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And the 8 types of millionaires; which do you want to be?
Go to school, get a good job, get a lovely house, get a nice car, and invest in the stock market long-term to build wealth. Essentially go to school so you can earn a middle-class lifestyle and give into materialism as most people do.
The problem with this mainstream strategy is that you’re committing yourself to work for someone else most of your life. Not only that, but you’re giving away much of your money to the government via taxed income.
Many people desire to be a millionaire – even you probably do since you’re reading this article.
My question to you is, which kind of millionaire do you want to be?
Based on this book, there are eight primary types of millionaires that earn income in different ways. However, most are taxed the same – at a high rate, losing hundreds of thousands of dollars every year to the government.
Do You Want To Throw Your Money At Government?
If you have a problem throwing your money away at government entities, you probably want to be millionaire #8; this type of millionaire holds onto more of their income and pays less in taxes.
The Government Doesn’t Know How To Manage Money
When you give money to the government, what do you think they do with it? Mismanage it. Why do you think America is in such a massive deficit? Our government does not understand fiscal responsibility.
Social Security Program Example
The government funds “hand-out” programs for people who don’t want to be producers (business owners and investors) themselves but instead want to depend on the government since they paid taxes into these programs (i.e., social security) most of their W-2 working careers.
The problem is that the government can’t afford these programs, and we can’t depend on the government. We all know social security may not be around in the near future. So many people currently in retirement receiving social security are struggling every day.
There’s nothing wrong if you choose to depend on the government for your income, but leaving your financial future in the government’s hands can be a limiting way to conduct your life.
The average Social Security retirement benefit is $1,563.82 per month, according to the Social Security Administration (SSA). The maximum is $3,240 per month for those who start collecting at FRA and are high earners for 35 years (Investopedia).
1. Millionaire Employee
2. Millionaire Sports Star
3. Millionaire Movie Or Rock Star Or Entertainer
4. Millionaire Entrepreneur
5. Networth Millionaire
6. Capital Gains Millionaire
7. Lucky millionaire
8. Cash Flow Millionaire – The Best Option **
Learn more about the eight millionaire types here.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.