Fairfax Newspaper- 29th May 2019
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".
For more continue to the full article : https://www.smh.com.au/money/planning-and-budgeting/a-house-in-your-teens-and-retiring-early-tips-from-our-most-frugal-aussies-20190527-p51rjq.html