投資理財入門大坑:利率與通貨膨脹大綱

Pay Attention to Taxes and Inflation

關注稅收和通貨膨脹

To paraphrase famed investor Warren Buffett, when it comes to measuring your investment results over time, the primary thing that matters is how many more hamburgers you can buy at the end of the day. In other words, focus on purchasing power.

根據著名投資人沃倫·巴菲特所言，衡量長期投資收入時最基本要考慮的是最終你能多買幾個漢堡，也就是說要關注購買力。

It is amazing how few professional portfolio managers focus on pre-tax returns rather than after-tax returns or who ignore the rate of inflation.

但令人驚訝的是隻有極少數專業投資管理人會關注稅前收益而不關注稅後收益，或者忽視通貨膨脹率。

Many trade frequently and although they may earn 9% to 12% for their investors over long periods of time, if those investors are in a high marginal tax bracket, the investors will end up with less wealth than they would have otherwise had if they had hired a more conservative manager who made 10% but who structured the investments with an eye towards April 15th. Why?

許多人交易頻繁，雖然長期內能爲投資者賺到9%-12%的收益率，但如果投資者要面臨高邊際稅率的話，最終賺到的錢還不如找一個更保守的投資管理人多，保守的管理人能賺到10%的收益率，但會以4月15日爲目標進行投資。爲什麼會這樣？

In addition to the enormous cost savings that result from long-term investing (as opposed to short-term trading), there are several tax advantages. Here are some of them:

除了長期投資節約的巨大成本（與短期交易相反）之外，還有一些稅率的優勢。下面舉幾個例子：

Short-term capital gains are taxed at personal income tax rates. In New York City, for example, Federal, State, and Local taxes on these types of short-term gains can meet or exceed 50%!

短期資本收益按個人所得稅稅率納稅，比如在紐約市，聯邦、州和地方的這種短期收益的稅率可達或超過50%！

At the Federal level, the worst damage is presently 39.6%.

聯邦稅收中目前最高的稅率是39.6%。

In contrast, long-term capital gains, or those generated from investments held for one year or longer, are typically taxed between 0% and 23.6% at the Federal level.

相比之下，聯邦層面的長期資本收益，或由一年或更長時間投資產生的收益，通常的稅率爲0% -23.6%。

Unrealized gains are a sort of "float" on which you can continue to experience the benefit of compounding your money.

未實現收益是一種“浮動”，讓你能繼續享受理財的收益。

If you sell your investment to the move the money into a new stock, bond, mutual fund, or other investment, you are not only going to have to pay commissions, but you are going to have to give the tax man his cut of your profits.

如果你賣掉投資產品，把錢轉移到新股票、債券、共有基金或其他投資上，你不僅要付佣金，還要從你的利潤中分給稅務人員一部分。

That means the amount you have available to reinvest is going to be substantially lower than the amount shown on your balance sheet just before you liquidated the position.

這就意味着清算資產之前你能繼續投資的那部分錢，基本上會低於決算表上顯示的錢數。

That's why the best investment minds, such as Benjamin Graham, said you should only consider switching out of one investment and into another if you think the new position is far more attractive than your current one.

這就是爲什麼像本傑明·格雷厄姆這樣最好的投資人說你只能在新的投資產品比目前投資產品好太多時才能考慮從一個投資中撤出，轉投另外一個。

In other words, it's not enough for it to be a "little" more attractive - it needs to be absolutely evident to you.

也就是說吸引力大“一點點”都不夠，對你來說足夠有說服力纔可以。

To learn more about this topic, read Using Deferred Taxes to Increase Your Investment Returns.

爲了瞭解更多這方面的內容，你可以讀一下《Using Deferred Taxes to Increase Your Investment Returns》。

Where and how you hold your investments can exert a significant influence on your ultimate compounding rate.

把錢投在哪兒、怎樣投都會對你的最終複合增長率產生巨大影響。

If you own shares of many different companies, some of these stocks are likely to pay large cash dividends, while others retain most profits to fund future expansion.

如果你擁有多家不同公司的股份，其中有一些可能會付給你大量的現金股利，而其他的要保留大部分收益來保證未來投資的增長。

(To learn why this happens, read Determining Dividend Payout: When Should a Company Pay Dividends?).

（想要了解具體原因，請閱讀《Determining Dividend Payout: When Should a Company Pay Dividends?》）

Certain types of bonds, such as tax-free municipal bonds, can be exempt from taxes even when held in taxable accounts under the right conditions, while other types of interest income, such as those generated by corporate bonds held in an ordinary brokerage account, can be taxed at almost 50% by the time you add up Federal, state, and local taxation.

某些特定類型的債券，如免稅市政債券，正常情況下即使在納稅賬戶中也能免稅。而其他類型的利息收入，如普通經紀賬戶持有的公司債券產生的收益，加上聯邦、州和地方稅稅率將高達約50%。

As a result, you need to pay careful attention to where, precisely, on your balance sheet specific assets are placed if you want to get the most from your money.

因此如果你想要讓收益最大化你需要格外注意決算表上特定資產究竟投在了哪裏。

For example, you would never hold tax-free municipal bonds through a Roth IRA.

比如你絕對不會通過羅斯個人退休賬戶買到免稅市政債券。

You would prioritize putting the dividend paying stocks in a tax shelter such as a Roth IRA and non-dividend stocks in an ordinary brokerage account.

你會優先考慮把分紅的股票放進羅斯個人退休賬戶等避稅投資中，不分紅的股票放進普通的經紀賬戶中。

Always, always, always contribute to your 401k at least up to the amount of your employer match. If your employer matches $1 for $1 on the first 3%, for example, you are instantly earning a 100% return on your money without taking any risk!

一定、一定、一定要保證養老金至少夠付佣金，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擔任何風險！

Even if you grab the matching money and park your 401(k) balance in something like a stable value fund, it's free cash.

即使你能付得起佣金，把養老金用來付穩定價值基金等理財產品的話，也是一筆閒錢。

Don't overlook the benefit of seemingly boring assets such as Series I savings bonds, which have some significant inflation advantages.

不要忽視看起來無聊的資產的收益，比如系列一類儲蓄債券，它們會有一些明顯的應對通貨膨脹的優勢。