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ACA subsidies are based on MAGI. A technique to get a subsidy is owning rental property as the depreciation on those properties comes off the income but it is not an expense, you still get the money to use. You may have to recapture the income when you sell but not the subsidy.
Going off the subject a bit here. I will admit I never studied BASIC LAWS OF PERSONAL FINANCE so it is likely I am wrong and just managed to stumble my way to prosperity but I will comment nonetheless
LIVE BELOW YOUR MEANS
Sure, this is agreed by everyone.
Save 10% of your income EVERY YEAR, no matter what.
It really is an extension of #1, live below your means generally means you are saving the rest. I suppose if you didn't clarify it, one could throw the excess away. And 10% is arbitrary anyway. Could be more. But if 10% is important to you, Rule#1 could be, "live 10% below your means".
Never finance a DEPRECIATING ASSET (cars etc...)
This is clearly wrong. Financing should be decoupled from purchasing. Purchasing decisions should be made on the value they provide. Financing decisions should be made on the value of your money to pay for it vs. the cost of someone else's money to pay for it. Basically, can you earn more with your money invested than the finance charge?
If you have ample money and you wish to buy a car for $30,000. The dealership is offering you 1% financing and you are getting 5% on your $30,000, maybe you wish to finance to take advantage of the arbitrage.
People do overextend themselves by financing above their means. That is different.
I agree with you about #3 and would even go a step further and say it is better to finance a purchase you know you can pay off without reducing what you put away for retirement than to divert money you would have saved to avoid the debt. Also, your example of a car is a good one because that is a purchase you likely need and you can compute the payment+insurance+gas as a budget item. If you buy new or late model used you can typically get maintenance included and repairs warrantied to make it a fixed expense.
Part of my wife's early retirement package (at age 62) from a state government was health care until age 65 (Medicare) for the both of us then they became the supplemental plan.
So the answer is money and benefits help for an early retirement.
Part of my wife's early retirement package (at age 62) from a state government was health care until age 65 (Medicare) for the both of us then they became the supplemental plan.
So the answer is money and benefits help for an early retirement.
I did the same (me and my wife) and the state government had a formula to get rid of us "dead wood" so we retired and took health plan and benefits with the pension in our 50s and then worked part-time as we chose. She was a p-t librarian and I was a p-t city planner. Didn't need the additional benefits so employers were eager to hire us part-time. I retired in 2000 then worked p-t seven years in an enjoyable job.
I did the same (me and my wife) and the state government had a formula to get rid of us "dead wood" so we retired and took health plan and benefits with the pension in our 50s and then worked part-time as we chose. She was a p-t librarian and I was a p-t city planner. Didn't need the additional benefits so employers were eager to hire us part-time. I retired in 2000 then worked p-t seven years in an enjoyable job.
Work nights for more money, less commute time, no bosses, no phones / customers, and grearer caregiving flexibility, (I did 28 yrs of my 32 yr caregiver stint working nights). Worked great.
Giving MisterNo the benefit of a doubt, at a lot of companies part time employees are temporary; it isn't always a corporation trying to screw the little guy (though it sometimes is). Many companies don't even have part time jobs. So some people really are unaware of it.
So you work for say 20 hours a week and they give you health benefits?
Sooo unamerican
I must be living in a cave
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