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"david bach year" Discussed on Radical Personal Finance

Radical Personal Finance

04:09 min | 2 years ago

"david bach year" Discussed on Radical Personal Finance

"We'll be influenced based upon your decision to marry or remain unmarried. This is really inescapable. And I think it's rightly so if we want to dry. Right at the first principles of finance, which I try to do then we need to talk about the decision to remain married to to to marry or to remain unmarried. I'm convinced that in finances, one of the major ailments of the modern age is we looked to solutions that don't actually solve much of anything. The vast majority of the personal finance advice that you read in a magazine or on a top ten list of ten financial tips and things like that is largely frippery. I it's it's it's it's relevant. It doesn't matter. It's just a simple example to try to drive this point home for you. With regard to Preussen finance advice. David Bach years ago made famous the term the law Tae factor and one of the good things that he did was he he advocate showed people how if you simply avoid a lot today, you can become wealthy. The problem is that's not the most the that's not the best place to start. I focus on trying to teach people to think first about the big structural costs of your life, and how those structural costs are going to influence your finances. The biggest cost is taxes. The next biggest cost is the house that you choose to live in. And where that house is the car that you drive. Those types of big decisions are the proverbial big rocks that make the big difference. And they're the structural costs. That drive how your entire life is shaped if you can get your income earned in a low tax manner, if you can practice tax efficient investing if you can have a very tax efficient life, you'll have all you can get very rich and and drink all the law. Is that your stomach can handle if you just get the housing decisions, right and the car decisions right and the debt decisions, right, frankly, you can buy as many lattice again as your stomach will handle, and you can do very well. But if the taxes are wrong and the houses wrong and the car is wrong. Well, the lots as help a little bit. But it's a very slow, very painful way to make progress. So I try to focus on the big structural costs. I now notice of course, it's not either or you shouldn't that would be a false. It's not a fault. I don't want to create a false dichotomy here. It's not like you can only get the taxes, right and only get the house, right or you can save on the money on Lante. Don't spend the five dollars a day. You'll still have more money at the end than if you spend five dollars a day. My point is taxes, house, etc. Is much more powerful than the LA Tei, and in that should be where we start and the move onto the law. But. But this applies at other levels of personal finances. Well, for example, I try to help people think a lot about their career. How you earn your income the type of job that you do the type of business that you operate? I think you should start with a lot of attention to your career and income plan before you bother with the stuff of financial planning. For example. I'm kind of semi semi part of what's called the fire movement. The financial independence early retirement movement online kinda sort of on the periphery of and I'm not any radical personal finest not at the core of that. But certainly friendly to it the big thing that I like to point out is that to me, you know, planning for early retirement makes no sense unless that early retirement plan is preceded by careful and thoughtful career development doesn't make any sense in the world to me to work at a job. That's that you're poorly suited for for years while practicing extreme savings just so that you can quit and do something that you love. Why not just build a career from the beginning that something that you'd be happy to do for the rest of your life? And then on the foundation of that career, which you'd be happy to never retire from then on that career Bilger income to a massive degree keep your expenses, extremely low become financially independent if you wanna quit, then you've got the best of both worlds, but my contention. Is you probably won't quit if you get.

David Bach Preussen LA Tei Lante five dollars