Research conducted by Ask About Wealth across 100 consultations has revealed a striking trend among high-income individuals in Ireland: many are leaving substantial tax savings unclaimed each year. Despite rising tax obligations and available incentives designed to encourage strategic financial planning, the average high earner is failing to capitalize on up to €38,000 in annual tax concessions.
Throughout history, a striking pattern has persisted: the vast majority of wealth is controlled by a small minority. Whether in ancient Egypt under the rule of Pharaoh Ramesses or in today’s modern world, this unequal distribution of wealth has remained a constant. The mechanisms may have evolved, but the outcomes are strikingly similar. The wealthy continue to maintain their financial dominance, not because of ancient methods of control, but because they have mastered the art of money management in ways that most people have not.
When Benjamin Franklin famously said, “In this world, nothing can be said to be certain, except death and taxes,” he wasn’t entirely accurate—at least not about taxes. Income tax, as we know it today, is a relatively modern concept. Introduced in Great Britain in 1799 as a temporary measure to fund the Napoleonic Wars, income tax hasn’t been around for all of human history, but it has certainly become a permanent fixture in our lives since then.
Inflation—it’s that sneaky force that slowly chips away at the value of your money. But how exactly does it affect your wealth, and what can you do to protect yourself? In this blog post, we’ll break down the essentials of inflation and its impact on your financial well-being, all based on insights from our recent Ask About Wealth podcast episode.
Regular readers of our content will know that we favour using a retirement plan to house long-term savings/investments. When compared to investing after-tax money, investing in your pension can more than DOUBLE the amount you get to invest (due to the tax relief and employers that match contributions) and can also DOUBLE the return you enjoy as such funds are exempt from both income and capital gains tax.
A recent video of ours, where I suggested that blindly following ancient advice was not conducive to wealth creation, has received some negative comments. The ancient advice was something my father quoted to me and that many people quote regularly, “neither a borrower nor a lender be”, a quote from William Shakespear’s Hamlet, and offered by a father to a son when the latter is about to go on foreign travels. Indeed, as I mentioned in my video, this was probably top-class advice back in 1592 and remains good advice in many circumstances today, but my point is that when it comes to generating wealth it is not always the best advice. I agree that borrowing for shoes, or holidays or cars or, indeed, any consumer consumables is not the best idea and all that does is mushroom the costs of these items. However, there are circumstances where borrowing can increase the potential outcomes of certain investments too and failing to borrow due to some 400 + year old mantra, no matter how well meaning those that repeat it may be, can mean investors missing a trick.
Explore the top four obstacles to wealth creation for Irish investors, from biased advice to ineffective tax strategies. Learn how to navigate these challenges and pave the way to financial freedom with expert, unbiased insights.
Unlock the secret to guaranteed, tax-free returns by investing in your debt. Learn why paying off your mortgage faster can outperform traditional investments, with a real-world example of how extra repayments can yield a 7.84% return. No investment strategy can guarantee returns like paying down your home loan. Find out how to maximize your financial gains with smart debt investment.
Learn the secret to creating lasting wealth: it's not just about earning, but keeping money. Our expert analysis reveals how smart investment choices, like using pension structures for property investments, can drastically increase your profits and improve your annual returns. Dive into our comprehensive guide and start building a more profitable investment portfolio today."
Discover what it means to be truly wealthy with our guide on 'Knowing your NUMBER.' Learn to calculate the assets required to fund your desired lifestyle into retirement. Find out how much you need to save with our easy-to-understand asset value breakdown and take control of your financial future today.
Maximizing Investment Returns" examines using mortgages to grow wealth via real estate, weighing investment against early mortgage payoff, and optimizing rental income for long-term gains.
When it comes to creating wealth, compound interest is yourally. While most of us will have learned the concept of compoundinginterest in our Maths classes at school, many seem to have forgotten thoselessons by the time they have some money to invest. Time alone is what givescompound interest its power and if you do not leave investments in place forelongated periods of time, this ally never gets to work for you.
