Vanguard: Vanguard has a minimum of $50,000 and a fee of 0.3%. Rebalancing is done automatically once every quarter and tax loss harvesting is done on a client-by-client basis. We included Vanguard because clients who invest between $50,000-$500,000 have access to a team of financial advisors. Those with accounts over $500,000 will have a dedicated advisor.
As a millennial in my mid-20’s, i’m only just starting out on my journey (to what hopefully will be at least 5 streams of income one day) and i’m trying to save all that I can to then make my money work harder and invest. It’s difficult though because a lot of people say you should be saving for retirement and have an emergency fund (which is so true) but then on the other hand, we are told to take risks and invest our money (usually in the stock market or real estate). And as a millennial it’s so hard to do both of these things sometimes.
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Now, all that said, if capital (savings) grows faster than the growth of the economy, those with savings will see their wealth grow at a faster rate than those who rely on the growth of their income. While this is not an extension of Piketty's argument (you can't take an idea that applies to a population and a whole economy and boil it down to the individual like this), it's not an unreasonable conclusion to take and apply to your own life. (Piketty does talk about this on an individual level, but says it's more impactful for billionaires vs. millionaires – though we have limited data into individuals)
Oil and Gas Privilege Tax--There is an annual privilege tax that is collected by the State Department of Revenue on all persons engaged in the business of producing or severing oil or gas from beneath soil or water. Well units are taxed at a percentage of the gross value of the oil or gas at the point of production. The privilege tax varies according to type of well (offshore or onshore), permit date, and well classification (discovery, replacement, development, or occluded gas). After the costs of collection, offshore production proceeds are distributed as follows: 90% of net taxes are deposited into the State General Fund and the remaining 10% of net taxes to the counties in which the oil or gas was produced. After the cost of collection, the onshore production proceeds are distributed as follows: 25% to the State General Fund; 66 2/3% of the remaining 75% to be distributed (1) 25% to the counties in which the oil or gas was produced; (2) 10% to the municipalities in which the oil or gas was produced; (3) of the first $150,000 remaining, or any part thereof, 50% to the State General Fund, 42.5% to the county wherein the oil or gas was produced, and 7.5% to the cities therein on a population basis, and (4) the balance is distributed 84% to the State General Fund, 14% to the county in which the oil or gas was produced and 2% to the cities therein on a population basis; 16 2/3% of the remaining 75% to the State General Fund; and 16 2/3% of the remaining 75% to the counties in which oil or gas was produced. A temporary oil & gas privilege tax of 1% on offshore production and .5% on onshore production was levied for the period July 1, 2004 through June 30, 2005 and distributed to the State General Fund.
Making money in addition to a regular income can have a big impact on your finances. An extra $500 per month could go a long way in paying down debt or raising your investment. Diversifying your income streams is important, especially as wage remain stagnant. You decide how you want to produce the income. Either you ‘do something’ to generate the income- this is active income such as providing a service; or the income is generated without you having to ‘do anything,’ – this is passive income such as hosting an Airbnb. Just make sure you do not place all your eggs in one basket.
What I find most interesting is the fact that I had never considered options like LendingTree or realityshares for other income sources. Investing in property has been too much of bad luck for people that I know personally, so I am interesting in getting involved in a situation where I would have to be dealing with maintenance issues or tenants. There are services for you to do that, but I had not come across any that didn’t eat most if not all of the earnings. Then again, I live in the NY area. Investing in the midwest would not be reasonably possible for me, directly, but reading about realityshares is something I am going to look into further. That might be a real possibility.
Camps, ski resorts, cruise ships, airlines, expeditions etc all may have need for part-time or full-time medical expertise. Part of the compensation may be taxable income, or it may simply be opportunities. For example, I work at a ski resort several days a month. I take runs and a P.A. sees the patients. If the P.A. needs me, I’m there in 5 or 10 minutes. If they don’t, I get a free day of skiing in for my family and friends. At the end of the day, I sign 4 or 5 charts. Sure, it’s not much money (perhaps the equivalent of $100-200 a day in lift tickets and meal discounts), but it’s still an income. When engaging in this type of work, look carefully at the liability issues.
Privilege License Tax--This assessment is collected by the probate judges, license commissioners and the State Department of Revenue from persons or firms, corporations, companies, associations, receivers or trustees engaged in a business, vocation or profession. The receipts are distributed 50% to the State General Fund and 50% to the respective counties where such receipts are collected.
Investing in bonds: Similarly, bonds are an attractive way to engage in passive income. Over a recent 45-year period, bonds funds, as measured by Vanguard Funds, returned 7.1%. Of course, there's no guarantee that investments in stocks or bonds will always work out well, investing in them is by far the surest way to generate money through passive income.
Projecting Income Statement Line ItemsProjecting Income Statement Line ItemsWe discuss the different methods of projecting income statement line items. Projecting income statement line items begins with sales revenue, then cost of goods sold, gross profit, selling general and admin (SG&A), depreciation, amortization, taxes, EBITDA, and net income. This guide has examples