Order Your Copy of Dr. Wong's Book Today!

For decades, when a high-income client complains to his CPA about paying too much income tax, the CPA profession has three standard solutions: Buy a More Expensive House; Contribute the Maximum to your IRA or 401k; and Invest in Rental Real Estate. These solutions simply do not work very well.

We will soon have a presidential election on Tuesday November 5, 2024. According to a July 30, 2024 report from Statista Research Department, here are the top 3 issues to voters as of July, 2024: 25% say Inflation/Prices; 11% Immigration; and a tie for 3rd place with 10% saying Healthcare and Jobs & the Economy.

The previous two articles, published in July and August, 2024 (and found at in the “Articles” section of www.drharoldwong.com) have discussed how to have enough money to enjoy retirement. This article will cover how to be happy in retirement. Note: Not having enough money to cover your needs can be miserable; but having enough money does NOT make you happy.

In April, 2024 study “The Peak Boomers Impact Study” by Robert Shapiro and Luke Stuttgen, finds that “A Majority of Peak Boomers Are Not Financially Prepared for Retirement”

July 4, 1776 is when Congress, composed of delegates from America’s original 13 colonies, signed the Declaration of Independence, declaring the nation’s independence from Great Britain. Between 25,000 to 70,000 Americans died in the Revolutionary War, most from disease or in British prison ships held in appalling conditions.

Buffett currently ranks as the 8th wealthiest person in the world with $133 billion.

Historically, the major American financial dreams are: drive a nice car; live in a comfortable house; help kids with college expenses; and afford bucket list dreams (travel is the #1 bucket list dream in retirement). Since January-2021, with the Biden Presidency, overall inflation has increased 16%. However, inflation has had a different impact on all four major goals.

If you were a highly-paid person over the last 40 years, the CPA field basically offered three suggestions for saving taxes. Let’s examine why these strategies don’t achieve big tax-savings.