How to retire at 45 in the uk from a minimum wage job (guide)

[Prolax]

What are you talking about xD 

he would have more money than most of his frends who are spending £500-600 per month renting

 

its not like hes just existing till 45

 

 

Everyone just 'exists' by the way.

[Botre]

Varies per area , but around Newcastle they are much much higher. 

I have checked a few other city's and same thing (London etc are not the same). 

 

You can always get around paying that much tax by opening a ltd company 

put all the profits into the business then pay yourself a 15-25k per year wage

the remaining is the business profits 

you pay a low tax amount on your wage

the business pays a low tax rate on the remaining profits 

 

lowering your tax from 40% to 20%

you can then buy anything business related you like on the business account and use it as tax write offs 

cars, premises, travel, hotels etc...

 

feel free to google this as there is a lot of info on it.

 

I know a few people doing the same as bob so your argument that its not possible is a bit flawed 

 

 

Except that for those kind of properties (unlike the London ones) you really can't just bake 100% vacancy into the story. 

 

An ltd is a nice idea, you get less taxes on your rental income (you exchange them for taxes on your salary and taxes on your profits, but in the end you probably end up on the winning side and it's financially safer anyways).

 

Yes: buy-to-let is a thing, but it's risky as fuck and constantly getting riskier (from a political point of view, it is not hard to convince the 'working' people that it's a good idea to milk the part of the population that buys living spaces just to rent them out for twice the price, it really isn't).

I don't think many people have managed to get from 0 to 8 houses by just doing this, and I'm sure many have tried.

 

A contingency plan would make bob a lot smarter.

 

But hey, the sky is the limit.