Posted 10/14/2021 07:17 (#9268114 - in reply to #9267191) Subject: RE: Where does a young guy start investing money?
WAYNE0224 - 10/13/2021 17:35
I have to agree with Frytown. I started buying tool type assets in my early twenties. Looking back im glad I did, as they have paid me back ten fold. Also It would cost me significantly more to buy those same tools today, as inflation is taking hold. As I get older, I also realize that giving everyone else your money to use is ever more a scam. I am no financial genius that is for sure, but I'm starting to grow very skeptical of the stock market. The whole 401K and pension system seem to be fueling a giant Ponzi Scheme. Dont get me wrong, as I am invested in both. I have been hesitant to put very much of my income towards it. Something about using "MY" money for 46 years and not letting me have it back without huge penalties, just dosent sit well with me. Also it is just ironic that you borrow money for a house/farm, and the investors loan you "YOUR" money back to you for 30 years, and take all the interest up front.
Wayne, get in contact with a very competent tax attorney for advice on if a C Corp would be of overall benefit to YOUR operation. While this my be hard to believe, the Biden administration is actually proposing lowering the C Corp tax rate from current 21% to 18%. But mainly, in regards to your rant on investment companies using your money, there is a little known provision inside a C Corp whereby you can convert 401k balances tax and penalty free to be used by the Corp to fund business needs.