Life of the (aviation) affluent people
By REGINALD80 JOURDAN80
Life of the affluent people
Wealthy people with tons of asset to their name do not always realize the beauty of life. Some of them try to realize it while others remain busy in earning more money, more wealth and more assets. Question is, why one earns wealth if she / he can not make proper use of it?
Men should have a vision in life. This vision can portrait the attitude of earning wealth and lead life in luxury, but it should not be the sole attitude. One has to enjoy life; she / he has to lead a lifestyle where there is a room for relaxation.
Affluent people can enjoy and relax in various ways. There are actually unlimited amount of enjoyment variables available. One just need to pick the one she / he likes and then go ahead in doing it.
Rich and ultra wealthy people need to realize that spending is the by-product of earning. One has to spend a lot if she / he is earning a lot. There is no fun in having a healthy bank balance but no luxury in the lifestyle. More one spends, more she/ he realizes the beauty of life!
People who are wealthy and rich usually spend their money on automotives, aviation, boating and on yachts. Apart than these, they spend on magazine, art, auction and collectables.
Buying a private plane and flying to any beautiful island can be a good way for the wealthy people to have a good time with the family members. However, they need to ensure that the island has an airport and five star hotels. There is no point in landing at an island, where there are no luxurious hotels.
Spending time in the private yacht is also a good way to relax a bit. A time by the sea is always refreshing and delightful. Watching the sun go down and rise are best ways to understand the earths nature.
Participating in big auctions is a fun way of spend money. Auctions can be very interesting and challenging if two or more people start bidding for a single product.
Spending time in the casinos is also a fascinating way of having fun. Five star casinos are the best place for rich people to understand, how good it is to loss money in a quick time. Without a flash, millions of dollars will vanish but wealthy customers will spend more.
Purchasing collectables is another way of having fun. Rich people often go for this option to impress others in the same society. Collectables however represent the thoughts, perception and liking of the owners.
There is a website called The affluent page. One can find hundreds of ways for having fun in this website. Rich and wealthy people, who never got a chance to enjoy, can visit the site and book for a holyday trip. The site also let its wealthy consumers to book hotels, flights and yachts through its reservation system. It means, one does not have to worry about a thing. Once she / he choose the trip, the website will do the rest.
REGINALD JOURDAN is the author of this article on Luxury Consumer Magazine.
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IS THE TIME RIGHT - AIRCRAFT OWNERSHIP
By gennew05
In the hours and days immediately following the tragic attacks on America of 9/11, there was much speculation about the effects on the general aviation industry. While the events of September 11, 2001 have had a significant impact on the economy as a whole, sales of personal aircraft in Michigan have experienced a surprising boost. Certainly, the convenience of personal transportation has played a major role in this increase as airport lines and security have become more time consuming. The reduction of flights resulting from the airline cost-cutting have limited flexibility for the business person and affected the productivity of companies relying on commercial transportation.
These factors alone cant explain surge of people joining the flying community for more than just pleasure. Rebates, low and 0% interest rates, training allowances, and yes, even the IRS played a role in creating an environment that has introduced more people to the benefits of aircraft ownership and had an effect similar to that seen after the passage of the General Aviation Revitalization Act of 1995.
The IRS is here to help you? Well, believe it or not, a new tax law passed earlier this year represents a renewed attempt by our nations leaders to jumpstart the economic recovery. The bill applies to new airplanes acquired after September 10, 2001, and before September 11, 2004, and provides tax savings from economic stimulus provisions included in the Internal Revenue Code designed to encourage investment in capital assets. Visit your local airport and youre sure to see plenty of forty and fifty year old aircraft operating for both business and pleasure. Even prior to the new tax law, Congress recognized that capital investment is an important part of our economy, and therefore allowed a five year depreciation of these assets. To further encourage investments, they do not require the depreciation to be spread evenly over the five years, but through a concept know as double declining balance, greatly accelerate depreciation during the first two years of ownership. Now with the additional incentives of 30% bonus depreciation on new airplanes, tax deferral opportunities are greatly expanded.
So how might a business person benefit from these new changes? First of all, the impact of these depreciation changes greatly reduce net cash investment for the purchase of a new airplane. Specifically, an operator in the 40% tax bracket who can successfully write off his aircraft ownership expense may have no cash investment in the airplane during the first four years. Additionally, when properly structured, many taxpayers have an opportunity to convert personal use into business use. The Internal revenue code provides an optional method of taxing an individual for personal use of an aircraft which many times amounts to less than 10% of the actual deductions flowing from the investment. Consult your tax professional prior to purchasing your new airplane or ask your Aircraft Dealer for the name of an Aviation Tax Specialist to set up your purchasing entity.
And you say youre not a pilot? Local aircraft dealers like Suburban Aviation, Inc. in Lambertville, Michigan will actually teach you to fly your new airplane and even reimburse your expenses when you purchase a new Cessna airplane from them. Most of todays pilots learned to fly in a Cessna airplane and the majority of these pilots continue to experience the freedom and flexibility that flight offers in one of Cessnas many single engine models. For 75 years, Cessna has been the leader in general aviation aircraft providing a safe and reliable alternative to commercial airlines and the automobile.
So if your business can benefit from improved efficiency and tax savings, why not consider a company airplane? There are few tax saving opportunities as effective as fully depreciating an aircraft on a five year accelerated basis, and with todays interest rate environment, a well-structured transaction often results in little or no after tax cash flow holding costs during the early years of ownership. Of course, arriving at your meeting on time and with all your luggage can also be pretty convincing!
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