re: Do you have financial goals, plan, or philosophy?

What coast fire is?

Goal $20million in retirement/investments not counting value of businesses by age 50. Currently both 47. $40million by 59.5. May reach the first goal by age 48 barring global economic catastrophe.

1000 acres of recreational land that will be put in trust for children and grandchildren.

$15k/month passive income-director pay, rent, retainers, profit from businesses not directly earned.

Paid off med school and pharmacy school by age 29. Saved and invested since I was 10. Bought fixer upper during residency, sold 4 years later for $50k profit. Moonlighted and hustled my arse off. Had $200k in savings/investments by 29. Lived below our means but well. House budget was less than our combined incomes my first year in practice. Saved/invested roughly 40-50% of gross income yearly. Both started and own our own businesses. Aggressive with investments but not careless. Some skill and some luck.


And STANDARD LITHIUM!!!!

I’m driving an 8 yo Honda Pilot because it’s paid for and still in great shape. Why would I want a car note??? Or to let go of my cash???

I could but why? I’m not pretentious. Happy with what I have.

My plan is just to do the best we can from year to year. I'm a public school teacher and while I don't make Money Board cash, it is a good gig. I automatically pay 7..5% into to the state pension fund and if I leave after at 30 years my pension will be 75% of my highest year salary. If I leave at 35 years it would be 87.5%. Besides that my wife and I put away a decent amount for retirement. She's a clinical pharmacist and makes a good salary.

At the beginning of every year I write down what our combined salaries are and we shoot for 15%-20% in our tax sheltered accounts beyond my pension. We have one kid with another on the way and we have a 529 for him and will be opening another for the new baby this fall. We put a decent amount in his 529, but don't go to crazy since who knows what college will look like in 14 years, or if he'll even want to go. By the time he gets to junior high we'll have a good clue of his future path and we can ramp up the savings if need be.

We don't have any debt beyond our house (20 year note at 3.62% and 6 years in) and a small note on my new 4Runner.

We just live life as it comes, we have a nice nest egg saved and will keep adding to it. If we get to the point where early retirement is viable I'm sure we'd do it, but as was said above you gotta live while you can. You're not guaranteed a great retirement.

Awesome!

Do you live in Vegas Fat?

I like how you left off the last part in the quote.

We have been going through this process and trying to strategize this for a few months now. We did yearly reviews, but finally came to an agreement with our plan and will adjust as needed.

I am 39 and wife is 41. I want to retire (slow down) by 52 and wife slow down at 47.

I currently have a little over 500k in two IRAs (one and old 401k converted) and max contributions yearly with 3% match on currently IRA. Wife has about 200k in deferred compensation, and maxes that out yearly for last few years. We are in a great position to have more money than we will ever need at 59 and a half when we can draw on IRA/401K without penalty. My issue is not having that money in early retirement without penalty. Also max out 529 for 2 kids. I will get full SS benefit (assuming SS is still around) and wife a pension. We also have a small brokerage account that we are going to start really putting money into to help the time from 52 to 59. If I have a regret it was not doing this earlier, but I think we can catch this up. If I could do over I would split my IRA contributions to get company match, but invest the rest in brokerage/market account.

Our plan now is essentially with any extra dollars we have monthly, to invest half in the market and half in paying off house early. This was the easiest thing for us to agree on. Wife wants debt paid off (only house) and I want to invest pretty much every extra dollar. We can be flexible, and adjust if market crashes and there is a buying opportunity, etc.

For us, or strategy has just been the long game and we have not sacrificed our retirement withholdings when things got tight. We are now both fortunate to have great jobs were we can do most everything we want to do and still max out money for later.

I will look into it again, I was told I couldn’t do Roth or back door due to income and previous conversion of 401k.

I think my wife may be able to back door. Thanks for the suggestion as this may be a different option than what I previously looked into.

quote:

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I like how you left off the last part in the quote.

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Classic TD/MB. Question asked. Truthful answer given. If too good, Downvotes>>>upvotes.

Shits given-0.

Maybe some of those who are jealous of those with more should do as I have and try to learn from those who have succeeded in reaching or exceeding their goals. Their situation may not be the same as yours, but you may be able to learn a tidbit and apply it at a smaller scale.

Start early, be frugal, invest aggressively but in an informed, rational manner when young. Set a plan and stick to it. May need tweaks if situations change. Hope for best but prepare for worst. You can still enjoy life. I have plenty of people that would swear the wife and I are check to check and on the verge of bankruptcy because we live like "ballers". That's a relative term.

We could have and do more, but the laws of diminishing returns apply. I've been on luxurious trips all over the world and enjoyed it. But, I enjoy my time on the lake, river, at the camp or in the woods just as much. I grew up poor with 16 yo parents on public assistance in gov't housing projects. We were happy and did fun shite then.

The freedom that's given me it that I've been at both ends of the economic spectrum. I know that the simple things in life are just as enjoyable, sometimes more, as the most expensive. I don't have to be rich for material gain. I want security for my family and I like being able to have the freedom to alter my businesses to make life easier and more enjoyable for me without fear of revenue loss. I'll never fully retire. Retirement for me is to practice medicine without the constraints of insurance and other bullshite...even if it's for free. Have a flexible schedule to allow me free time when the ducks are here, Bucks are rutting and fish are biting.

I don't compare myself to others. I try to do and be the best I can be and let the chips fall where they might. Don't try to keep up with the Jones', they're usually up to their eyeballs in debt. If they're not, don't hate'em and don't let it lessen the enjoyment of the success you have. The worst thing you can do is judge yourself based on your perception of others and what they may or may not have. Count your blessing and not your deficiencies and you'll be happier. Most of the happiest people I know don't have shite. Most of the depressed, disliked, unhappiest people I know are extremely wealthy. Why? Cause someone always has more.

Rant over.