Quoted from JohnnyPinball007:Personally I never trusted the markets, and I have 3 rental houses, and I have been self employed forever.
I plan to never retire, and I plan to never get a job working for anyone.
I enjoy the work I do, good exercise, make a few bucks, and get up at the crack of noon most of the time.
To add to this, my biggest expenses are insurance and taxes, but I have 0 debt, and the house's pay all the bills, while on average about 3 hours a month dealing with them.
I have worked one day so far with my biggest client this year, and I am fine if I do not get another call from him this year.
If my phone rings I will say ok, where, and when, and go do a job. (underground construction).
I like the goofing off money I make, cutting grass. I average 50.00 a hour, and this zero turn mower is like the go cart I had when I was a kid.
And this is not under the table or anything, they all write checks to my Inc.
Some clients I bill monthly, some quarterly, and some yearly.
(most I bill are around the time property taxes for 4 houses is due, to take care of that).
I know I am out there, I have never worked a 9-5 or been in any kind of system with a 401 or whatever.
One year I did very awesome, and I paid so much tax I said screw that, I need to work a tad less.
I have a damn good accounting firm, and I really recommend that.
I just roll my eyes at anyone that goes to h and r block, or does the turbo tax thing or any of that.
I good accountant is pricey, but well worth it.
Hell, first thing when I went into business for myself and hired a good accountant, he rolled his eyes when I said I had been using h and r block, and he went back and re-did the stuff and got me a ton of money back.
A lot of it I think is just the way you were born.
I stay pretty cool and laid back and never raise my voice, and that will get you a long ways also.
And I am not a "neat freak", but I do stay very organized.
My accountant has always loved the fact that I have everything ready for him on 2 sheets of paper, while others bring in grocery bags full of receipts that he has to go through and try to figure it all out.
My Dad used to be one of those taking all the bags to the accountant at the last minute.
I never got that at all. If you have a good accountant, help them, and they can help you more.
Several times my accountant told me that he wished I could give some motivational speeches to his other clients.
One time I got a small check from the IRS with a letter I did not understand. I took the 30 mile each way to see him in person(most everything is faxed or mailed between us), and he laughed and said the IRS had audited me, and that small check they sent me, cost them a whole lot more, like 50.00 for every 1.00 I just got back out of the blue.
One time my accountant did mess up, (death in the family or something), and I had a notice in the mail of taxes due with interest, and when I called, they said sorry, we messed up, fax that paper and we will pay that and you will never be bothered with it again.
I love my lawyer also, no need to go into that here.
But yeah, as far as this topic, retirement hacks, a damn good accountant goes a very long way.
If you are doing anything else, and are self employed, you may be missing a lot of deductions.
And the 9-5 people, maybe find a good accountant, just to look over what you did yourself on the turbo stuff, or the h and r stuff, or whatever you use, you may be surprised.
I am way out in left field, and no way I could have ever done the 9-5 thing, I started my Inc. when I was 23, and doing ok even at 16.
At the same time no I do not have a mil in some 401, and I don't need that much anyway.
I am 52, semi-retired at 40, and I will never retire, but at the same time I never plan to work over 40 hours in any month.
I have a system that works for me, I keep all expenses as low as I can, you have to figure out what you can live ok with.
And I still do not trust that SS will be around when I am older, and if it is, it will just be like more free money coming in.
I do hope Medicare or something sticks around, yes docs are pricey as hell these days, but so far dentists are 10 times worse.
And it does help a whole lot to have never been married, or had any kids.
I wish all of you the BEST!