Friday, 19 March 2021

Enterpreneur Lifestyle Secrets

 

Property tax on a $1.5M assessed house alone is roughly $19,200. Their $1.5M assessed house is a standard 1,750 sqft, three bedroom, two bathroom home on a 2,500 sqft lot. If the parents decide to send their child to private school, this $24,000 annual expense will increase to $35,000 a year for K-8 and $45,000 a year for 9-12. I coached varsity tennis at a boy’s private high school for three years and its annual tuition is now $49,000 a year. What’s nice about 2020 and beyond is that this family now gets a $2,000 child tax credit to help support their middle class lifestyle.

Now, singles and married couples can earn up to $200,000 and $400,000 respectively, before their child tax credit begins to disappear. We can each make a difference. 12,000 more a year than today’s median household income, so hopefully folks who earn less can give them some slack. With the passage of the Tax Cuts And Jobs Act, they’ve lost their ability to deduct more than $10,000 worth of state income, sales, and property taxes. Although the payment is $3,900 a month for a $900,000 mortgage at 3.25%, $2,000 of it goes towards paying down principal and building net worth. The permutations of people making $300,000 goes on and on.

Difficult to do with less than a $300,000 household income. Now imagine renting a house for $6,000 a month and trying to save up $300,000 for a downpayment on a median priced home. Here’s an example of a typical $1.855M home in Golden Gate Heights, one of San Francisco’s best kept secret neighborhoods. I recommend checking out rates on Credible, one of the largest online lending platforms today for free. Can I go on the computer please, I really need to get this out right NOW! Despite the maturity of the electricity business, Power Ledger's innovation stood out to Cojocar. 

According to McConnell, that's because the wholesale electricity market has a transparent system -- websites like McConnell's OpenNEM show generated data on a five-minute basis of the price of every single unit of every single power station. A year later, Cojocar, who was about to invite Martin for that coffee, discovered Power Ledger didn't even have an office yet. Of course, if you have a second kid, childcare expenses will increase, but probably not double due to synergies. However, food is where this family can cut expenses if they start feeling a little tight. It makes little sense to spend hours cooking when you’re already tired.