I saved 60% of my income living overseas

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janice clonmell
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I saved 60% of my income living overseas

Post by janice clonmell »

I'm an educator but I don't rely on anyone but myself. For example, I lived overseas and taught in South Korea for 10 years. There was zero federal taxes, which as i learned from financial literacy classes that is incredible! I was paid $60k a year. In the states I'd be taxed 30%. That's about $18k I saved in taxes. Times ten that's $180k.
On top of that I've saved an invested at 20. I had an uncle who was a multi millionaire who taught me about financial literacy as well as compound interest. I've put into this one account for 15 years and I've stopped, so from 20-35. That account alone with 6-8% will net me about $500k easily. I also save 60% of my income, and I have rental properties that pay me anywhere from $3-6k a month. My goal will be $20k-50k.
In addition I have an online business that brings me additional passive income. I just started it, but I've already made my first $500 and am saving 60% of that income too. The sky is the limit with online marketing, and is only going to grow when the young people get older and focus much of their spending power online. Also, it's a great asset when retired because working online takes little physical energy, and you can do it from home.
When I retire overseas to Vietnam I'll be running my online business plus my rentals. My point is if we stopped relying on the government to fund our retirement we'd be much better off. I'm only 45 and will be a millionaire in about 5 years. many of my coworkers dislike when I talk about money, but IMO it's why they are broke and broken. You get what you focus on. For me, it's to make money. I read financial books. I don't watch Netflix, etc.

admin
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Re: I saved 60% of my income living overseas

Post by admin »

That is an incredible story. While of course not everyone (or very few people) have the desire/ability/etc. to live overseas, or retire there, what you did with investing at age 20 and having an uncle that stressed financial literacy - all great stuff! You used that knowledge you had and executed on it - not many people do so good for you. And you even used the compound interest effectively over those 15 years. https://www.financialliteracyhelp.com/c ... -interest/
Also, that is awesome with passive income and business. Congratulations!
janice clonmell wrote:
Wed Mar 11, 2020 11:32 am
I'm an educator but I don't rely on anyone but myself. For example, I lived overseas and taught in South Korea for 10 years. There was zero federal taxes, which as i learned from financial literacy classes that is incredible! I was paid $60k a year. In the states I'd be taxed 30%. That's about $18k I saved in taxes. Times ten that's $180k.
On top of that I've saved an invested at 20. I had an uncle who was a multi millionaire who taught me about financial literacy as well as compound interest. I've put into this one account for 15 years and I've stopped, so from 20-35. That account alone with 6-8% will net me about $500k easily. I also save 60% of my income, and I have rental properties that pay me anywhere from $3-6k a month. My goal will be $20k-50k.
In addition I have an online business that brings me additional passive income. I just started it, but I've already made my first $500 and am saving 60% of that income too. The sky is the limit with online marketing, and is only going to grow when the young people get older and focus much of their spending power online. Also, it's a great asset when retired because working online takes little physical energy, and you can do it from home.
When I retire overseas to Vietnam I'll be running my online business plus my rentals. My point is if we stopped relying on the government to fund our retirement we'd be much better off. I'm only 45 and will be a millionaire in about 5 years. many of my coworkers dislike when I talk about money, but IMO it's why they are broke and broken. You get what you focus on. For me, it's to make money. I read financial books. I don't watch Netflix, etc.

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