Wealth Hacks on FIRE: Financial Independence Retire Early : 9781777237240

This book is for people who want to be Financially Independent and Retire Early. They want to FIRE. There is no downside to making FIRE your financial goal. Save and invest; become financially independent. Be in a position to retire early; or work longer because you want to. FIRE to live your life on your own terms. The main strategies to fire are to build wealth as quickly and efficiently as possible. This book provides strategies to make that happen. Try working your retirement income backwards and allocate your investments accordingly. Imagine that most of your income will come from your TFSA (100 percent tax free) and eligible dividends from a non registered account (basically tax free in every province up to about $50,000). Invest just enough in your RRSP so that you can deregister around $20,000 per year (to mirror the Federal/Provincial personal exemptions) between the year you retire and age 65 as a bridge until you collect CPP and OAS. You will pay basically no income tax and maybe get a chance to retire younger having more personal income because of the lower tax burden. We used this strategy and retired more than 8 years ago while still in our 40s. It absolutely works. Proudly written by a Canadian for Canadians.

Author: Russell Roy

Publisher: Blurb

Publication Date: Oct 10, 2024

Number of Pages: 156 pages

Binding: Paperback or Softback

ISBN-10: 1777237246

ISBN-13: 9781777237240