Retirement in My Early 40s ?

[MarkJ]

Originally Posted by zax1150

I wouldn't bank on such a thing in the long term as most countries battle rampant debt & are finding inventive ways to tax your savings out of existance, the vast majority of pension funds are a joke, the ideal of saving for a comfortable retirement went out the window a few years back,

Adding insult to injury, if you do manage to invest properly then you're taxed on that income

I think your London perspective is pretty correct in Australia. Superanuation was the holy grail for many retirees.... now its badly managed by unions and the government is eyeing it off....

[osirissail]

Originally Posted by zax1150

,. . . Remember its better to just bend the laws not break'em

In a lot of democratic capitalist countries the rich people really do not like paying taxes and "purchase" special "loopholes" in the tax code from their local politicians. However, the loopholes cannot be made absolutely specific to that particular rich person but must be worded in a way to be as close to what the rich person wants without specifically identifying him. The "trick" to saving money on taxes is to discover these loopholes and utilize them as much as possible. It does take a lot of research and creativity to structure your investments to conform to the various loopholes but you will save a significant amount of tax money that would otherwise go into the State coffers. This is called "tax avoidance" and is generally legal.
- - However, do not rely on an "advisor" and blindly forge ahead into this realm unless you personally have researched and found the "loophole" can really be used without putting you and your money in jeopardy of "tax evasion" which is not legal and can ruin your future cruising plans.

[svrodeorm]

Originally Posted by ronocnikral

i read a book once about a guy tracking all his expenses at a pond. he said...

Could it by any chance be my old favourite Henry David Thoreau ?

[zax1150]

Originally Posted by MarkJ

I think your London perspective is pretty correct in Australia. Superanuation was the holy grail for many retirees.... now its badly managed by unions and the government is eyeing it off....

well having worked for a couple of aussie (now ex) pm's & a now very orange ex-pm, (what is it about tanning beds??)

my instructions were to find ways to, not break the law, but be able to invest with good returns & minimise taxation exposure, what constantly confuses me is any numpty can do it, but thinks it's only for the rich, mind you was very happy to quit, couldn't bring myself to work for his replacement

[zax1150]

Originally Posted by osirissail

- - However, do not rely on an "advisor" and blindly forge ahead into this realm unless you personally have researched and found the "loophole" can really be used without putting you and your money in jeopardy of "tax evasion" which is not legal and can ruin your future cruising plans.

Honestly there is no way I would trust an investment advisor, especially these days, the only point I make is you have the right by law as to how & where your retirement funds are invested, so the best place is where your money is guaranteed safe & the same goes for the returns,
eg a bank, the main banks in Australia guarantee up to Aus$1mil, & as a non-resident the tax is 10% of interest earned.......

so where YOU invest your hard earned to secure your future is up to you not someone that takes a percentage & does little if anything......

[jacob30]

I am retiring in 5 years at 42 to pursue my dream as well. I will have 'free' medical and a cost adjusted retirement income stream for the rest of my life. I won't be rich financially but will comfortably cruise as long as I desire. The next big hurdle is purchasing the boat over the next five years. I am looking at getting a nice used Catamaran but I am not opposed to a mono.
I do agree that you have to at least like your job during your build up. For most of my career I have liked what I was doing (hard hat diver/aviator). Now that I am in front of a computer and am in a management position I am begining to dislike my job. Would not have stayed this long if I did not have job satisfaction for all those years. I am not saying that you don't just an observation.

Good luck on your quest!

[tundrarules]

Originally Posted by zax1150

I wouldn't bank on such a thing in the long term as most countries battle rampant debt & are finding inventive ways to tax your savings out of existance, the vast majority of pension funds are a joke, the ideal of saving for a comfortable retirement went out the window a few years back,

Adding insult to injury, if you do manage to invest properly then you're taxed on that income

Ok that being said the simplest way these days is to invest in a term/bond with a monthly return, as a non-resident you pay 10% tax on interest earned, & as you don't bring the money pyhsically into the country it doesn't add to your income for taxation purposes, I've become a big fan of australia for that, (that & 6.85% )

That's what I'm doing atm so I can eventually afford the cruising life.

Remember its better to just bend the laws not break'em

Here's a good article on foreign bonds.
Want to Buy Foreign Bonds Directly? Good Luck - Kiplinger

Zax,
How did you aquire your Aussie bonds, through a brokerage in London? What was the minimum order? Looks like you need millions to play the game...
Seems like a good plan if you decide circumnavigationstarting in Australia. That way you wouldn't have to worry about the currency exchange issue or taxation in UK.

This has been a very informative thread...I hope you all can make your dreams come true.

My plan for now is to enjoy life along the way. You never know what tomorrow holds. I would hate to gamble my life away being frugal and placing all my bets (money)on 15 years from now. The way I play the game of life is to spend a little now and save a little for later. I only get to enjoy my boat every few weeks a couple of days at a time. Hopefully my few days a month on the boat will compound interest and I will have lived a happy fulfilling life with my wife at the end.

I'm not wealthy like most of you on the forum, I make a middle class living,but hopefully I 'll find something soon that will help get me on the water more.

Keep the ideas coming, as all of us on this board would like to retire on our sailboat soon

Best of luck to you all.

[zax1150]

OK for those that need it spelled out
#1 Don't shout
#2 As an analyst it was my job to find best return & with low tax options
#3 Any moron can do it, with a little research
#4 Sorry no frugal lifestyle here I like my toys but do not live on credit
#5 why would I need millions?? (avg for every $100k is $6k after tax)
#6 In the UK a bond is a term deposit 1-5 years max
#7 In the Uk taxable income is only if I bring money into the country
#8 spending off my visa debit card that the interest goes into every month
means I have not bought money into the country
#9 Anyone can open a non-resident bank account in australia

Finally I make my income in the forex market, so building funds from very little is the easy part......
why would I plan on 15years from now when I can do it again within 6 months? (at least this time it's for me)

[svrodeorm]

Originally Posted by zax1150

OK for those that need it spelled out
#1 Don't shout
#2 As an analyst it was my job to find best return & with low tax options
#3 Any moron can do it, with a little research
#4 Sorry no frugal lifestyle here I like my toys but do not live on credit
#5 why would I need millions?? (avg for every $100k is $6k after tax)
#6 In the UK a bond is a term deposit 1-5 years max
#7 In the Uk taxable income is only if I bring money into the country
#8 spending off my visa debit card that the interest goes into every month
means I have not bought money into the country
#9 Anyone can open a non-resident bank account in australia

Finally I make my income in the forex market, so building funds from very little is the easy part......
why would I plan on 15years from now when I can do it again within 6 months? (at least this time it's for me)

A bit cocky, are we? so, please tell us more!

[zax1150]

Originally Posted by svrodeorm

A bit cocky, are we? so, please tell us more!

I know my trade, & I know the market, & analysis beats the so called information vendors everytime, they brag about 50-60%avg which is pathetic I'm happy with 95%

Did think about setting up a brokerage but then I'd be making the rich richer & not helping ppl that really need it!

(eg: helped a M8 make £350k for which I got a £12 bottle of scotch instead of my fee, & all he did was moan about his kids school fees at cambridge, & then short changed his staff on their christmas bonuses P.O.S, & they worked damn hard for that bonus) needless to say I told him to take a long walk off a short pier.

Hence my l8 fathers fav expression "no good deed goes unpunished"

[MarkJ]

Originally Posted by jacob30

I am retiring in 5 years at 42 ....am in a management position I am begining to dislike my job.

Set those goals in stone and mark off the months. Every week you start back at the job on Moonday make that week work towards your goal. "Its Monday morning this week I will save enough to cruise France".
Its might sound stupid and immature but a good set of goals may let you hold that job longer. And if its the best paying one it may be better to hold it so your ultimate goal is reached faster or better


Mark

[teknostar]

Originally Posted by TACK OFF

600k and get 40k per year........please tell me how

put it in the bank in Australia and you will currently get 6+% (obviously you would then need to pay income tax if applicable)

[tundrarules]

Originally Posted by svrodeorm

A bit cocky, are we? so, please tell us more!

You noticed too?

Zax,
#1. I bet you have a lot of friends and a lot of exwives! I can tell you have personal issues since you like to flame people on message boards. I guess in your own mind you are superior to the majority of us (must be young with no humbleness). You only have a few post on this forum...I wouldn't get to cocky

#2 Since when is a larger font shouting? I thought "ALL CAPS" is considered shouting (do the rest of you agree?). I used a larger font for those that can't see small font as well .

#3 Thanks for sharing your knowledge with us. I wished you had done it in a kinder way.

#4 Why am I wasting my time with a cyberbully I'll never know . Enjoy your miserable life Zax...karma will get you sooner of later.

I'm sorry to the rest of you on this thread for using your valuable time with this childish volley. I just hate cocky "A holes".

[UnderwaterA]

I've always heard that life is what happens while you try to do something else. Good luck.

[Pblais]

The content of this thread has drifted enough and while still off topic there are limits to how off topic is appropriate for Cruisers Forum. We are closing this thread now and should there be some element that could be consider "boating related" somone in this thread is free to start a new one that has some focus to it. We leave all the thread here in titoal since cleaning it all out is more trouble than ity's worth.

Being nice would help a few of you.