secret to retirement- Part 3

secret to retirement- Part 3

Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes

This is too short for a blog, but I promised it to Will and a couple others. 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, 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 as my residence,,,sort of . I have a drivers license, a local # [REMOVED], an address (on Bio), registered to vote and have been there a few weeks in last 8 years. Why there?
So Dakota loves us and we love it. All 5-10K of us!
1. There is no state income tax
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)
4. Auto insurance is about a third of Ca(guessing) because there is nobody there 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.

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Will BarnardPro Member
Moderator
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
17y

Again Rich, your genius is spilling out all over BP Nation!

That is hilarious!!!! and probably true! :lol:

If you don't know Rich or this is the first post of his you have read, you had better get to reading more, he has valuable insight wich comes from EXPERIENCE rather than generalizations or hypotheticals!

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  • Will BarnardPro Member
    Moderator
    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    17y

    Again Rich, your genius is spilling out all over BP Nation!

    That is hilarious!!!! and probably true! :lol:

    If you don't know Rich or this is the first post of his you have read, you had better get to reading more, he has valuable insight wich comes from EXPERIENCE rather than generalizations or hypotheticals!

  • Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
    17y

    Will- thanks for the props. The experience comes from being OLD. I also failed to mention the registration and license fees in S. Dakota compared to everywhere. What is this in ca? My registration fees this year for my Hennessey Viper is $84 !! I love SD. Rich

  • Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
    17y

    Just voted for both posts - except my vote button is broken since my last post in the thread on "can't make the tenant happy".

    So my votes will be forthcoming; the vote button always manages to fix itself eventually...

  • Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
    17y

    Thanks Steve. Did you get a package today??? Rich

  • Will BarnardPro Member
    Moderator
    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    17y
    Would probably be somewhere around $800-$1000 here in CA!
    Looks like you are living right buddy!
  • Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
    17y

    Wifey bought a new Kia suv- $59 registration fee! Every penney saved is cool. Rich in FL.

  • Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
    17y
    Originally posted by Rich Weese:
    Thanks Steve. Did you get a package today??? Rich

    Had it going to my mailbox service, and I stopped there today (rents) to check. No package yet. I'll be on the lookout for it over the next few days now that I know it's en route.
  • Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
    17y

    Steve- package? I'm concerned. Rich in Missoula.

  • Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
    17y

    Rich,

    The package is still not here yet. My wife was there a few minutes ago and just called me to say still nothing yet. How did you send it - UPS, US mail, FedEx, etc?

  • Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
    17y

    US mail. I sent 3 the same day and the other 2 have been received. I'm in Missoula and won't be able to follow up on it till the 8th.

  • Financial Advisor · Tampa Area, FL · Member since 2008 · 956 posts · 214 votes
    17y

    i know that a lot of my clients register (and purchase) their RVs in SD.

    The one guy saved so much in taxes on the RV that he bought a new truck to go with it!

  • Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
    17y

    Hi Josh,
    I wonder if he also re-did his domicile in SD. If you have the option, that is a great way to save on all the items I mentioned earlier; no state income taxes, cheap licensing and vehicle registration, low cost auto ins, and low cost health ins. LOTS of savings to invest in RE etc. Rich in Missoula.

  • Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
    17y

    The only negative about domicileing in SD is you may get called for Jury Duty! I was called twice but used the out of state excuse. That worked. Thanks for the PMs on this subject. I think I got to them all. Rich.

  • Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
    17y

    I just received ANOTHER jury notice. This is my 3rd one. There must be literally, no one home in SD. I have to see if my standard excuse of "being out of the state" works again. Actually, I'll be in WA today! Rich

  • Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
    17y

    Got released from jury notice again! Only downside to being domiciled in SD. Rich

  • Will BarnardPro Member
    Moderator
    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    17y

    If that is the only downside, you are WAY ahead of the game Rich!
    Give me a call when you can, lft a message on your cell today.

  • Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
    17y

    Will,
    Got your message. Busy with this foreclosure here in Spokane this morning. Will call after it is done. Three hour time change has me messed up. Rich in Spokane.

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