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Updated over 14 years ago,
- Real Estate Investor
- the villages, FL
- 3,497
- Votes |
- 5,700
- Posts
RE goals- early retirement. Part 3
In the 2 previous threads on this same RE retirement -goals, I mentioned how you can retire and really enjoy life for under 2K per month and golf EVERY day. Here is how you save money(read TAXES & FEES). If you are travelling around as pointed out in part 1 and 2. You can really enjoy yourself and living a fun life is cheap. Here is how to make it cheaper.
If you are RVing or have multiple homes and no one special place, DOMICILE in S. Dakota. On my bio, you'll see that is listed as my residence,,,sort of . I have a drivers license, a local SD phone # , an address (on Bio), am registered to vote in SD and have been there only a few weeks in last 8 years. Why there?
So Dakota loves us all and we love them. All 5-10K of us! The State of SD really went after generating additional income without having any additional expenses created for the state. Here of some of the perks.
1. There is no state income tax, like FL and TX, (I don't own RE in SD, so, no high property taxes like TX and FL.)
2. Registration and license fees are dirt cheap on my Rig, Viper etc.
3. Medical insurance is about 2nd cheapest in the nation(no stress for people that live in SD!)
4. Auto insurance is about a third of Ca(guessing) because there is nobody on the roads in SD to run into!
That is why you see snowbirds, winter floridians and winter texans with S. Dakota plates. Trust me, they don't spend much time there. So Dakota loves us. They collect fees from us and we use no roads, don't have kids in school, never call the police or firemen, and never cause trouble!! This is a win-win, just like all our BP real estate deals should be.
This DOMICILE literally saves thousands every year on taxes and fees. There are some great tax saving methods out there if you keep your eyes and ears open. This isn't for everybody, but you could retire with this lifestyle 20 years sooner. This is fun!! Rich in FL.
P.S. I'll post a part 4 just on taxes.