Millionaire Educator – Financial Independence on Teachers’ Salaries

Financial Independence Podcast

The Mad Fientist

Taxavoidance, Business, Geographicarbitrage, Investing, Tax, Earlyretirement, Travelhacking, Entrepreneurship, Travel, Personalfinance, Stocks, Minimalism, Realestate, Frugality, Retirement, Financialindependence

4.8 • 1.7K Ratings

🗓️ 17 June 2015

⏱️ 56 minutes

🔗️ Recording | iTunes | RSS

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Summary

Hear how two teachers used tax-avoidance and geographical-arbitrage strategies to save nearly a million dollars in only 16 years!

Highlights:

Using international and domestic geographic arbitrage to increase income
How to save $250,000 in 3 years on teachers’ salaries
Setting up SEPP 72(t) distributions to access retirement account funds before standard retirement age
Going from $0 net worth to nearly $1 million in just 16 years
Living off 457(b) funds while fully funding other tax-deductible accounts

To read the full article, visit http://www.madfientist.com/millionaire-educator-interview/

Transcript

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0:00.0	I'm blind in you with your finance.
0:05.0	Hey, welcome to the Financial Independence Podcast, the podcast where I interview people on the
0:09.5	path to Financial Independence to find out their strategies and tactics for getting there even quicker.
0:15.0	Today I'm excited to introduce Ed Mills from Millionaire Educator.com.
0:19.0	Ed and his wife are both teachers and they amassed nearly a million dollars over the course of just
0:26.9	15 short years teaching.
0:29.7	So I know a lot of people out there think you know you can't get ahead on a teacher salary but
0:33.3	Ed and his wife just blow that myth out of the water. He's done some really
0:38.1	interesting things to hit that number. He's a big proponent of front-loading retirement accounts. I think this year actually him and his wife are planning to contribute over $100,000 between them to tax advantaged accounts.
0:52.0	He's also one of the only guys I know that's done a set-off. to tax advantaged accounts.
0:52.6	He's also one of the only guys I know that's done a SEP 72T distribution,
0:56.7	so I'm excited to talk to him about that to see how much of a pain that is because that's
1:00.8	one strategy to get access to retirement accounts prior to
1:03.8	stay in a retirement age. So I'm looking forward to talking to him about that.
1:08.6	He's also moved around quite a bit to increase his income.
1:13.3	And I know I talk a lot about geographic arbitrage in an international sense.
1:19.4	You know, having just come back from Thailand, I understand how beneficial it could be to move somewhere
1:25.0	where the cost of living is a lot lower. But a lot of people email me and say, well, I don't,
1:30.8	you know, I don't want to leave the states or I don't want to leave Canada or wherever you're reading from.
1:36.1	So Ed actually did quite a bit of domestic geographic arbitrage and he used his moves to really ramp up his income and ramp up his savings rate.
1:47.2	So a lot of good stuff I'm excited to talk to him about.
1:49.8	So without further delay, Ed, welcome.
	...

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