You don't even have to be good anymore.I’ll never understand the allure of college versus the trades… TONS of money to be made if you’re good at what you do.
You don't even have to be good anymore.I’ll never understand the allure of college versus the trades… TONS of money to be made if you’re good at what you do.
Trades require physical labor, common sense, problem solving, ingenuity, and skill. More importantly, they require effort and time to master. A liberal arts degree requires trading student loan debt for a fancy receipt from *insert university name here* and a convincing story about how you could earn $xxxxx with said degree.
Boy am I getting crotchety these days. lol
Yes, but a 1031 has to be a investment property like a rental.Overreliance on income is the vulnerability of the middle class.
Cap gains are taxed at a lower rate and it is super easy to manage the tax burden of cap gains.
Income is taxed at a higher rate and tax rates are progressive. The more you earn the greater your tax burden. At high income levels it is extremely difficult to shelter income.
If you are asset rich you can borrow against your assets to pay yourself a tax free income.
Those that are truly wealthy have little or no actual income. The worst position to be in is high income/low asset. Those with high income and no assets really are not wealthy. At certain level, income tax is really a schmuck tax.
PS check out 1031 exchanges. These provide a window to trade cap gains into another asset on a tax free basis. Say you buy a property for 100 and sell it for 200. You can use the entire 200 to purchase a new property via 1031.
FIFY.
"You can HAVE TO use the entire 200 to purchase a new property via 1031." I did this twice when I escaped SOCAL in 2016.
No need for a personal residence, as long as you have occupied it for 2 out of the last 5 years under the regs:If it’s for an investment property, you’re just deferring the taxes.
Never done it on a personal residence.
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Right. I did it twice. Sold 2 properties in CA and bought 4 in CO. You either continue investing in this manner, or sell and get raped on taxes.If it’s for an investment property, you’re just deferring the taxes.
Never done it on a personal residence.
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Right. I did it twice. Sold 2 properties in CA and bought 4 in CO. You either continue investing in this manner, or sell and get raped on taxes.
One of my buddy's owns an electrical company, he used to get around 100 applicants per month, of those 100, he would hire 10, 7 were worthless, 2 were good and 1 was great. For like 2 decades this was how it was.You don't even have to be good anymore.
One of my buddy's owns an electrical company, he used to get around 100 applicants per month, of those 100, he would hire 10, 7 were worthless, 2 were good and 1 was great. For like 2 decades this was how it was.
This shit show hit and he has to hire every single person, because he is averaging 10 applicants per month. He increased starting pay by $5 per hour and it changed nothing.
They are all junk.
I am a GC, so I see this every day. My electrician is having to hire journeymen at $40 per hour + benefits, and I have to watch over them because they really are not competent enough to be left alone. I've had the talk with him about that keep going higher (I think he is charging me $140 an hours per man) and now I'm doing his job of keeping an eye on his people. He tells me that at $40 hour he doesn't even get a few applications.One of my buddy's owns an electrical company, he used to get around 100 applicants per month, of those 100, he would hire 10, 7 were worthless, 2 were good and 1 was great. For like 2 decades this was how it was.
This shit show hit and he has to hire every single person, because he is averaging 10 applicants per month. He increased starting pay by $5 per hour and it changed nothing.
They are all junk.
Yep, you keep 1031ing the property until you die, then your heirs get a step up in basis and sell it tax free. You can borrow money against the property after you 1031 exchange it if you need cash out of them.
I am a GC, so I see this every day. My electrician is having to hire journeymen at $40 per hour + benefits, and I have to watch over them because they really are not competent enough to be left alone. I've had the talk with him about that keep going higher (I think he is charging me $140 an hours per man) and now I'm doing his job of keeping an eye on his people. He tells me that at $40 hour he doesn't even get a few applications.
Not usually, but sometimes we get into repair work that can't be quoted and we do that by T&M. The job I just got roped into, the owner was trying to put solar on his 2 barns, come to find out the barns were never permitted. Our original scope was to feed the existing house and put in a new 400 amp service. When we called for inspection on the service, the inspector informed us that building issued solar permits for barns that don't exist. Now we are getting those permitted and their is a ton of electrical not done right and we are not 100% sure what the inspector is going to let slide or make us fix. There is no way to quote that and the owner signed off on do what it takes to fix it because he already has $100k in solar panels sitting on site.I’m an EC and our journeyman’s pay fully burdened is $82.xx/hr. It’s pretty crazy.
Side note; You have subs working T&M?
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I can answer this one for you. I don't want to be crawling under houses and up ladders with squares of roofing when I'm 65 years old. I went to college, got my CPA and charge $400/hr from the comfort of my home. I work about 15-20 hours per week because my income mainly comes from rental properties.I’ll never understand the allure of college versus the trades… TONS of money to be made if you’re good at what you do.
I think you're confused about the trades.I can answer this one for you. I don't want to be crawling under houses and up ladders with squares of roofing when I'm 65 years old. I went to college, got my CPA and charge $400/hr from the comfort of my home. I work about 15-20 hours per week because my income mainly comes from rental properties.