005- Becoming a Millionaire on a Teacher's Salary
Is it possible for a millionaire to become a teacher salary? In this episode, I talk with Ed the Millionaire Educator. I first learned about the 457 plan from Ed when he was a guest on another podcast. If you listened to Episode 2, How We Saved $85K, you'll know that I credit access to a 457 plan through my husband's job as one of the ways we were able to maximize our savings last year. It really changed the game for us.
In this episode with Ed, we discuss:
- How he paid off $45,000 and saved $100,000 in 5 1/2 years
- The benefits of a 457 Plan and how to figure out if you have access to one
- Why the fees that you pay on your investment accounts matter
- How to become more tax efficient and how tax planning can substantially increase your ability to save and invest
- Ways to save and invest no matter your income
- How to live a good life while saving more than half of your income
Other related blog posts/links mentioned in this episode:
Ed's post's- 2017 Free Money , How We Saved $500,000 in 4.5 Years,
YNAB - You can try it free for 34 days and after that its $5 a month or $50 a year. I recommend you at least sign up for the free trial. If you don’t want to continue after the trial, you will have at least practiced active budgeting for a month. If you sign up beyond the 34-day free trial using my referral link, you’ll get a month free and I’ll get a month free, seems like a win-win to me!
Connect with Ed:
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