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☆ Early retirees and financially independent investors share 3 IRS rules they've used to avoid taxes and improve their finances
▼ + stars: | 2024-05-31 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +7 min

Business Insider has spoken to financially independent real estate investors and early retirees who have used IRS rules to improve their financial situation. AdvertisementThough there are a lot of restrictions, it made sense for Cooper, who was fully committed to early retirement. "The longer it's sitting in there, the more money it's going to generate, the more taxes you're going to pay down the road. Zeona McIntyre uses 1031 exchanges to sidestep capital-gains taxes indefinitelyBoulder-based real estate investor and author of "30-Day Stay," Zeona McIntyre. There are ways to reduce your capital-gains tax liability, like deducting your property's depreciation.

Persons: —, Mindy, Carl Jensen, Carl, Mindy Jensen, Mindy Jensen Colorado, they've, Eric Cooper, Eric Cooper Eric Cooper, Cooper, Zeona McIntyre, Zeona McIntyre Zeona McIntyre, you'll, McIntyre, There's Organizations: Service, Business, IRS, Independence Locations: Colorado, I'm, Boulder

☆ An early retiree shares 3 money moves he made to save seven figures, quit work at 48, and still live comfortably: 'You don't have to live on ramen'
▼ + stars: | 2024-05-22 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +7 min

Read previewFor most of his career, Eric Cooper wasn't pursuing early retirement or financial independence. He used most of his part-time job earnings to pay off the mortgages on his four rental properties. Here are three money moves he made in his 20s and 30s to retire by 48 while still living comfortably. "My net worth was really starting to take off with four rental properties and a nice paying job," he said. So those rental properties buffered that a bit because they allowed me to have that income coming in still and some extra peace of mind."

Persons: —, Eric Cooper wasn't, Cooper, Eric Cooper, I've Organizations: Service, FI, Business, EconoMe Conference, FIRE Locations: Louisville, Egypt

☆ A 50-year-old retiree says his 'biggest mistake' was saving too much in his 401(k). He explains what he would do differently and his work-around for being illiquid when he retired.
▼ + stars: | 2024-05-19 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +5 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewIn his early 20s, one of Eric Cooper's first bosses gave him some sound money advice: Contribute as much as you can to your 401(k). AdvertisementCooper maxed out his 401(k) for more than two decades and accumulated enough to retire in his late 40s. While there are a lot of restrictions, it made sense for Cooper, who was fully committed to early retirement. At some point, we're going to have to start spending that money, and the IRS is going to start taxing it," he said.

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☆ An early retiree shares the advice he received in his early 20s that helped him retire at age 48 — and how he invested his money to build a seven-figure portfolio
▼ + stars: | 2024-05-16 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +7 min

It aligned with the life-changing money advice he received from a boss in his early 20s. The stock market: from tech stocks to low-cost index fundsCooper's investment strategy has evolved over the years. AdvertisementTo lower his risk, "I am in the process of transitioning my portfolio to mostly low-cost index funds, which are very popular among the FI community." "They're all paid off and bring in about $65,000 a year in rent," he said, adding that they played an important role in his early retirement. Advertisement"I think the easier route is to invest in low-cost index funds," he said, noting that the playbook is much simpler.

Persons: —, Eric Cooper, I'd, Cooper, Cooper's, Roth Organizations: Service, Business, Roth IRA, FI Locations: Louisville, Egypt

☆ An early retiree explains the IRS rule he uses to withdraw $20,000 a year of his retirement money penalty-free even though he hasn't reached age 59 ½
▼ + stars: | 2024-05-11 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +7 min

Courtesy of Eric CooperThe idea of early retirement didn't start to percolate until 2019. "That's when I found the Mr. Money Mustache website and this article that explained the simple math behind early retirement and the 4% rule." According to the 4% rule, which helps retirees determine how much they can spend without running out of money, Cooper had a big enough portfolio to stop working. Using Rule 72(t) to access his retirement money without penaltyWhen you contribute to retirement accounts like a 401(k) and IRA, you can start taking penalty-free withdrawals after age 59½. He rolled over $300,000 because that's about how much money he'll need for a $20,000 annual distribution each year until he's 59 ½.

Persons: Eric Cooper, Cooper, I'd, Cooper's, didn't, I've, It's, you've, That's Organizations: Business, Google, IRS Locations: percolate, Louisville

☆ Is Ohio really that great of a place for first-time homebuyers?
▼ + stars: | 2023-08-02 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +3 min

Are you a first-time homebuyer who recently moved to Ohio? Some may be found in Ohio, according to data from the National Association of Realtors and Realtor.com. In Youngstown, buyers earning at least $75,000 can afford to purchase 72% of listings, while those in Akron and Toledo can afford to buy 61%. It begs the question: Is Ohio really that great of a place for first-time homebuyers? We want to hear from current Ohio residents who are first-time homebuyers or recently relocated to or within the state.

Persons: homebuyer, Toledo —, Ian Beniston, Beniston, it's, Eric Cooper, he's, Cooper, Sellers, Alcynna Lloyd Organizations: Service, National Association of Realtors, Realtor.com, Ohio —, Youngstown Neighborhood Development Corporation, Columbus —, Coldwell Banker, Bureau, alloyd Locations: Akron, Toledo, Youngstown, homebuying, Ohio, Wall, Silicon, There's, Ohio — Youngstown , Akron

☆ These cities in Ohio have more affordable homes available for sale than any other US metro, but they're still few and far between
▼ + stars: | 2023-07-02 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +4 min

The US housing shortage makes it especially hard for middle-income buyers to purchase homes. But there's some good news, at least in the data: There are still a few US metros where affordable homes remain available to middle-income buyers. According to the NAR and Realtor.com analysis, among the 100 largest US metros, three areas from Ohio: Youngstown, Akron, and Toledo have the most affordable homes available for middle-income buyers. Overall, the US housing market is short 6.5 million homes. In general, homes in the low- to mid-priced range should be more plentiful in "relatively more affordable areas," than in the expensive areas, the economists wrote in the report.

Persons: —, Ian Beniston, Eric Cooper, Sellers, it's, Beniston Organizations: Service, National Association of Realtors, NAR, Youngstown Neighborhood Development Corporation, Coldwell Banker Locations: Three Ohio, Ohio, Youngstown , Akron, Toledo, Youngstown, Akron, El Paso , Texas, Boise , Idaho, Spokane , Washington

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