I'm not the same person i was before grinding my way to this tax bracket. To get to this level not only requires hard work and intelligence, but on the business side, i'm heavily focused on metrics and success.
The tax rates for the upcoming year are announced before the beginning of the year - e.g., the tax rates for 2022 were announced in late 2021. Typically business journals like Forbes will release an article in Aug/Sep about what the new rates will be, and they're usually spot-on, or spot-on enough.
I hope it works for you, but I am sure there are female divorce lawyers that salivate over this type of situation.
I'm the opposite - my typical filing date is Jan 2
regardless of whether I owe anything (I make a payment online for Apr 12, in honor of the world's first astronaut). I also file by paper & snail-mail. I do not want to go through the stupid screens for the tax software where I have to guess what I have to enter to correspond to a certain line on the forms - or even worse, have me enter every single stupid line from my 1099 form (something I don't have to do my doing it via paper). That said, doing my state income tax is pretty easy as it just about only entails entering my federal AGI, so I do that online.
You are spot on. And wealth is exponential. The more you have the faster it grows.... exponentially. Start building wealth early. Youre money will do the work for you, and you can be your own banker.
Agree, if I had to do it all over again I would have invested and bought assets at much higher rate in my 20's. I would of also started a business and left the corporate world much earlier then when I did at 30. I really didn't do anything besides my 401k during that time. I blew a lot money on BS. I really didn't start aggressively doing this until my mid 30's and was making good money with my business. Once you hit certain net worth amounts you hit escape velocity and it grows much quicker. The best thing a young person can do is grind to get your income as high as possible and keep a high percentage investment rate. Do that for 10yrs and set up your whole life
Not sure that is where you make the most money but is typically where you make that next jump in income and net worth. Your 20's is about paying your dues, getting experience and climbing in whatever field you are in. For people who prepared, that is typically where it all starts to come together and you reap the rewards. It is really where you start seeing the separation of those who made good choices and those who didn't. If I had to guess, I would say 40's and 50's is where you make the most money, could be wrong though.
Should say significant growth in making money career-wise. Of course not the most money since investments are the biggest money makers as you said
This is one area of conflict I have with my wife. I also grinded it out from college (18) all the way through my 20s doing I.T. certifications out the azz and then going to police academy and becoming a cop in my early 30s. Putting in 18 hour days, studying every spare second I had. Now I have two stable careers in very high demand and make as much money as I want to make any given week. My wife always makes little snarky comments about things being "easy" for me as she only makes like $16/hr in the healthcare field. There isn't a damn but of "easy" anywhere in my life equation. It infuriates me when people call it "easy".
Sometimes I wonder if this is code for she wants to quit working and be 100% financially supported by you while she “pursues her dreams.” The snarky comments sound resentful. My wife doesn’t make a lot either. Lately she’s been on this tip about starting a business. Not sure why- she has no clue about anything relating to business.
I think it’s preferable. I feel like I retain some amount of leverage knowing that my career keeps the lights on and her career is just fluff. Women cannot respect men they don’t “need.” Fvcked up but it’s true…
