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Readers know that I have been spending a lot of time in Neverwinter and it will continue to be so as Neverwinter is launching Mod 16 a few weeks from now.
Mod 16 is Neverwinter's largest Mod (or expansion) in its 5+ years history and it is going to bring big changes to the game.
I will be spending a lot more time farming and preparing for the new Mod.
So, a longer period of absence from my blog and FB page or wall could be expected in the near future.
After this blog post, it could be quite a while before there is another one.
Please don't be worried if you do not hear from me for several weeks in a row.
Anyway, regular readers know that one of the things I try to do is to inspire.
I do this because I believe that even for average working people, our financial health can be and should be better.
The catalyst for this blog post is this:
Yes, it is that time of the year again and I am being reminded again how I am not making any financial contribution towards nation building.
Really?
Bad AK! Bad AK!
I was looking through my past blogs on the topic of income tax and I think I did not blog about this last year.
The last blog I had on the topic of "income tax" was in 2017, it seems.
I remember when I was a young working adult, a senior told me that I should be happy if I was paying more income tax because that meant that I was earning more money.
Higher income meant paying more income tax.
It seemed to make sense.
At the same time I asked why should it make sense?
I didn't ask the senior that, of course.
Even then, I talked to myself.
Yes, I was and still am mental.
Anyway, for some time now, being unemployed or, more accurately, economically inactive, I have no income and therefore I do not have to pay income tax, right?
Well, not totally.
I am economically inactive but that doesn't mean I don't have any income.
Without any income and not being born with a spoon made of some precious metal in my mouth, I wouldn't last very long being economically inactive.
See:
AK's 2018 income.
Spend our time working for money and pay income tax?
Make more money and pay more income tax?
OR
Spend our time not working for money and don't have to pay income tax?
Make more money and pay less income tax?
For me, it is a no brainer.
Remember, it is not impossible.
If we want it bad enough, we will make it happen.
Believe me.
Believe in yourself.
Just don't do anything illegal or unethical to achieve our goals.
Want to pay less income tax or not pay any income tax at all while having income?
See the related post at the end of this blog and also follow the hyperlinks to more related posts.
If AK can do it, so can you!
Related post:
Income tax payable (2017).
Bloggy Award
3 comments:
Reader #1 says...
I wanna have that iras letter like urs soon.
Lazy to file.
After 1 yr read ur blog, i am half way there.
Hi AK71,
It's great to be in the position in which one gets to live his/her life on his/hetr term. You are a classic example of such lifestyle. It is also important for those aspiring to be achieve FIRE to be in his/her own style. Different people have their own style. Some example are the networth figure. It varies. When A needs to accumulate $1 million, it does not mean that B also needs one million to achieve the same results. B may need more or less than $1 million. It depends on individual's preference. Another point is the comparision. There is no need to compare with one another. When AK 71 has this asset to achieve FIRE, it does not mean that Ben also need such asset. Be oneself and focus on being better than former self of yesterday. It's good enough.
My two cents worth of views.
Ben
Hi Ben,
How much do we need in order to have a secure financial future?
The number will differ from person to person.
Many people think that achieving FIRE is too difficult if not impossible in Singapore.
Really, it isn't impossible.
My approach is a pragmatic and also a holistic one.
It has worked for me and I hope it will work for others too. :)
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