Reply to What unique things have you done to get ahead financially?

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[quote=Anonymous][quote=Anonymous]We always have a business going -- first it was consulting, then freelance writing, now long term rentals. [b]You can write off a ton of expenses if you own a business.[/b]

Real estate has worked for us. We have 5 rentals now, no mortgages. Worked hard to get here, but we're late 50s and the passive income will be pretty sweet in retirement.[/quote]

Long-time business owner here.  The bolded is mostly nonsense.  To write something off, you first have to spend the money to purchase it.  In other words, you spend $1 to get back $0.30 later - that's not exactly a fast track to getting rich.

And that $1 has to be spent on business expenses.  It's not like you can just start deducting all your personal expenses through your business.  There are some exceptions, like getting the Section 179 deduction when you buy a large SUV.  But, really, the reasons businesses can be lucrative are that you own 100% of the upside, can leverage employees, and businesses are taxed favorably (QBI deduction, etc.).[/quote]

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