Early Retirement

The Master Archive!

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What is the secret to a happy retirement with lots of money? Here are a few who actually did it.

How to Retire Happy with Lots of Money

By Keith Taxguy / November 13, 2018 / 17 Comments

It didn’t exactly start with Mr. Money Mustache, but the FIRE community solidified around Pete and his work. Pete retired at the ripe old age of 30 and set a new standard in early retirement.

News feeds have a litany of stories of 30-somethings living the good life as they travel abroad. Coupled with the stories of people paying off a gazillion dollars in debt in four and a half minutes and it starts to look easy.

Except it isn’t that easy! It’s actually damn hard. Personal circumstances play a vital role. Where you live, your health and education opportunities determine at least a part of the outcome.

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Enjoy all the tax benefits allowed for owning your own micro business or side gig.

Micro Business and Side Gig Tax Guide

By Keith Taxguy / November 5, 2018 / 11 Comments

The reason for starting a side business are legion. Maybe early retirement left you with more free time than you know what to do with. Maybe you took early retirement a bit early with the intentions of earning some side income. Or, personal or family issues limit the hours available for gainful activities.

Micro businesses are a great way to earn more money without a massive expenditure of time. You can enjoy the best of both worlds: reasonable income and freedom.

But there is one factor that causes more headaches than any other: taxes. Micro businesses/side gigs have special tax rules that can cause serious problems, or, if done correctly, virtually eliminate your tax bill.

I’ve published on this in the past, but new tax rules require I provide an entirely new guide. Several notable changes require your attention. A misstep will cost you hard-earned tax dollars; a well thought out plan allows you to keep most or all of your side gig income.

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Reduce Your Taxes to Zero!

By Keith Taxguy / October 29, 2018 / 5 Comments

You sold a stock or rental property with a massive gain. You deferred/avoided tax on the complete capital gain by investing said gains in an Opportunity Fund. Then you decide to use the basis from the original investments as a down payment on an income property and conduct a cost segregation study. This equates to a $300,000 deduction on your tax return while avoiding tax on the capital gains!

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The History of Polarized Politics in the U.S. and Money

By Keith Taxguy / October 15, 2018 / 16 Comments

In recent times we were told the U.S. was caput because  a womanizer like Clinton was president. Did anyone take the time to research Franklin and Jefferson? Caput! I think not!

Then Bush was a sign of the End Days. Nope! President George W. Bush proved to have human failing, but we did fine.

President Obama was the worst. I had clients who came into my office saying their life;s mission was to prevent Obama from getting a second term. What a waste of time! The economy grew, the stock market was up and America and the world did great after a serious economic debacle.

And now we have the hated President Trump. Many tears have been shed. The Supreme Court is forever tainted (unless you read few history books where you’ll discover it was always tainted). I’m not a fan of Trump. I disagree with many of his policies. But not all! An honest person will find issues where agreement exists. Who doesn’t like lower taxes? We can debate who gets how much and the fairness of taxes, but com’on! I also agree with more infrastructure spending. I’m against tariffs which are nothing more than a tax on consumers. Call it a quasi value added tax, if you will.

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The Best Conference on Money

By Keith Taxguy / October 8, 2018 / 10 Comments

Large conferences are hard to understand before attending first. FinCon has multiple cultures under one roof. Virtually every interest in the financial community is covered. Finding people with similar interests is easy. Finding sessions tailored to your goals is equally easy. So why did I fail the first year and sail the second?

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The One Place World Travelers Forget to Visit

By Keith Taxguy / September 27, 2018 / 5 Comments

I have a confession; I’m a hypocrite. My greatest platform has been a complete lie. Please don’t blame me. It got out of control and before I knew it the lie was so big I had no way out with the exception of telling the truth.

From the beginning I railed against traveling while I’ve visited most of the U.S. states, Canada several times, Jamaica and Costa Rica. And here I am pounding out a post while traveling and sitting at the kitchen table of my first Airbnb stay. For a guy who whines so much about traveling I certainly do a lot of it.

Traveling has certainly been a love/hate relationship for me. The anxiety is almost overwhelming (sometimes it is and I collapse). This post will publish Thursday and I’m writing Tuesday night and the clock claims the night is closing in on 10:30. For several weeks leading up to FinCon the anxiety increased. Sleep turned fitful, my thought disorganized. I dreaded the flight. Most of all I dreaded all the people. Farm boys from the backwoods of Nowhere, Wisconsin never truly adjust when pushed into civilization. The savage is always there.

It is in this fog of insanity I realized I travel too damn much, but also realized I travel to places even the most seasoned travelers rarely go.

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Paying Off the Mortgage vs Investing the Difference

By Keith Taxguy / September 24, 2018 / 33 Comments

One of the most difficult decisions you can make as you struggle toward financial independence is deciding between paying off the mortgage quickly or investing the excess funds instead. The water is more muddy when we see a roaring stock market for as far back as the eye can see coupled with low interest rates. The answer seems simple and obvious: pay off the mortgage as slowly as possible and invest the difference in broad market-based index funds.

You might also think people well past the mile-marker of financial independence would have an even easier choice. Once the risk of a market decline passes due to your excessive net worth, it is tempting to automatically choose the course with the greatest opportunity for maximum gain.

Your favorite accountant has struggles with the same decision: pay it off  or invest. It all came to a head recently when the topic came up on Facebook. I gave my opinion and the fur flew. Before long my inbox was stuffed with requests for a fully fleshed out explanation of my position.

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My Tax Plan If I Were President

By Keith Taxguy / September 17, 2018 / 14 Comments

If you’re reading this the day it’s published it means this is the due date for extensions for partnerships and corporations. If you work in a tax office and things are quiet you might want to consider another job. (This is an inside joke directed at a former employee who struck out on her own. If you need bookkeeping in Vegas I know a qualified person to handle that. Seriously.)

I thought today would be the perfect day for me to announce my candidacy for president with a few tax policies I’ll sign into law via executive order if elected. Some of you might be darn excited about this unwelcome event as you think I’m a Democrat. Other might be excited because they think I’m a Republican. The truth is I’m neither. I prefer to waffle between both side of the aisle or as the police call it: walking in a drunken stupor.

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