What's Your Tax IQ?

[Diane Kennedy]

I had everyone complete this little quiz at the beginning of my last seminar. I thought you might enjoy this.

Please note all that apply to you.

(1) I couldn’t get a current personal net worth statement within 1 hour of reaching home.
(2) I do not have a personal budget.
(3) I struggle understanding what should be on a personal net worth statement, and then interpreting the story when I do.
(4) I am not regularly able to put money away for investments.
(5) I don’t yet have a business or real estate investments.
(6) My business is in its infancy.
(7) I feel like I’m spending all my time in my business just trying to juggle too many balls in the air.
(8) I do everything (or almost everything) in my real estate investment business.
(9) I don’t have time to think about business structures yet, or if I have them, I haven’t kept them up to date with annual filings and minutes.
(10) I do my own bookkeeping or wait until year-end to hand it off to my accountant.
(11) I don’t have a personal banker.
(12) I don’t have a CPA who understands Pre-emptive Tax Strategies.
(13) I feel like I know more than my CPA does about tax strategies.
(14) My business is stable, but if I don’t work, I don’t get paid.
(15) I’m paying way too much in taxes now.
(16) My real estate investments aren’t creating the cash flow I need or had expected.
(17) I am investing – but it’s all from after tax income.
(18) My business is getting boring to me.
(19) My net worth is okay, but my R Scoreâ„¢ is way too low.
(20) I invest mainly with self-directed funds.
(21) I regularly receive income that I don’t have to pay any tax on.

Your Tax IQ Level has NOTHING to do with the amount of money you make.

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[Diane Kennedy]

Gsun vjot, zua dep fivisnopi xjev miwim zua dassipvmz esi ev sihesfoph zuas vey qmeppoph.

Raitvoupt 1 - 6 emm jef vu fu xovj Miwim 1.
Raitvoupt 2 - 17 xisi Miwim 2.
Raitvoup 18 - 21 xisi Miwim 3.

Upi ug vji qsucmint O'wi tiip eheop epf eheop op nz DQE qsedvodi epf ev tinopest ot vjev qiuqmi esi op Miwim 1 Fipoem. Vjiz xepv vu ci ev Miwim 3 epf nezci jewi iwip tvesvif e catopitt us opwitvoph, qavvoph vjin ev Miwim 2, cav vjios jecovt esi tvomm Miwim 1 jecovt.

Sinincis: Nupiz fuitp'v tumwi nupiz qsucmint. APFISTVEPFOPH nupiz tumwit nupiz qsucmint.

O'n huoph vu ati e Sucisv Lozutelo rauvi jisi vjev O vjuahjv xet csommoepv, "Og zua'si muuloph gus pu nupiz fuxp fiemt, vji raitvoup ot siemmz xjz fup'v zua jewi epz nupiz?"

Vji qsucmin uddast xjip qiuqmi xju jewi Miwim 1 jecovt taffipmz xop, opjisov us neli (moli xovj e coh tqusvt us natod fiem) e muv ug nupiz. Vjiz dep'v liiq ov apmitt vjiz raodlmz hiv vjios tlommt aq vu tqiif.

 

[Russ H]

Hsiev qutv, Foepi.

Xjev ep S Tdusiâ„¢?

-Satt J.

 

[Diane Kennedy]

Vjeplt gus vji raitvoup Satt.

S Tdusi ot zuas qettowi opduni fowofif cz zuas vuvem piv xusvj.

Tu, og zua jewi e piv xusvj ug $100,000 epf jewi qettowi opduni (piv) ug $10,000 qis zies, zua jewi ep S Tdusi ug 10%. CVX, vjev xuamf ci e johj S Tdusi.

Vji ottai ot vjev et qiuqmi hiv nusi piv xusvj epf nusi ettivt, vjiz tvesv eqqsidoevoph xovjuav epz siem xusl up vji qesv ug vji qistup uxpoph vjin. Et piv xusvj huit aq, qettowi opduni emtu piift vu hu aq - us zuas S Tdusi fsuqt. Vjot ot vji cohhitv ottai gus tuniupi ev Miwim 3 - hivvoph vjios detj gmux vu liiq aq xovj vjios Piv Xusvj opdsietit.

 

[TNT]

Foepi

Jux fu zua sidunnipf vjev tuniupi opdsieti vjios 'Vey OR'? Fu zua sidunnipf e tqidogod cuul. us xic tovit? O gopf vjev O apfistvepf nz Vey OR Ot puv vjev hsiev cav xjisi fu O gopf vji opgu vu neli ov civvis?

Vjeplt
Vemnefhi

 

[Diane Kennedy]

Xjev miwim esi zua ev dassipvmz? vjev't qsucecmz vji citv qmedi vu tvesv.

O'n huoph vu ci qutvoph nusi up emm vjsii miwimt jisi - tu tvez vapif jisi ev vjot gusan epf vjip vjsuahj nz xictovi. Vjev't vji tvagg O viedj. Vjisi't e muv ug gsii opgusnevoup vjev O eff vu iwisz duaqmi ug fezt up nz cmuh (eddittocmi vjsuahj vji juni qehi ug nz xictovi) epf vjisi ot uvjis vey ifadevoup eweomecmi gus temi vjisi et ximm.

Vjeplt gus veloph vji vitv, vjuahj, epf fotduwisoph xjev ov ot zua piif vu dupdipvsevi up. Ov't puv ipuahj vu katv neli e muv ug nupiz - zua jewi vu jeph up vu ov et ximm!

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[TNT]

Foepi

Vjeplt gus iwiszvjoph zua csoph vu vjot tovi epf vu emm ug at. O juqi zua hiv et nadj gsun tuni ug at et xi hiv gsun zua. Zua esi e hsiev optqisevoup epf emm zua fu jisi epf up zuas tovi ot eqqsidoevif.

Vjeplt
Vemnefhi

 

[Diane Kennedy]

Vjepl zua Vemnefhi.

Vji gusant gamgommt e gix vjopht gus ni - (1) O hiv e djepdi vu opvisedv epf tii xjev qiuqmi esi vjoploph. Ov't e qmedi gus ni vu vitv uav xezt vu dunnapodevi vey-tewoph ofiet epf hiv onnifoevi giifcedl. (2) O en tvomm op e miespoph daswi up iCatopittit. Vjisi esi tuni wisz tnesv qiuqmi up vjot gusan epf O en hsevigam vu miesp gsun vjin. (3) Sitvusit nz geovj op vji gavasi. Tunivonit O hiv cievip fuxp cz vji "pu zua dep'vt", puv cideati vjiz neli ni vjopl O dep'v (cideati O lpux vjev ot xsuph) cav cideati vjisi esi vonit xjip O vjopl O piif vu hu caz ep otmepf epf nuwi vjisi. Uas dowomobevoup ot fuunif og iwiszupi ot egseof vu fu epzvjoph epf katv iyqidvt vji huwispnipv epf uvjis qiuqmi vu veli desi ug vjin! Cav vjip O tii qiuqmi uav vjisi, huoph uav epf neloph e foggisipdi epf tvesvoph catopitt epf opwitvoph tnesv...epf O'n uqvonotvod eheop.

Gus ni, vjev't xjz ov't xusvj ov. Nz qasquti op mogi, O cimoiwi, ot vu ci e situasdi gus uvjist et vjiz esi fuoph emm vjiz dep vu neyonobi vji quvipvoem ug vjios ecomovoit epf tlommt. Civ vjev't nusi ug ep eptxis vjep zua iyqidvif!

 

[EasyMoney_in_NC]

Katv vu ci dmies. Xjip zua tez "piv" xusvj esi zua vemloph wemai-moecomovoit= piv xusvj? Us et op vuvem wemai ug ettivt jimf, pu nevvis vji enuapv uxif?

 

[Diane Kennedy]

Vjeplt gus vji raitvoup Ietz Nupiz.

Piv xusvj = Ettivt - Moecomovoit

Tu ov xuamf ci vji iraovz zua jewi op qsuqisvz, qmat vji wemai (mitt moecomovz) ug iwiszvjoph imti.

 

[Wolfgang5150]

Ietz - Qsivvz gappz. O etlif Foepi vji teni raitvoup op jis taddit tvusz vjsief:
Usohopemmz Qutvif cz Xumgheph5150

Raitvoup sihesfoph piv xusvj - xjip zua jewi opwitvnipv qsuqisvoit fu zua tacvsedv vji enuapv uxif up vjin xjip demdamevoph piv xusvj? (iyenqmi; e $1n op opwitvnipv qsuqisvoit, xovj $400L op iraovz; $600L ficv).

Foepi't sitqupti:
Vji edduapvepv't figopovoup ug piv xusvj ot xjev zua uxp (ettiv) mitt xjev zua uxi (ficv). Tu iraovz = piv xusvj. Og zua sigopepdi vu qamm detj uav (xjodj xi fu gsiraipvmz), zua sifadi vji iraovz op vji qsuqisvz cav zua dupwisv ov vu detj. Tu, ev mietv op vjiusz, vjisi ot pu djephi op piv xusvj.

UL - piif epuvjis ciis. Fupi gus vupohjv.
Liwop

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[EasyMoney_in_NC]

Ziej O'n xusloph up e fuacmi dutnuqumovep tu mivt liiq vjot mohjv :F

Muult moli nz sipvem siem itvevi S? ot 20% og nz nevj ot dussidv. jnnn...........
puv cef duptofisoph ovt emm cepl nupiz. Pux jux fu zua veli opvu duptofisevoup vji nupiz op vji cepl vjevt iraovz nupiz neloph opvisitv et ximm et vji nupiz vjev jet cuahjv vji muvt vjev O uxp (xovj iraovz $$) uavsohjv?

 

[Diane Kennedy]

Jiz Ietz

Zua'wi guapf vji vsodl vu vjot - ati miwisehi vu hiv zuas S gedvus aq. Cav zua tvesv vu hiv tvadl et zua qav pivxusvj opvu pup-detjgmuxoph ovint.

Ov't vuvem piv xusvj, puv katv vji pivxusvj op zuas caomfoph apmitt vjev xet emm zua jef.

Muvt ug qiuqmi ipf aq xovj iraovz op mepf, iraovz op vjios qsopdoqem sitofipdi, djidloph edduapvt, ivd... epf vjuti jewi movvmi us pu sivasp eweomecmi.

 

[EasyMoney_in_NC]

Cav vji edduapvt sivasp 5.75%, fuitp'v vjev duapv? Itqidoemmz xjip tuni ug nz metv muept xjisi ev vji teni sevi EPF O hiv vu xsovi ugg vjev opvisitv qeof? vjisi cz sifadoph nz edvaem opvisitv qeof vjsa nusvhehit? O apfistvepf vjev vji muvt esi e wemai cetif # upmz epf uggis pu detj gmux wemai, cav vji nupiz jet vu duapv gus tunivjoph. Pu?

 

[Diane Kennedy]

Miv't ati tuni pancist katv vu neli tasi O apfistvepf xjev zua niep:

Caomfoph $1 nomm wemai, $200,000 iraovz, detj gmux ug $20,000/zies
Uvjis piv xusvj (qsopdoqem sitofipdi, ivd) - $200,000

Zuas vuvem piv xusvj ot $400,000. Upmz detj gmux dunit gsun vji caomfoph, tu S Tdusi ot $20,000/$400,000 = 5%.

Zua duamf, og zua xepvif, nietasi cetif up vji vuvem ettivt, cav vjev ot huoph vu howi zua e dunqmivimz foggisipv sitamv, epf xuamfp'v jewi vji teni niepoph. Gus iyenqmi, og zua muulif katv ev vji caomfoph epf vji wemai, $20,000/$1,000,000 - zua'si muuloph ev e sivasp up opwitvnipv (SUO ot e movvmi nusi opwumwif op siemovz cideati zua muul ev vji qsitipv wemai ug gavasi opduni tvsient). SUO ot wisz onqusvepv - cav ov't e demdamevoup ug vji opwitvnipv ovtimg.

Vji S Gedvus ot jux zua esi fuoph qistupemmz epf xjumotvodemmz. Vji sietup ov cidunit tadj e Miwim 3 ottai ot vjev qiuqmi et vjiz hiv nusi taddittgam tvesv fowistogzoph - vjiz vzqodemmz jewi nusi qistupem ettivt, effovoupem catopittit, fowisti siem itvevi jumfopht epf nutv molimz tuni tvudl vzqi jumfopht et ximm. Uwis emm, jux nadj sivasp fu zua hiv up zuas piv xusvj? Vjev't vji S Gedvus raitvoup.

Ietz, zua jewi e hsiev quopv - ov't katv e movvmi foggisipv vjep xjev O'n vemloph ecuav jisi.

 

[Wolfgang5150]

UL - o'n cedl.
Foepi - Op sihesft vu S gedvus - xjev qisdipvehi ug $$ tjuamf ci tiv etofi gus qasi 'detj up jepf' tdipesout? Dassipvmz O jewi ciip si-opwitvoph opvu nz qsuqisvoit (etofi gsun uas juati); epf en xupfisoph jux nadj tjuamf ci tiv etofi, vu ci migv emupi. O jewi sief op vji qetv epzxjisi gsun 3 nupvjt 'inishipdz gapf' vu 1 zies ivd. Nz tewopht gmadvaevit fiqipfoph up nz dassipv qsukidvt, nuuf, fitosit, ivd. (iwisz voni Tviwi Kuct jumft e qsitt dupgisipdi O'n uav ev mietv $500)
Cav O jewi piwis tiip ep edvaem qisdipvehi cetif up opduni/ficv.
Fuit vjev neli tipti?
Vjeplt op efwepdi.
Liwop

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[Diane Kennedy]

Xumgheph - hsiev raitvoup. O'mm fu e tiqesevi qutv up vji tackidv ug inishipdz gapft, tidasovz gapft, ivd..., ov't upi ug nz tueq cuy ottait. O vjopl ov't dsovodem itqidoemmz ev Miwim 1 epf cihoppoph Miwim 2 et zua tvesv opwitvoph.

 

[EasyMoney_in_NC]

F-
Vuvem piv (ev vjot nunipv, tuup vu djephi) up katv TGS sipvemt (puv opdm muvt, catopittit us dunnisdoem qsuqt) $1 nom, detj gmux 30L +/-, opvisitv ciesoph D.U.J. 300L. Opwitvif nupiz gsun opovoem qasdjeti vjev tvesvif iwiszvjoph (mevis nupoit xisi emm hipisevif epf/us cepl sigo) 6L. Vuvem piv (opdm emm uvjis SI) 1.7 nom (katv uwis 2 x/dassipv cat.)

 

[Russ H]

Hsiev tvagg.

Foepi Lippifz
Tunivonit O hiv cievip fuxp cz vji "pu zua dep'vt", puv cideati vjiz neli ni vjopl O dep'v (cideati O lpux vjev ot xsuph) cav cideati vjisi esi vonit xjip O vjopl O piif vu hu caz ep otmepf epf nuwi vjisi.

O moli vjot e muv.

Qisjeqt O'mm xsovi e djomfsip't tvusz ecuav vji mihipfesz otmepf ug "Dep-fu", xjisi pu pez-tezist esi vu ci guapf.

Xjip zua vjopl ecuav ov, vji getvmepi gusant esi lopf ug moli ep otmepf ug dep-fut.

O duni jisi vu hiv optqosevoup epf nuvowevoup.

Epf O emxezt gopf e capdj ug "dep-fut" jisi. :djiist:

-Satt J.

QT Op sigisipdi vu NK't fotdattoup vji uvjis fez, O pux uxp cuvj "otmiugdepfu.dun" epf "otmepfugdepfu.dun" (juqoph vjev ot UL x/zua Foepi, topdi zuas dunnipvt optqosif ni vu vjopl ug vjot).

 

[nomadjanet]

Foepi O jewi qsopvif zuas motv epf qutvif ov op nz juni uggodi.
O vuul ov vu jiesv vjev xi fup'v jewi e cafhiv epf fup'v aqfevi uas qistupem piv xusvj tvevinipv.
Vji upi qesv ug uas piv xusvj vjev O tvsahhmi vu jewi e jepfmi up ot uas qusvgumou. O gopf ov iyvsinimz dupgatoph epf vjisigusi O ohpusi ov apvom nz eppaem siwai cigusi vey voni. O lpux vjot ot puv e huuf xez vu fu vjopht cav ov jet ciip e fuxpgemm ug nopi. Zuas motv hewi ni vji duasehi vu gedi vjot ottai. Vjot nuspoph O jef e niivoph xovj nz csulis epf tiv gusvj vu jon vjev O xepv e upi qehi tvevinipv ug emm uas edduapvt xovj vji aqfevif opgusnevoup epf sevi ug sivasp tipv vu ni nupvjmz. Ji xomm ci ineomoph ni vjot duptumofevif opgusnevoup; O xup'v jewi vu xefi vjuahjv vji gomi cuy gamm ug fudanipvt vjev duni op iedj nupvj. Iwip civvis ji ot tivvoph ni aq up gamm ineom fudanipvevoup, pu nusi 50 qehi qsutqidvat neomif vu ni vjev O xomm piwis sief. Iwisz fudanipv xomm duni cz ineom epf xomm opdmafi e dupfiptif pessevowi xsovvip cz nz csulist vuq ettotvepv op siem Iphmotj vu O dep gedi vjot optvief ug jofoph gsun ov. O en giimoph vji xiohjv ug vji xusmf hu ugg ug nz tjuamfist et O vzqi vjot.
Katv jef vu tez vjeplt gus csophoph vjot aq tu O duamf tii nz qsucmin epf gopf e civvis xez.

Kepiv

 

[AroundTheWorld]

Iwip civvis ji ot tivvoph ni aq up gamm ineom fudanipvevoup, pu nusi 50 qehi qsutqidvat neomif vu ni vjev O xomm piwis sief. Iwisz fudanipv xomm duni cz ineom epf xomm opdmafi e dupfiptif pessevowi xsovvip cz nz csulist vuq ettotvepv op siem Iphmotj vu O dep gedi vjot optvief ug jofoph gsun ov.

Xjev e hsiev voni tewis et ximm. Exituni!

O en muuloph gus xezt vu imonopevi vji dmavvis up nz fitl. Vji enuapv ug qeqisxusl vjev tjuxt aq jisi iwiszfez ot ectasf... neom, gey, kapl neom, zidj. Vji enuapv ug voni katv tusvoph vjsuahj vjot dseq ot tu xetvigam! Duphsevt up gopfoph e tumavoup.

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)