Income tax payable in 2019?

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).

Passive income made by passive income? Yes!

This blog material is taken from a reply I recently gave a young reader who is doubtful that a comfortable retirement is achievable in Singapore for the average worker.

The reader also wonders why AK seems to be pretty calm about losses in investments while he is likely to get rather depressed.

AK says...
If we are right more often than we are wrong, we should do well enough and I think I have been lucky that way.

After so many years as an investor, I am more forgiving towards myself and try not to dwell too much on losses because no matter how good an investor we are, it is bound to happen.

What helps to give me peace of mind is investing for income.

Investing for income, I am less bothered by daily price fluctuations.





You might be interested in the blog where I said we could save 100% of our take home pay if we do the right thing.

See:
Save 100% of your take home pay!

Invest for income and we will get "free money" (i.e. passive income).

Why spend the money we earn from working when we can spend "free money"?

I am even more forgiving towards myself these days because I am now in a situation where the "free money" I have is from the "free money" made by the money I earned years ago.

Now, give that a moment to sink in and, maybe, a light bulb would turn on above your head.





Yes, for some time now, my passive income is made by the passive income made by my earned income.

What is better than passive income?

Passive income made by our passive income!






If we do the right things, it is definitely possible to retire more comfortably in Singapore.

If AK can do it, so can you!

Related post:
To achieve financial freedom, most of us have to create Dividend Machines.