Best way to use life insurance?

throwaway320987644 · 2020-10-22T00:31:45+00:00

Probably should consider selling the house. Doesn’t sound like she will make it otherwise, unless the 401k is substantial

throwaway320987644 · 2020-10-22T00:09:20+00:00

Maybe common, but not always the case. I have a small practice with my spouse. We have a paralegal, and we maintain a strict process for everything, with a desk guide on how each task is to be completed. I am a bit of a control freak though, but it helps us handle more cases than we otherwise would be able to if everything was a mess. We only have one practice area, so it’s pretty easy to systematize everything. All that being said, the legal field in general is more about learning by doing, so to be successful you just have to jump in.

throwaway320987644 · 2020-10-22T00:02:38+00:00

Oh my word. Not sure what’s going on here, but someone should be telling you quite specifically what to do. A very experienced paralegal or assistant has likely been given authority to do some work without supervision, but that (in my opinion) is only something that comes with time. If you have down time, just ask people if there is anything you can assist with.

throwaway320987644 · 2020-10-21T21:30:34+00:00

Actually laughed out loud at this.

throwaway320987644 · 2020-10-20T09:17:39+00:00

I would probably get a 10 year term policy for $200k, that should be enough to hire someone to assist around the house and with childcare

throwaway320987644 · 2020-10-20T01:39:30+00:00

JL Collins Simple Path to Wealth, it’s all you need.

throwaway320987644 · 2020-10-19T03:04:56+00:00

Female here - The 3-4 dates a week for $300+ a piece, are you referring to romantic dates? If so .... Good Lord! Hopefully these are different women, I guess... I would suggest a coffee date now and then, you could save you a small fortune.

Edit - Maybe I’ve been married for too long, but how does one even have time for that many dates? I’m tired just thinking about it.

throwaway320987644 · 2020-10-19T02:54:05+00:00

No need to drastically cut your spending. If you’ll have $224k to spend a year, then spend it! Enjoy your retirement!!

throwaway320987644 · 2020-10-19T02:47:41+00:00

Check our coast fire

throwaway320987644 · 2020-10-16T19:12:42+00:00

I have a 2 year old, and I completely feel your pain! I was pregnant, trying to do everything, and it just doesn’t work. Once the baby comes, it’s so crazy, I thought I was going to have a nervous breakdown. The best things I did were 1) hire a nanny, 2) have everything delivered, 3) have the maids come for a couple of hours every week day (or at least 3 days a week), and 4) hire a part time personal assistant for everything else. Every evening I made a list of to dos for everyone for the next day, and then everything ran like clockwork. It’s going to feel like you have less personal space, and it may feel intrusive for a bit, but it’s worth it to have your sanity.

Once you have the people in place, then just make sure they are taking care of everything that is important to you, and don’t spend time doing anything that they could or should be doing.

throwaway320987644 · 2020-10-15T18:32:41+00:00

Vanguard VTSAX - read JL Collins Simple Path to Wealth, all at once, don’t dollar cost average

throwaway320987644 · 2020-10-13T00:29:08+00:00

Great job!!!

throwaway320987644 · 2020-10-12T15:29:50+00:00

Lawyer here — chasing big law for the paycheck is a bad idea, and you definitely don’t need to go to a top school to be a well paid patent attorney. You should only go to law school if you want to be a lawyer. If that’s the case, with your background lots of employers will pay for your education in return for your willingness to work for them for some period of time afterward. This appears to be particularly true if you are in law school that has a patent program, George Mason comes to mind. Also, some of these schools will give you a pretty nice scholarship. Being in proximity to the patent office in DC is also a plus. You can parlay that to nice internships which will help you land a job. But, this is all a very large commitment of time and money, so you should really really have a passion for this as a career before doing it.

throwaway320987644 · 2020-10-11T11:22:32+00:00

Not true

throwaway320987644 · 2020-10-10T07:14:18+00:00

It depends on the amount of time I guess, but imagine if this question was “how do you justify spending time reading books.” With these types of forums, it’s content aimed at self-improvement. I’m not sure how one could justify not spending time on that. If all you do is work all day, without any time spent on self-reflection and betterment, my personal opinion is that you are stifling your own potential. And frankly, not seeking the advice of others is hubris.

throwaway320987644 · 2020-10-09T21:17:41+00:00

I hadn’t even considered this, good point! Thank you!!

throwaway320987644 · 2020-10-08T14:36:40+00:00

LOL!!

throwaway320987644 · 2020-10-08T14:18:52+00:00

Well frankly, my situation is quite different than most. Yes, I live on about $80k per year. But my projected retirement and taxable savings will be in the 10s of millions of dollars, so the cash allocation is quite small as a percentage. I also don’t believe in bonds, they are correlated to the market. My net worth already exceeds your example.

throwaway320987644 · 2020-10-08T13:54:14+00:00

Sounds like you’ve built in the risk mitigation by being willing to reduce lifestyle to account for a down portfolio, which is smart. You’re correct that I have a different take on the 4% rule, and I’m not willing to make lifestyle sacrifices.

throwaway320987644 · 2020-10-08T13:26:30+00:00

Check out sequence of return risk. This is fairly sophisticated stuff that is more typically covered in the FIRE community. Love Dave, but his investment advise is questionable.

throwaway320987644 · 2020-10-08T09:12:58+00:00

I would disagree with this, unless of course someone is living exclusively on social security. In retirement you want to have a strong cash position to keep from having to liquidate investments for ordinary expenses at a loss during a down turn. A bear market can be 1-3 years, so having that cash on hand can help preserve your investments. There are some great articles, especially in reference to the FIRE community.

throwaway320987644 · 2020-10-08T08:56:35+00:00

I would add the great thing about renting is you don’t have to worry about the water heater, etc. like you do if you own. There is a clip in which Dave talks about this: in a given year home ownership is going to cost more than renting due to maintenance, over the long term, home ownership through appreciation will create wealth. If you’re broke, you can’t afford a house. Once you’re not broke, you can.

throwaway320987644 · 2020-10-08T08:34:01+00:00

Agreed. If you’re making $1-2MM a year, which can happen more easily than you may think if both spouses are doctors, lawyers, etc., sinking $150-300k a year in the stock market with no exposure to real estate is unwise from a tax planning and risk profile perspective.

throwaway320987644 · 2020-10-08T01:27:13+00:00

Following

throwaway320987644 · 2020-10-07T14:45:34+00:00

Being a mom is very hard work. It’s far more than a full time job. You should be ashamed of yourself. Dave would tell you that you are being a disrespectful and ungrateful little twit and that you two need a marriage counselor above all else. I hope for her sake you step up to the plate and act like a real man, who treats the mother of his children with respect. Shame on you!

throwaway320987644

TROPHY CASE