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Who Wants To Be A
Millionaire?
Yesterday a nice couple
won $239 million in the
lottery. It was the
second biggest lottery
win in history. The wife
was a little shaken. The
husband was as low key
as paint drying on a
porch swing in the
middle of summer. No big
deal. He was going to
keep his job for a while
just so he could get
used to the thought of
the money.
Let's face it, $200 mil
IS a big pile of
Benjamins. Most people
can't even imagine
having $1 million.
That's a problem. And
that's the topic of
conversation today.
Every Sunday morning on
the A&E Channel is a
show called "America's
Castles". My wife likes
to watch it, and I'm too
lazy to argue. It's
actually quite fabulous.
Each week they showcase
the old mansions built
at the turn of the
century by America's
millionaires. Back in
the day when $1 million
actually bought you
something.
It's hard to imagine
making a million dollars
until you actually get
there. Note I said "make
a million" as opposed to
"win a million". Two
very different things.
But the problem is the
same. It's really not
very much money any
more.
Don't get squeamish on
me. A million really
isn't enough. A million
is not enough to quit
your job, and it's not
enough to retire on
safely. Most people
don't believe me, and
that's why currently 8
out of 10 Americans
retire at or below the
poverty line.
Check out this madness.
Let's play a little
game. Let's say you have
a great job paying you
around $100,000 a year.
Technically in most
major cities you're
middle class. Not rich,
maybe a nice house in a
nice neighborhood, two
leased cars, and if
you're somewhat careful
with your money, you're
fairly comfortable.
Your boss pats you on
the back one day, says
he's happy with your
work, and gives you a
MILLION DOLLAR BONUS!
Holey moley, your ship
has come in! Or has it?
In my province of
Ontario, the top income
tax bracket of 46.4%
hits salaries above
$105,000. That's
you....BAM! Right off
the top they clip
$464,000 in taxes.
Your bonus is now
$536,000.
The stock market is
insane, the real estate
market is overvalued,
and there is a bubble in
commodities. You play it
safe and put the
remainder in a
Guaranteed Interest
Certificate (GIC) paying
3%. Better safe than
sorry, right?
A year goes by at the
old job. You glance over
at your bank statement
and are somewhat
displeased to find that
the original
million-dollar bonus has
thrown off a whopping
$16,080 in interest.
Well whoop de do!
Wait, it gets better...I
mean worse.
You can't quit your job
with 16 grand coming in.
So that interest is
still taxable at the
high rate....BAM! There
goes $7,461 in income
tax.
Your original
million-dollar bonus is
throwing off a stellar
$8,619 in after tax
income. Sure hope
inflation doesn't climb
back up to 3%....in
which case your real
return is zero.
Is it really that bleak?
I say it's really much
worse. People are
getting hammered in the
markets, on their credit
card debt, and every
time they turn around
someone has a hand in
their pocket. I am truly
scared for the masses of
people out there.
Here's an ominous
prediction. The next 20
years are going to see
millions of sick, broke
people like the world
has never seen. Prepare
yourself not to be one
of them.
How?
Wrap your brain around
this. You start a little
network marketing
business for $150 on the
side. Within a year or
two it pays you $300 a
week. Plus you have the
home-based business tax
deductions of thousands
of dollars yearly.
Pulling in $15,000 a
year in your MLM gives
you more than that $1
million salary bonus....
Makes you think, doesn't
it? Will it make you
value your business a
little more?
I appreciate you!
David Ledoux
Author:
The Ultimate MLM
Blueprint For Massive
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