Anonymous wrote:Please tell me as a CPA who wants to retire what I can do so I can finally leave my boss in the dust. And no, I hate doing taxes.
A CPA should know all about money and should be retired long ago. I'm a minimum wage worker who retired mid 40s.
Where is the money? All the years working with money amounted to nothing? Because of minimum wage, I had to find a different way and I did.
Here's how you make money: Max your Roth with $7k (maybe $8k if you are 50), double it in 2025 to $14k. August is a very good time to buy the beaten down stocks. In 2026 you double it to $28k. 2027 you double it to $56k. If you want even faster, you add the yearly $7k-$8k. 2028 it will be about $112k, 2029 - $224k, 2030 -$448k, 2031 nearing a million all from $7k. Don't take the money out of the Roth. Buying and selling stocks happens inside of the Roth. Doubling $7k is no different than doubling $448k. $448k should be easier as you have more options and experience.
It actually goes much faster once you have figured out how to double the money few times and you are adding additional $7-$8k. My second year, I doubled the money in 6 months already.
I work part time just to earn the $7k for my Roth and then I go on my 8 month stay-cation again. When I file my taxes as HH, I get lots of money back for EIC, child tax credit, and Saver's credit. While I made $7k, I could end the year with ca $28k.
My $7k earned is a lot more valuable than it first seems.
To double you money, you need to earn only 6% a month. If you know the bottom and top price for your 5 stocks, it's easy.
I'm sure it can be done with VOO/aapl/amzn also if you want safety. NFA.
That's what I do, but it may not be for everyone. I'm passing down the doubling knowledge to my two kids. I really don't know what's more powerful in finance. Definitely not the 401k match that keeps you coming back and not learning to do it on your own.
Good health is important and we have that.
Besides that, I have about 20 other thing happening to me when it comes to money. Lets call them side hustles.
My car loan is 0% which seems hard to others. My cc interest is 4-5% which also I don't see often. I was just told that my kid already has 30 college credits. He hasn't even started yet. Can this be true? That kid will do his own taxes and get his first semester paid from the refund as long as we don't touch the 529.
I got my rent lowered. I'm saving money for my landlord now by asking them to dump the management company. Parking, pool, gym, and all utilities are included in my rent. I don't have a commute to speak of, so not much wear on the car or chances of getting into accident. Food, parking at work, drinks are free for me most of the week. I save my boss about $60k a year. There are several people benefit from me. It's like bartering. Just got a friend a job by asking another friend for a favor, but the worker is so good that my friend owes me a favor now. Life is good.
I have free babysitting at any time, but kid can finally be alone also. We have a tax free 'annuity' tied to COLA, which I appreciate and noticed as a former minimum wage earner. Never happened before. In fact, I made below minimum in 2001/2008.
We don't really have a tax expense like working people do, and I'm about to take our health expense to only $200 a month.
I get my taxes done nearly for free and have since 2003.
Had I ever had a job that paid over minimum and had benefits, I would still be working.
Had I gone with the 10% market returns, I'd also still be working. I saw much higher returns as I jumped in. I also saw lower returns. I made both returns work for me.
It really isn't how much you make, it's what your do with the money once it's at home. Higher income helps of-course, but it has also kept people from putting in the effort to make their money go further.
Owning three properties taught me to stay away from real estate for now. So glad to have got rid of them all. Not assets. Liabilities to us.
Oh, for side hustle, learn to fix garbage disposals.The maintenance man took a vacuum cleaner to it. WTH! I could have done that.