Quote:
|
Originally Posted by GeneralMao
How can I invest money for my future without being taxed for it [i.e. CD's, Stocks, IRA's, what should I use]?
|
there is no such vehicle that alows you to invest money for future without being taxed. you will be taxed in some fashion, and the idea of this game it to minimize the amount of money you will be taxed.
if you have 401k available via your company, then put in the maximum you can. You're paying that 401k with pretax dollars. When you retire, you'll withdraw monies from those accounts and pay taxes at that point in time.
Use an IRA and put the maximum towards that. CD's you'll pay alot in taxes, you'll pay first with the income tax, so the dollars you've put in have already been taxed once. When you make any gains via interest, you're going to be taxed on that also.
__________________
I don't care if you are black, white, purple, green, Chinese, Japanese, Korean, hippie, cop, bum, admin, user, English, Irish, French, Catholic, Protestant, Jewish, Buddhist, Muslim, indian, cowboy, tall, short, fat, skinny, emo, punk, mod, rocker, straight, gay, lesbian, jock, nerd, geek, Democrat, Republican, Libertarian, Independent, driver, pedestrian, or bicyclist, either you're an asshole or you're not.
|