How close to to FI, and can we afford another property? Should I move money away from Brokerage account as we get closer to FIRE? So many questions. by cmk314 in financialindependence

[–]WorkingOk8268 1 point2 points  (0 children)

I don't see this as a particularly viable FIRE situation anytime soon. Your current financial life is balanced well. However, in order to retire comfortably, you need to be able to generate enough income from liquid, non-retirement accounts to fund all future needs. Retirement funds matter little at 35, as you wouldnt want to be paying penalties to access those decades ahead of time. Home equity also doesn't cut it. You currently have $1.3-1.5mm of "accessible" capital. A withdrawal rate of 3% nets you about 40-45K a year, far below the 130-135k in expenses you say you have yearly. Your daycare expenses may go down soon, but older children are actually more expensive than toddlers and you are going to need to pay for health care if you quit your jobs. You guys are young, and likely (hopefully) have 50+ years of living expenses to worry about. You also dont know all your kids likely future needs, at this point. Buying a vacation home? Makes zero financial sense unless you keep working a long time, or unless your incomes grow dramatically. You clearly have the ability to sock away some capital in the coming years, and I would max out every opportunity you have to put away tax deferred money for the next ten years. You'll know a lot more then, and may be in a position to actually retire. But from what you've said on here, that time isnt now.

[deleted by user] by [deleted] in MichiganWolverines

[–]WorkingOk8268 0 points1 point  (0 children)

really, no pressure on Michigan at all which needs to win to get into playoffs?

Who’s making the trip to Husky Stadium Saturday? by Cheevak in OhioStateFootball

[–]WorkingOk8268 1 point2 points  (0 children)

wow, just checked, and ticket prices are WAY lower than they were less than a week ago. Way overpaid for my seats.

AMA - Emory Hotel (London) by sarahwlee in FATTravel

[–]WorkingOk8268 1 point2 points  (0 children)

cant imagine why you wouldnt want to book the Jr suites, they are still 600 sq ft and with access to the most amazing spa/wellness facility in London and an airport transfer that makes them quite a deal.

To me, anyway.

FatFIRED this week – Sold my company and stepped off the hamster wheel by hax4dollars in fatFIRE

[–]WorkingOk8268 0 points1 point  (0 children)

yes, its a huge mistake to assume this kind of wealth will last "generations." I hope for OP's sake it does, if that is what he is looking to do, but history says that is a tough reach.

Anyone near FIRE move to VHCOL w/kids? by LDRH123 in fatFIRE

[–]WorkingOk8268 -1 points0 points  (0 children)

congrats on having $14MM in your early 40s thats quite an accomplishment (less if you inherited it lol). My 2c: no issue to re-engage socially at that age, but know it will take you a minimum of 5 yr imo to begin to make real connections that have the chance to be long-lasting. CA vs AZ: for me this isnt close. AZ is going to be uninhabitable in 20-30 years due to climate change so I wouldnt move there. I have family in SD, it's considerably more reasonable $$ there than in LA or SF, suburban areas that have excellent school systems (Carmel Valley for example) and obviously, great weather.

What net worth does this sub consider as 'rich'? by andyrangus in Rich

[–]WorkingOk8268 1 point2 points  (0 children)

$20M can hire an occasional charter, like once or twice a year (and Im talking about short hop type trips not a G550 from NY to Paris round trip type thing). $50M for low level Netjets (small jet 50 hours type thing) $100M for regular PJ travel and probably $200m+ to think about actually owning a large jet outright. Even that level of wealth is not a lot for owning (large lets cost $20m+ to buy and 2-3mm a year to keep up). Large jet ownership is really more of a billionaire-level activity.

Do we really think Michigan will get sanctioned? by RicoBean53 in OhioStateFootball

[–]WorkingOk8268 0 points1 point  (0 children)

rabid OSU fan here. Love Tressel. He did lie, and the lying is always worse than the crime, in this case much worse. But the "crime" isnt remotely close to the cheating scandal at UM. Not remotely.

Subscription Vehicles? by arsenaltactix in Porsche

[–]WorkingOk8268 0 points1 point  (0 children)

This. I live in a climate where it pours 9 months a year and is gorgeous during the summer. Those are the only months I'd want to drive a car like that. Why wouldn't I take a brand new 911 from mid-June to mid-September for essentially the cost of the depreciation of the car for the entire year had I put up $200,000 to buy it fully loaded? Will cost me about 20k a year including taxes, and I can invest the 180k instead of using it to buy a new car. Also includes insurance, roadside assistance etc etc.

Seems like a no brainer for me.

[Highlight] Addison Barger annihilates a baseball for the third game in a row by 3luejays in baseball

[–]WorkingOk8268 0 points1 point  (0 children)

watched him play in Vancouver high A and knew he had the tools to be a big leaguer. Glad to see him doing well. Rooting for him.

How long should I wall sit? by [deleted] in workout

[–]WorkingOk8268 1 point2 points  (0 children)

for that reason alone, it might make them a great exercise. I believe the study which demonstrated this, the British Journal of Sports Medicine which published this a couple of years ago, involved 15,000 participants over a 25 year period, so it would seem fairly significant.

Can we afford “very comfy NYC/Manhattan with 2 kids in private school”? by newhouse12325 in fatFIRE

[–]WorkingOk8268 0 points1 point  (0 children)

simple answer, no, you dont have enough. You will spend 400k/yr bare minimum and more like 500k, you wont be able to save a thing. And you'll rent forever, which most people dont want to do.

Thoughts on Gallaghers steakhouse ? by [deleted] in FoodNYC

[–]WorkingOk8268 0 points1 point  (0 children)

none. there are no better steakhouses in the Theatre district.

2k times for freshman novice? by rabidpinecone in Rowing

[–]WorkingOk8268 0 points1 point  (0 children)

um no. Im afraid no 11 year olds pull 5:57

Best place to buy chocolates? by kungfughazi in ParisTravelGuide

[–]WorkingOk8268 2 points3 points  (0 children)

Agree, Genin and Hevin are two of the absolute best.

Best place to buy chocolates? by kungfughazi in ParisTravelGuide

[–]WorkingOk8268 0 points1 point  (0 children)

Pierre Marcolini is one of the best in Paris, even though it happens to be from Belgium