Mitt Romney Tax Returns – Financial Literacy Lessons for Kids
There is Internet buzz about Mitt Romney releasing his tax returns, but I just don’t understand what all the fuss and concern was about? Don’t his tax returns reflect a financial status that should be everyone’s goal?
While we probably will not all become millionaires, the concepts he put into practice set an example for all of us. They could be taught as a financial literacy lessons for kids. Regardless if you are Democrat or Republican, it seems to me, the three major issues surrounding his tax returns should be goals for all of us.
Mitt Romney pays a low tax rate
– So what? We should all be learning to take advantage of current laws to reduce our taxes.
Mitt Romney donates a large percentage of his income to charity
– Shouldn’t we all?
Mitt Romney earns most of his income from investments
– Aren’t we all trying to set up our finances… so our money makes more money?
Strive for Passive Income
Wikipedia defines passive income as “income received on a regular basis, with little effort required to maintain it.”
This concept is explained in detail in Rich Dad Poor Dad: What The Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!! by Robert T. Kiyosaki. This book should be required reading of all parents and children.
And, the whole point of The Kid’s ROTH IRA Handbook and How You Can Maximize Student Aid is to learn the laws surrounding Roth IRA tax advantages and the federal formula for determining student aid for college.
— In other words, use the laws to shield your money so it can work for you, so it can generate passive income.
As we teach our children about the power of money to make more money, we should also guide them towards smart investments and jobs like affiliate businesses that earn money while you sleep.
The more your money can work for you, the more you can enjoy life, whether it be enjoying the company of your family, working on a hobby, heading off to the gym, or taking a vacation.
I just don’t understand all the previous concerns about Mitt Romney’s refusal to release his tax returns. It seems to me his tax returns demonstrate his strength in financial knowledge — which is a good thing.
If he becomes President, this expertise might be used to turn around the current state of our economy, and at a minimum, his tax returns could be the topic of your next family dinner conversation, as a financial literacy lesson.
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