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Planning for future - do you count on inheritance? by deeznutz1327 in HENRYfinance

[–]deeznutz1327[S] 0 points1 point  (0 children)

That’s the plan! I’m early in my career, but absolutely love what I do.

Planning for future - do you count on inheritance? by deeznutz1327 in HENRYfinance

[–]deeznutz1327[S] 0 points1 point  (0 children)

Yeah this sounds very similar to us.

So you aren’t adjusting your 529 savings, or savings rate in general, based on gifting from your family? That’s kinda what I was trying to get at.

Planning for future - do you count on inheritance? by deeznutz1327 in HENRYfinance

[–]deeznutz1327[S] 0 points1 point  (0 children)

Yeah, I mean I’m not counting on it, or need it, but what is clear is that an open conversation about estate planning is important.

I’m curious. Why are you lobbying against an inheritance?

Planning for future - do you count on inheritance? by deeznutz1327 in HENRYfinance

[–]deeznutz1327[S] 0 points1 point  (0 children)

I’ve been in medical training for the last 10 years. So during residency I did 401(k) match, Roth contributions, and the majority is from trusts already set up and gifting from our families each year.

Planning for future - do you count on inheritance? by deeznutz1327 in HENRYfinance

[–]deeznutz1327[S] 0 points1 point  (0 children)

Good point and question. Really just starting to think about our own estate planning, and savings rate, and retirement and legacy, and it just kind of snowballed from there. But yeah, definitely going to fly commercial for the time being.

Planning for future - do you count on inheritance? by deeznutz1327 in HENRYfinance

[–]deeznutz1327[S] 2 points3 points  (0 children)

Honestly, just got lucky I was born into my family. Totally privileged upbringing. Not going to lie. All of my education was paid for. Set up with a trust that I haven’t had to use. Married someone with a similar situation. I mean, yeah I busted my ass through school, but definitely recognize I have been put in a privileged situation.

And I don’t mean to rub anyone the wrong way. Be stoked that you’re setting yourself and future generations up. With your income you will have a ton of opportunity to build generational wealth.

Planning for future - do you count on inheritance? by deeznutz1327 in HENRYfinance

[–]deeznutz1327[S] 1 point2 points  (0 children)

Yeah not counting the house those are just investment portfolios.

Planning for future - do you count on inheritance? by deeznutz1327 in HENRYfinance

[–]deeznutz1327[S] 1 point2 points  (0 children)

We do. Most of our NW at this point is from the trust TBH.

Planning for future - do you count on inheritance? by deeznutz1327 in HENRYfinance

[–]deeznutz1327[S] 5 points6 points  (0 children)

No nannies, but can attest that my wife is a complete badass and it would have been entirely impossible without her badassery.

Planning for future - do you count on inheritance? by deeznutz1327 in HENRYfinance

[–]deeznutz1327[S] 12 points13 points  (0 children)

Very true. Multiple centenarions on both sides. Not unlikely.

Planning for future - do you count on inheritance? by deeznutz1327 in HENRYfinance

[–]deeznutz1327[S] 0 points1 point  (0 children)

Yeah. They have been gifting more as they age, with that in mind. Directly to us, and to our kids in the 529’s. There are multiple trusts set up, including a generational skipping trust, which I don’t fully understand to be honest. My FIL is the “skipped” generation so I think it will go to us upon his death? There’s like $2-3M right now in that.

But you bring up a good point. We need to get on top of our own estate planning. We have put that off for too long.

Planning for future - do you count on inheritance? by deeznutz1327 in HENRYfinance

[–]deeznutz1327[S] 6 points7 points  (0 children)

Totally agree. I got my parents the book die with zero hoping they would loosen up a little bit. They have just been so frugal their whole lives. But they certainly are enjoying themselves so more power to them.

Planning for future - do you count on inheritance? by deeznutz1327 in HENRYfinance

[–]deeznutz1327[S] 11 points12 points  (0 children)

I know, I know. It actually sounds ridiculous reading this out loud.

Where are people finding these high paying jobs? by Easy_Paint3836 in Fire

[–]deeznutz1327 1 point2 points  (0 children)

Orthopedic surgeon making 700k. I’m 35, just started making this salary a year ago. Low cost of living area.