If you are late in the game....other option is to move to a low cost country where $1M is like $4M. I know people who live like king and queen on a $15k-$20K/year budget by moving to other country. Keep the $1M invested say at average of 4-5% and withdraw 2% every year.
Post calls retirement a scam because of having to pay taxes, most likely assuming the retirement fund is 100% a 401K only. What is your perspective on Roth IRA or Roth 401K and being able to have the money tax free upon retirement?
I never understood why Roth gets pushed so hard. Roth is just pay tax now instead of pay tax later. Outcome is exactly the same assuming same tax rate (yeah I modeled it out in Excel). The only way Roth makes sense now is if your tax rate at retirement will be lower.
I get why the gubmint likes Roth tho -- they get the tax now instead of later.
Question - I’ve now reached my Bitcoin buying goal. Do I now diversify into a stock portfolio or continue with Bitcoin/ETH ? I have a 10 year investment horizon… my only goal is that I would like to generate an income down the track.
Isn’t the problem that this is way to little to be financially free?
And then it puts people in the the position of either growing it further to 4mil OR having to re-build something from scratch (and start all over again; just with more skills and capital)
Agree in principle, with the caveat that if you buy your house and pay it off, it doesn't matter what housing prices do in terms of your cost of living at retirement (except that your property taxes will go up and your maintenance costs of ownership will go up - don't know exactly how those correlate with housing price but I'm sure they are directionally the same).
I'm helping a 23 year old exit his wifi biz for $3.9m (4x sde) that he started in 2020. Already have 2 offers.
Start today!
Yup
Scary stuff. Back to work!
yup
If you are late in the game....other option is to move to a low cost country where $1M is like $4M. I know people who live like king and queen on a $15k-$20K/year budget by moving to other country. Keep the $1M invested say at average of 4-5% and withdraw 2% every year.
Yeah the old exit to cheap country option is always there
Scary part is putting $40k away every year for 30 years to get to $4mm.
That is almost 100% of the takehome pay for majority of people.
Sorry for the noob question but you keep referring to WiFi business..what do you mean by WiFi?
Welcome! Wifi business refers to an online business (e-commerce, affiliate marketing, etc).
But your first step needs to be searching on substack to find the BowtiedBull FAQ post.
Read that first then start catching up.
Hi! Just new here, can you see a copywrite/affiliate marketing website? I understand you can sell a business that produces a product.
Search on twitter BowTiedTetra and BowTiedOpossum
Post calls retirement a scam because of having to pay taxes, most likely assuming the retirement fund is 100% a 401K only. What is your perspective on Roth IRA or Roth 401K and being able to have the money tax free upon retirement?
Still doesn't matter what will $1M buy you in 2053?
To shift to Roth you’re just paying tax upfront, so it’s the same argument but you’re really saving $13k instead of $10k.
The whole point is that you CANNOT follow the traditional path and expect to make it.
Yeah agree its in the post, if you assume zero tax then its $1M not $900K unsure why that would make a big difference.
I never understood why Roth gets pushed so hard. Roth is just pay tax now instead of pay tax later. Outcome is exactly the same assuming same tax rate (yeah I modeled it out in Excel). The only way Roth makes sense now is if your tax rate at retirement will be lower.
I get why the gubmint likes Roth tho -- they get the tax now instead of later.
Am I missing something important? Tks.
On the topic of retirement scams... What are your thoughts on whole life insurance? Scam and just worth purchasing term life insurance?
Question - I’ve now reached my Bitcoin buying goal. Do I now diversify into a stock portfolio or continue with Bitcoin/ETH ? I have a 10 year investment horizon… my only goal is that I would like to generate an income down the track.
Why people just “need a single 500,000 USD exit”?
Isn’t the problem that this is way to little to be financially free?
And then it puts people in the the position of either growing it further to 4mil OR having to re-build something from scratch (and start all over again; just with more skills and capital)
So with 1mm today assuming basic investing do you get to about 4mm 2053?
Agree in principle, with the caveat that if you buy your house and pay it off, it doesn't matter what housing prices do in terms of your cost of living at retirement (except that your property taxes will go up and your maintenance costs of ownership will go up - don't know exactly how those correlate with housing price but I'm sure they are directionally the same).
Just ran the math, the $120K alone is worth $913K in 30 years so basically just beat out the average person for the next 30 years already.
Exactly much more intelligent way to try to get ahead