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Do you have financial goals, plan, or philosophy?
Posted on 7/22/21 at 7:48 pm
Posted on 7/22/21 at 7:48 pm
...that you follow when making your periodic financial decisions?
If so, please share (if you are ok to do so).
My broad financial objective coming out of grad school:
I want my money making more money than I do when I am 45yo.
Over time, we learned to compartmentalize our goals: Retirement (kinda always was), college funds, daughter's wedding (hope is that she is prudent and will use most of it, instead, for down payment of future home), etc.
Did not learn "philosophy" (even still learning this) until later when becoming a boglehead.org learner. But, I have to say, this is critically important, particularly when coming to cross-road decision or market implodes, etc. I would recommend.
Always interested in learning how others approach these things...thanks!
If so, please share (if you are ok to do so).
My broad financial objective coming out of grad school:
I want my money making more money than I do when I am 45yo.
Over time, we learned to compartmentalize our goals: Retirement (kinda always was), college funds, daughter's wedding (hope is that she is prudent and will use most of it, instead, for down payment of future home), etc.
Did not learn "philosophy" (even still learning this) until later when becoming a boglehead.org learner. But, I have to say, this is critically important, particularly when coming to cross-road decision or market implodes, etc. I would recommend.
Always interested in learning how others approach these things...thanks!
28
Posted on 7/22/21 at 7:58 pm to Turf Taint
Yes. Become FI and “Retire” in my 40s or sooner to a totally different field.
Pretty much all of my financial decisions lead back to that.
Pretty much all of my financial decisions lead back to that.
Posted on 7/22/21 at 8:03 pm to Turf Taint
Just be thankful for what I have.
No reason to buy something or upgrade something just because I can afford it
No reason to buy something or upgrade something just because I can afford it
Posted on 7/22/21 at 8:14 pm to Turf Taint
I don’t have a specific number in mind but I have a great job that gives me flexibility to manage my current rental load. It’s continuing to grow so I’ll have to figure that out as I go, but the return has been fantastic and I have a general goal of having X amount of units paid off when I retire with a cash flow of X amount along with my retirement package in 15 years in my early 50’s. If I still enjoy my job I may push a little further but honestly I think I’ll want to move on.
Truthfully you need to find the balance that works for you. I like the stability of my job but my personality is the type to take chances with my money. I personally follow and manage all my stocks while also handle my rentals. Again, I only have a handful that are pretty self sufficient. Will get property management at some point.
Truthfully you need to find the balance that works for you. I like the stability of my job but my personality is the type to take chances with my money. I personally follow and manage all my stocks while also handle my rentals. Again, I only have a handful that are pretty self sufficient. Will get property management at some point.
This post was edited on 7/22/21 at 8:17 pm
Posted on 7/22/21 at 8:19 pm to Turf Taint
My goals are to retire by 55 (possibly 50 depending on the numbers at the time) and having my children setup so they have a career to support themselves. I have my investments split in 3 funds total market US fund, technology fund, total market international fund. I use these 3 funds in my retirement accounts and my taxable brokerage. I contribute to retirement (30% of income including employer match) and brokerage account (amount varies) monthly and invest in these funds. It’s a easy and efficient process that works for me. Besides that my goal is to afford to travel a lot during my retirement years. So in that case I’ll be all in on the stock market I don’t want to have anything to do with real estate investing when I retire.
This post was edited on 7/22/21 at 8:23 pm
Posted on 7/22/21 at 8:27 pm to Turf Taint
Posted on 7/22/21 at 8:34 pm to Turf Taint
Retire at 55ish with 10 million in the bank. We're on track so far.
Posted on 7/22/21 at 8:38 pm to Turf Taint
Spend less than I make.
Invest as much as possible for as long as possible at the lowest cost possible.
Invest as much as possible for as long as possible at the lowest cost possible.
Posted on 7/22/21 at 8:48 pm to Turf Taint
Philosophy: Save as much as I can as quickly as I can while really enjoying life.
Posted on 7/22/21 at 8:53 pm to GEAUXT
quote:Same plan here.
Retire at 55ish with 10 million in the bank. We're on track so far.
Posted on 7/22/21 at 9:14 pm to GEAUXT
$400k annual at 4% rule, nice. Well done! Good luck.
Posted on 7/22/21 at 9:16 pm to Turf Taint
Buy 2-4 rent houses a year. Get out of the rat race in ~7 years and manage my properties.
Bought my first rental property last year after stumbling upon a bigger pockets recommended video before covid hit. In the process of buying house #2 and #3. I invest for cash flow and I try to hit $400-500 per door. I hunt down deals off market and have had good success, so far. I’ll be able to replace my income in about 4-5 years conservatively, then I’ll try to clear all personal debt except for the personal house before stepping away.
I’ve lined up private money lenders, so it’s a game on how fast I can find them and can I manage the contractors.
Bought my first rental property last year after stumbling upon a bigger pockets recommended video before covid hit. In the process of buying house #2 and #3. I invest for cash flow and I try to hit $400-500 per door. I hunt down deals off market and have had good success, so far. I’ll be able to replace my income in about 4-5 years conservatively, then I’ll try to clear all personal debt except for the personal house before stepping away.
I’ve lined up private money lenders, so it’s a game on how fast I can find them and can I manage the contractors.
This post was edited on 7/22/21 at 9:27 pm
Posted on 7/22/21 at 9:34 pm to Turf Taint
-Max out tax deferred accounts
-Index funds/low fees with DCA every month (auto transfer) for taxable investing
-front loaded 529s for kids early on—probably was a mistake, college will be quite different in ten years.
Limit expenses when possible, but don’t cheap out. Buy house in a good public school district (no private school tuition and better resell value). Don’t get divorced. Pay off credit cards monthly. Buy Japanese instead of German cars.
I enjoy working for the most part. Don’t have a number per se to hit before I retire. Will probably transition to part time work in my 60’s.
-Index funds/low fees with DCA every month (auto transfer) for taxable investing
-front loaded 529s for kids early on—probably was a mistake, college will be quite different in ten years.
Limit expenses when possible, but don’t cheap out. Buy house in a good public school district (no private school tuition and better resell value). Don’t get divorced. Pay off credit cards monthly. Buy Japanese instead of German cars.
I enjoy working for the most part. Don’t have a number per se to hit before I retire. Will probably transition to part time work in my 60’s.
Posted on 7/22/21 at 10:45 pm to Ric Flair
MOAR!!!!!
Posted on 7/23/21 at 6:02 am to GEAUXT
Can you tell me how you were able to accomplish this?
Posted on 7/23/21 at 6:07 am to Turf Taint
I downshifted to an easier job when I hit Coast FIRE.
I'll drop down to part time when I hit the lower end of my goal.
Throwing as much cash into retirement as I can each pay period.
I'll drop down to part time when I hit the lower end of my goal.
Throwing as much cash into retirement as I can each pay period.
Posted on 7/23/21 at 6:34 am to CorkRockingham
Wife and I are both doctors and currently putting 30%+ of our gross income towards retirement.
We also have a house less than 1x our annual income, and no car notes.
We also have a house less than 1x our annual income, and no car notes.
This post was edited on 7/23/21 at 6:37 am
Posted on 7/23/21 at 6:55 am to Turf Taint
I had goals but they change along the way and what I’ve learned is that we don’t know what we don’t know so goals need to be broad enough to allow for potential and opportunity that you don’t know about both real and metaphysical.
It’s complicated but consider that you are an evolving creature. Out of college, you just want a job that will pay you well. Let’s say 75,000/year. That’d be nice for most 21 year olds. Then you start planning and estimate 5% growth in that salary until someday you make 300,000/year. That becomes the goal because it seems realistic. But is it really? Or is it too limiting?
I mean, why is 300,000/year all you’re future self is worth?
Consider that you’ll grow in wisdom, job experience, life experience… emotionally… and other areas if you remain open minded to the ability to learn. (Not always easy to do)
Why not 1,000,000/year or even 5,000,000/year?!!!
It can happen and you have to be open to it’s possibility.
Bottom line: shoot for the higher mark. It’s about the journey anyway.
It’s complicated but consider that you are an evolving creature. Out of college, you just want a job that will pay you well. Let’s say 75,000/year. That’d be nice for most 21 year olds. Then you start planning and estimate 5% growth in that salary until someday you make 300,000/year. That becomes the goal because it seems realistic. But is it really? Or is it too limiting?
I mean, why is 300,000/year all you’re future self is worth?
Consider that you’ll grow in wisdom, job experience, life experience… emotionally… and other areas if you remain open minded to the ability to learn. (Not always easy to do)
Why not 1,000,000/year or even 5,000,000/year?!!!
It can happen and you have to be open to it’s possibility.
Bottom line: shoot for the higher mark. It’s about the journey anyway.
Posted on 7/23/21 at 7:19 am to Turf Taint
frick bitches, get muny
Posted on 7/23/21 at 7:22 am to GEAUXT
quote:
Wife and I are both doctors and currently putting 30%+ of our gross income towards retirement.
Well shite.
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