{"id":2908,"date":"2016-09-13T20:34:40","date_gmt":"2016-09-13T20:34:40","guid":{"rendered":"http:\/\/realwebclientnews.com\/rpa3\/?page_id=2908"},"modified":"2026-09-26T00:00:34","modified_gmt":"2026-09-26T00:00:34","slug":"keys-of-wealth","status":"publish","type":"page","link":"https:\/\/jkrco.com\/index.php\/help\/keys-of-wealth\/","title":{"rendered":"Keys to Wealth"},"content":{"rendered":"

\"\"What does it take to become wealthy?<\/strong><\/h3>\n

Being rich does not necessarily make someone wealthy. An individual that makes $500,000 of realized income with large spending habits is not going to have much leftover for the future. This is the type of individual that pays the highest amount of taxes, spends large amounts of money to keep a luxury lifestyle, yet lives paycheck to paycheck \u2013 expensive cars, big house and nights out on the town a few times a week. These commodities, though nice, do not contribute to one\u2019s wealth.<\/p>\n

A wealthy individual will ensure that they allocate their time and resources to saving money, rather than spending it. This entails paying down debt, reducing overall expenses and finding deals on necessities. Financially independent individuals and families usually live below their means to secure themselves for all of life\u2019s trials and tribulations.<\/p>\n

Wealthy individuals tend to pay attention to market opportunities to invest and make extra money, whether this is watching equity markets or keeping a close eye on opportunities to invest in a new income property. Wealthy individuals are savvy in their methods to get their savings creating more wealth for them.<\/p>\n

Taxes<\/strong><\/h3>\n

The wealthy individual will find the best ways to reduce their tax bill by taking all possible options to lower their realized income. This can be done in many ways:<\/p>\n

    \n
  • Maximize contributions to an employer-sponsored retirement plan [i.e. 401(K), 403(b)] or open a tax deductible IRA (Individual Retirement Account).<\/li>\n
  • Contribute to a health savings account.<\/li>\n
  • Take advantage of all write-offs and tax credits they may qualify for (various student loan credits, write off interest payments, new home buyer, invest in real estate, if personal vehicle is used for work it can be written off etc.).<\/li>\n
  • Donate to tax-deductible charities.<\/li>\n<\/ul>\n

    For the self-employed individual or someone that runs a side business:<\/p>\n

      \n
    • Use a home office? If part of your home is used regularly and only for business, you may be able to deduct that share of your housing costs, or use the IRS simplified method of $5 per square foot, up to 300 square feet. Ask your tax advisor.<\/li>\n
    • Use a home office?<\/strong>\u00a0If part of your home is used regularly and only for business, you may be able to deduct that share of your housing costs, or use the IRS simplified method of $5 per square foot, up to 300 square feet. Ask your tax advisor.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

      What does it take to become wealthy? Being rich does not necessarily make someone wealthy. An individual that makes $500,000 of realized income with large spending habits is not going to have much leftover for the future. This is the type of individual that pays the highest amount of taxes, spends large amounts of money […]<\/p>\n","protected":false},"author":4,"featured_media":0,"parent":2517,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"class_list":["post-2908","page","type-page","status-publish","hentry"],"yoast_head":"\nKeys to Wealth | Wealth Management Planning - JKR Co<\/title>\n<meta name=\"description\" content=\"Discover JKR Company's Keys to Wealth program, covering wealth management planning, family wealth planning strategies, and guidance from an experienced wealth planner\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/jkrco.com\/index.php\/help\/keys-of-wealth\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Keys to Wealth | Wealth Management Planning - 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