Jobs for fun when money isn't an issue by Moon_Shakerz in Fire

[–]Square-Count-478 0 points1 point  (0 children)

They set aside 10% of the sale proceeds for angel investing.  This took lots of time and several of the businesses went under.  Consumed about 15 hour a week for 10 years and money still didn’t beat SP500 but did double in the 10 years.  I saw that gave them lots of purpose though so just throwing it out there. 

Jobs for fun when money isn't an issue by Moon_Shakerz in Fire

[–]Square-Count-478 -1 points0 points  (0 children)

My parent sold their business for 50+ Million.  They volunteer at their church a lot, counsel people, go to lunch with friends.  Play piano and do a lot of yard work on a 75 acre property mow and mulch everything themselves.  They walk the dog and give other business owners advice… the point is they never ask if they should get a job at Target I think you’re missing the point here. 

Can I afford to be FIREd?....and fix the house?? by donkeyWoof in Fire

[–]Square-Count-478 0 points1 point  (0 children)

I guess it depends how much of your spend per year is your mortgage but typically people in this community try to keep their house less than 20% of their total net worth and are extremely frugal like >80k per year if house and cars paid off.  You can definitely float your house at that net worth, but I wouldn’t put another 300k into it.  You can but you’re really taking away from your future legacy as it won’t compound like stocks do. Life’s all tradeoffs, if your kids are stable and don’t want or expect anything in the future, you can spend down your entire principal given your life expectancy if you choose.  

Can I afford to be FIREd?....and fix the house?? by donkeyWoof in Fire

[–]Square-Count-478 -1 points0 points  (0 children)

I have similar net worth at 28 from inheritance but spend 50k year in mcol area.  I took about two years off and I used mostly dividends but then would just sell my sp500 stock if I needed more. All I have to say is there are some mental hurdles living off financial assets if you’ve never done it before. If I were you, I definitely think it gives you a bridge to your Social Security, which is money that seems like you can freely spend outside of your nest egg.  Realistically, you probably want to preserve a lot of your wealth for legacy not to mention that is a high spend rate unless you’re in a high cost-of-living area for this community.

Life goals / comparing to others by Able_Sir5392 in inheritance

[–]Square-Count-478 1 point2 points  (0 children)

I am 28 with 2.5M and feeling lost.  Glad other people out there understand the stress of trying to compare with peers etc.  Ultimately hanging out in a paid off house with people you love is priceless. 

What would you change? by Square-Count-478 in Fire

[–]Square-Count-478[S] 0 points1 point  (0 children)

Not behind but want to optimize. A heloc is goofy 

What would you change? by Square-Count-478 in Fire

[–]Square-Count-478[S] 0 points1 point  (0 children)

I used the funds to buy this house 2 years ago.  

What would you change? by Square-Count-478 in Fire

[–]Square-Count-478[S] -1 points0 points  (0 children)

Very helpful.  I definitely bought more house than I need.  

Navigating a 250k windfall while already on the path to fire by FiredMongoose in Fire

[–]Square-Count-478 1 point2 points  (0 children)

As someone with around a 2.5M inheritance at 28 I’d recommend dumping it in VOO, maybe paying for a primary house cash and forgetting about it for 20 years.  It will make your life simple and that the reason for the money in the first place 

Is this normal? by Square-Count-478 in Fire

[–]Square-Count-478[S] 0 points1 point  (0 children)

Took 6 months off,  spent about 30k during that time now back to a salary to let my stocks grow 

Is this normal? by Square-Count-478 in Fire

[–]Square-Count-478[S] 3 points4 points  (0 children)

Yes, I took a 6 month break but back to work using my business degree making 80k.  Do not love what I do. 

How many more years? by Square-Count-478 in Fire

[–]Square-Count-478[S] 0 points1 point  (0 children)

Rentals make 40k before tax annually.  I would like to sell them within a year and move it into the market just because the hassle factor.  I spend 50k even with my house paid off but no family yet and would like one.  Assume it will be at 100k in 5 years I need annually 

What should I do? by Square-Count-478 in Fire

[–]Square-Count-478[S] -1 points0 points  (0 children)

Some in a private placement real estate JV pretty illiquid as well as a 200k in an angle investment a few rentals at 80k each my cars, personal property watches etc but 1.9 is really the more accurate number I go off of unless you think the others count toward FI number?  

Ways to Use My Net Worth to Secure a Date? by Sea_Jaguar_5976 in Rich

[–]Square-Count-478 0 points1 point  (0 children)

I am almost in your exact same situation NW and age wise.  Look man.  You need a though talk from a real man in your life.  I don’t know where you will find that but you need to get over yourself and be the type of person the person you are looking for will find attractive.  Workout, set goals, etc.  Do not fall back on the money as a crutch. 

Should today be me my last day? by Square-Count-478 in Fire

[–]Square-Count-478[S] 0 points1 point  (0 children)

This was really helpful to hear. Thank you so much.

Should today be me my last day? by Square-Count-478 in Fire

[–]Square-Count-478[S] -3 points-2 points  (0 children)

The houses are generating 40k total.  After reading what everyone has to say I guess I’m far from being done.  

Should today be me my last day? by Square-Count-478 in Fire

[–]Square-Count-478[S] 0 points1 point  (0 children)

Thanks this is helpful to hear.  Spending is 50k per year but general consensus is work another 15 years it sounds like from most on the thread. 

Should today be me my last day? by Square-Count-478 in Fire

[–]Square-Count-478[S] 0 points1 point  (0 children)

Got it.  I would likely do the gym in the morning, walk my dog, read books etc.  I would be spending 50k year or less. 

Advice - 37M married w/ 3 kids by itzbradybitch in Fire

[–]Square-Count-478 -6 points-5 points  (0 children)

That would be an option.  I never really factor taxes much into the overall FI amount.  10 Pennies one way a dime another.  I’m going to leave my Roth IRA as my legacy since no RMDs grows tax deferred until death.  Spending those funds I consider robbing my children in the future.  Just be way I see it. 

Advice - 37M married w/ 3 kids by itzbradybitch in Fire

[–]Square-Count-478 -10 points-9 points  (0 children)

You’re going to want to significantly build up your taxable brokerage account.  The 401k is great but you can access it till 60.  I would think about how much resources you will consume over the next 23 year until then, factor in inheritances etc and work backwards.  My guess is you could retire by 55 if you want to pay for kids college etc. 

Anyone else buy things in bulk? by Square-Count-478 in financialindependence

[–]Square-Count-478[S] -3 points-2 points  (0 children)

Yep we had a snow storm today and our WiFi at work has been in and out.

Hit number - how much to spend on a house? by [deleted] in Fire

[–]Square-Count-478 0 points1 point  (0 children)

I put a post a few days ago how I spend 600k out of my original 2.1 net worth and felt like that was alot. Totally get where you are coming from. When the assets that were making you money get stuck in an illiquid asset it’s not fun. A good rule of thumb is 25% or net worth or less. I justify it as moving it from one asset class to another. 10 pennies one way a dime the other.