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Cardone has famously stated, the goal of the wealthy earn no income.
Keep reading to find outwhat he means by that.
This is because regular earnings are fully taxable, at thefederal, state and sometimes local levels.
This is what Cardone means when he said that your goal should be to earn no income.
Mark Zuckerberg earns a salary of just $1 annually.
So, where do these billionaires and many others who take a $1 salary get their wealth?
Primarily, from their stock and investments.
Imagine if Jeff Bezos, for example, took a $10 million salary.
Hed likely lose roughly half of that to taxes.
In some cases, these can be as low as 0%.
Read on to learn more.
Tax on capital gains is divided into two categories, short term and long term.
The 0% rate applies to those with incomes below certain thresholds.
Investment real estatealso offers a wide variety of tax deductions that can lower your overall tax bill.
When Cardone said you should earn no income, he doesnt mean you should live a life of poverty.
Rather, he encourages everyday Americans to use the tools that billionaires leverage to build their wealth even further.
Caitlyn Moorhead contributed to the reporting for this article.
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