Practice of charging personal expenses to company has been around for a long time before RK came out with his junk books fit for the gullible. RK says "Thank You for making me richer!"
Practice of charging personal expenses to company has been around for a long time before RK came out with his junk books fit for the gullible. RK says "Thank You for making me richer!"
There's another concept I've learned to appreciate over the years and it's to do with the myth of "ownership".
if you read RK's book, it's mentioned in one of the chapters that the super rich don't own anything at all. However, what they do have is "usage entitlements" to lots of things.
You don't have to "own" a Ferrari. All you need is to own "the privilege" of driving one whenever you want. Same applies to corporate jets, yachts and so on.
You might want to think about this and use the concept to your advantage.
I'm in oz now, and I have seen a few people doing this thing of registering a business so that they apply their costs as tax claims. I did not really understand until now how the concept worked.
I just got hold of RK's book and have been reading - now at the main Rule (Rich people only buy assets, poor people buy liabilities).
So, I guess you are saying that we don't really need to own even our own house, conceptually. We should use our money to get into investments that will get us bigger returns.
The best case would be if we can even get an investment or business going that is bringing in the money even if we are not there. Like where RK and his friend Mike had set up a comic books library in the basement, and got Mike's sister to be the librarian.
Saving is for the poor to get 'rich'. I don't think the bank's interest rate will make you rich. I think the capital gain from property does more. No one seems to buy shares, hoping and waiting to receive that paltry sum of dividends every year.
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Saving is actually quite limited comparing to the leap and bound of a sound investment. I don't think people actually get rich from saving a little here and a little there. But, it is a start for accumulating a feasible capital to reinvest to gain something bigger.
If you read closely along this thread, some sikie ego here and there will say RK is full of shit. Hehe. This is one way to spot those losers out.
loser sinkies are those who read RK thing and feel so enlighten and uplifted after reading it.
RK thing is useful for rookie in business. those who exposed to accounting or business will find it too simple.
why do people register pte ltd? of cos, beside what RK said claimed everything under business ac. even your venture fail, the most you lost is your company. BUT whatever your own company pay you and benefits also taxable.
only thing not taxable is capital gain in sg.
that is all i will reveal, i will not share more.
Nobody gives a shit what you write or claim. Or how much you want to reveal. here is talking about concept and ideas. You come in with a sinkie shit low life behavior of telling others how much you know as though others will gives a shit.
You can keep your pearls of sinkie shit to yourself. Yes, to a sinkie self like you. You are always the master and the rest of the world populations are at most a rookie.
I do not think you have done your sinkie almighty bullshit yet.
can you do what you quote in sg?
loser sinkies are those who read RK thing and feel so enlighten and uplifted after reading it.
RK thing is useful for rookie in business. those who exposed to accounting or business will find it too simple.
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Practice of charging personal expenses to company has been around for a long time before RK came out with his junk books fit for the gullible. RK says "Thank You for making me richer!"
you are one of the few. i see most failed and tonychat will be one of them. regarding the tax thing, i believe if you are accounting trained you will know without reading RK thing.
yes, EDB is one big help for local sme actually if you can get those u really needed. they even pay part of the cost to encourage sme to set up server and emails for the companies.
Sg tax rates no fight (more competitive) with many parts western world.exactly that as tax princples are similar. However as the SG rates are one of the lowest, it not very attractive across the board. Still attractive if you are in the creative, consultancy, space and work from home.
On partnerships and sole proprietorships, depends on your marginal (last dollar) tax rate.moolightaffairs said:why do people register pte ltd? even your venture fail, the most you lost is your company. BUT whatever your own company pay you and benefits also taxable. only thing not taxable is capital gain in sg.
You cannot pin the blame on RK for the failures. Principles don't provide a magic formula for success. What they do is guide you in the decision making process when you're deciding how you're going to make your money.
Accounting training obviously doesn't work very well when it comes to taking the leap of faith because there are more salaried accountants in the world than you can imagine.
Sg tax rates no fight (more competitive) with many parts western world.
http://en.wikipedia.org/wiki/List_of_countries_by_tax_rates
On partnerships and sole proprietorships, depends on your marginal (last dollar) tax rate.
http://www.rikvin.com/taxation/personal-tax/
On incorporating setups, it's limiting your personal liability (pte ltd). One has to bear in mind salary (remuneration) and perks (benefits-in-kind) are taxable. Balanced against personal "tax breaks" what you put through as business deductible expenses. Not just sam's photo-dos, but also your expensive KTV outings at Tian An Men:p
How come Tony Chat likes to tell others "nobody gives a shit what you write / claim"? Does he really think others give a shit what he writes. A very weird character I have to say. More than a little shorted too.
How come Tony Chat likes to tell others "nobody gives a shit what you write / claim"? Does he really think others give a shit what he writes. A very weird character I have to say. More than a little shorted too.
i think a lot of us in sammyboy know how it works to enjoy the system.
it is not RK fault for others failure, what im saying is not everyone can achieve what he said.
RK only give ideas but most of us here know how to do it, except tonychat of cos.
accounting knowledge is an assets when you want to beat the system. look what yinyang posted, he is someone with accounting knowledge and yes KTV outings can claim as entertainment. :p
You cannot pin the blame on RK for the failures. Principles don't provide a magic formula for success. What they do is guide you in the decision making process when you're deciding how you're going to make your money.
Accounting training obviously doesn't work very well when it comes to taking the leap of faith because there are more salaried accountants in the world than you can imagine.