Skull Pilot
Diamond Member
- Nov 17, 2007
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You should be like Mitt Romney. He has over $100 million in his IRA. He must be pretty darn smart to accomplish that since the max you can put in per year is $6,000.I have been self employed for 23 years or so. I lost my retirement in my divorce to my ex-wife so I could keep the business. She isn't rich.
I lose mega taxes everyday to local and federal govts. They aren't the rich.
This economy has made it very difficult to recover to previous levels. The economy isn't rich.
Slowly I'm rebuilding lost wealth with no help from anyone but myself. I am not rich but I am very comfortable.
There are greedy people among us but for the most part they only get what you allow them to take from you. The biggest thief of all time is the United States Congress. And YOU do have control over them IF you choose to exercise it.
Don't blame Mitt because you're a loser and don't offshore your money to avoid paying taxes.
I didn't make $100 million, but I did make a substantial amount of money in my self-directed IRA by buying and selling stocks. For example, the 500 shares of Apple (AAPL) that I bought in 2003 @$7.50 a share cost me $3750.00 and are now worth a little over $303,000. I did not have to pay any capital gains tax on the earnings, but when I draw the money out of my IRA, it will be taxed as ordinary income.
Why would you want to hold savings in an IRA and screw yourself over by having to pay ordinary income tax on the gains?
IRAs and 401Ks are a scam.