Search found 103 matches

by BigLaw Survivor
Sat Jun 24, 2017 12:04 pm
Forum: Personal Finance (Not Investing)
Topic: Can we/should we afford a $2M house?
Replies: 14
Views: 1293

Re: Can we/should we afford a $2M house?

Can you afford a $2 million home? Yes, probably.

Should you? To each his/her own. All I can tell you is that I could have afforded a $2 million home, or more, but it never even occurred to me to do it. And that's how I managed to retire at 54.
by BigLaw Survivor
Wed Jun 21, 2017 4:04 pm
Forum: Personal Finance (Not Investing)
Topic: Early Retirement - what to do about healthcare?
Replies: 161
Views: 17231

Re: Early Retirement - what to do about healthcare?

I retired at 54. My law firm allowed me to stay on its plan and pay the whole premium, which I had been already doing for a decade as a partner anyway. Currently the premium is just under $1300 a month for my wife and me, with a very high deductible. I actually considered switching to the ACA last y...
by BigLaw Survivor
Tue Jun 20, 2017 4:23 pm
Forum: Personal Finance (Not Investing)
Topic: Tracking towards a million and retiring at 55.
Replies: 38
Views: 5300

Re: Tracking towards a million and retiring at 55.

What will your monthly pension be at 55 and is it taxable?
by BigLaw Survivor
Tue Jun 20, 2017 12:37 pm
Forum: Personal Finance (Not Investing)
Topic: Question about a Will
Replies: 9
Views: 924

Re: Question about a Will

You need a knowledgeable attorney to review the relevant documents and give you a valid opinion. This forum is fantastic for so many things, but the answer to your question depends entirely on the precise language in the will.
by BigLaw Survivor
Mon Jun 19, 2017 2:49 pm
Forum: Personal Finance (Not Investing)
Topic: Tracking progress to $1M portfolio and no mortgage by 40
Replies: 59
Views: 12154

Re: Tracking progress to $1M portfolio and no mortgage by 40

Not sure I understand the "no mortgage" goal. Isn't it all about net worth?
by BigLaw Survivor
Mon Jun 19, 2017 11:16 am
Forum: Personal Consumer Issues
Topic: Want to downsize, see "to do" list. What to tackle first?
Replies: 37
Views: 3363

Re: Want to downsize, see "to do" list. What to tackle first?

Honestly, you need to hire a realtor and ask their advice. The good ones have great eyes for this stuff -- and for what's cost effective to do and not to do,
by BigLaw Survivor
Mon Jun 19, 2017 10:07 am
Forum: Personal Finance (Not Investing)
Topic: Early retirement checkup for 38 year old
Replies: 21
Views: 2939

Re: Early retirement checkup for 38 year old

I have two siblings who retired in their 40s from law enforcement, one who waited for the pension to max out and the other who didn't. One regrets the decision, the other does not. Guess which one has regrets? No matter how you slice it, you will be retiring much earlier than most Americans. But onc...
by BigLaw Survivor
Sat Jun 17, 2017 12:12 pm
Forum: Personal Finance (Not Investing)
Topic: Share your net worth progression
Replies: 553
Views: 134210

Re: Share your net worth progression

I've been trying to see if I could trace my way back on this but it's proving to be too complicated. The one thing I do know is that, even though I graduated from law school 30 years ago and started work right away in BigLaw, I wasn't in a position to open a brokerage account outside of retirement a...
by BigLaw Survivor
Sat Jun 17, 2017 11:29 am
Forum: Personal Finance (Not Investing)
Topic: How to avoid Capital Gain Tax
Replies: 4
Views: 938

Re: How to avoid Capital Gain Tax

The short answer is that your retirement home would not qualify. You don't necessarily have to invest in another residential real estate rental, but you definitely cannot avoid the tax by rolling your proceeds into a place where you intend to live. There is no way to avoid the tax other than a quali...
by BigLaw Survivor
Fri Jun 16, 2017 12:12 pm
Forum: Personal Finance (Not Investing)
Topic: How many of you have rentals (i.e. you're a landlord)? Are they worth it?
Replies: 74
Views: 5017

Re: How many of you have rentals (i.e. you're a landlord)? Are they worth it?

FelixTheCat wrote:I am not the type that likes screening tenants, doing maintenance, etc. I have a good property manager. My rental is worth it.

On the other hand, I've never crunched the numbers. Would I make more $$$ if I sold the place and put the equity in a mutual fund?


In all likelihood, yes.
by BigLaw Survivor
Fri Jun 16, 2017 10:08 am
Forum: Personal Finance (Not Investing)
Topic: Regret early retirement/downsizing
Replies: 225
Views: 33853

Re: Regret early retirement/downsizing

LadyGeek wrote:Congrats! Here's what you started with: Retiring at 54


Ha ha you're right! My net worth is now $500k more than when I first retired, so so far so good . . .
by BigLaw Survivor
Fri Jun 16, 2017 10:04 am
Forum: Personal Finance (Not Investing)
Topic: More advice for BigLaw Survivor, please?
Replies: 180
Views: 20192

Re: More advice for BigLaw Survivor, please?

Hi all, quick update on my situation. I put the condo on the market and sold it in one day for $15k over asking price. I was very happy about that. We closed last week and netted $200k after paying off the mortgage, fees, expenses and capital gains tax. 50k of the proceeds is going into my money mar...
by BigLaw Survivor
Fri Jun 16, 2017 9:52 am
Forum: Personal Finance (Not Investing)
Topic: How many of you have rentals (i.e. you're a landlord)? Are they worth it?
Replies: 74
Views: 5017

Re: How many of you have rentals (i.e. you're a landlord)? Are they worth it?

I've been a part time landlord for many years. I've always had good tenants. Still, it's a total pain in the ass and I don't think the return justifies the aggravation. There are far easier ways to make the same money. I've been unloading my rental properties and investing in the market (both stocks...
by BigLaw Survivor
Fri Jun 16, 2017 9:49 am
Forum: Personal Finance (Not Investing)
Topic: Regret early retirement/downsizing
Replies: 225
Views: 33853

Re: Regret early retirement/downsizing

Yesterday marked my two year anniversary of retiring from Big Law as a partner at 53. I haven't had a millisecond of regret.
by BigLaw Survivor
Tue Apr 18, 2017 12:27 pm
Forum: Personal Finance (Not Investing)
Topic: More advice for BigLaw Survivor, please?
Replies: 180
Views: 20192

Re: More advice for BigLaw Survivor, please?

Thanks for the thoughtful response. My post might have left you with wrong impression on a couple points. I don't really have an identified passion I'd like to pursue, more so a general ennui and mild dissatisfaction with my career. And I do have a small (but growing) family to support and no my fi...
by BigLaw Survivor
Tue Apr 18, 2017 12:23 pm
Forum: Personal Finance (Not Investing)
Topic: More advice for BigLaw Survivor, please?
Replies: 180
Views: 20192

Re: More advice for BigLaw Survivor, please?

I've done no modeling for taxes in the future. I know I need to do that. I probably need a professional. I am just loathe to get one! [Note to self: earlier you said you'd likely sell the house in 2022 and now you're saying you'll likely pay down the mortgage and stay. Which is it? Ha ha] Howdy BLS...
by BigLaw Survivor
Tue Apr 18, 2017 9:37 am
Forum: Personal Finance (Not Investing)
Topic: More advice for BigLaw Survivor, please?
Replies: 180
Views: 20192

Re: More advice for BigLaw Survivor, please?

Biglaw Survivor... This is a great thread as well as the updates - thank you. Although our situation is not really that similar I am learning a bunch about asset location/type (Tira, Taxable Roth etc) and use from following these posts and that will be similar. My curiosity for you and the Bogles o...
by BigLaw Survivor
Tue Apr 18, 2017 9:28 am
Forum: Personal Finance (Not Investing)
Topic: More advice for BigLaw Survivor, please?
Replies: 180
Views: 20192

Re: More advice for BigLaw Survivor, please?

BLS- Just a bump to say thank you for a fantastic post and your updates, which I hope you continue to do periodically. I hope/plan to be in your position somewhere in the next 4-6 years (albeit with college expenses still to pay for), and your post has been inspirational. Thank you. If BigLaw were ...
by BigLaw Survivor
Tue Apr 18, 2017 9:08 am
Forum: Personal Finance (Not Investing)
Topic: More advice for BigLaw Survivor, please?
Replies: 180
Views: 20192

Re: More advice for BigLaw Survivor, please?

Thanks for the update biglaw survivor. I replied on this thread last year when you updated it last, and it's been great to follow along with your story. One question I have, not related at all to the financial aspect, is whether you feel regret that you spent years of your life in a career that you...
by BigLaw Survivor
Mon Apr 17, 2017 9:34 pm
Forum: Personal Finance (Not Investing)
Topic: More advice for BigLaw Survivor, please?
Replies: 180
Views: 20192

Re: More advice for BigLaw Survivor, please?

I'm sure after years of paying six figures in taxes, it was really nice to have a zero tax bill this year. As others have mentioned, though, it's probably not the optimal thing to do over the medium/long term. Once you stop living off of the return of your law firm capital, much of the money for yo...
by BigLaw Survivor
Mon Apr 17, 2017 7:59 pm
Forum: Personal Finance (Not Investing)
Topic: More advice for BigLaw Survivor, please?
Replies: 180
Views: 20192

Re: More advice for BigLaw Survivor, please?

What have you been doing with your free time? Did you pick up another interest / hobby? Did you have a clear plan in what you wanted to do next before you walked away? I had no clear plan on what, if anything, that I wanted to do next other than travel. And I've done quite a bit of that. I have no ...
by BigLaw Survivor
Mon Apr 17, 2017 7:53 pm
Forum: Personal Finance (Not Investing)
Topic: More advice for BigLaw Survivor, please?
Replies: 180
Views: 20192

Re: More advice for BigLaw Survivor, please?

I am not sure about what "income" you show on your taxes this year but that $30k for your IRA is all you have mentioned as taxable income now that you are retired. I am assuming your rental income nets out near zero after depreciation and interest payments. You said the rest of your spend...
by BigLaw Survivor
Mon Apr 17, 2017 4:09 pm
Forum: Personal Finance (Not Investing)
Topic: More advice for BigLaw Survivor, please?
Replies: 180
Views: 20192

Re: More advice for BigLaw Survivor, please?

Thanks for responding so quickly. Other than the obvious and unpredictable expense of health care (we are both in good health), I don't know what other expenses to anticipate. There's housing, which as I said for a while at least will be covered by the rentals. We don't have debt beyond the mortgag...
by BigLaw Survivor
Mon Apr 17, 2017 4:05 pm
Forum: Personal Finance (Not Investing)
Topic: More advice for BigLaw Survivor, please?
Replies: 180
Views: 20192

Re: More advice for BigLaw Survivor, please?

[/quote]

Here is wiki on roth conversions: https://www.bogleheads.org/wiki/Roth_IRA_conversion The 6500 limit is for contributions, not conversions.
[/quote]

Of course the limit only applies to contributions. I'm an idiot. Thanks.
by BigLaw Survivor
Mon Apr 17, 2017 3:05 pm
Forum: Personal Finance (Not Investing)
Topic: More advice for BigLaw Survivor, please?
Replies: 180
Views: 20192

Re: More advice for BigLaw Survivor, please?

I think you might want to plan out converting a big chunk your IRA to a Roth IRA while you are in a near zero tax bracket. I've seen this advice before, and frankly I'm confused. How can I convert a "big chunk?" Aren't I limited to $6500 a year? Let's say, for example, that after selling ...
by BigLaw Survivor
Mon Apr 17, 2017 2:59 pm
Forum: Personal Finance (Not Investing)
Topic: More advice for BigLaw Survivor, please?
Replies: 180
Views: 20192

Re: More advice for BigLaw Survivor, please?

If I make a comment from (late-ish) muddle age and having quite a few friends who are partners in law firms. These things are a lot more fun in the prospect. When you are 55, have been a partner for 25 years, things will probably seem a bit different: Obviously this occurred to me as well but who a...
by BigLaw Survivor
Mon Apr 17, 2017 2:53 pm
Forum: Personal Finance (Not Investing)
Topic: More advice for BigLaw Survivor, please?
Replies: 180
Views: 20192

Re: More advice for BigLaw Survivor, please?

Big, How did you get multiple IRAs and one the right size to deplete? Did you do splitting into multiple IRAs back when or recently? I am just curious how you went about this and have no plans in this regard so if this is personal forget it. I had two retirement accounts at my former law firm, a tr...
by BigLaw Survivor
Mon Apr 17, 2017 10:33 am
Forum: Personal Finance (Not Investing)
Topic: More advice for BigLaw Survivor, please?
Replies: 180
Views: 20192

Re: More advice for BigLaw Survivor, please?

Sorry, I should have been more clear. They're tax free only because I'm currently in the zero percent tax bracket.
by BigLaw Survivor
Mon Apr 17, 2017 9:33 am
Forum: Personal Finance (Not Investing)
Topic: More advice for BigLaw Survivor, please?
Replies: 180
Views: 20192

Re: More advice for BigLaw Survivor, please?

One other thing I guess I should mention for folks who are monitoring this thread and my decision making. I had always assumed that there was no way I could take money out of any of my retirements accounts before I turned 59 1/2 without paying the 10 percent penalty. Then I stumbled upon IRS rule 72...
by BigLaw Survivor
Mon Apr 17, 2017 8:58 am
Forum: Personal Finance (Not Investing)
Topic: More advice for BigLaw Survivor, please?
Replies: 180
Views: 20192

Re: More advice for BigLaw Survivor, please?

Thanks. This is what I really like about this forum. It's helpful both to the posters and to the readers. Everybody benefits. I sure have.

Congrats on your happiness and success at your law firm!
by BigLaw Survivor
Mon Apr 17, 2017 8:22 am
Forum: Personal Finance (Not Investing)
Topic: More advice for BigLaw Survivor, please?
Replies: 180
Views: 20192

Re: More advice for BigLaw Survivor, please?

Thanks for all you helpful advice! Just FYI, I'd rather not divulge what city I live in.
by BigLaw Survivor
Sun Apr 16, 2017 1:11 pm
Forum: Personal Finance (Not Investing)
Topic: More advice for BigLaw Survivor, please?
Replies: 180
Views: 20192

Re: More advice for BigLaw Survivor, please?

I actually wonder whether, even now, and even if I wanted to, I could refinance. Would a bank even given me a mortgage since I don't have an income anymore? From poking around a bit I'm not so sure it's all that easy . . .
by BigLaw Survivor
Sun Apr 16, 2017 12:44 pm
Forum: Personal Finance (Not Investing)
Topic: More advice for BigLaw Survivor, please?
Replies: 180
Views: 20192

Re: More advice for BigLaw Survivor, please?

Ha ha WB, I do hear you. But what about the basic proposition that I likely can do better than 3.25 percent (my mortgage interest rate) in the stock market?
by BigLaw Survivor
Sun Apr 16, 2017 12:28 pm
Forum: Personal Finance (Not Investing)
Topic: More advice for BigLaw Survivor, please?
Replies: 180
Views: 20192

Re: More advice for BigLaw Survivor, please?

Thanks to both antheus and WB for your responses. It's nice to be on such a civil and helpful forum. WB the primary reason I'm not inclined to pay down my mortgage further is because the interest rate is very good (3.25 percent), it's interest only for another six years, and I already have close to ...
by BigLaw Survivor
Sun Apr 16, 2017 11:22 am
Forum: Investing - Help with Personal Investments
Topic: How to invest my children's inheritance
Replies: 33
Views: 2949

Re: How to invest my children's inheritance

How old are the children? Do they have children? My father in law was in almost the exact financial situation as yours. His oldest daughter basically approached him and said, hey, it's your money and your business and nobody is expecting anything from you (and she meant it), but if you're planning o...
by BigLaw Survivor
Sun Apr 16, 2017 10:47 am
Forum: Personal Finance (Not Investing)
Topic: More advice for BigLaw Survivor, please?
Replies: 180
Views: 20192

Re: More advice for BigLaw Survivor, please?

Happy Easter! For anyone who might be interested, here is an update on my retirement situation and plans. I last updated in September. As everyone knows, the market has generally been doing well, although stagnating lately, since the election (Trump, ugh, but that's another story that I'll stay away...
by BigLaw Survivor
Sun Apr 16, 2017 10:22 am
Forum: Personal Finance (Not Investing)
Topic: Carrying a mortgage into retirement
Replies: 39
Views: 4715

Re: Carrying a mortgage into retirement

I'm late to this discussion but just wanted to add that I think there's a lot to be said for avoiding being house rich and cash poor. I don't think a mortgage of that size is out of proportion with the OP's projected retirement assets at all.
by BigLaw Survivor
Thu Sep 15, 2016 6:24 pm
Forum: Personal Finance (Not Investing)
Topic: More advice for BigLaw Survivor, please?
Replies: 180
Views: 20192

Re: More advice for BigLaw Survivor, please?

I don't miss anything about the law. Nothing about it at all!
by BigLaw Survivor
Tue Sep 13, 2016 10:48 am
Forum: Personal Finance (Not Investing)
Topic: More advice for BigLaw Survivor, please?
Replies: 180
Views: 20192

Re: More advice for BigLaw Survivor, please?

:happy Well before mandatory! Thank you! And thank you God!! :happy
by BigLaw Survivor
Mon Sep 12, 2016 12:50 pm
Forum: Personal Finance (Not Investing)
Topic: More advice for BigLaw Survivor, please?
Replies: 180
Views: 20192

Re: More advice for BigLaw Survivor, please?

Hi all! I cannot believe it has been nearly a year since my last post, and well over a year since I retired. Time sure flies, which is precisely why it was so important to me to get out of big law when I did. Anyway, I thought I would give a report on where things currently stand with me financially...
by BigLaw Survivor
Tue Oct 27, 2015 2:50 pm
Forum: Personal Finance (Not Investing)
Topic: Typical Retirement Day, 5 years later?
Replies: 20
Views: 3823

Re: Typical Retirement Day, 5 years latter?

I guess we have different definitions of "retired." I'd call it "downsizing to raise a child, then going back to work." But that's fine.
by BigLaw Survivor
Tue Oct 27, 2015 12:25 pm
Forum: Personal Finance (Not Investing)
Topic: Typical Retirement Day, 5 years later?
Replies: 20
Views: 3823

Re: Typical Retirement Day, 5 years latter?

zagyzebra wrote: I retired at the age of 41 in order to get out of the rat race and concentrate on raising my toddler child. We downscaled. Bought a farm in Oregon, far from the big city. Did farm things, relaxed easy life. Acquired pets and animals. Relished being a full-time mom, chief chef and c...
by BigLaw Survivor
Tue Oct 27, 2015 9:21 am
Forum: Personal Finance (Not Investing)
Topic: Typical Retirement Day, 5 years later?
Replies: 20
Views: 3823

Re: Typical Retirement Day, 5 years latter?

I retired at the age of 41 in order to get out of the rat race and concentrate on raising my toddler child. We downscaled. Bought a farm in Oregon, far from the big city. Did farm things, relaxed easy life. Acquired pets and animals. Relished being a full-time mom, chief chef and caretaker of anima...
by BigLaw Survivor
Mon Oct 26, 2015 8:48 pm
Forum: Personal Finance (Not Investing)
Topic: Tenant broke lease after 2 months
Replies: 32
Views: 4255

Re: Tenant broke lease after 2 months

Keep the security deposit. Do a credit check on the friend and if he/she checks out just rent to him and be done with it. If he doesn't then hire an agent to rent the house and don't try to manage this from out of state. Finally, don't waste your time going after the original tenant under any circum...
by BigLaw Survivor
Mon Oct 26, 2015 6:26 pm
Forum: Investing - Theory, News & General
Topic: Do you think Ric Edelman is correct, never pay down mortgage
Replies: 407
Views: 65896

Re: Do you think Ric Edelman is correct, never pay down mortgage

I agree with this. As I've outlined on another thread, keeping my mortgage is actually a key element to my ability to comfortably retire at 54, which I just did. Had I paid it off, I would only have half the liquid assets that I now have to support me for the next ten years. I'm not saying no one sh...
by BigLaw Survivor
Mon Oct 26, 2015 6:01 pm
Forum: Personal Finance (Not Investing)
Topic: Walk away from inheritance?
Replies: 54
Views: 8428

Re: Walk away from inheritance?

Is the "controlling" sibling a trustee?
by BigLaw Survivor
Mon Oct 26, 2015 12:06 pm
Forum: Personal Finance (Not Investing)
Topic: More advice for BigLaw Survivor, please?
Replies: 180
Views: 20192

Re: More advice for BigLaw Survivor, please?

supalong --

You're going to be just fine! Congratulations!
by BigLaw Survivor
Mon Oct 26, 2015 12:03 pm
Forum: Personal Finance (Not Investing)
Topic: More advice for BigLaw Survivor, please?
Replies: 180
Views: 20192

Re: More advice for BigLaw Survivor, please?

[/quote] After retirement we took up activities mainly related to more travel and physical activity. Specifically, downhill skiing, biking, and more general working out. These activities can be done without too much extra expense. But if you like to bike or ski in exotic places, the expenses can cer...
by BigLaw Survivor
Mon Oct 26, 2015 11:51 am
Forum: Personal Finance (Not Investing)
Topic: More advice for BigLaw Survivor, please?
Replies: 180
Views: 20192

Re: More advice for BigLaw Survivor, please?

BigLaw Survivor -- I actually have a question for you. You're kind of like future-me in an alternate reality. Alternate reality because I'm thinking of walking away from BigLaw much earlier and with much less than you. Would you do it in my situation? Married, but no kids yet I'm 35, wife is in lat...

Go to advanced search