Search found 391 matches

by supalong52
Mon Apr 19, 2021 5:29 pm
Forum: Personal Finance (Not Investing)
Topic: Permission to retire?
Replies: 38
Views: 6167

Re: Permission to retire?

All of a sudden I am REALLY thinking of retiring. Here is my situation. I am 61 in May and my my wife is 59. Our net worth is approx. 2.4 Million. 390K in taxable investments. Vanguard A/A approx 70/30 401K 1.55 Musd. A/A is approx 50/50. 75K in Lincoln Financial Annuity. House fully paid off and w...
by supalong52
Thu Apr 15, 2021 11:53 am
Forum: Personal Finance (Not Investing)
Topic: Buying a Home in SoCal
Replies: 128
Views: 9865

Re: Buying a Home in SoCal

Sounds like you are in a tough pickle. The commute factor is pretty much limiting where you can reasonably live, but you don't make enough to buy what you want. We love it here in Carlsbad, but wouldn't live here if we both had to commute to Solana or 4S. (Actually, Solana isn't that bad.). Fortunat...
by supalong52
Wed Apr 14, 2021 11:25 am
Forum: Personal Finance (Not Investing)
Topic: How foolish is this? [Buying waterfront apartment in Florida]
Replies: 98
Views: 9283

Re: How foolish is this?

When buying a home, I always try to turn off the emotional thinking that gives rise to panic and fear of missing out.
by supalong52
Thu Apr 08, 2021 5:43 pm
Forum: Personal Finance (Not Investing)
Topic: Do you LOVE your tax professional?
Replies: 19
Views: 1694

Re: Do you LOVE your tax professional?

Well have you tried Yelp then? I don't know what else to say. My old Biglaw firm also had a tax practice, but their attorneys charge 1,000 an hour.
by supalong52
Thu Apr 08, 2021 5:17 pm
Forum: Personal Finance (Not Investing)
Topic: Vote: House or keep buying taxable mutual funds?
Replies: 14
Views: 1052

Re: Vote: House or keep buying taxable mutual funds?

We are nesters so we appreciate having our home. We were perpetual renters for a long time and never really felt any connection to our community or neighbors. That said you don't need to buy a bigger house than you need. I still think financial independence is a more important goal than bragging rig...
by supalong52
Thu Apr 08, 2021 5:14 pm
Forum: Personal Finance (Not Investing)
Topic: Do you LOVE your tax professional?
Replies: 19
Views: 1694

Re: Do you LOVE your tax professional?

We also do our own taxes. We had a nanny and in our state that required quarterly filings, although still an annual Schedule H for the IRS. It's not really that bad unless you have a ton of employees. I tried hiring someone once when I had a more complicated situation, but they botched even the simp...
by supalong52
Wed Apr 07, 2021 6:40 pm
Forum: Investing - Theory, News & General
Topic: How long to turn 1 million to 2 millions for you?
Replies: 88
Views: 30767

Re: How long to turn 1 million to 2 millions for you?

0 to 1 million -- 11 years;
1 to 2 million -- 3 years;
2 to 3 million -- 3 years and 5 months; and
3 to 4 million -- 1 year and 2 months
by supalong52
Thu Mar 25, 2021 12:12 pm
Forum: Personal Finance (Not Investing)
Topic: Bay Area teacher saving half my income – why the doubt? (and asking more questions)
Replies: 652
Views: 48712

Re: Bay Area teacher saving half my income – why the doubt? (and asking more questions)

I lived in Manhattan after college and saved half of my paycheck. To do it with a house and kids today would be challenging. I believe you are doing it and commend you for your commitment to a healthy and frugal lifestyle.
by supalong52
Sun Mar 21, 2021 12:51 am
Forum: Investing - Theory, News & General
Topic: Are we in a housing bubble?
Replies: 298
Views: 37021

Re: Are we in a housing bubble?

Long time lurker here and just created an account for this thread. I'm a Realtor in the greater Boston Area and the market is getting a little to hot. I just had a closing on a property I sold and got 76K over asking. In which we has 12 offers all over the asking price along with the waiving of ins...
by supalong52
Sun Mar 21, 2021 12:41 am
Forum: Personal Consumer Issues
Topic: REAL ID still set to be effective Oct 1 2021
Replies: 109
Views: 7371

Re: REAL ID still set to be effective Oct 1 2021

Meh -- have to go in for a REAL ID appointment in a few weeks. My passport expired last year and with Covid, I wasn't in a hurry to renew. Our Global Entry also expired the prior year. So unless I get this REAL ID, I won't be able to travel at all.
by supalong52
Fri Mar 19, 2021 2:06 pm
Forum: Personal Finance (Not Investing)
Topic: High earners, about how much tax do you pay?
Replies: 79
Views: 9378

Re: High earners, about how much tax do you pay?

Grossed just over 400k and paid 17% in federal taxes. How? Solo 401(k) reduces income by $57k QBI takes another $50k or so off -- our AGI was right around the limit where it starts to phase out 1/2 Social security knocks off $13k Health insurance knocks off another $10k Business expenses, including...
by supalong52
Mon Mar 15, 2021 1:32 pm
Forum: Personal Finance (Not Investing)
Topic: High earners, about how much tax do you pay?
Replies: 79
Views: 9378

Re: High earners, about how much tax do you pay?

Grossed just over 400k and paid 17% in federal taxes.
by supalong52
Thu Mar 11, 2021 10:46 pm
Forum: Personal Finance (Not Investing)
Topic: Relocation conundrum
Replies: 26
Views: 1930

Re: Relocation conundrum

How much do you spend a year in S Fla w/ no mortgage? How much do you expect to spend in Austin? Will you need a mortgage or will you just transfer your equity?
by supalong52
Thu Mar 11, 2021 5:15 pm
Forum: Personal Investments
Topic: Should I invest in an upcoming SPAC @ $4? Usual price is $10
Replies: 58
Views: 4272

Re: Should I invest in an upcoming SPAC @ $4? Usual price is $10

Run, don't walk. You had the sense to ask here and the feedback is unanimous. Otherwise, just give me $100k and I'll make sure you get $10 million in the future. Wink wink. Just trust me.
by supalong52
Tue Mar 09, 2021 3:59 pm
Forum: Personal Finance (Not Investing)
Topic: Sell the Big House or Keep?
Replies: 45
Views: 5030

Re: Sell the Big House or Keep?

Seems like a no-brainer to sell. Too big, you don't fit in with the demo, will make good money, etc.
by supalong52
Mon Mar 08, 2021 12:57 pm
Forum: Personal Consumer Issues
Topic: Wife New Car - Used Market Non Ideal
Replies: 37
Views: 3008

Re: Wife New Car - Used Market Non Ideal

Is your minivan not big enough? In what ways? Just curious as I've always heard minivans were more convenient and comfortable than SUVs.
by supalong52
Wed Mar 03, 2021 2:13 pm
Forum: Personal Finance (Not Investing)
Topic: Can we afford a $700k house?
Replies: 19
Views: 1692

Re: Can we afford a $700k house?

Easy decision -- go for it. You've got a different situation than the other poster asking about a $2.5m home on 650k income.
by supalong52
Tue Mar 02, 2021 11:08 pm
Forum: Personal Finance (Not Investing)
Topic: Should we buy our rental home in Queens?
Replies: 12
Views: 1131

Re: Should we buy our rental home in Queens?

I lived in Sunnyside for a year. Feels perhaps similar to what you are describing, but you could easily be in many other parts of Queens. I would tell your landlord that you can have a discussion if the price is $X otherwise suggest to him that he's better off putting it on the market. You should be...
by supalong52
Tue Mar 02, 2021 6:16 pm
Forum: Personal Consumer Issues
Topic: Want to be a nomad but not sure about keeping a house
Replies: 44
Views: 4229

Re: Want to be a nomad but not sure about keeping a house

I think you should do it too. We did some long term travel a few years ago and put all of our things into storage. Seems like you need to downsize anyway so good time for that. You might find yourself getting fatigued after a little while of wandering as we did.
by supalong52
Tue Mar 02, 2021 5:20 pm
Forum: Personal Consumer Issues
Topic: Undergrad College Options 33k or 15k
Replies: 45
Views: 2725

Re: Undergrad College Options 33k or 15k

Curious how a 17 or 18 year old would know they want to do clinical psychology. I thought I wanted to study computer science, ended up doing electrical engineering, then law school. Know a bunch of hard science grads who got Ph.Ds then went to law school. Even know a few medical doctors who somehow ...
by supalong52
Mon Mar 01, 2021 2:11 pm
Forum: Personal Consumer Issues
Topic: Ebay - items you've sold
Replies: 42
Views: 2775

Re: Ebay - items you've sold

I used to try to sell my nicer items that I no longer used. Shirts, suits, shoes, sporting goods, computers, etc. I even sold broken electronics, which I guess people bought for parts. At some point though it just wasn't worth the hassle. When I decided I was through with my HP laptop last year, I d...
by supalong52
Mon Mar 01, 2021 1:48 pm
Forum: Personal Finance (Not Investing)
Topic: Can we afford a $2.5M first home?
Replies: 185
Views: 14700

Re: Can we afford a $2.5M first home?

We were in a similar situation. Partner in Biglaw with guarantee to make equity in a year. Renting a 1 br on the Peninsula. We felt priced out of the housing market even 5-10 years ago. Achieving financial independence was important to us so we saved and spent our money consistent with that goal. De...
by supalong52
Mon Mar 01, 2021 1:21 pm
Forum: Personal Finance (Not Investing)
Topic: Yet Another, How Much House Can We Afford?
Replies: 14
Views: 1117

Re: Yet Another, How Much House Can We Afford?

Based on your post, I think your brain is wired in all the right ways. I would trust you to do what you feel comfortable doing. So if you can get comfortable with $350k then I would do it. But don't buy a starter home if you can avoid it. Not worth the transaction costs.
by supalong52
Fri Feb 26, 2021 2:34 pm
Forum: Personal Finance (Not Investing)
Topic: Stepping back in career when wife is doing well?
Replies: 58
Views: 5546

Re: Stepping back in career when wife is doing well?

It's hard to walk away from big money. I was on the cusp of equity partnership at my firm (with a written guarantee no less). Was going from $650k to $850k. Wife was working but making less than six figures. I decided to take an extended sabbatical. Took 2 years off. A lot of travel and golf. By the...
by supalong52
Fri Feb 19, 2021 1:17 pm
Forum: Personal Investments
Topic: 31yo contemplating early retirement
Replies: 142
Views: 12640

Re: 31yo contemplating early retirement

Oh I was only not working for a few years. Consult now part time and more than cover expenses.
by supalong52
Fri Feb 19, 2021 1:12 pm
Forum: Personal Investments
Topic: 31yo contemplating early retirement
Replies: 142
Views: 12640

Re: 31yo contemplating early retirement

I did something similar. I was 34 and married, making mid six figures, and feeling unfulfilled and burnt out. We both ended up quitting and traveled the world for a bit. Came back to the U.S. and spent another year just pursuing interests. Felt really disconnected from everyone. Hated getting asked...
by supalong52
Fri Feb 19, 2021 12:54 am
Forum: Personal Investments
Topic: 31yo contemplating early retirement
Replies: 142
Views: 12640

Re: 31yo contemplating early retirement

I did something similar. I was 34 and married, making mid six figures, and feeling unfulfilled and burnt out. We both ended up quitting and traveled the world for a bit. Came back to the U.S. and spent another year just pursuing interests. Felt really disconnected from everyone. Hated getting asked ...
by supalong52
Sun Feb 14, 2021 2:12 am
Forum: Personal Consumer Issues
Topic: Cheap Passport Photos
Replies: 53
Views: 3746

Re: Cheap Passport Photos

Take a picture of yourself against a white background. Upload the photo to a site like this one: https://www.epassportphoto.com/95/Free/United%20States/Passport/step1. It will prepare a 4x6 photo with 5 or 6 passport photos. Have it printed at a CVS or Walgreens for $0.19. Now you have a bunch of pa...
by supalong52
Fri Feb 12, 2021 12:11 pm
Forum: Personal Investments
Topic: Solo 401(k)
Replies: 11
Views: 891

Re: Solo 401(k)

If it were me, I wouldn't roll my spouses IRA into my solo 401(k). It's called an Individual Retirement Account for a reason. You are commingling assets this way. If your wife also worked for your solo practice, I think she could also join your solo 401k plan on her own. You might do that and roll h...
by supalong52
Fri Feb 05, 2021 11:56 am
Forum: Personal Finance (Not Investing)
Topic: Hiring 16 year old for legitimate work on rental properties. Help needed
Replies: 23
Views: 1864

Re: Hiring 16 year old for legitimate work on rental properties. Help needed

What's your basis for thinking you will not have to pay social security taxes?
by supalong52
Wed Feb 03, 2021 10:19 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone use ID.me?
Replies: 18
Views: 2069

Re: Anyone use ID.me?

I was asked to use them for CA DMV. My passport recently expired and I didn't want to renew due to Covid. I had to submit my birth certificate instead, but they wouldn't validate it. Ended up wasting a bunch of time.
by supalong52
Wed Feb 03, 2021 10:17 pm
Forum: Personal Finance (Not Investing)
Topic: [Unable to get Equifax report online]
Replies: 31
Views: 2929

Re: Screwed again by Equifax

Yes but only by mail. They are awful.
by supalong52
Wed Feb 03, 2021 3:12 pm
Forum: Personal Investments
Topic: 38/yr old and starting from $0
Replies: 22
Views: 2199

Re: 38/yr old and starting from $0

You can save in Roth/trad IRAs for both spouses. Your wife can open a Solo 401k and save up to $57,000 a year tax deferred or Roth. Can you post a little more about your budget? I wonder if someone who makes $120k + spouse's income should try to save more than $3k a month so you are not at the mercy...
by supalong52
Wed Feb 03, 2021 12:07 am
Forum: Personal Finance (Not Investing)
Topic: Stay in job or Lose $420k?
Replies: 37
Views: 4729

Re: Stay in job or Lose $420k?

I would make the decision that would give you fewer regrets. I walked away from a position where I had a guarantee to make high six figures. But it was soul crushing and would have tied me down for a few years. Don't regret leaving for a second even though I make less than a third of that now. A sli...
by supalong52
Mon Feb 01, 2021 12:56 am
Forum: Personal Finance (Not Investing)
Topic: Taxes for Night Nanny
Replies: 7
Views: 1003

Re: Taxes for Night Nanny

The W2 is easy to file. Go to SSA Business Services Online (https://www.ssa.gov/bso/bsowelcome.htm) and create an account and you can file one electronically. Since you didn't withhold FICA, you will probably be asked to pay both sides come tax time on your Schedule H. Like another poster said, add ...
by supalong52
Mon Jan 25, 2021 3:43 pm
Forum: Personal Investments
Topic: Not Comfortable With The Current Stock Market Valuation
Replies: 45
Views: 2855

Re: Not Comfortable With The Current Stock Market Valuation

goodenyou wrote: Mon Jan 25, 2021 3:42 pm
Jack FFR1846 wrote: Mon Jan 25, 2021 3:38 pm My allocation is 50/50.

When stocks are up, I cheer.
When bonds are up, I cheer.

I absolutely never ask about going to cash. Cash never goes up.
What do you do when they both go down?
Beer?
by supalong52
Sun Jan 24, 2021 6:11 pm
Forum: Personal Investments
Topic: Can we retire at a young age?
Replies: 30
Views: 4628

Re: Can we retire at a young age?

Try taking a few years off first. Then make a decision when you are not stressed or feeling burnt out. You could probably swing it if you moved out of NYC, but the bigger challenges retirees, especially young ones, face is what to do with your time. We both quit our jobs in our early to mid 30s -- t...
by supalong52
Fri Jan 22, 2021 1:13 am
Forum: Personal Finance (Not Investing)
Topic: Wills, Trusts, Estates - Arghhh!!
Replies: 9
Views: 1154

Re: Wills, Trusts, Estates - Arghhh!!

DIdn't you take trusts and estates in law school? Just kidding. It's confusing even for lawyers like myself. Depends on your goals and the rules in the state in which you reside, among other things. Think about speaking with a lawyer for specific guidance.
by supalong52
Tue Jan 19, 2021 4:22 pm
Forum: Personal Finance (Not Investing)
Topic: Phone Scammer: "Read Letter Out Loud"???
Replies: 27
Views: 3558

Re: Phone Scammer: "Read Letter Out Loud"???

Based on her responses, can they stitch together audio for "at vanguard [or other institution], my voice is my password"?
by supalong52
Tue Jan 12, 2021 2:04 pm
Forum: Personal Finance (Not Investing)
Topic: Do I need a living revocable trust?
Replies: 24
Views: 1345

Re: Do I need a living estate trust?

It is for a family. I made some updates to the original post. Your updates didn't address any of my questions. Just because you have a family does not clarify what kind of trust you are considering. Doesn't the title say living trust (aka revocable trust)? Are there different types of living trusts?
by supalong52
Tue Jan 12, 2021 2:03 pm
Forum: Personal Finance (Not Investing)
Topic: Do I need a living revocable trust?
Replies: 24
Views: 1345

Re: Do I need a living estate trust?

Your 401k and life insurance would not be owned by the trust, but would specify the trust as a beneficiary. The trust can distinguish between separate and joint ownership of property so you would not necessarily be commingling assets simply by putting them in trust.
by supalong52
Sat Jan 09, 2021 4:09 pm
Forum: Personal Finance (Not Investing)
Topic: What are your Lean FIRE, FIRE, and Fat FIRE numbers?
Replies: 307
Views: 25495

Re: What are your Lean FIRE, FIRE, and Fat FIRE numbers?

Lean 80k
Full 125k
Fat 200k

Just spitballing though. Who knows. Not really something I bother thinking about since we are living the way we want right now.
by supalong52
Sat Jan 09, 2021 4:07 pm
Forum: Personal Finance (Not Investing)
Topic: What are your Lean FIRE, FIRE, and Fat FIRE numbers?
Replies: 307
Views: 25495

Re: What are your Lean FIRE, FIRE, and Fat FIRE numbers?

flyingaway wrote: Sat Jan 09, 2021 1:56 pm My FIRE number could be $1,000,000 if I could work until I am 90 years old.

I say that because I don't know exactly at this time when I am going to retire.
If you worked til 90 that would be FIRL not FIRE
by supalong52
Sat Jan 09, 2021 2:17 am
Forum: Personal Investments
Topic: Looking for advice re: buying a bigger home
Replies: 30
Views: 2060

Re: Looking for advice re: buying a bigger home

Without knowing more, I think you're too far behind on your retirement and college savings to consider buying a more expensive house. I say this as a fellow lawyer who used to be in your income range. You say you just got your act together 5 years ago. What was your net worth then? How much do you s...
by supalong52
Mon Jan 04, 2021 6:25 pm
Forum: Personal Consumer Issues
Topic: Any multimillionaire's (more than 2mm) out there still mow their own lawn?
Replies: 341
Views: 25983

Re: Any multimillionaire's (more than 2mm) out there still mow their own lawn?

We have 1/6 of an acre and we pay $80 a month for 2x a month lawn service. Life's too short. Curious how many times per month you spend at least an hour doing something that qualifies as legitimate physical fitness- something that works your body to near exhaustion? I completely agree that life is ...
by supalong52
Mon Jan 04, 2021 1:24 am
Forum: Personal Consumer Issues
Topic: Any multimillionaire's (more than 2mm) out there still mow their own lawn?
Replies: 341
Views: 25983

Re: Any multimillionaire's (more than 2mm) out there still mow their own lawn?

We have 1/6 of an acre and we pay $80 a month for 2x a month lawn service. Life's too short.
by supalong52
Sun Jan 03, 2021 12:01 pm
Forum: Personal Finance (Not Investing)
Topic: Buying expensive home vs cheap home and renovation
Replies: 50
Views: 3610

Re: Buying expensive home vs cheap home and renovation

Even though we could afford it, we didn't buy a house until we were expecting our first baby. We almost pulled the trigger on a 2 bedroom, 1100 sqft townhome for $420k, but we backed out due to a concern with the foundation. That proved to be a blessing in disguise. When we finally bought our curren...
by supalong52
Thu Dec 31, 2020 6:18 pm
Forum: Personal Consumer Issues
Topic: Have I Been Overpaying Amazon?
Replies: 98
Views: 7259

Re: Have I Been Overpaying Amazon?

Tools and hardware supplies are more expensive on Amazon. I think it's common for sellers to stock up from Home Depot and resell it on Amazon. At least that's my impression having done cross comparisons for some time now.
by supalong52
Tue Dec 29, 2020 7:17 pm
Forum: Personal Investments
Topic: anyone else's wellington go down 5.97% today?
Replies: 18
Views: 1710

Re: anyone else's wellington go down 5.97% today?

Give it a little more time for things to catch up. VG reports funny numbers this time of day (sometimes).
by supalong52
Tue Dec 29, 2020 6:43 pm
Forum: Personal Investments
Topic: Transitioning to Part Time and General Update (35 y/o)
Replies: 42
Views: 3325

Re: Transitioning to Part Time and General Update (35 y/o)

We did something like this when I was your age. We quit our full time jobs in the beginning of 2016. Took 2 years off. I went back to work as a consultant at a firm and instead of a salary, got paid by the hour. My wife stopped working a few months ago. In the past 3 years, instead of working 2000+ ...