投资理财入门大坑：利率与通货膨胀
Pay Attention toTaxes and Inflation关注税收和通货膨胀To paraphrasefamed investor Warren Buffett, when it comes to measuring your investmentresults over time, the primary thing that matters is how many more hamburgersyou can buy at the end of the day. In other words, focus on purchasingpower. 根据著名投资人沃伦·巴菲特所言，衡量长期投资收入时最基本要考虑的是最终你能多买几个汉堡，也就是说要关注购买力。It is amazing howfew professional portfolio managers focus on pre-tax returns rather thanafter-tax returns or who ignore the rate of inflation.但令人惊讶的是只有极少数专业投资管理人会关注税前收益而不关注税后收益，或者忽视通货膨胀率。Many tradefrequently and although they may earn 9% to 12% for their investors over longperiods of time, if those investors are in a high marginal tax bracket, theinvestors will end up with less wealth than they would have otherwise had ifthey had hired a more conservative manager who made 10% but who structured theinvestments with an eye towards April 15th. Why?许多人交易频繁，虽然长期内能为投资者赚到9%- 12%的收益率，但如果投资者要面临高边际税率的话，最终赚到的钱还不如找一个更保守的投资管理人多，保守的管理人能赚到10%的收益率，但会以4月15日为目标进行投资。为什么会这样？Unrealized gainsare a sort of “float” on which you can continue to experience the benefitof compounding your money.未实现收益是一种“浮动”，让你能继续享受理财的收益。If you sell yourinvestment to the move the money into a new stock, bond, mutual fund, or otherinvestment, you are not only going to have to pay commissions, but you aregoing to have to give the tax man his cut of your profits.如果你卖掉投资产品，把钱转移到新股票、债券、共有基金或其他投资上，你不仅要付佣金，还要从你的利润中分给税务人员一部分。That means theamount you have available to reinvest is going to be substantially lower thanthe amount shown on your balance sheet just before you liquidated the position.这就意味着清算资产之前你能继续投资的那部分钱，基本上会低于决算表上显示的钱数。That’s why the best investment minds, such as Benjamin Graham,said you should only consider switching out of one investment and into anotherif you think the new position is far more attractive than your current one.这就是为什么像本杰明·格雷厄姆这样最好的投资人说你只能在新的投资产品比目前投资产品好太多时才能考虑从一个投资中撤出，转投另外一个。In other words, it’s not enough for it to be a “little” moreattractive - it needs to be absolutely evident to you. 也就是说吸引力大“一点点”都不够，对你来说足够有说服力才可以。To learn moreabout this topic, read Using Deferred Taxes to Increase Your InvestmentReturns.为了了解更多这方面的内容，你可以读一下《Using DeferredTaxes to Increase Your Investment Returns》。Where and how youhold your investments can exert a significant influence on your ultimatecompounding rate.把钱投在哪儿、怎样投都会对你的最终复合增长率产生巨大影响。If you own sharesof many different companies, some of these stocks are likely to pay large cashdividends, while others retain most profits to fund future expansion. 如果你拥有多家不同公司的股份，其中有一些可能会付给你大量的现金股利，而其他的要保留大部分收益来保证未来投资的增长。As a result, youneed to pay careful attention to where, precisely, on your balance sheetspecific assets are placed if you want to get the most from your money. 因此如果你想要让收益最大化你需要格外注意决算表上特定资产究竟投在了哪里。For example, youwould never hold tax-free municipal bonds through a Roth IRA. 比如你绝对不会通过罗斯个人退休账户买到免税市政债券。You wouldprioritize putting the dividend paying stocks in a tax shelter such as a RothIRA and non-dividend stocks in an ordinary brokerage account.你会优先考虑把分红的股票放进罗斯个人退休账户等避税投资中，不分红的股票放进普通的经纪账户中。Always, always,always contribute to your 401k at least up to the amount of your employermatch. If your employer matches $1 for $1 on the first 3%, for example, you areinstantly earning a 100% return on your money without taking any risk! 一定、一定、一定要保证养老金至少够付佣金，比如如果前3%收益每$1的佣金是$1，那你也一直能得到全部收益而不用承担任何风险！Even if you grabthe matching money and park your 401(k) balance in something like a stablevalue fund, it's free cash. 即使你能付得起佣金，把养老金用来付稳定价值基金等理财产品的话，也是一笔闲钱。Don't overlook thebenefit of seemingly boring assets such as Series I savings bonds, which havesome significant inflation advantages.不要忽视看起来无聊的资产的收益，比如系列一类储蓄债券，它们会有一些明显的应对通货膨胀的优势。大连华工创新科技股份有限公司拥有全球领先技术、十年品质保证、贴心的售前售后服务，优秀的研发团队，保证客户不同的需求。有意者请登录www.hgcx.cn或致电0411-39525022密封点胶机,胶条发泡机,聚氨酯涂胶机,机柜密封打胶机,双组份淋胶机,板材刷胶机,断桥铝门窗注胶机涂胶机机柜点胶机 密封点胶机 机柜密封 机器人涂胶机 胶条发泡机 断桥铝注胶机 穿条发泡 板材刷胶机 汽车涂胶机 全自动点胶机 PU发泡机 密封胶条设备 自动密封 设备视频 机自动连续密封条点胶机--同时解决密封胶条粘不住的问题 Website： HGIT Dispensing system dispensing machine for Cabinets CNC PU Seal Pouring Machine Foam sealing gasket machine Injection (Potting) Machine barrier-strip foam technique Customized production solutions Foam sealing machine (FIPFG) Warm Edge Spacer Forming Machine PU foam dispensing machine Glue Dispensing Robot strip feeding PU foam Foam in Place Gasket machine
{:1110_559:}{:1110_559:} 说点啥 是啥的说的！ Many tradefrequently and although they may earn 9% to 12% for their investors over longperiods of time, if those investors are in a high marginal tax bracket, theinvestors will end up with less wealth than they would have otherwise had ifthey had hired a more conservative manager who made 10% but who structured theinvestments with an eye towards April 15th. Why?
- {:1110_560:}没看懂{:1110_564:} {:1110_557:} 这是在哪找的外文？投资理财本身就是一个噱头，会买的搞不过会卖的。 {:1110_549:} 谢谢分享 这个经济学，太难了！不知所云 經濟學概念，感謝整理~ {:1110_557:} {:1110_557:} 绕得云里雾里，不知所云。
各位看官，有看明白的吗？举个手吧 学习下 看这挺高大上的 但是没啥实际操作的建议！ 早上好。。 {:1110_549:}
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