Posted on 09/03/2018 5:55:10 AM PDT by proxy_user
Or a politician.
You can be a millionaire...and never pay taxes! You can be a millionaire, and never pay taxes!” You say, “Steve, how can I be a millionaire, and never pay taxes?” First, get a million dollars.
Now, you say, “Steve what do I say to the tax man when he comes to my door and says, ‘You have never paid taxes’? Two simple words. Two simple words in the English language: “I forgot!”
How many times do we let ourselves get into terrible situations because we don’t say “I forgot”? Let’s say you’re on trial for armed robbery. You say to the judge, “I forgot armed robbery was illegal.” Let’s suppose he says back to you, “You have committed a foul crime. You have stolen hundreds and thousands of dollars from people at random, and you say, ‘I forgot’?” Two simple words: “Excuuuuuse me!!”
-Steve Martin
How do you retire in your 30s with a million bucks in the bank? I know it sounds like a lot but is it really?
To pay a third of it or more when the gubmint’ “lets” you take it out at 59.5, or forces you to take it out (regardless of market performance) at 71.5?
*I’m confused.. What is the definition of retire? 36K a year and not touching the principle add in a part time job I LIKE doing and can take off as much time as I want, , sounds like a pretty sweet deal at 30. I’d actually have trouble spending 700+ a week if my house and cars were paid off. But then comes the dreaded “healthcare insurance premiums”. So i get major medical couple hundred a month and go holistic. If I get cancer and they can’t cut it out. I go out with one heck of a party and a lot of pain drugs. besides that.. I’ve got a reserved seat in Heaven already.
Become a politician. You can make more with a briefcase than with a gun.
The big wild card is health insurance. That will eat up most of the income he generates from his financial assets, and will grow in cost in the years to come.
Heck, I’m 58, and between premiums and our HSA contribution, we spend around $25K per year.
Ahh, the wonders of inflation. IIRC (can't remember who this was attributed to), one of the big magnates of the late 19th century, lamenting the classlessness of the noveau riche, said something to the effect of, "a millionaire can live almost as well as someone who is truly rich."
Well, not today.
“1.2 Million invested so that it returns 3% after inflation provides a return of $36,000 per year. That is hardly a retirement”
A decent brokerage account will get you 8-10%/year.
I was wondering when someone was going too notice that.
I was told that if you lived simply, one could retire early
One Spouse
One House
One Child. Retire at 55
Add one to any of these
Retire 5 years later per “addition”
“OK, but I’m 60. Get me back to my 30s, and you can keep the million bucks!!!”
I am 61. While there are some things my 30 year old self could do that I struggle with now, no way would I want to be 30 in these days. Now, if I could go back 30 years, and know what I know now....
Requisite #1: Elect Trump supporters in the upcoming midterm elections.Requisite #2: Re-elect President Trump to the Presidency in 2020.
My Daughter’s Maternal Grandparents worked and saved most of their lives. They had only one Granddaughter. They survived both of their children who died at relatively young ages.
My Daughter and her husband inherited over a million dollars. Fortunately they are fairly frugal and will probably stay financially secure.
My Daughter did quit her teaching job and is homeschooling my Grandchildren. Her husband makes a good income. Good but not great. I think around $60,000 a year.
We’re already well into the longest bear market in history. Doesn’t anyone else factor in bear markets? There have been some long, long bear markets in history as well.
correction: to notice that.
First, I said after inflation. Second, if you are going to put it into stocks you are taking a lot of risk, which maybe you don’t want to do if you are giving up working for a living.
How did I do it? Hard work and focus. Never went into debt. Married only once. And learned at a very early age that
Nobody can or will do it for me."It's my own damn fault."
People will help you if they can.
Intelligence--and all blessings--come from God.
When they said, "You can't do that," if I bothered to reply at all, it was: "Watch."
I learned some time ago that funding a 401(k) or IRA at a young age is important, but if you're looking to build a nest egg for flexibility BEFORE retirement you should be developing a similar investment program outside a designated retirement plan.
Live below your means (create money to save)
Put your money to work (invest)
Buy things that go up in value, not down (cars and toys are bad, stocks and bonds are good)
Don’t borrow (don’t pay interest)
Do it now (leverage the miracle of compound interest)
There. Now if the governments doesn’t tax you too much or dilute your money with inflation, you should do pretty well.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.