans and any potential consolidation or personal loan you take out can really hinder your long term movement towards generational wealth.

You’re probably feeling a bit overwhelmed by all the bad surrounding student loans, but that’s okay.

All the negative effects of student loans aside, there is a way to pay them all off and you can even do it very quickly.

I didn’t say this was going to be pretty, but if you take care of the evil veil of debt now, you will never have to worry about it again.

Steps To Pay Off Your Debt

1.Pay while in school. This one is the hardest for people, and you are likely taking out loans to afford school in the first place. However, if you have excess after your loans get paid out, or you make enough working part time that you can pay towards your loans.

Do it now! The future you will thank you. I made the mistake of not doing this. While I managed to pay off my loans in less than one year it was much more painful because I didn’t pay towards them while still in school.

2.Live below your means. You will likely have just graduated and see a huge pay increase from working down the street at the local deli for minimum wage. This doesn’t mean you can forget about your loan payments coming down the line.

Don’t inflate your lifestyle. Live in the same place, drive the same car, and eat like you are a broke college student for just a while longer. Don’t plan the expensive trip out of the country to go backpacking and gallivanting all over. You can do that AFTER you pay off your debts. Oh and quit buying clothes you don’t need.

In addition, stop hitting the bar every single weekend. If you step back and tally up how much you spend on alcohol each weekend, you will be horrified. This is the first thing I did and I cut my drinking to almost zero.

3.Create a plan. You need to know exactly what the maximum amount of money you can afford to pay on your loans per month is. I quadrupled my minimum payment on my $65k debt and paid directly to the principle balance with any excess.

I lived in an apartment well below my means with roommates for my first year. This allowed me to spend whatever I could actually afford for rent on  my loans.

However, I couldn’t do this without a plan. I had a strict budget that I had worked out, and I used multiple apps to keep track of my minimum expenditures. Mint and HelloWallet are both solid choices to download for budgeting.

4.Pay off the largest interest loan first. This has become commonly referred to as the Avalanche Method. As you begin to pay down loans interest can still stack up very quickly on any larger loans you have. If you get rid of these larger, high interest loans right off the bat, the accruals from the smaller, low interest loans will not cause you to drown.

Once you pay off the highest interest loan, go to the next highest and pay that off, but still pay the total amount you designated in your planning session above. To clarify, still pay the minimum on every single loan, just pay the excess to the principle balance on the highest interest loans.

5.Lump sums go to loans. This one is probably the hardest to stick to. I came into decent amounts of money randomly in returned security deposits that I had essentially forgotten about, large tax returns, and small bonuses at work.

Any time you receive a lump sum like this that you were not expecting, put it directly towards your debt. This money was not necessary, and usually you wouldn’t have thought twice if you didn’t have it. Pretend it never happened and knock down some debt with it.

I took my $12,000 tax return and applied it straight to multiple loans. It paid off 3/11 loans right then and there. Christmas bonus, same thing, paid off loans. Keep doing this and you’ll be shocked at the impact it will make on repayment.

6.Stick to it. One of the biggest problems with aggressively attempting to pay down your student loans is the fact that it doesn’t feel good. Sometimes you have to do things that don’t feel good in order to see the reward later. The light at the end of the tunnel is there let me tell you. You just have to keep moving towards it.

If you stop paying on your loans or drop back to the minimum you will quickly realize that the interest will once again catch up with you. There are many spreadsheets out there that can actually help you knock out these loans using my above method with little to no Excel experience.

Final Thoughts…

I have knocked out my own student loan debt and I am now saving to pay cash for a home using the same method. The fact of the matter is, if you are willing to do this for just one year in order to pay off your debt, why not stay hard at it for 2-3 in order to better setup your life for the future.

It’s not easy to be an entrepreneur, work a full time job, and focus on paying off all your debts. But let me tell you, it can be done and you will be a much happier person with much less stress because of it.

If you are stuck in limbo between jobs, this is the best time to pursue an online marketing career to supplement your future income. My personal favorite route to success is Wealthy Affiliate.