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1. The Key to Early Retirement – I’m not explaining this because I think you are stupid, but I’m explaining it because something we forget – The word “early” means to finish something before it is usually expected – If your homework is expected to be handed in in 30 days you hand it in 29 days, which is still early
If I told you: – The average workers usually retire by age 64, if you start to work at 25, that’s about 39 years of work, and let’s be honest most people take longer to retire and start work much earlier than 25 – So when I say early, I say this, I think most people can experience full retirement or a partial retirement in as little as 10-20 years – Before you that’s a long time, remember most people take 39 years to do it, and require social security benefits to keep them going
What’s the Key, how can you do it (The key is Your Cost of Living ) – Most people never retire early or at all because they never adjust their expectations. – Most people want to retire with an income of $5,000 dollars or $10,000 per month – But what if I told you I’ve done it with an income of around $1,200 as a single Guy and $1,600 when I get married God willing ( yes I’ve done the math for kids too and it doesn’t get much more expensive )
However: this sounds easy or looks easy but it really takes years – It takes years to get debt-free, took me about 6 years – It takes years to get the cash for a house, took me about 8 years ( t’ll take you maybe 15 years ) – It takes year to have cash for a car ( that’s like a year though, just by something cheap ) – But what takes the longest is to change your mindset – But lastly, it takes years to save up enough money to make you $2k per month from the stock market
2. The key to paying no Taxes – The Key is the Standard Deduction – Plus deducting losses from your investments if any – So here is how I do it
First: the standard deduction is – $13,850 single and $27,700 married, so if I were to earn less than this I wouldn’t pay any taxes – That’s about 2,300 as married and $1154.16 as a single person – That’s on the ordinary income side, but then you have long-term capital gains that don’t count towards your ordinary income
So here is an example: ( not real ) – I still earn from working $13,000 a year ( I pay $0 in taxes because of the standard deduction ) – However, I have 500k in my investments portfolio ( and I take 5% of the portfolio and it’s taxed as long-term capital gains – that’s $25,000) – If I’m single I pay $0 and I’m married I pay $0 – What I have a million and I take 5%, that’s 50k plus of pure gain let’s say ( that’s 3,273 as single and 0$ as married )
The point is this: – As long as you keep your income, low you won’t and you will beucase you’ll be retired, you can worry less about taxes – And as long as you take the big chunk of cash from your investments you’ll be fine
https://www.forbes.com/advisor/taxes/capital-gains-tax-calculator/
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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor. source
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