Early retirement extreme update - my new 5 year plan to kill a £100K mortgage and retire before 50
View this post on Hive: Early retirement extreme update - my new 5 year plan to kill a £100K mortgage and retire before 50
I've moved to Hive, along with most other people, following Justin Sun's takeover of Steem in the Spring of 2020. I believe hive is a lot more decentralised than Steem!
It may be worth some careful tax planning. I haven't looked into it yet, but I assume some of your steemit income could be classed as gains (I'm not a tax advisor or expert, so please don't consider this to be advice!) so could fall under the CGT allowance, allowing you the benefit of an additional tax free allowance on some of your 1500pm.
I like the sound of CTG allowances :)
This looks like quite a useful thread: https://www.reddit.com/r/BitcoinUK/comments/7kttev/taxation_in_uk_regarding_cryptoprofits_summary/
Although not so much if you're going to live in an overseas department of France!
hahaha :D I'll be looking for sure!
(And other replies above) Surely you don't pay any UK tax as an expat? Although NI is I think still optional?
Tax really is one of those 'boring but important things' for the little guy.
That's correct. No taxes, NI optional for pension contributions if you wish to pay your taxes elsewhere.
Or you can set up a PLC in your name, which gives more options again. You'll be paying UK tax, but likely at a discounted rate.
If you are tax resident abroad then you pay the taxes of the country in which you live. So when I lived in France I had the fun of filling in a French tax form and trying to negotiate my way through the French tax system. Lots of fun!
@abh12345 - (coughs), tax on steemit 'earnings' ?- it is something I need to explore - I was assuming I would just count them as gains from Vests like stocks so I can claim £10K tax free per annum. I also figured when I 'pay myself'in the tax year could make a difference. Need to look into this cheers!
Sounds like you have a good plan. I hope you reach your goals. Having a home paid off makes all the difference in the world. My husband and I were lucky to buy our house outright and it's amazing how much money we save. Our goals are similar except we want to buy other houses to rent out instead of flip. We live near a college town so a renting homes is a good market.
Let's just say I'm pretty determined, but unfortunately not in conditions of my own making! I would like to say I'm a one property man myself, on principle, but then again once I've got my mortgage paid off, I can't honestly say I won't go against my socialist principles and buy a second property, like pretty much everyone else I know has done as they get older!
You're not relying on crypto then?!
Oh I am. In 9 months of crypto trading and steemit writing I've earned about 1/3 of my goal amount for a second house. It's a pretty amazing world when you get into cryptocurrency and the possibilities of what you can earn.
It's fabulous isn't it, I'm just in the process of culling the crypto advisers I follow on here. I'm also in the process of diversifying most of my Bitcoin - My initial investment has trebled since I started in August which I'll take.
I was actually on Bittrex last night looking for a 'punt' coin last night - ended up buying some Manna (which I've heard of, so not really a punt) - looks kind of interesting.
Are you from the UK btw?
I'm from the US from Tennessee. Right now cardano (ADA) is a coin I really like. It seems to have a good predicted future. And Unikoingold is one I just invested in. It's extremely new to bittrex. Sometimes getting in on the newly listed ones can payoff quick in the short term.
OK Thanks for the tips!
I just bought a little ADA - your tip coincided with other sources. I'll give the other one a miss - sports gaming notmy thing
Heck yeah! I love looking at financial goals. Especially ones that involve early retirement as that is my goal too.
Good plan here - now to follow through :D
Nice man, I'm glad you saw the RS :)
I'll be watching both of you guys for tips and inspiration. I'm mostly retired, as in, I don't want to work! but assets? not a lot!
Haha - my tip for you: make one DTube vid per day , boom you are retired the rest of the day! :D
😁
I don't have stuff to say every day but I like your thinking! Figure if I mix some utopian and Steemit in there too - as part of a balanced portfolio 😁
Yea, you got it - multiple sources of income and all that :D
I know what you mean - I was contemplating doing some videos on beard grooming. The sick and twisted minds who reward from the @dtube account would probably reward such content with >$100, or just vids of me rambling about any old shit (>$500).
I intend to follow through! I'm actually doing better than expected, although I never anticipated that the South Korean Government of all bodies might scupper my plans!
Always nice to see people on a mission to early retirement.
Man congrats on the awesome success of your blog. I tried to start one a couple of years ago, and maybe earned a few dollars from 2 - 3 months of work :/.
Best of luck retiring early and hope to be able to use this information to ensure I can retire early as well :D
Hey thanks, I think success in blogging largely comes from finding your niche, focusing on Google rankings and lack of competition, as well as excellent content of course.
Gotta quit that rat race!
Really good effort in mapping out your financial future and being on target/ahead too.
I'll be watching for updates on this. Blockchain hippy! :D
Wow, you have your goals outlined and is all so methodical. Kudos from someone who hates even creating a to-do list. It’s very important to set goals and see it outlined in order to vision. At least, that’s what I’ve been told. 🙂 Being a teacher, you probably told many students the same.
Best wishes to cryptocurrency taking off further and being able to retire by June!
Hey thanks!
Love the layout! Especially the house flipping and mortgage free! Im working on the same :). Good Luck to you! Quit that fing job lol. Cheers
Cheers and good luck to you also. I find these public statements are a real motivator!
alright! a man with a plan!
So many people just drift aimlessly, but don't plot out a course to better their situation!
Not only is it logical, but it's fun! It's great moving towards your goals.
Kudos to you sir, I know you'll make it!
I am glad that things seem to be going in a good direction for you. I had no idea that you had a wide variety of income streams, that is really cool. Something for me to aspire to.
As for your Crypto holdings, I would be very cautious in depending on them. Yes I know, the most likely scenario is they keep going up but I have seen my crypto holdings tank by >70% before so it could happen again. Hopefully they will 10x again and you won't really have to worry at that point. :)
Also one other question.
I don't quite understand, I thought teaching was a decent job for older people. Are the kids just a bunch of little shits or what?
It's an interesting one with the multiple income streams - I'm fortunate in that A level sociology has a sort of 'captive audience' - especially around exam time, and if you factor in topics like research methods and globalisation - there's a global market. The online education HE market alone is worth almost $100 million -you don;t need much of a percentage to maintain a decent income!
Crypto - I love it, I just love it - I only put in what I was prepared to lose (<5% TNW) ...if I lose, it, actually no big deal really. I've also got an out-plan (if) as it grows - extract 5% in dollars for every +$10K it grows. Whether I stick to it is another matter..... What I should do is just delete all my apps from my phone and just come back to it in July, rather than checking the balance 5 times a day.
As to the latter - it's not the kids, it's not the teachers, it's not the parents, it's not even the management, it's the way the system dehumanises the way we all interact with each other. I'm working on a very long series of serialised posts about why I'm quitting.
I know a lot of really good teachers are quiting because the system is so broken. Thanks for sharing I am looking forward to those posts.
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Hi - absolutely, do share, I'm all for spreading the joys of early retirement extreme.
Love @ocd - I actually want to get involved with the whole thing and help out with discovering posts from other people.
This made up for burning my soup (although it's still edible).
Cheers!
I'm glad to hear about that bud; there might be needed some new curators shortly, I'll let you know when that happens so you can apply. ;)
That'd be awesome!