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Works Written by Dr. Wong

This Rule Helped Warren Buffett Become a Billionaire

According to a recent Forbes Magazine ranking of the world’s Billionaires, Warren Buffet is ranked #6 with $117.4 billion net worth. He has many famous rules about money and this article will share some of them and how they might be implemented by normal folks who are NOT Billionaires or even Millionaires.

Fancy Cars Carry A Heavy Financial Burden

For the last two years, a 40-year-high inflation rate has been the main concern of most Americans. In a recent November 21, 2022 study found in Motley Fool by Jack Caporal, there are some disturbing statistics. According to the Bureau of Labor Statistics in 2021, the average household income was $78,743 and average household total expenses were $5,577 per month.

Solar Business Equipment a Powerful Tax Strategy

If you were a highly-paid surgeon 30 years ago and complained about paying a lot of income tax, your CPA may have suggested these options for saving taxes: Buy a bigger home with a larger mortgage so you can deduct more interest; maximize the contributions to your IRA or 401(k); or invest in rental houses. Let’s examine why these suggestions don’t work.

Roth IRA Conversion carries Big Tax Benefits

It was not until taking Ph.D. level courses at UC Berkeley that I was exposed to the advanced concept of economic opportunity/cost benefit analysis. While attending hundreds of financial seminars over the last 50 years I have never heard any financial expert mention this concept.

How to Retire Happy, Even with Inflation!

Inflation in 2022 hit 40-year highs, so how can you retire well, even if we have continued inflation and a recession in the next few years?

Case Studies Show - Little Used IRA Strategies Work

The previous article, February 1, 2023, in the Ahwatukee Foothills News and newspapers was “Three Advanced IRA Strategies Aren’t Used Enough”. These strategies and the huge benefits become more understandable when one gives real-life client case studies.

Three Advanced IRA Strategies Aren’t Used Enough

There are three advanced IRA strategies that are rarely used. The Roth IRA allows tax-free income from your investments. The Multi-Generational IRA can double income for your heirs. The Self-Directed IRA allows you to invest in alternatives (such as direct real estate, equipment leasing, and private lending) to Wall Street investments.

Trust Is A Fragile Thing When It Comes To Money

Every year, the Gallup Poll asks Americans their opinions of the ethical standards of various professions. The results of the 2021 Gallup Poll, reported in a 12/23/2021 Moneywise article by Sarah Cunnane, found the following professions to be the most dishonest by these percentages:

Here Are Some Goals For the New Year You Might Consider

As we approach the end of 2022, gas prices have doubled and we have 40-year-highs in inflation. The first six months of 2022 were the worst the stock market has had in 40 years. As of 11/28/2022, the S&P 500 Index is down 17% and the Nasdaq Index is down almost 30% in 2022.

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