Gt350 or Supra

[MAGS1]

Retirement? This is NOW MONEY (whatever that means). Yolo. Or something…

LOL. I mean I have my Now Money (you should trademark that by the way ) too. My parents helped me setup a retirement account when I started working in high school (IRA, couldn’t participate in the 401K as a part timer obviously). I was like WTF, I wanna buy a car, take girls out, etc (which I was still able to do btw ). I didn’t put a ton away during high school and college but it was a decent amount. Obviously knowing what we know now as adults it was a smart move and something we’re in the process of teaching our oldest. It will be one of my little fun money accounts once I actually retire. Never too early to start saving IMO (and still be able to have that Now Money).

Wow this really derailed. Is this a financial planning thread now??

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[Ewheels]

LOL. I mean I have my Now Money (you should trademark that by the way ) too. My parents helped me setup a retirement account when I started working in high school (IRA, couldn’t participate in the 401K as a part timer obviously). I was like WTF, I wanna buy a car, take girls out, etc (which I was still able to do btw ). I didn’t put a ton away during high school and college but it was a decent amount. Obviously knowing what we know now as adults it was a smart move and something we’re in the process of teaching our oldest. It will be one of my little fun money accounts once I actually retire. Never too early to start saving IMO (and still be able to have that Now Money).

Wow this really derailed. Is this a financial planning thread now??

As hilarious as this thread is, I'd be fine if this turned into a financial planning thread.

An old mentor once told me "rich people don't pay taxes" - need to make an LLC to get as many tax write-offs as possible. Never going to reach financial freedom if a W-2 is the only source of income.

 

[mikedahammer]

As hilarious as this thread is, I'd be fine if this turned into a financial planning thread.

An old mentor once told me "rich people don't pay taxes" - need to make an LLC to get as many tax write-offs as possible. Never going to reach financial freedom if a W-2 is the only source of income.

I think you left off the end of that quote....

.....Never going to reach financial freedom if a W-2 is the only source of income.....because you have zero ability to cheat.

 

[Ewheels]

I think you left off the end of that quote....

.....Never going to reach financial freedom if a W-2 is the only source of income.....because you have zero ability to cheat.

There's nothing cheating about it.
Tax write-offs are legal. Owning multiple businesses is legal.

Say you bought a fast food chain franchise and continued to work your normal W2 job. Now you have two sources of income and all expenses related to the franchise are tax write-offs.

 

[RTFM]

Fun fact: putting $40,000 in an investment account when you are 19 will give you $2,000,000 after 45.5 years, just in time for retiring at 65.

This assumes you get an average interest of 9% — which is totally feasible since the historical stock market interest is 10%.

 

[Skeptic14]

An old mentor once told me "rich people don't pay taxes" - need to make an LLC to get as many tax write-offs as possible. Never going to reach financial freedom if a W-2 is the only source of income.

That's quite an exaggerated statement; owning your own businesses can have a lot of upside, but I suspect far more retired/financially idenpendent folks were never businesses owners than were.

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