Search found 47 matches

by fullplay2024
Tue May 18, 2021 5:31 pm
Forum: Personal Investments
Topic: Please review early retirement plan
Replies: 38
Views: 5360

Re: Please review early retirement plan

@FullPlay2024 Let me give you a different perspective. I am almost in your same situation but am 5 years older (I'm 50). A little bit more in stocks and retirement plans but about the same. I decided to stay on an extra 5 years to bolster my retirement and health plan coverage in retirement. Why? B...
by fullplay2024
Tue May 18, 2021 5:26 pm
Forum: Personal Investments
Topic: Please review early retirement plan
Replies: 38
Views: 5360

Re: Please review early retirement plan

Maybe the hangup is that you think you are making a decision to "switch gears to early retirement life". Actually, the decision you are talking about is simply quitting your job after reassuring yourself that you have enough to not work for money in the future. Don't overcomplicate it by ...
by fullplay2024
Sun May 16, 2021 12:03 pm
Forum: Personal Investments
Topic: Please review early retirement plan
Replies: 38
Views: 5360

Re: Please review early retirement plan

I don't recall seeing what you plan to do with all the freedom early retirement will bring. You seem pretty organized, so have no reason to doubt you have a good handle on current spending. If you plan to live just the way are now then projecting that as future expenses is a reasonanle starting poi...
by fullplay2024
Sat May 15, 2021 2:31 pm
Forum: Personal Investments
Topic: High-level early retirement plan - What do y'all think?
Replies: 53
Views: 6875

Re: High-level early retirement plan - What do y'all think?

Congratulations on being financially independent. You’re doing great. We’re more or less in a similar spot although we’re a few years older, have older kids, and with a slightly larger portfolio. Your numbers look solid. But, the biggest challenge for both of you will now be to figure out what you’l...
by fullplay2024
Sat May 15, 2021 1:54 pm
Forum: Personal Investments
Topic: Please review early retirement plan
Replies: 38
Views: 5360

Re: Please review early retirement plan

I don't recall seeing what you plan to do with all the freedom early retirement will bring. You seem pretty organized, so have no reason to doubt you have a good handle on current spending. If you plan to live just the way are now then projecting that as future expenses is a reasonanle starting poi...
by fullplay2024
Fri May 14, 2021 9:49 am
Forum: Personal Investments
Topic: Please review early retirement plan
Replies: 38
Views: 5360

Re: Please review early retirement plan

The budget seems low for utilities and maintenance. I Less than 350.00 monthly for utilities, cable , yard care, house cleaning, and gathering funds for home repair (hvac,roof,painting,etc). Does gas and transportation funds include savings for your future car purchases? Also, what will your income...
by fullplay2024
Fri May 14, 2021 9:41 am
Forum: Investing - Theory, News & General
Topic: For those pondering early or even mid-life retirement
Replies: 54
Views: 6910

Re: For those pondering early or even mid-life retirement

Thanks for creating this thread. This is so timely as we're pondering early retirement in our 40s. I just posted this two days ago.

A lot of great ideas and a lot of food for thought. :sharebeer
by fullplay2024
Thu May 13, 2021 10:08 pm
Forum: Personal Investments
Topic: Please review early retirement plan
Replies: 38
Views: 5360

Re: Please review early retirement plan

wannaretireearly covered the basics but with the additional information you provided you are in good shape. Both should do a backdoor Roth this year. Then do Roths for the next few years while your wife is working. Once she stops working you should be in a low tax bracket. You can withdraw 5 year o...
by fullplay2024
Thu May 13, 2021 10:06 pm
Forum: Personal Investments
Topic: Please review early retirement plan
Replies: 38
Views: 5360

Re: Please review early retirement plan

This is an insightful response. Not knowing what lies in your future is great, especially when the finances are sound (yours definitely are). On the other hand, being used to functioning at a high level in the hierarchy, you may want to maintain some connection to and human capital with the tech/bu...
by fullplay2024
Thu May 13, 2021 11:15 am
Forum: Personal Investments
Topic: Please review early retirement plan
Replies: 38
Views: 5360

Re: Please review early retirement plan

I think either way, assuming your wife continues to work for a while, you're fine.. but I'd encourage you to use Quicken or Mint or something similar to track your expenses in detail over the next couple of years. That big "food/dining/grocery/etc" category seems low. Some categories I do...
by fullplay2024
Thu May 13, 2021 11:08 am
Forum: Personal Investments
Topic: Please review early retirement plan
Replies: 38
Views: 5360

Re: Please review early retirement plan

It looks like you have plenty saved for college, but your post made me curious if you can claim the AOTC and use 529. You might be close to the income limit with wife working. Not sure, but it might be worth looking at. I haven't thought that far out yet, but I'll have to run the numbers when we ge...
by fullplay2024
Thu May 13, 2021 11:06 am
Forum: Personal Investments
Topic: Please review early retirement plan
Replies: 38
Views: 5360

Re: Please review early retirement plan

i did just that, retired late 50s, two year non compete during which i obtained a couple of cloud certs and have been consulting 2-3 days per week, 6 months a year from home yielding a six figure income. pretty sweet: attend meetings, review docs and occasionally create an arch. This is very encour...
by fullplay2024
Wed May 12, 2021 8:23 pm
Forum: Personal Investments
Topic: Please review early retirement plan
Replies: 38
Views: 5360

Re: Please review early retirement plan

Unrelated to the finances, I’m curious how you plan to spend your time if wife is still working and a kid still in high school. Traveling will be tough with family schedules. Taking care of finances has always been our first priority. Now that the finances are in a fairly decent shape, we need to f...
by fullplay2024
Wed May 12, 2021 3:48 pm
Forum: Personal Investments
Topic: Please review early retirement plan
Replies: 38
Views: 5360

Re: Please review early retirement plan

Have you estimated healthcare expenses? If your estimates are correct, if you intend to continue with your low annual expenses, and if your healthcare expenses aren't onerous, you'll be fine. We're in fairly good health now but that can change over next one to two decades. We're currently on a high...
by fullplay2024
Wed May 12, 2021 3:42 pm
Forum: Personal Investments
Topic: Please review early retirement plan
Replies: 38
Views: 5360

Re: Please review early retirement plan

Assuming that the $80,000 doesn’t include health insurance premiums when neither of you is working, you’ll need to withdraw $60,000/year or so from your portfolio to cover expenses (taking into account your rental income). That’s easily affordable indefinitely, given your level of liquid assets. Th...
by fullplay2024
Wed May 12, 2021 3:40 pm
Forum: Personal Investments
Topic: Please review early retirement plan
Replies: 38
Views: 5360

Re: Please review early retirement plan

This would be more easily done if some of your savings were in a Roth and you could withdraw contributions from the Roth rather than deplete your taxable account. Getting some money in a Roth now and over the next 5 years would allow you withdrawals of those amounts in future years. Thank you for t...
by fullplay2024
Wed May 12, 2021 3:36 pm
Forum: Personal Investments
Topic: Please review early retirement plan
Replies: 38
Views: 5360

Re: Please review early retirement plan

You are making a combined income of $400,000 and only spending $80,000 a year? Maybe enhancing your lifestyle a little bit so that no regrets in the future can be suggested. Good observation. But, I want to clarify that our expenses used to be roughly $200K mostly due to a McMansion and kids expens...
by fullplay2024
Wed May 12, 2021 3:03 pm
Forum: Personal Investments
Topic: Please review early retirement plan
Replies: 38
Views: 5360

Please review early retirement plan

Below is our rough financial plan. Any input on things we're overlooking would be greatly appreciated. Thanks in advance. Family: Husband 45 Wife 42 Child #1 attends college 2020-2024 Child #2 attends college 2024-2028 Current income: Husband W2 income: $250,000 Wife W2 income: $150,000 Net rental i...
by fullplay2024
Tue Jan 26, 2021 10:50 am
Forum: US Chapters
Topic: Happy 97th Birthday, Taylor Larimore
Replies: 146
Views: 7591

Re: Happy 97th Birthday, Taylor Larimore

Happy birthday Taylor. You're proving that age is a number and still continuing to make a difference on this forum at 97!
by fullplay2024
Wed Oct 28, 2020 10:24 am
Forum: Personal Investments
Topic: What’s “your number” for each kid’s 529?
Replies: 439
Views: 28084

Re: What’s “your number” for each kid’s 529?

$250K per child in 529 + UTMA accounts.
They're 18 and 14 now. Child #1 is consuming full amount as an out-of-state student at UMich.
by fullplay2024
Tue Sep 15, 2020 12:37 pm
Forum: Personal Consumer Issues
Topic: Coping with Megacorp rat race
Replies: 168
Views: 17173

Re: Coping with Megacorp rat race

I don't see anyone mentioning this. But, while you are still at Megacorp in a somewhat stable job, I strongly recommend you to hire a career coach. Start asking for referrals in your network for great coaches. You can also search for career coaches on LinkedIn. Talk to at least 3 of them. It will he...
by fullplay2024
Thu Sep 03, 2020 9:28 am
Forum: Personal Finance (Not Investing)
Topic: College financial advice for undecided rising high school senior
Replies: 71
Views: 4116

Re: College financial advice for undecided rising high school senior

Having been through the college application process for our DS who applied for top CS schools last year, I'll share a few thoughts: - DS had high test scores and high GPA, but know that college admission process at top 20 schools is a crap shoot. There will be surprises, positive and negative. - DS ...
by fullplay2024
Tue Sep 01, 2020 8:10 am
Forum: Personal Consumer Issues
Topic: Shopping for college
Replies: 164
Views: 13380

Re: Shopping for college

TomatoTomahto wrote: Mon Aug 31, 2020 5:00 pm @Fullplay2024, that’s what my son did. Combined MS/BS in 4 years, for no additional expense. And, since by some reckoning he wasn’t “only” an undergrad, he was eligible for some paid TA work that he might not otherwise have gotten.
Thank you for sharing your son's experience at Yale.
by fullplay2024
Mon Aug 31, 2020 4:48 pm
Forum: Personal Consumer Issues
Topic: Shopping for college
Replies: 164
Views: 13380

Re: Shopping for college

Unfortunate about UIUC, but my amateur prediction is that with the reduced (COVID) emphasis on big sports, Greek life, etc., that your son will do wonderfully at UMich. Great school, with perhaps a bit too much school spirit for its own good (anyone know a Mich grad that doesn’t LOVE the school? Me...
by fullplay2024
Mon Aug 31, 2020 4:42 pm
Forum: Personal Consumer Issues
Topic: Shopping for college
Replies: 164
Views: 13380

Re: Shopping for college

We live in Illinois and my son unfortunately got denied an admission to UIUC, our state flagship. He's currently a Computer Science freshman at UMich. Son was a National Merit finalist and had a full ride from a lower ranked school. Other than that, we received no funding from UMich or other public...
by fullplay2024
Mon Aug 31, 2020 3:05 pm
Forum: Personal Consumer Issues
Topic: Shopping for college
Replies: 164
Views: 13380

Re: Shopping for college

We live in Illinois and my son unfortunately got denied an admission to UIUC, our state flagship. He's currently a Computer Science freshman at UMich. Son was a National Merit finalist and had a full ride from a lower ranked school. Other than that, we received no funding from UMich or other public/...
by fullplay2024
Thu Aug 13, 2020 4:03 pm
Forum: Personal Finance (Not Investing)
Topic: Financially Independent young - why not retire?
Replies: 42
Views: 5943

Re: Financially Independent young - why not retire?

You have my vote to retire. Cheers :beer
by fullplay2024
Sun Apr 12, 2020 11:34 am
Forum: Personal Finance (Not Investing)
Topic: Executive pay cut request: How to respond?
Replies: 130
Views: 13494

Re: Executive pay cut request: How to respond?

I am an entrepreneur. I make a 7 figure annual income. I built my own successful company. I don’t enjoy going to the expensive lawyers and accountants all that much. I may get more interesting advice when I post on bogleheads or on a forum in my industry. Sure, I may then bring forward some of thos...
by fullplay2024
Wed Jun 12, 2019 1:58 pm
Forum: Personal Consumer Issues
Topic: Careers that combine art/design and science?
Replies: 36
Views: 1942

Re: Careers that combine art/design and science?

Check out http://csrankings.org/#/index?all and choose interdisciplinary areas on the left. CSRankings is a metrics-based ranking of top computer science institutions around the world.
by fullplay2024
Fri Jun 07, 2019 2:26 pm
Forum: Personal Consumer Issues
Topic: Costco or Sam's Club?
Replies: 134
Views: 10637

Re: Costco or Sam's Club?

Costco. Didn't shop at Sam's in last 10 years.
by fullplay2024
Wed Jun 05, 2019 1:21 pm
Forum: Personal Finance (Not Investing)
Topic: For those who earn $500k+ per year. How'd you do that?
Replies: 369
Views: 46716

Re: For those who earn $500k+ per year. How'd you do that?

I’m surprised at how MD-heavy this thread became. I knew BH was skewed toward medical and tech, but the sheer lack of business owners piping up is surprising to me. Are there really only two of us? Entrepreneurs, wherefore art thou? I read through the whole thread and I'm also surprised there aren'...
by fullplay2024
Sat Jun 01, 2019 2:25 pm
Forum: Personal Finance (Not Investing)
Topic: For those who earn $500k+ per year. How'd you do that?
Replies: 369
Views: 46716

Re: For those who earn $500k+ per year. How'd you do that?

A few acquaintances who make >$500k: 1. Plumbers and HVAC techs who started out in 20s and worked his butt off for 20+ years. Hired and trained plumbers, and now pull in a large six figure passive income with minimal work. 2. An executive coach who works with CEOs and makes 500k to 1M+ a year. 3. A ...
by fullplay2024
Sat Jun 01, 2019 2:17 pm
Forum: Personal Finance (Not Investing)
Topic: For those who earn $500k+ per year. How'd you do that?
Replies: 369
Views: 46716

Re: For those who earn $500k+ per year. How'd you do that?

Household W2 income crossed 500k mark last year. - MCOL area - VP of Engineering & Pharmacy Manager at Megcorps - 15-20 years of individual work experience - no more than 40 hours per week, no travel. - ages: high 30s to low 40s We're FI and can retire now if we downsize to a smaller home. But, ...
by fullplay2024
Mon May 27, 2019 7:28 pm
Forum: Personal Consumer Issues
Topic: tankless water heater?
Replies: 37
Views: 4419

Re: tankless water heater?

I recently replaced two gas tanks with one gas tankless. Too early to say this, but I'm happy with the decision.
by fullplay2024
Wed May 15, 2019 1:28 pm
Forum: Personal Investments
Topic: If you are already wealthy, what keeps you motivated?
Replies: 102
Views: 13949

Re: If you are already wealthy, what keeps you motivated?

If money is no longer a factor, you can spend more time on your hobbies or anything else that makes you happy.
by fullplay2024
Wed May 15, 2019 11:40 am
Forum: Personal Finance (Not Investing)
Topic: Leaving My CPA
Replies: 22
Views: 2681

Re: Leaving My CPA

I'm on my 3rd CPA in 25 years and in my experience most of them don't know half of what is commonly discussed on this forum. I find that I have to explain backdoor Roth's almost every year. My current CPA asked how I manage to put so much into my 401k every year (a solo 401k). Every year I comb thr...
by fullplay2024
Mon May 06, 2019 4:49 pm
Forum: Personal Investments
Topic: Can we retire by 40??
Replies: 22
Views: 4356

Re: Can we retire by 40??

If you reach your target of $3-4M over next 5 years, you can easily move to a LCOL or MCOL area and fully retire. However, here are some potential derailers you may want to keep in mind: 1. Speaking from experience, kids aren't inexpensive. You have to account for growing expenses for education, col...
by fullplay2024
Wed Apr 24, 2019 6:53 pm
Forum: Personal Investments
Topic: Please critique our plan
Replies: 18
Views: 1579

Re: Please critique our plan

I am not understanding still, but I don’t want to extend the argument. To each his own. Agree: I don't think it needs to be an argument either. Critique/Advice like asked, Yes! Give them some food for thought with varied opinions, Yes! But the argument should be saved for he and his wife down the r...
by fullplay2024
Wed Apr 24, 2019 6:22 pm
Forum: Personal Investments
Topic: Please critique our plan
Replies: 18
Views: 1579

Re: Please critique our plan

Sounds like you do not want to compromise on your life style or the activities or the budget. In that case, to sustain a $130k withdrawal, you need around $3.9 million in the bank (3.3% withdrawal rate). I guess you are not ready to FIRE yet, neither now nor in 2024. You can take a chance at 4% wit...
by fullplay2024
Tue Apr 23, 2019 8:21 pm
Forum: Personal Investments
Topic: Please critique our plan
Replies: 18
Views: 1579

Re: Please critique our plan

I guess we will have to see how our employment, savings, and portfolio returns perform over next 5 years and determine if we pull the plug or ride it out until 55. In 5 years you'll be 48. Retirement then is very realistic and if things don't break your way perfectly, maybe you have to hang around ...
by fullplay2024
Tue Apr 23, 2019 8:06 pm
Forum: Personal Investments
Topic: Please critique our plan
Replies: 18
Views: 1579

Re: Please critique our plan

20k includes grocery, alcohol, restaurants, Costco and Amazon shopping. Just grocery bills would be in the same ballpark as yours. Are you saying you drink alcohol/shop Amazon/shop Costco to the tune of $14k per year, that’s $1.2k every month? :shock: That line item should be examined very closely....
by fullplay2024
Tue Apr 23, 2019 8:03 pm
Forum: Personal Investments
Topic: Please critique our plan
Replies: 18
Views: 1579

Re: Please critique our plan

I also want to question: if your kids are entering college next year and 2024 respectively, do you really need to budget $15k for their summer activities? If your current expenses are $120k, why do you need $130k after your proposed “downgrade” lifestyle? The summer activities can be replaced easil...
by fullplay2024
Tue Apr 23, 2019 7:14 pm
Forum: Personal Investments
Topic: Please critique our plan
Replies: 18
Views: 1579

Re: Please critique our plan

How much will you be adding to your non-college savings between now and 2024? A lot depends on your portfolio returns and additions over the next 5 years. In current dollars, you’ll spend almost $2 million just between 2024 and when you are eligible for Social Security at age 62. And that Social Se...
by fullplay2024
Tue Apr 23, 2019 5:29 pm
Forum: Personal Investments
Topic: Please critique our plan
Replies: 18
Views: 1579

Re: Please critique our plan

One item sticking out to me. $20k in grocery bills for a family of 4? That is way too much. We are a family of 4 too, we spend $450 per month on groceries, and we don’t exactly starve, nor do we eat beans and rice all the time. 20k includes grocery, alcohol, restaurants, Costco and Amazon shopping....
by fullplay2024
Tue Apr 23, 2019 5:27 pm
Forum: Personal Investments
Topic: Please critique our plan
Replies: 18
Views: 1579

Re: Please critique our plan

I'd probably add at least another $1 million of umbrella liability insurance. Should be pretty cheap. Thank you for the suggestion. I have my rental insurance and umbrella coverage from Safeco. For some reason, Safeco limits to only $1M umbrella coverage to individuals. I may have to shop around to...
by fullplay2024
Tue Apr 23, 2019 3:10 pm
Forum: Personal Investments
Topic: Please critique our plan
Replies: 18
Views: 1579

Please critique our plan

Please critique our plan. Family: Husband 43 Wife 40 Child #1 (starts college in 2020) Child #2 (starts college in 2024) Current income: Combined W2 income: $450,000 Net rental cash flow: $30,000 (Goes up to $75,000 if investment mortgage fully paid off) 2018 household expenses: Mortgage, Extra prin...