both teachers, saved up nearly $1 million in just 16 years.
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How a Teacher Can Become a Millionaire презентация
Содержание
- 1. How a Teacher Can Become a Millionaire
- 2. Yes, it’s true! Ed Mills and his
- 3. In 1996, the Mills family was $40,000
- 5. But how did they do it? The
- 6. Key #1 Teaching in Saudi Arabia (1996-2001)
- 7. The Advantages Though the salary was just
- 8. The Result After three years, their student
- 9. Key #2 Teaching in Georgia: Maxing Out Retirement Accounts (2002-2015)
- 10. Supercharged Savings Back in 2002, the couple
- 11. Key #3 Salary Bumps via Advanced Degrees Photo: Sarah Stierch, via Flickr
- 12. Advanced Degrees Ed eventually earned two Master’s
- 13. Key #4 Geographic Arbitrage
- 14. What is Geographic Arbitrage? A simple definition
- 15. Examples of Geographic Arbitrage Saudi Arabia We
- 16. A Notable Side-Effect Because of constantly
- 17. Key #5 Living Frugally
- 18. The Key to Savings As you might
- 19. The simple, yet powerful message can’t be
- 20. More Retirement Help Ed was able to
- 21. The $60K Social Security Bonus Most Retirees Completely Overlook
Yes, it’s true! Ed Mills and his wife have spent the bulk of their working lives as teachers in Georgia. They’ve used some unusual techniques to become millionaires—all while
Слайд 2Yes, it’s true!
Ed Mills and his wife have spent the bulk
of their working lives as teachers in Georgia.
They’ve used some unusual techniques to become millionaires—all while living a life they wouldn’t trade for anything.
They’ve used some unusual techniques to become millionaires—all while living a life they wouldn’t trade for anything.
Photo: Facebook page for Millionaire Educator
Слайд 3In 1996, the Mills family was $40,000 in debt.
By 1999, their
assets were even with their debts.
In 2015, the family’s net worth is almost $1 million
In 2015, the family’s net worth is almost $1 million
Слайд 5But how did they do it?
The couple’s journey is best understood
by looking at five key aspects of their lives
Слайд 7The Advantages
Though the salary was just $40k per year…
It was not
taxed!
Use of housing and a car were included free of charge!
Use of housing and a car were included free of charge!
Слайд 8The Result
After three years, their student loans were entirely paid off.
After
two more years, the couple’s net worth was $103,000.
Слайд 10Supercharged Savings
Back in 2002, the couple earned $85,000 combined.
From 2002 onward,
the couple maxed out their 403(b)s and IRAs (Traditional or Roth)
From 2005/2006 onward, they maxed out their 457 accounts (which allow for penalty-free withdrawals), a Coverdell Education Account (for their son), and their school-sponsored annuity.
From 2012 on, they maxed out a family Health Savings Acct. (HSA).
From 2005/2006 onward, they maxed out their 457 accounts (which allow for penalty-free withdrawals), a Coverdell Education Account (for their son), and their school-sponsored annuity.
From 2012 on, they maxed out a family Health Savings Acct. (HSA).
Слайд 12Advanced Degrees
Ed eventually earned two Master’s degrees and a Specialist degree.
His
wife eventually received her advanced degrees as well.
Ed estimates this led to an automatic 25% bump in their yearly salaries.
Ed estimates this led to an automatic 25% bump in their yearly salaries.
Слайд 14What is Geographic Arbitrage?
A simple definition
Saving money by living in areas
with lower costs of living.
Слайд 15Examples of Geographic Arbitrage
Saudi Arabia
We already covered how this:
Allowed the couple
to pay off student loans.
Amass a net worth of over $100,000 before moving back to the United States.
Amass a net worth of over $100,000 before moving back to the United States.
Rural Georgia
After teaching in LaGrange for seven years, the couple moved to rural south Georgia for 3 years.
Living expenses were extremely low.
The couple added $250,000 to their nest egg via savings and investment!
Слайд 16A Notable Side-Effect
Because of constantly shifting jobs, they were allowed
to roll over their 403(b)s.
They had many more investment options.
This also reduced fees significantly.
They had many more investment options.
This also reduced fees significantly.
Слайд 18The Key to Savings
As you might have guessed, Ed and his
wife don’t need much to be happy.
At one point, the couple earned $100K per year, and was able to save over 60% of that pre-tax salary!
The couple splurges on travel—usually internationally.
Last year, they took months off of work to visit Cancun for an extended period with their son.
At one point, the couple earned $100K per year, and was able to save over 60% of that pre-tax salary!
The couple splurges on travel—usually internationally.
Last year, they took months off of work to visit Cancun for an extended period with their son.
Слайд 19The simple, yet powerful message can’t be stressed enough:
By living well
below their means, Ed and his family enjoy complete freedom of time, and are generally immune to financial stress.
THERE IS ABSOLUTELY NO SUBSTITUTE FOR THIS!
Слайд 20More Retirement Help
Ed was able to help his family by doing
extensive research on different ways to boost his retirement savings.
We’d like to help you do the same. Check out our special free report…
We’d like to help you do the same. Check out our special free report…
