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re: Do you have financial goals, plan, or philosophy?
Posted on 7/23/21 at 8:23 am to slackster
Posted on 7/23/21 at 8:23 am to slackster
It's a good sum of money, but we have a lot of catching up to do.
For anyone, particularly mid to high income individuals, I highly recommend checking out the white coat investor. His podcast is really good. It really helped us get the motivation to live below our means and focus on what we needed to do to achieve our financial goals.
Both of us like what we do, but I sure as shite don't want to do it a day longer than I have to.
For anyone, particularly mid to high income individuals, I highly recommend checking out the white coat investor. His podcast is really good. It really helped us get the motivation to live below our means and focus on what we needed to do to achieve our financial goals.
Both of us like what we do, but I sure as shite don't want to do it a day longer than I have to.
2
Posted on 7/23/21 at 8:32 am to GEAUXT
quote:I have to admit, I thought 'bullshite' when reading your initial post...but living like this,no doubt you could be stockpiling it. Well done
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.
Posted on 7/23/21 at 8:42 am to jimbeam
quote:
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.
Based.
My plan is similar but I am planning for early 50s, roughly 52. Want to be somewhat realistic.
Posted on 7/23/21 at 8:55 am to jclem11
Currently single. If I had wife/kids I would add a decade at least.
Posted on 7/23/21 at 8:58 am to jimbeam
quote:I'm glad you said that because I have 5 kids in private school and this thread is depressing.
Currently single. If I had wife/kids I would add a decade at least.
Posted on 7/23/21 at 8:59 am to Turf Taint
IMO and experience mid to long term planning is hard to really do.
shite happens. My last 11 years since finishing undergrad have been anything but predicable, and as a natural scientist I now manage software code. Who'd have thunk it?
Wife and I are an average age of 30, and just hitting our stride. She starts a career altering role on Monday, which will take 6-12 months to fully ramp up to. Once again, we're taking a short term downgrade for long term benefits.
Overall I'd Ike us to live below our means for the next 30 years, call it quits at 60, and cruise into the sunset with our farm house and a luxury RV in the driveway all paid off, and the hypothetical kids out of college and on their own.
My parents are 62 and they basically have all of the above completed.
shite happens. My last 11 years since finishing undergrad have been anything but predicable, and as a natural scientist I now manage software code. Who'd have thunk it?
Wife and I are an average age of 30, and just hitting our stride. She starts a career altering role on Monday, which will take 6-12 months to fully ramp up to. Once again, we're taking a short term downgrade for long term benefits.
Overall I'd Ike us to live below our means for the next 30 years, call it quits at 60, and cruise into the sunset with our farm house and a luxury RV in the driveway all paid off, and the hypothetical kids out of college and on their own.
My parents are 62 and they basically have all of the above completed.
Posted on 7/23/21 at 9:30 am to GEAUXT
quote:
Retire at 55ish with 10 million in the bank. We're on track so far.
Most retirement calculators are projecting around 12-15 million for the wife and I by the time I'm 60, which is obviously way more money than we'd ever need. Not sure how long we'll keep working though, don't have a real target age at this point.
We don't really follow any strict saving or budgeting plan, just max both 401ks, backdoor roths, save all variable comp, and don't really splurge on much other than vacations.
Posted on 7/23/21 at 9:34 am to GEAUXT
quote:
For anyone, particularly mid to high income individuals, I highly recommend checking out the white coat investor. His podcast is really good. It really helped us get the motivation to live below our means and focus on what we needed to do to achieve our financial goals.
It's a lot easier to live below your means when you're grossing nearly a million a year or more, to be fair.
Posted on 7/23/21 at 9:42 am to Mingo Was His NameO
quote:
It's a lot easier to live below your means when you're grossing nearly a million a year or more, to be fair.
Exactly. Anyone can have a spending problem, but your “means” are still impressive with $200k+ net income after taxes and savings.
Posted on 7/23/21 at 10:07 am to OldSouth
quote:
I'm glad you said that because I have 5 kids in private school and this thread is depressing.
You need to create Little House on the Prairie school or sell 3 kids. That should do it.
Posted on 7/23/21 at 10:14 am to MusclesofBrussels
quote:
Most retirement calculators are projecting around 12-15 million for the wife and I by the time I'm 60, which is obviously way more money than we'd ever need. Not sure how long we'll keep working though, don't have a real target age at this point.
We don't really follow any strict saving or budgeting plan, just max both 401ks, backdoor roths, save all variable comp, and don't really splurge on much other than vacations.
My problem is I blow way too much money. Need to get it under control if I want to retire before 65
Posted on 7/23/21 at 10:18 am to Athletix
quote:
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.
What market are you in and what strategy have you used for finding off market deals
This post was edited on 7/23/21 at 10:19 am
Posted on 7/23/21 at 10:27 am to J_Hingle
I’m in south Louisiana Acadiana areas. I “drive for dollars” then do the leg work to track down the owners and see if they want to sell. House #2 is deceased home owners and the property has been neglected. I’m lining up and paying for the succession to then purchase the home. Brick home 1050 sqft for 25k. Will need about 40k in Reno then I’ll refinance out. Should rent for 1k +.
The hardest part by far is finding the houses, but abandoned homes or distressed property owners are everywhere. Takes work to find them and then buy from them. We will see if this is sustainable, but I’m thinking it is.
The hardest part by far is finding the houses, but abandoned homes or distressed property owners are everywhere. Takes work to find them and then buy from them. We will see if this is sustainable, but I’m thinking it is.
Posted on 7/23/21 at 10:30 am to Athletix
I've done similar in new orleans and it's been nice but I truly hate being a landlord
Posted on 7/23/21 at 10:40 am to GEAUXT
Do you have kids yet? That might alter your plans some. Depending on where you live, that can add major expenses. We don't need a nanny, but as working professionals we decided the expense was probably worth it. That's $40,000 a year of after-tax money. Really hits you in the nuts when you think about that alternatively invested for 5-6 years.
Posted on 7/23/21 at 10:41 am to Turf Taint
I decided some time ago that I am not going to wait until I am retired in my 60’s and possibly tired and broken down to enjoy life.
I save for retirement and am on track to be comfortable. But I also spend money on enjoying life now, which I consider an investment in myself.
If there is something you want to do, you better do it. None of us are guaranteed a trouble free life after retirement.
I save for retirement and am on track to be comfortable. But I also spend money on enjoying life now, which I consider an investment in myself.
If there is something you want to do, you better do it. None of us are guaranteed a trouble free life after retirement.
This post was edited on 7/23/21 at 10:42 am
Posted on 7/23/21 at 10:41 am to jimbeam
quote:
Currently single. If I had wife/kids I would add a decade at least.
Same. Currently single but I am accounting for wife and kids in my 52 goal.
Posted on 7/23/21 at 10:46 am to Turf Taint
Currently, I am trying to balance aggressive investing and living life. I don't want to wake up one day with 20 million in the bank and say what the frick have I done the last 30 years.
I have prioritized cash-producing assets, travel, and experiences. My car is okay. My primary home is okay but is about 30% the price of an investment property I have recently closed on.
Let you know in 20 if I got this all backward.
I have prioritized cash-producing assets, travel, and experiences. My car is okay. My primary home is okay but is about 30% the price of an investment property I have recently closed on.
Let you know in 20 if I got this all backward.
Posted on 7/23/21 at 11:37 am to Turf Taint
I have 2 financial goals.
1) earn more money than last year (sales). Year over year, im doing better. But i finished last year strong and i dont have the same cushion that i had 3 months ago.
2) double my net worth every 3-5 years.
Im not sure where that will put me at retirement (im not the MT baller others are), but it should give me the flexibility to have options at retirement age.
1) earn more money than last year (sales). Year over year, im doing better. But i finished last year strong and i dont have the same cushion that i had 3 months ago.
2) double my net worth every 3-5 years.
Im not sure where that will put me at retirement (im not the MT baller others are), but it should give me the flexibility to have options at retirement age.
Posted on 7/23/21 at 12:25 pm to TheWiz
quote:
Do you have kids yet? That might alter your plans some. Depending on where you live, that can add major expenses. We don't need a nanny, but as working professionals we decided the expense was probably worth it. That's $40,000 a year of after-tax money. Really hits you in the nuts when you think about that alternatively invested for 5-6 years.
Yes, 2 kids. We live in a good school district so are planning on public school for both.
My MIL watches them every day for free. She is awesome. We are extremely fortunate for that.
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