How to Easily Accumulate 2 Million Dollars of Assets

Who cares about the number two million when it comes to accumulating assets?

If you live in Washington State, you do.

Once you get over 2 million dollars in assets everything is taxed at 19%.

Think that’s a long way away for you and your family? Guess again.

Here’s how easy it is to get to two million in assets.

Let’s say you have a house. It’s appreciating like crazy. You bought it for $500,000 and Zillow says you’re at $850,000 now.

Cha-Ching: we’re at $300,000.

If you’re married you have a life insurance policy (and if you don’t you should get one): 1 million each (to cover the mortgage on your house and at least a year of living expenses) that goes to the estate for calculation when you pass away.

Cha-ching: we’re at $1,300,000.

What about retirement accounts? 401K? Roth IRA? You’ve got those right (if you don’t you need to get going!)? Over the course of regular saving for you and your wife that easily comes to $700,000.

Boom: we’re at $2,000,000.

Whether or not these exact figures apply to you or not (and depending on how old you are they may or may not), the point of this article is simple: pay attention to your net worth.

When you start creeping up around $1,500,000 in assets it’s time to start planning to avoid those taxes. Otherwise you’ll be giving a very nice gift to the government.

Cheers,

Christopher Small

P.S. After helping dozens of families set themselves up for an awesome life and an amazing legacy, I can tell you if you don’t have these 5 areas of your life covered right now you are exposing yourself and your family to a lot of heartache.

P.P.S. Figuring out where to start and taking the first step is the hardest part of creating your family wealth plan. Here’s my best advice on where to start and how to take the first step (without needing an estate planning lawyer).

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