lottery gift tax

lottery gift tax

Rich or wealthy

I have often thought over the last couple of years about the difference between being rich and being wealthy. Is there a difference? If so, what is? And how can we become rich?

I think there's a big difference between being rich and being wealthy. When I think of someone who is rich, I think someone with a lot money. And I usually think of someone who is very showy with their money. They drive luxury cars and live in a luxury home. They wear fancy clothes and eat at fancy restaurants.

Rich people come to their money in a number of ways. It may be inherited. They can win the lottery. They can earn in a few years as a professional baseball player or artist. Or they can invent a new mousetrap that is worth millions of dollars. Or you can simply win over many years as a professional or business owner.

But not this also describe a person rich? Is there really a difference? I think there is a large gap between the rich and wealthy. The difference is in duration. How long hard money last? Will it be gone once the person earning power has gone? Will it be transmitted to future generations?

The simple difference between a rich person and a rich person is that a wealthy person has a sustainable wealth. In other words, a wealthy person will always be rich, as someone who is just rich only be for a short period of time until the money is gone.

Think about people in history that everyone is considered rich, and you can begin to see what I mean. The Rockefellers, Carnegie, and Campbell are all wealthy families. Their wealth has lasted for generations. Why is this? What the makes it so different from winning the lottery or a professional athlete who has the money for a short time and then gone?

The gap between rich and rich is very simple. It is well known. Rich people know how to make money. The rich just have money. Once you know how to make money, you can build a sustainable welfare. The money never next stop. If you have a change of fortune, no big deal. You just do it again.

Think about Donald Trump. Several years ago, Mr. Trump was deeply in debt. But, interestingly, did not change their consumption habits and do not disappear. Why not? Because Donald Trump knows how to make money. He is an individual rich.

There are many examples in history of wealthy people who obtained their wealth through knowledge and value knowledge more than money. The most obvious was perhaps the king of all the children of Israel – King Solomon. He was extraordinarily rich. And he was extraordinarily wise. The first time he became king, Prophet approached him and asked what I ask of God. Solomon asked for wisdom. And through the writings of Solomon, which lists the wisdom and knowledge as the two most important gifts I pray to God. Wisdom and knowledge are what created a wealth of Solomon.

The wisdom and knowledge can create great wealth for anyone who wants it. Last week, a vendor of our wine to me and asked me what I could do to create wealth. My immediate response was to learn everything he could about wealth. Once he had the knowledge, then you may begin to formulate a strategy and work with a trainer to build wealth. But knowledge must come first. Otherwise, if we do happen to get rich, money is not likely to last.

I am very grateful to my mother I instilled in my siblings and an insatiable thirst for knowledge. This is the greated gift (other than life itself) that my mother gave me. It is this thirst for knowledge that drives me to teach others about wealth and how to achieve it.

Sincerely,

Tom

About the Author

http://www.tomwheelwright.com

If I won the lottery, ¿….?

Well from what I heard from somewhere a while ago that if you won the lottery or inherit a large sum money and if you gave your spouse as a gift, then money can not be taxed. Is this true? (The gift is a gift from one time only.) Or is tax only the person who gave it to you? Also if you won the lottery in another state, does this still apply? any comments welcome!

The lottery will deduct the tax before you get the check. So if you get someone else to have to pay gift taxes if the amount is more than 10 km, (that figure can not be right, but somewhere in the neighborhood.) If you should win the lottery, then you can hire accountants to understand everything. good luck