Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: Peter Joseph who wrote (50049)	5/15/2004 7:54:16 PM
From: Elroy Jetson	Read Replies (2) of 74559

You're right. It's possible that Steve Forbes with a net worth of $1.4 billion might only be earning $68,000 per year. Unlikely but possible. Actually Steve Forbes' most recently reported annual income was $1,182,458. This income represents a return of 0.08% on total assets. It's a good conservative rule is to never spend more than 1% of your assets each year. The balance of the wealth increase makes sure you keep up with inflation. Steve Forbes is well under this 1% rule spending less than 1/10 of 1%. A Flat-Tax would provide a substantial windfall for his family with the lost tax receipts restored by a tax increase of 60% on the lowest earning families.

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