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A house in your teens and retiring early

Fairfax Newspaper- 29th May 2019

Darwin Twilight Waterfront

Nina Hendy reporter for Fairfax Newspapers interviewed Peter Horsfield about retiring early and strategies to grow your wealth.
 
Frugal people are prudent savers and live a deliberately economical life. This can mean different things to different people.
 
Peter Horsfield, 48, and his wife Rosalind save around $50,000 a year by implementing smarter ways to keep more money in their pockets.
 
The couple run a small financial planning business, paying themselves $100,000 ($73,060 after tax) each per year.
 
They apply salary sacrificing of up to $25,000 each into superannuation, minimising their taxable income down to $75,000, saving $4825 in tax each per year, or $9650 annually.
“The benefit of doing this is that it not only moves us into a lower tax bracket, our money also grows in a low tax environment," Peter says"
 
PS. We still pay tax, quite a bit actually in both our personal and company tax returns, so the article is a bit of a misrepresentation. The point I was emphasizing with the reporter is ......
 
"financial independence is not a sprint, it's a marathon, and saving regularly along with patience is the key to financial success".
 
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