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wabmester · 05-10-2004, 11:12 AM

If you can save $3500 a month for 14 years, you should end up with $1M at 40.

Go with a term policy. At your age, it should cost very little. Once you FIRE, dump your insurance and just self-insure from that point forward. Virtually all insurance products are a rip-off.

Don't worry about taxes. The tax system takes much more away from salaried workers than it does from those living off investment returns.

As ESRBob can tell you, you can make up to something like $70K a year and still be in the 15% tax bracket and have your cap gains taxed at 5%.

If you have your own business, you can shelter a lot of your income with a Keogh. Ask a CPA.

05-10-2004, 11:12 AM	#3
wabmester Thinks s/he gets paid by the post Join Date: Dec 2003 Posts: 4,461	If you can save $3500 a month for 14 years, you should end up with $1M at 40. Go with a term policy. At your age, it should cost very little. Once you FIRE, dump your insurance and just self-insure from that point forward. Virtually all insurance products are a rip-off. Don't worry about taxes. The tax system takes much more away from salaried workers than it does from those living off investment returns. As ESRBob can tell you, you can make up to something like $70K a year and still be in the 15% tax bracket and have your cap gains taxed at 5%. If you have your own business, you can shelter a lot of your income with a Keogh. Ask a CPA.