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Tag Archives | net worth

Wealth Tax Is Impractical And Unrealistic

Democratic Presidential candidate and Massachusetts Senator Elizabeth Warren is proposing a federal wealth tax. It would impose annual taxes of 2% on those with household wealth—net worth, not income—of over $50 million and 3% on those with over $1 billion. Almost every person who owns a house, commercial building, or investment property pays property taxes […]

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Why It Is So Hard to Talk About Money

Do you have difficulty talking to people about money? Specifically, about their money or yours? Here’s a quick test that will give you an amazingly accurate answer to that question: Ask the next five people you see how much they make and what they are worth, then share with them the same information about yourself. […]

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The Millionaire Class

A few weeks ago I wrote about the increasing use of the term “Investor Class” as an inaccurate and generally disparaging synonym for the rich. The same day I wrote that piece, a reader sent me an article by Christopher Ingraham that appeared December 7, 2017, in The Washington Post. It was titled, “Economy is […]

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Financial Planner’s Net Worth–Right Answer to Wrong Question

What’s your net worth? Financial professionals like me think nothing of asking clients this question. If the tables were turned, though, and clients or prospective clients asked the same question of us, how would we respond? Every now and then this issue comes up in conversations among financial planners. Some advisors think their net worth […]

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Does Income Equal Wealth? Not Necessarily

“How much money do you make?” We don’t ask people that question, but we’d love to know the answer. In this country, we’re fixated on a person’s annual income. That’s the primary measure we use to determine social status and define success. Income also is the qualifier for government welfare programs. It defines people as […]

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