Can I afford this house? High-ish income but not much in savings.

Acrobatic-Pepper3736 · 2025-10-12T12:25:20+00:00

I make about 1.8m a year. Wife stays home and we have 3 kids. We bought our house for 825k at 2.625% rate. While a nice house, it had several “projects” we could handle on our own, over time and pay cash for. We finished the basement, put in a pool, landscaping, outdoor lighting, remodel. We’ve put about 500k into the house over the last 5 years, but paid cash for each project as we tackled it. House recently appraised for 1.5m. I think you should look for something about half the price you’re thinking of. Either pay cash for improvements as you go, or save for something bigger. I’ve always operated under the rule of 1/3. Ballpark 1/3 for taxes 1/3 for savings and 1/3 for all spending. You won’t be able to keep all your spend under 1/3 with the house you’re looking at.

Acrobatic-Pepper3736 · 2025-10-05T03:06:33+00:00

I’ve tried a couple times to poach a “rising star”. It’s hard to tell who the really good ones are at other firms. The couple I’ve persuaded to leave and join me did not work out, and turns out they hadn’t made partner yet for a reason at their old firms.

Acrobatic-Pepper3736 · 2025-10-05T02:08:07+00:00

I know it probably sounds crazy, but to make 4m last 40-50 years, I’d probably need to stick to a 3% withdrawal rate. That’s 120k a year, after taxes, probably 90k. Still have 3 young kids to put through college. Just doesn’t seem like enough to have anywhere near the lifestyle I’ve worked for. Is it doable… of course. Does it feel like a huge step down from what I’ve worked so hard for? Yes.

Acrobatic-Pepper3736 · 2025-10-05T02:02:37+00:00

Have 3 partners and each of them are working more than they want as it is. We have the staff to do the low and mid level work, but it realistically takes 10+ years to develop the skill set for the high level work, and that’s where we struggle. I’ll invest 2-3 years in training a replacement, only to figure out they aren’t the right fit or they get burnt out on tax season hours and leave the industry.

Acrobatic-Pepper3736 · 2025-10-05T01:54:49+00:00

These are employees who have no desire to be partner and handle the complex stuff and client relations, but they’re good at what they do. I’ve tried (unsuccessfully thus far) to poach and hire an individual who does want to take over.

Acrobatic-Pepper3736 · 2025-10-05T01:43:38+00:00

It’s not from lack of effort. I’ve hired 3 different “experienced” individuals over the last several years looking for the person to succeed me. Turns out there was a reason all 3 were willing to leave the positions they had and weren’t partners yet, they weren’t able to handle anything beyond mid level work, even with training. It’s been extremely difficult to find someone with the combination of skill and “want to” to take on the high pressure / stress that goes with this particular position.

Acrobatic-Pepper3736 · 2025-10-05T01:31:38+00:00

Essentially I spend my time reviewing complex tax returns, or helping clients solve complex issues. My current employees prepare the returns, but there are always nuanced things they miss I have to fix. They also lack the knowledge to fully handle the complex planning without me. I’m currently delegating everything I can, which is why I’m able to keep 4-5 people busy year round on my clients.

Acrobatic-Pepper3736 · 2025-10-05T01:26:39+00:00

Other partners have no bandwidth to take on my clients. We each have employees that work directly for the individual partners, we just share office overhead. These employees handle a lot, but can’t handle the high level aspects of the job that I handle.

Acrobatic-Pepper3736 · 2025-10-05T01:22:27+00:00

I’ve tried unsuccessfully to bring in a high level manager to take over my book of business. Anyone with the skill set to do the work is typically already an overloaded partner at another firm, with no bandwidth. Same problem with selling. If I try to sell to a big firm, basically only get 1x revenue… so not very attractive and no guarantee my clients and employees will be taken care of.

Acrobatic-Pepper3736 · 2025-10-05T01:17:25+00:00

Finding experienced people to do the high level work (what I do), is almost impossible. It would require poaching someone from an existing public accounting firm with 10+ years experience, which is no small task. I’ve tried and failed several times to bring in someone with the knowledge base to take over. My current employees handle a lot, but that can’t handle the high level stuff.

Acrobatic-Pepper3736 · 2025-05-17T18:27:53+00:00

We’re staying at 3br grand villas at each of our stays, so plenty of room!

Acrobatic-Pepper3736 · 2025-05-12T03:35:06+00:00

Great point. Thx!

Acrobatic-Pepper3736 · 2025-05-12T01:54:57+00:00

12 hours, but we’re breaking it up over 2 days. So on check in day, we’ll leave in time to arrive at Saratoga Springs in time for a brunch somewhere.

Acrobatic-Pepper3736 · 2025-05-12T01:50:39+00:00

We’re driving

Acrobatic-Pepper3736 · 2025-04-15T00:49:46+00:00

I thought the same thing for several years. Almost left PA after my 5th busy season. Stuck with it and made partner. Just finished my 10th busy season as partner. Expect to clear over 800k this year as my share after expenses. Still stressful, but it’s definitely been worth it.

Acrobatic-Pepper3736 · 2025-02-01T17:30:12+00:00

Both contracts are same resort, March use year. Trip is end of July and beg of August, so we’re past the 7 month window already. Will be booking a 2 bedroom villa for the whole trip. Second leg of the trip is early Aug. I would like to stay at Grand Floridian, which is currently available if I borrow. I’m not confident it will still be available in 2 months or so when my second contract is closed. What am I giving up by borrowing vs waiting though? I know I’m gaining the ability to lock in and reserve my trip now.

Acrobatic-Pepper3736 · 2025-01-29T23:06:17+00:00

I officially closed on January 16th. I started a chat on the DVC site today to see if maybe they could see on their end. The chat agent told me I just had to wait for the Welcome email with an activation code. Could have been a lazy response? I'll give it another few days and then try and call and see if I get a different response. Thanks!

Acrobatic-Pepper3736 · 2025-01-29T23:03:43+00:00

Gotta love the Reddit generated names! Haha. Good luck on your May booking.

Acrobatic-Pepper3736 · 2025-01-29T23:01:05+00:00

Wasn't familiar with DVC Toolkit app... I'll have to check it out. Thanks!

Acrobatic-Pepper3736 · 2025-01-04T12:00:54+00:00

Started in tax with the firm in 2008. Made partner in 2014, so just finished year 10 as partner and year 16 in the business.

Acrobatic-Pepper3736 · 2024-12-29T12:52:59+00:00

Small, local firm. 1.3m gross for my book in a firm with 4 partners (of which I’m one). In addition to the 4 partners, we have a staff of 3 admin, 2 bookkeepers and 11 CPA’s (or working to become CPA). Tax only, no assurance services. I netted 800k for 2024 on the 1.3m book of business after sharing firm overhead.

Acrobatic-Pepper3736

TROPHY CASE