H&R Block At Home Offers Free Online Tax Prep for Simple Tax Situations
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Contributing Author: Gabriel Nelson
It has been reported that it is now significantly harder for the middle class to get rich than it was in the 1980s, and the gap between the rich and the poor has widened.
With more money in the hands of the wealthy, the rich then have more power and say over the things that happen in the world.
But, how do the rich become that way?
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Female CEOs in large companies are on the rise, like Marissa Mayer, CEO of Yahoo and Sheryl Sandberg, the new CEO of Facebook.
Those with little to no education and those without a wealthy background seem to have easily jumped the gap from being unable to afford groceries to making millions in a single year.
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How did they get to the top, and what adversity did they overcome?
It is because they have a particular way of seeing their situation and taking control of it.
They exercise mindfulness, i.e. they see their situation in a nonjudgmental way and that allows them to take control of it.
Build Wealth with Good Investments
It takes money to spend money, yet you have to make sure that every time you spend money it is an investment for your future
Assets in business terms mean that your return will be higher than what you paid.
An asset can be a home or a car, and if a home has a renovated attic, basement or room over the garage then that can be rented out. With the new rent money you can get ahead on your mortgage or pay off debt.
This can be seen as a good investment, and people who get rich off of their wits can take a situation and turn it into an asset.
By changing the way you see things, you can change the way you begin to do things and this often puts extra cash in your pocket.
Liabilities and Backtracking
One of the worst things you can do for yourself when you are trying to get ahead or make it big is to put your time, energy, and money into a situation where you will not get a higher return.
For example, you buy a house where the attic or basement was renovated to be rented out, but you don’t use it for that purpose, or for any purpose, and it just sits there.
This is considered a liability and these types of situations take money out of your pocket.
You bought the house and it serves only half of its purpose, thus preventing you from making any extra money.
Change your mindset, and you can change your situation.
Learn the Basics of Financial Planning
It is amazing how many people go through life without learning the basics of financial planning.
Do you really save for the future, create a realistic budget, and stick to it?
Many people think that getting by is just the way life is, instead of thinking that living within your means can actually help make you more money.
Basic financial planning means don’t buy anything you can’t really afford, such as a newer bigger house or a new car.
Financial planning allows you to set aside a predetermined amount each month for bills and then buy all the extra little things.
Efficient financial planning allows you to pay down your debt first and fast, because it’s nearly impossible to accumulate money when it’s still going down the drain.
Tax Breaks During Tax Season
Every year millions of dollars in tax breaks go unclaimed because citizens incorrectly file their tax returns or miss out on tax breaks.
The IRS is practically giving away money but people in the middle to lower class forget that tax season is an easy way to make money and then invest it wisely.
If you don’t know anything about taxes talk to a trusted tax preparer, accountant , or lawyer.
Again, I say, change your mindset and you can change your situation!
That means you need to make sure that you have more income than you have outcome. I can help get you started, but it will have to be YOU to make the ultimate choice.
Good luck!
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