Back in 2010, I first addressed this topic because I was frustrated by how much I was paying in taxes. I was regularly working ~70-hour weeks and faced an ever-higher marginal income tax rate. I was burning out and needed a change.
Who knew that two years later I would negotiate a severance and permanently leave the well-paying finance world behind.
In 2020, I’m much happier because I no longer have to work or work nearly as much, don’t make as much, and don’t pay as much in taxes.
With potentially higher taxes and higher spending on the horizon with Joe Biden and Kamala Harris in power, it’s worth revisiting the four different ways to spend money by Nobel prize-winning economist, Milton Friedman.