Do you realize that inflation is the silent income killer? Inflation stops at us. When inflation goes around, W2 workers do not get a raise to go along with the inflation.
To top that off Taxes takes 1/3 of your income. You have income tax, sales tax, property tax and so on. Now as a W2 worker you are already taxed at 28%-33%, which actually means that you work for free 3-4 months for free out of the year.
Debt takes 1/3 of your income. You have car and home loans that the lender approved you for based on your gross income not your net income; which is the amount that you actually see and take home. You start off in the hole.
Last but least, Big Businesses takes 1/3 of your income. Now some may wonder how do Big Businesses take 1/3 of your income, ummh…… Just think about it, today is Halloween, Fox 5 Channel News just aired that Halloween is Spending $8.5 Billion alone this year. The next holiday is coming up is Thanksgiving right? Then you have Black Friday, Brown Thursday & Cyber Monday all in one month. For the following months you have Christmas, New Years, then you can’t forget the love of your life, Valentines Day, then Spring Break, Oh and Easter. Now you know most only go to church once a year, so your sure not going to wear the same last year’s Easter outfit. Next you have Mother’s Day, Father’s Day & Juneteenth Celebration, 4th of July, Back to School and then Labor Day. You see every month Big Businesses are in your pockets taking 1/3 of your income. Let’s Be honest, you didn’t think about it like that, did you?
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By: Shynna Key- The Financial Fanatic
Financial & Business Contributor
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