Retired tax professional tells how the rich get rich and how you can too
As a retired tax professional still registered with the Department of Treasury, these are the ten tips that I saw wealthy clients and clients of clients use to maintain and grow their wealth. I worked for high-end CPAs and Attorneys during tax seasons and experienced wealth firsthand.
Most of my tax clients (Taxes Will Travel - San Francisco Bay Area) made appointments for me to visit their homes or offices after working hours or on the weekend. This left me with the time to earn a substantial hourly wage working for CPAs and Tax Attorneys.
One. Rather than eating out frequently or upgrading your car, house, or wardrobe yearly, live modestly and save significant money.
In fact, for women, employing the capsule wardrobe is a great way to save on the cost of clothing while still looking stylish. This works for men as well.
Two. Investing and saving should be prioritized, no matter the personal cost.
Three. You should always pay yourself first without fail. Automate a small portion of your income to go towards savings and investments each month.
Four. Compound interest can work wonders and greatly increase your wealth over time.
Five. Stay invested during market downturns and focus on your portfolio's overall trajectory.
Six. A financial advisor can help you create a customized financial plan, choose the right investments, and make informed financial decisions, especially if you're just starting out.
Seven. Read books, listen to podcasts, and attend workshops to expand your financial knowledge. The more you know, the better prepared you'll be to make smart financial decisions.
You can also join the channel's Membership to learn how to use low-cost investments to create a monthly income while lowering your taxes. ($2.99 a month - Over 40 videos are available so far)
The eighth tip is to pay off your debt. High-interest debt is a major drain on your wealth.
Nine. Make sure you diversify your income streams. Don't rely solely on your salary for income. Start a side hustle, invest in rental properties, or create online content for businesses or individuals.
Ten. Automate as many of your financial tasks as possible, such as bill payments, savings transfers, and investment contributions.
Ingram is slowly traveling the world in the Caribbean when this article is published, as she places tax savings tips into digital format on more than 40 videos, all easy to understand and less than five minutes long. She has over 10,000 tax students on Udemy and has decided to include educational information in the channel's membership program.
