How much money do you really make?
Approximately one third of the money you earn goes to federal, state, and local income taxes. When you spend the two thirds of your pay that you have left you can pay nearly ten percent sales taxes. Each dollar of gross pay has about sixty-four cents of purchasing power.
In reality, you work nearly five months of each year to pay your tax burden. Everyone in the middle class labors for nearly five months each year for our government. Some of us labor a few months more to serve another master. It is called Debt.
What is debt?
A debt is a liability or obligation to pay a person or institution. There are many types of financial debts that we can labor under in our country:
Home mortgages
Auto loans
Credit card debt
Store charge cards
Fuel charge cards
Student loans
Personal loans
Payday advance loans
And the list goes on
We work five months out of twelve to pay our tax burden and then willingly work two or three months more to pay the interest on our debts. Don’t believe it? Do the math. How much interest do you pay on your mortgage, auto loans, credit cards, and other debts each year? How long did it take you to earn that much take home pay?
Some people play the debt and interest game and survive. Others don’t make it. But as in most games, you can get back in later. Just default, see a credit counselor, file bankruptcy, do some time in the bad credit penalty box, and get right back into the game!
Why do we sell ourselves into the bondage of debt? The answer can be summed up in one word: Marketing.
Approximately one third of the money you earn goes to federal, state, and local income taxes. When you spend the two thirds of your pay that you have left you can pay nearly ten percent sales taxes. Each dollar of gross pay has about sixty-four cents of purchasing power.
In reality, you work nearly five months of each year to pay your tax burden. Everyone in the middle class labors for nearly five months each year for our government. Some of us labor a few months more to serve another master. It is called Debt.
What is debt?
A debt is a liability or obligation to pay a person or institution. There are many types of financial debts that we can labor under in our country:
Home mortgages
Auto loans
Credit card debt
Store charge cards
Fuel charge cards
Student loans
Personal loans
Payday advance loans
And the list goes on
We work five months out of twelve to pay our tax burden and then willingly work two or three months more to pay the interest on our debts. Don’t believe it? Do the math. How much interest do you pay on your mortgage, auto loans, credit cards, and other debts each year? How long did it take you to earn that much take home pay?
Some people play the debt and interest game and survive. Others don’t make it. But as in most games, you can get back in later. Just default, see a credit counselor, file bankruptcy, do some time in the bad credit penalty box, and get right back into the game!
Why do we sell ourselves into the bondage of debt? The answer can be summed up in one word: Marketing.
No comments:
Post a Comment