The education in this substack would've been so valuable to me at age 20. There's definitely a reason this isn't taught. I share the stack with my adult kids; the writing here teaches them things I never could.
Great post as always. Agree with the sentiment becoming financially independent before 40 which I believe I’ve achieved with some luck. What I struggle with is how to get the wifi business started. Still have hope though! :-)
It's funny, but I'd be willing to bet many reading this side of the internet intuitively knew early on in life that the "save 10%" rule and "traditional" retirement was a scam.
Before I even started working *hard*, I thought about a life trajectory that only guaranteed a meager retirement age. Grind for 40-50 years to hopefully take a few domestic vacations and collect social security in my twilight years IF my health holds up? What an absolute waste! And as BTB describes in this post, the "save 10%" rule is a laughable axiom that might only get you limping over the finish line.
I do my best to encourage friends/family to aspire to more and question traditional notions that guarantee soul-crushing mediocrity. It's a tough sell, though, and as usual, most don't want to even contemplate frontloading the work necessary to achieve financial and personal freedom. I have some new ideas and angles from this post to those willing to listen, though - thanks, BTB.
Can anyone opine on a non-bill-gates-type using LLCs to purchase real estate? Obviously if there are income properties, LLCs are preferable, but for individuals you are losing out on HUGE tax advantages if using an LLC on your primary residence. Given anonymity, I would love to be able to use an LLC for my primary, but my mind screams at me that the tax advantages much outweigh what an LLC provides (maybe unless I use a 1091 if trading up to the next primary residence).
The education in this substack would've been so valuable to me at age 20. There's definitely a reason this isn't taught. I share the stack with my adult kids; the writing here teaches them things I never could.
Great update on the basics!
I am basic and not as high speed as the rest of the jungle due to earlier life choices. Very thankful to have this community and improve all I can!
Great post as always. Agree with the sentiment becoming financially independent before 40 which I believe I’ve achieved with some luck. What I struggle with is how to get the wifi business started. Still have hope though! :-)
It's funny, but I'd be willing to bet many reading this side of the internet intuitively knew early on in life that the "save 10%" rule and "traditional" retirement was a scam.
Before I even started working *hard*, I thought about a life trajectory that only guaranteed a meager retirement age. Grind for 40-50 years to hopefully take a few domestic vacations and collect social security in my twilight years IF my health holds up? What an absolute waste! And as BTB describes in this post, the "save 10%" rule is a laughable axiom that might only get you limping over the finish line.
I do my best to encourage friends/family to aspire to more and question traditional notions that guarantee soul-crushing mediocrity. It's a tough sell, though, and as usual, most don't want to even contemplate frontloading the work necessary to achieve financial and personal freedom. I have some new ideas and angles from this post to those willing to listen, though - thanks, BTB.
Can anyone opine on a non-bill-gates-type using LLCs to purchase real estate? Obviously if there are income properties, LLCs are preferable, but for individuals you are losing out on HUGE tax advantages if using an LLC on your primary residence. Given anonymity, I would love to be able to use an LLC for my primary, but my mind screams at me that the tax advantages much outweigh what an LLC provides (maybe unless I use a 1091 if trading up to the next primary residence).
Where is the link to the archive of previous WSP posts for paid subscribers?