Erik talks about how at the Build Your Network Live Event, one of the sponsors Daniel Blue, posed a question of whether taxes will go up in the future.
- Do most people think taxes are going up in the future?
- We have a lot of debt as a country at over $22 Trillion, not counting unfunded liabilities.
- Most believe that taxes will go up, yet they are putting their money for retirement in plans where they do not pay taxes now but pay them in the future.
This is like having a business partner who can decide at any time when they want to increase their ownership percentage and we do not have a say in it.
We are also restricted in the access and are required to take the money out and if we do not then we pay penalties.
“If we think taxes are going to go up in the future especially if we are not getting a match from our employer into something where we would get taxed more in the future …” –Erik Smith
- “Why would we put our money into a vehicle where the buying power is going to be less?” –Erik Smith
- “Free money is the best money.“ –Erik Smith