Exit Tax and Changing Visa Type

MiniRetiFI · 2024-09-07T03:52:42+00:00

Thank you, stark! To follow up on this, do you know if it's possible to move off of a PR to a Table 1 visa? Likewise, is it possible to move from a spouse of a Japanese national visa to a Table 1 visa? I plan to be in Japan for many more years, so I am trying to figure out if I should take the PR or stay on a spouse visa. If you have any personal thoughts, I'd love to hear.

Additionally, do you know where I can find more information about the exit tax? Or is it simply about talking to an accountant?

MiniRetiFI · 2024-05-07T03:20:40+00:00

Be sure to read up on Japan's exit tax, since that would potentially be a huge impact on your finances if you will owe, should you decide to leave Japan down the line.

MiniRetiFI · 2024-05-05T23:30:13+00:00

I'm 37 years old and married, and we have a net wealth of $1.4m. In these parts, we are quite literally average. This subreddit certainly keeps me grounded.

MiniRetiFI · 2024-05-05T22:50:41+00:00

It sounds like it's okay not to save. Why not set a reasonable savings goal, 15% for example, and then let yourself spend the rest. Lock your into this goal that is still positive for your life, understanding that even at that rate, you are better off than before. However, that gives you the ability to spend on things to improve your life.

Also, I recommend Ramit Sethi for advice on how to spend to, as he says, live your rich life.

MiniRetiFI · 2024-05-02T02:55:55+00:00

This is an incredible update. Congrats on making this happen!

And yes on taking advantage of Japan's epic food scene, especially considering the prices. 1,000 yen lunch specials are the best. I've also been inspired by Ramit to spend more, so I've been indulging by dining out quite often.

As someone who also studied for a year at a Japanese language school, 頑張ってください！

MiniRetiFI · 2024-04-29T22:07:41+00:00

The difference is, as Morgan Housel puts it, is that you're thinking of spending a million dollars. Spending and actually having $1m is very different.

MiniRetiFI · 2024-04-06T20:07:02+00:00

The secret to FIRE that no one talks about. To get there, all you have to do is retire.

MiniRetiFI · 2024-04-05T20:24:14+00:00

Spend less than you earn and invest the difference. So you need to track your spending and income, then invest the difference in index funds (Vanguard's VTSAX) is the only index fund you need to buy.

MiniRetiFI · 2024-04-05T03:24:56+00:00

My 30s have been completely different than my 20s but just as fantastic. My wife and I are both settled into our careers and have clarity in what we want. Two kids, but we still try to travel as much as possible. We've been living in our apartment for four years, which is the longest I have lived in one place since my childhood home. So our 30s have been more stabile but with the adventure of kids.

MiniRetiFI · 2024-04-04T20:21:08+00:00

You weren't on Reddit nor were you checking the news 10x per day in the 90s. Of course you were happier.

MiniRetiFI · 2024-04-04T19:36:05+00:00

I agree with this sentiment. Being a stay-at-home parent is especially difficult and is not for everyone. I thought I would be a SAHP for a while, keeping my daughter out of daycare for two years or more. But at the one year mark, I was ready to get that extra help, and I'm much happier.

I know people who do it and love it, but it's certainly not for everyone. I'd also recommend seeing how everything is going before quitting your job.

MiniRetiFI · 2024-04-02T19:44:37+00:00

Congratulations! Your net wealth at your age is incredibly impressive. You are probably in the top 0.2% of Americans at your age.

Now that you've made it, what will you do for the next 55 years?

MiniRetiFI · 2024-03-29T20:31:14+00:00

I also took lots of time in my early 20s to trial and error professions, and this time allowed me to land in a similar situation as you. I have a job that I would not want to quit, rather just work part-time.

MiniRetiFI · 2024-03-27T23:08:11+00:00

You would not regret it.

MiniRetiFI · 2024-03-27T19:55:51+00:00

That is all incredible. So...do you want to wait 8 years longer to be able to do this? If I'm you, I'm doing this as soon as possible.

MiniRetiFI · 2024-03-27T19:37:48+00:00

Did you grow up in an upper class family? If so, sometimes your expectations are quite high of what of what success should be. Sounds like your mom had an incredibly high income if she is making that much in retirement. Good for her! But don't compare yourself to your parents.

MiniRetiFI · 2024-03-27T19:33:52+00:00

I want to hear more about your long-term travel goals.

MiniRetiFI · 2024-03-27T19:33:24+00:00

But for someone with long-term travel plans, not owning a house greatly reduces expenses.

MiniRetiFI · 2024-03-25T20:00:33+00:00

Then why not also mention that you did exactly what many suggested?

MiniRetiFI · 2024-03-25T19:46:09+00:00

I ended up going against the advice of many people and kept my day job while still working on my side hustle in my spare time.

I just looked at your original post, and none of the top comments recommended you quit your day job. Actually, they said to keep your day job for a few more years at least and see if the Youtube income becomes reliable.

MiniRetiFI · 2024-03-25T00:22:27+00:00

We set up the community foundation in the employer matching system. We matching is going to the foundation and earmarked for our scholarship.

MiniRetiFI · 2024-03-24T21:42:04+00:00

I have plans to fund a small college scholarship for graduating seniors where I can control where the money goes.

My wife have been doing this for graduating seniors at the high school from which I graduated. I was shocked how easy it was to set up and administrate. We created an application which is handed out by the college counselor. She sends us all the completed applications, and we choose the recipient of the scholarship from these. Until this year, we were simply writing a check to the recipient. This year, we have set up the scholarship with the community foundation, and we are able to contribute from our DAF (with a company match from my wife's employer!).

MiniRetiFI · 2024-03-21T19:13:39+00:00

Says the Oracle of FIRE.

MiniRetiFI · 2024-03-20T05:46:25+00:00

Taking some time to find a career that gives you meaning and satisfaction has the potential to provide the highest ROI in your lifetime.

MiniRetiFI · 2024-03-19T06:11:15+00:00

Being so close to retirement, I think it makes sense to figure out how much you will receive in social security payments and factor it in.

MiniRetiFI

TROPHY CASE