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swirlie · 31-35
I'm not a member of 'gen X', but I do own my own home outright and bought it without a mortgage about 5 years ago.
The only way I could do this at the age of 27 was from being self-employed. Yes, I went to university and then came out the other end with two business Degrees, neither of which I needed to become a business entrepreneur but which I only discovered after the fact. Go to school to become an employee, but don't go to school if you intend to be self-employed.
Going to university and getting a 'relevant' Degree which is one that forces you to learn something of tangible relevance, enables one to market themselves as a prospective "employee" in their field of expertise, which means you'd be working for someone who hires employees who have certain educational backgrounds.
A Bachelor of Arts Degree today (BA) is the equivalent of a high school graduation diploma of 30 years ago. What you were qualified to do with a high school diploma 30 years ago is all that you can do with a BA today.
One thing I've learned about employees in any line of work is that employees are not rich people, at least not rich by virtue of their employment, regardless of what that employment might entail.
The problem with 'employment' status is that the potential income from employment is "finite", not infinite. That is because employees work for an hourly wage or a fixed salary, both of which are known values before the work year even begins.
The only rich people I know are self-employed, corporate business owners, including those who don't have two sets of 'books' and those who pay taxes on time and have no problem sleeping at night.
When I became a business entrepreneur at 19 years of age while attending my first year of university, I did not know at the time that I did not need to go to university to learn how to run a business, even a business the size of Microsoft. Case in point, Bill Gates is a university drop-out and he advertises that fact during many of his lectures.
I went to university to learn how to run a business and the entire advanced education experience was a total waste of time and money, except for the academic social life I did experience which money cannot buy!
What I discovered from business ownership is that earning $90k per year in gross business income produces the same net income and associated standard of living as someone earning $200k per year from fully taxable employment income while working as an employee in executive management.
Anyone earning more than about $150k per year is working for 50 cent dollars, as they are in a 45% tax bracket.
Anyone earning more than $200k per year is in a 55% tax bracket, which means they give half to the government even if they earned $20k less!
The difference between an employer and an employee is that an employer is in business to sell a service or product, whereas an employee is only able to sell their 'time' to that employer and get paid an hourly remuneration for the sale of their time.
Time is a very cheap commodity and always has been. This is because everyone's got time to sell.
On the other hand, the value of a service or product has unlimited value, or at least has an undefined value which means it's value can be infinitely greater than the value of 'time'. That is why employees are never rich, but corporate employers typically are!
The reason I was able to purchase my own home without a mortgage at the age of 27 was because I sold a product and service and placed an outrageously high value on both, which rich people paid without questioning the stated value of either.
Rich people like to spend money and the more it costs, the more they want it and the more they are willing to pay for it. Therefore, never underestimate the value of your product or service because if you do, you will devalue your business and your business will fail by default.
If you overestimate the value of your product or service, you will add value to something that has no inherent value of itself and rich people will buy it because of the perception that YOU have created of it's value. This means that every rich person will want some and many of them can't get enough of it.
Household mortgages are designed for people who have no money today, maybe tomorrow but definitely not today when they need to buy that house.
Mortgages are designed for people who sell their 'time' as an employee to an employer in exchange for an hourly wage. Employees pay more in taxes than business owners do and contribute less to society than business owners do.
When you sell your time in exchange for money, you contribute nothing to society. You are paid to do a job and when that job is done, you go home at night. Apart from what you get paid to do, you contribute nothing beyond your employer's requirement for your presence each day. At the end of the day, you only did what you were told to do and what you got paid to do, that's it.
When you provide jobs for people who want to sell their time to you in exchange for money, you are contributing to society by providing society with jobs and you as an employer are then rewarded handsomely for your efforts in the form of infinite income that follows at a more favorable tax rate than what any of your employees pay to the government, including those who work for minimum wage.
The only way I could do this at the age of 27 was from being self-employed. Yes, I went to university and then came out the other end with two business Degrees, neither of which I needed to become a business entrepreneur but which I only discovered after the fact. Go to school to become an employee, but don't go to school if you intend to be self-employed.
Going to university and getting a 'relevant' Degree which is one that forces you to learn something of tangible relevance, enables one to market themselves as a prospective "employee" in their field of expertise, which means you'd be working for someone who hires employees who have certain educational backgrounds.
A Bachelor of Arts Degree today (BA) is the equivalent of a high school graduation diploma of 30 years ago. What you were qualified to do with a high school diploma 30 years ago is all that you can do with a BA today.
One thing I've learned about employees in any line of work is that employees are not rich people, at least not rich by virtue of their employment, regardless of what that employment might entail.
The problem with 'employment' status is that the potential income from employment is "finite", not infinite. That is because employees work for an hourly wage or a fixed salary, both of which are known values before the work year even begins.
The only rich people I know are self-employed, corporate business owners, including those who don't have two sets of 'books' and those who pay taxes on time and have no problem sleeping at night.
When I became a business entrepreneur at 19 years of age while attending my first year of university, I did not know at the time that I did not need to go to university to learn how to run a business, even a business the size of Microsoft. Case in point, Bill Gates is a university drop-out and he advertises that fact during many of his lectures.
I went to university to learn how to run a business and the entire advanced education experience was a total waste of time and money, except for the academic social life I did experience which money cannot buy!
What I discovered from business ownership is that earning $90k per year in gross business income produces the same net income and associated standard of living as someone earning $200k per year from fully taxable employment income while working as an employee in executive management.
Anyone earning more than about $150k per year is working for 50 cent dollars, as they are in a 45% tax bracket.
Anyone earning more than $200k per year is in a 55% tax bracket, which means they give half to the government even if they earned $20k less!
The difference between an employer and an employee is that an employer is in business to sell a service or product, whereas an employee is only able to sell their 'time' to that employer and get paid an hourly remuneration for the sale of their time.
Time is a very cheap commodity and always has been. This is because everyone's got time to sell.
On the other hand, the value of a service or product has unlimited value, or at least has an undefined value which means it's value can be infinitely greater than the value of 'time'. That is why employees are never rich, but corporate employers typically are!
The reason I was able to purchase my own home without a mortgage at the age of 27 was because I sold a product and service and placed an outrageously high value on both, which rich people paid without questioning the stated value of either.
Rich people like to spend money and the more it costs, the more they want it and the more they are willing to pay for it. Therefore, never underestimate the value of your product or service because if you do, you will devalue your business and your business will fail by default.
If you overestimate the value of your product or service, you will add value to something that has no inherent value of itself and rich people will buy it because of the perception that YOU have created of it's value. This means that every rich person will want some and many of them can't get enough of it.
Household mortgages are designed for people who have no money today, maybe tomorrow but definitely not today when they need to buy that house.
Mortgages are designed for people who sell their 'time' as an employee to an employer in exchange for an hourly wage. Employees pay more in taxes than business owners do and contribute less to society than business owners do.
When you sell your time in exchange for money, you contribute nothing to society. You are paid to do a job and when that job is done, you go home at night. Apart from what you get paid to do, you contribute nothing beyond your employer's requirement for your presence each day. At the end of the day, you only did what you were told to do and what you got paid to do, that's it.
When you provide jobs for people who want to sell their time to you in exchange for money, you are contributing to society by providing society with jobs and you as an employer are then rewarded handsomely for your efforts in the form of infinite income that follows at a more favorable tax rate than what any of your employees pay to the government, including those who work for minimum wage.