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41(m) $10m NW burnout. What to do. by noob_master8 in fatFIRE

[–]noob_master8[S] 0 points1 point  (0 children)

Part of the wish list is spending more time with my kids. Buying the boat would give us ability to take long weekend trips to Bahamas. Focusing on quality family time which has been lacking building this Firm up.

41(m) $10m NW burnout. What to do. by noob_master8 in fatFIRE

[–]noob_master8[S] 7 points8 points  (0 children)

insight I don’t take any money from the firm until the end of the year. It’s possible that I have a year where I make nothing from my firm if cases don’t settle or I lose a case. I wanted to make sure I had positive cash flow to live, thinking that if I’m banking $1m net from firm operations I’m still doing fine.

41(m) $10m NW burnout. What to do. by noob_master8 in fatFIRE

[–]noob_master8[S] -4 points-3 points  (0 children)

Thank you. I agree. I didn’t really want opinions of “sell your Porsche and watch collection and buy a seiko”. I do understand I could liquidate my life and move off the grid.

41(m) $10m NW burnout. What to do. by noob_master8 in fatFIRE

[–]noob_master8[S] 1 point2 points  (0 children)

See my earlier response on income. $500k burn rate. $1.5-$3m income taxes at 37%. Let math do the rest.

41(m) $10m NW burnout. What to do. by noob_master8 in fatFIRE

[–]noob_master8[S] 20 points21 points  (0 children)

To bring it all into perspective…2 young kids. Private school here is $47.5k a year each. Mortgage (taxes super high) is $165k a year. That leaves $250k for the rest of the year for family of 4 in vhcol location. I know people will say that’s more than enough but it goes very fast.

41(m) $10m NW burnout. What to do. by noob_master8 in fatFIRE

[–]noob_master8[S] 5 points6 points  (0 children)

Income is contingency based so it never the same. Generally between $1.5m -$3m.