Financial Excellence

25 May Myths vs. Truths – The Truth About Tax Deductions

- Exposing the false beliefs of the financial world Myth: You should avoid paying off "good debts" like home mortgages so you can get a bigger deduction on your taxes. Truth: Making any financial decision based solely on the amount of a tax deduction is a really, really bad idea. This is really a matter of simple math. For most of us, taxes take 25 to 30 cents of every dollar we make. So spending money for the sake of a tax deduction means you are willing to spend $100 to save $30 in taxes. So in a practical example, if you have a $100,000 mortgage at 6% interest, you are paying roughly $6,000 per year in interest to the bank to avoid sending $2,000 to the IRS. Where does that make sense? The truth is we are so afraid of paying taxes that we over-rationalize to ourselves until we are convinced that it makes sense to borrow money to save on taxes.
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24 May The One Minute Millionaire – the Enlightened Way to Wealth

Book Review: The One Minute Millionaire by Mark Victor Hansen and Robert G. Allen. The One Minute Millionaire I just finished reading The One Minute Millionaire - the Enlightened Way to Wealth by Mark Victor Hansen & Robert G. Allen. I was loaned the book by a good friend of mine and I let it sit around on my nightstand for way too long before reading it. I've often said that how you think about your situation can make the difference between success and failure. The One Minute Millionaire echoes that thought and takes it to a whole new level by introducing an entire system for changing your thoughts and beliefs about money and building wealth. One of the unique things about the book is that it's actually two books in one. The authors took the time to write the knowledge portion of the book in a "normal" self-help book format. Then they applied the same concepts in a fiction novel based on real-life scenarios. So by having two books in one, The One Minute Millionaire appeals to people of varied reading styles and preferences. A few key thoughts I liked about the book:
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