Friday, July 22, 2005

The depreciation depresssion...

In business as in life, there are things that you buy and will never be able to recover the purchase price from.

When a business purchases capital equipment, (machinery,computers,vehicles, etc.) accounting rules provide a tax break to compensate for the deminished value of the original purchase.

As individuals, there is no opportunity to write off the devalued purchase price but, there are two areas that spring to mind when it comes to rapid depreciation, new cars and computers.

As a general rule, cars loose 50% their value in the first 4 years (25% in the first year alone)with rapid technical advances, computers, loose value much faster.

If you are serious about accumulating personal wealth, one of the first opportunities to save money is to let someone else pay the depreciation on major purchases by buying used rather than new.


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