Search found 143 matches

by BigLaw Survivor
Thu May 24, 2018 4:53 pm
Forum: Personal Finance (Not Investing)
Topic: Additional Liability of Getting Married (Protecting Taxable accounts)
Replies: 18
Views: 1801

Re: Additional Liability of Getting Married (Protecting Taxable accounts)

High six figures is a lot of money for someone in their 20s, to be sure, but it's not like you're marrying into the royal family. You don't need a trust and you certainly don't need a prenup. All she needs to do is continue to keep the account separate and in her name only, presumably just as it is ...
by BigLaw Survivor
Thu May 24, 2018 8:37 am
Forum: Personal Finance (Not Investing)
Topic: How do I tell if Roth conversions are worth the trouble?
Replies: 76
Views: 6050

Re: How do I tell if Roth conversions are worth the trouble?

First, what risk? Your Roth conversion amounts become withdrawable tax and penalty free as soon as you turn 59.5. You will add more to the Roth than you withdraw from taxable for taxes. [/quote] THIS. I forgot that I actually could begin tapping the Roth account at 59.5, meaning I won't have to wor...
by BigLaw Survivor
Thu May 24, 2018 12:14 am
Forum: Personal Finance (Not Investing)
Topic: How do I tell if Roth conversions are worth the trouble?
Replies: 76
Views: 6050

Re: How do I tell if Roth conversions are worth the trouble?

I have been struggling with the math on this very issue ever since I retired as well. Here's my situation. I retired three years ago and currently am on the cusp of my 57th birthday. I'm married. I have about $1.6 million in a taxable brokerage account and $3.1 million in tax deferred retirement acc...
by BigLaw Survivor
Sun May 20, 2018 11:00 pm
Forum: Personal Finance (Not Investing)
Topic: Buying a Vacation Rental Property as an Investment
Replies: 53
Views: 4435

Re: Buying a Vacation Rental Property as an Investment

How much of your wealth would it take to make the investment? Investment properties tend to do very poorly in recessions because people eliminate unnecessary expenses. This means your income generation goes away and at the same time your ability to sell the property evaporates too because no one is...
by BigLaw Survivor
Sun May 20, 2018 10:56 pm
Forum: Personal Finance (Not Investing)
Topic: Buying a Vacation Rental Property as an Investment
Replies: 53
Views: 4435

Re: Buying a Vacation Rental Property as an Investment

The bolded below is a common misconception, and intellectually dishonest. Rental properties do better in recessions. Housing is a basic need. During a recession, while SUVs/doggy day care/lattes etc. go out the window, families double down and focus on the essentials, ie. housing and food. Do you h...
by BigLaw Survivor
Fri May 18, 2018 10:59 pm
Forum: Personal Finance (Not Investing)
Topic: Home Loan from Parents
Replies: 24
Views: 2291

Re: Home Loan from Parents

Google "National Family Mortgage". I used them to help my daughter buy a house and they were great.
by BigLaw Survivor
Sun May 06, 2018 9:26 pm
Forum: Personal Finance (Not Investing)
Topic: Interest only loan
Replies: 24
Views: 2128

Re: Interest only loan

Home equity is not completely illiquid - you can always do home equity loan, cash out refinance, get a new mortgage, etc. Certainly more illiquid than cash but these can be accessed fairly quickly. Of course relying on them in a time of crisis might be tricky. Respectfully, all of the options for t...
by BigLaw Survivor
Sun May 06, 2018 9:31 am
Forum: Personal Finance (Not Investing)
Topic: Interest only loan
Replies: 24
Views: 2128

Re: Interest only loan

I also disagree that paying off a mortgage is akin to investing in bonds. This doesn't take into account that most houses nowadays are appreciating whether you pay the mortgage down or not. In my case, for example, I paid $1.15 million for my house 8 years ago, and it's now conservatively worth $1....
by BigLaw Survivor
Sat May 05, 2018 8:37 am
Forum: Personal Finance (Not Investing)
Topic: Interest only loan
Replies: 24
Views: 2128

Re: Interest only loan

OP -- This is not the board to come to if you're looking for validation for an interest only loan. The majority of posters are too conservative to feel comfortable about having one. I, though, disagree. I think there are circumstances where such a loan makes sense. I retired at 53 three years ago, f...
by BigLaw Survivor
Tue May 01, 2018 3:27 pm
Forum: Personal Finance (Not Investing)
Topic: Daughter starting college and I am retiring
Replies: 45
Views: 4555

Re: Daughter starting college and I am retiring

We are in VA and while our daughter still is a couple of years from college, one strategy that may work is to buy a cheap apartment in any part of Virginia. A few folks in NoVA use that as a strategy especially to get admission into competitive VA schools so that they can be in a lower percentile d...
by BigLaw Survivor
Tue May 01, 2018 11:11 am
Forum: Personal Finance (Not Investing)
Topic: Daughter starting college and I am retiring
Replies: 45
Views: 4555

Re: Daughter starting college and I am retiring

dm200 wrote: ↑
Tue May 01, 2018 10:54 am
No experience, but you might consider spending time in Florida while , according to the letter of the law, continuing to be a "resident" of Virginia.
Florida doesn't have a state income tax. Virginia does. Were the OP to do this he'd have to keep paying VA state income tax . . .
by BigLaw Survivor
Tue May 01, 2018 11:10 am
Forum: Personal Finance (Not Investing)
Topic: Daughter starting college and I am retiring
Replies: 45
Views: 4555

Re: Daughter starting college and I am retiring

Note that Virginia and Florida both participate in the Academic Common Market so tuition reciprocity is available in some instances. https://www.sreb.org/academic-common-market This is pretty rare, actually. To qualify, you'd have to study something in Florida that isn't offered in any Virginia uni...
by BigLaw Survivor
Tue May 01, 2018 10:51 am
Forum: Personal Finance (Not Investing)
Topic: Daughter starting college and I am retiring
Replies: 45
Views: 4555

Re: Daughter starting college and I am retiring

You appear to be assuming that once you qualify for in state tuition in VA you can keep it when you move to Florida, which is not the case. I am a former VA resident who moved out of state while my youngest was in the middle of her third year of college at a VA state school paying in state tuition. ...
by BigLaw Survivor
Wed Apr 18, 2018 10:36 pm
Forum: Investing - Help with Personal Investments
Topic: I want to pay off my mortgage. Am I crazy?
Replies: 54
Views: 5781

Re: I want to pay off my mortgage. Am I crazy?

I have a mortgage of $745,000 on a house conservatively worth $1.6 million. The interest rate is 3.25 percent. It's an interest only loan for the first 10 years, then readjusts every year (likely higher) and principal payments will also become due. I have four years left before this happens. Until ...
by BigLaw Survivor
Wed Apr 18, 2018 1:10 pm
Forum: Investing - Help with Personal Investments
Topic: I want to pay off my mortgage. Am I crazy?
Replies: 54
Views: 5781

Re: I want to pay off my mortgage. Am I crazy?

I have a mortgage of $745,000 on a house conservatively worth $1.6 million. The interest rate is 3.25 percent. It's an interest only loan for the first 10 years, then readjusts every year (likely higher) and principal payments will also become due. I have four years left before this happens. Until ...
by BigLaw Survivor
Wed Apr 18, 2018 12:56 pm
Forum: Personal Finance (Not Investing)
Topic: Checking in -- fresh ideas?
Replies: 9
Views: 1308

Re: Checking in -- fresh ideas?

Way too exposed to markets. Statistically high risk of significant correction/recession in the next 1-3 years, can be tomorrow! Will you sleep well with this kind of exposure if there is a 30-50% drop in the markets? This exposure may have been okay in 2010, not so much now. You are drawing $15,000...
by BigLaw Survivor
Tue Apr 17, 2018 11:29 pm
Forum: Personal Finance (Not Investing)
Topic: Checking in -- fresh ideas?
Replies: 9
Views: 1308

Re: Checking in -- fresh ideas?

Ha ha we've been having lots of fun. Lots of travel for one. Still, most months we've lived comfortably below budget. I'm often advised that my allocation is too aggressive. I'll have to think about that . . .
by BigLaw Survivor
Tue Apr 17, 2018 11:23 pm
Forum: Investing - Help with Personal Investments
Topic: I want to pay off my mortgage. Am I crazy?
Replies: 54
Views: 5781

Re: I want to pay off my mortgage. Am I crazy?

I have a mortgage of $745,000 on a house conservatively worth $1.6 million. The interest rate is 3.25 percent. It's an interest only loan for the first 10 years, then readjusts every year (likely higher) and principal payments will also become due. I have four years left before this happens. Until t...
by BigLaw Survivor
Tue Apr 17, 2018 10:58 pm
Forum: Personal Finance (Not Investing)
Topic: Checking in -- fresh ideas?
Replies: 9
Views: 1308

Checking in -- fresh ideas?

Hi everyone. I first posted on BH almost three years ago, after I had walked away from a BigLaw partnership just short of my 54th birthday. As I approach my 57th birthday and the end of my third year of retirement, I thought I'd update the forum on where I am and seek advice on what I ought to be do...
by BigLaw Survivor
Sat Apr 14, 2018 12:14 am
Forum: Personal Finance (Not Investing)
Topic: Help me choose a top law school!
Replies: 65
Views: 6031

Re: Help me choose a top law school!

Respectfully, there is nothing that the previous poster said about Chicago that wouldn't also apply to U-Va . . .
by BigLaw Survivor
Fri Apr 13, 2018 9:59 am
Forum: Personal Finance (Not Investing)
Topic: Help me choose a top law school!
Replies: 65
Views: 6031

Re: Help me choose a top law school!

I graduated at the very top of my class from one of the schools that has offered you a full ride. From there I landed a prestigious federal court of appeals clerkship and then a job with one of the best firms in DC, where I eventually made partner and then retired early. I've been out of the law bus...
by BigLaw Survivor
Sun Apr 08, 2018 11:53 am
Forum: Personal Finance (Not Investing)
Topic: Any advice for 1st time landlord
Replies: 42
Views: 3504

Re: Any advice for 1st time landlord

I sold a condo last summer that I'd been using as a rental property from the day I bought it in 2009. It was a nice place, in a good and appreciating neighborhood, was largely maintenance free, and had excellent tenants -- and I still found being a landlord not to be worth the trouble. I paid $375k ...
by BigLaw Survivor
Sat Apr 07, 2018 11:07 am
Forum: Investing - Help with Personal Investments
Topic: What should I sell?
Replies: 19
Views: 2292

Re: What should I sell?

I don't know what NHMAX is doing, actually. All I know is that it has a five star rating, I put $150k in it almost a year ago, it has been paying me $640 or so a month since then, and the principal balance is still $150k. It's a heck of a lot easier for me than when I had the same money invested in ...
by BigLaw Survivor
Fri Apr 06, 2018 3:54 pm
Forum: Investing - Help with Personal Investments
Topic: What should I sell?
Replies: 19
Views: 2292

Re: What should I sell?

I've bought NHMAX twice and haven't been paying any load fees so far as I know. I try to be careful not to buy anything like that. Then again, I'm not a very knowledgeable investor. You're right that I'm only 10 percent bonds in this account. My 401k, which I won't begin tapping for another 8 or 10 ...
by BigLaw Survivor
Fri Apr 06, 2018 12:21 pm
Forum: Investing - Help with Personal Investments
Topic: What should I sell?
Replies: 19
Views: 2292

Re: What should I sell?

Thanks all. For the record, I'm in the zero percent capital gains bracket because I don't have an income outside of my investments. I guess what I was really asking was whether now is the time to liquidate stocks or bonds and in the end I went with bonds. Today's too lousy of a day to liquidate stoc...
by BigLaw Survivor
Thu Apr 05, 2018 11:12 pm
Forum: Personal Finance (Not Investing)
Topic: Retire at 55, what's the magic number
Replies: 104
Views: 12690

Re: Retire at 55, what's the magic number

I retired at 54 with a net worth of 4.8 million. Three years later I am worth 5.6 million. Its's been pretty good so far!
by BigLaw Survivor
Thu Apr 05, 2018 4:27 pm
Forum: Investing - Help with Personal Investments
Topic: What should I sell?
Replies: 19
Views: 2292

What should I sell?

I need to replenish my cash reserves by $100k within the next week, as they're close to zero. To do that, I'll have to sell something or somethings in my brokerage account. Here are my options. You'll see that my portfolio in this account is heavily invested in dividend stocks/bonds. What would you ...
by BigLaw Survivor
Tue Oct 24, 2017 11:22 am
Forum: Personal Finance (Not Investing)
Topic: how long did it take to get used to retirement
Replies: 105
Views: 11938

Re: how long did it take to get used to retirement

I retired in June 2015 a couple weeks shy of my 54th birthday after 27 years as a lawyer in one of the country's top large law firms. Not only was my adjustment immediate, looking back I can't believe I was even a lawyer and that I spent so many years dealing with so much [(removed) --admin LadyGeek...
by BigLaw Survivor
Thu Oct 19, 2017 9:27 am
Forum: Personal Finance (Not Investing)
Topic: Grandparents want to give to grandkids
Replies: 33
Views: 3580

Re: Grandparents want to give to grandkids

This is an interesting thread. I fall on the side of posters who believe that the concern over grandchildren squandering the money is overblown, at least based on my experience. My in laws started giving the maximum amount allowed under the gift tax law each year to all of their ten grandchildren wh...
by BigLaw Survivor
Sat Sep 23, 2017 9:37 am
Forum: Personal Finance (Not Investing)
Topic: Age you retired
Replies: 112
Views: 10326

Re: Age you retired

Retired from BigLaw after 27 years, two weeks before my 54th birthday, at the peak of my earning years. Been retired for over two years now. ZERO regrets.
by BigLaw Survivor
Fri Sep 22, 2017 10:13 am
Forum: Personal Finance (Not Investing)
Topic: Home Equity Disproportionate to Investments
Replies: 18
Views: 1942

Re: Home Equity Disproportionate to Investments

I'm in the same situation as you. I put ten percent down on my house in a HCOL area 7 years ago, and I now have 50 percent equity and can't access it unless I sell or cash out refinance. And, in my situation, refinancing is complicated because I'm retired and don't have an income. The only thing you...
by BigLaw Survivor
Tue Sep 19, 2017 11:09 am
Forum: Personal Finance (Not Investing)
Topic: Let's talk about your FI # and family income [Financial Independence]
Replies: 183
Views: 22232

Re: Let's talk about your FI # and family income [Financial Independence]

Retired 2.5 years ago after 27 years of BigLaw, just shy of 54th birthday. Time in BigLaw roughly equally divided between associate, counsel, and partner. Grossed approximately $7 million during my decade or so as a partner, obviously my highest earning years. Walked away when youngest graduated col...
by BigLaw Survivor
Tue Sep 19, 2017 10:32 am
Forum: Personal Finance (Not Investing)
Topic: Where to park $200K cash?
Replies: 27
Views: 4365

Re: Where to park $200K cash?

Why not a tax free municipal bond fund?
by BigLaw Survivor
Fri Jul 14, 2017 4:07 pm
Forum: Personal Finance (Not Investing)
Topic: Finance Q for those that have gone through Divorce
Replies: 41
Views: 4516

Re: Finance Q for those that have gone through Divorce

OP, your wife will be counseled by everyone she talks to, including any lawyer, that this is a painfully obvious bad deal for her. A previous poster nailed it right on the head: you are just starting your peak earning years, and before you know it your net worth will catch up and surpass hers. No ch...
by BigLaw Survivor
Wed Jul 12, 2017 5:21 pm
Forum: Personal Finance (Not Investing)
Topic: Personal loan to a family member
Replies: 114
Views: 9527

Re: Personal loan to a family member

Here's one suggestion for you: https://www.nationalfamilymortgage.com/ I used this company a few years ago to help my daughter buy a house. She was fresh out of school and didn't have a long enough track record in the workplace to get a mortgage through a bank. In a nutshell, they handle all the wor...
by BigLaw Survivor
Wed Jun 28, 2017 6:24 pm
Forum: Personal Consumer Issues
Topic: How did you handle the costs of your child's wedding?
Replies: 170
Views: 17242

Re: How did you handle the costs of your child's wedding?

We probably spent $120k to $150k on our three weddings combined. A lot of money, to be sure, but in the scheme of things no big deal. We certainly didn't do it to keep up with the Joneses. That was never our thing . . .
by BigLaw Survivor
Wed Jun 28, 2017 1:21 pm
Forum: Personal Consumer Issues
Topic: How did you handle the costs of your child's wedding?
Replies: 170
Views: 17242

Re: How did you handle the costs of your child's wedding?

The529guy wrote:Encourage her to become well-educated so she and her spouse won't expect you to pay for it?
All of our kids are "well educated." We were still happy to pay a reasonable price for their weddings. I just wouldn't recommend stretching financially to do it.
by BigLaw Survivor
Wed Jun 28, 2017 1:18 pm
Forum: Personal Consumer Issues
Topic: How did you handle the costs of your child's wedding?
Replies: 170
Views: 17242

Re: How did you handle the costs of your child's wedding?

We're about to have our third wedding. Each time we just paid for it from our earnings and our taxable savings. Not sure there's much more to say.
by BigLaw Survivor
Mon Jun 26, 2017 12:30 pm
Forum: Investing - Help with Personal Investments
Topic: Looking into selling a structured settlement and need some advice
Replies: 66
Views: 5484

Re: Looking into selling a structured settlement and need some advice

As a retired BigLaw lawyer who worked on structured settlements, I can tell you right now that selling your structured settlement to someone in the business of buying them is always a better deal for the buyer than the seller. I would not take the bait.
by BigLaw Survivor
Sat Jun 24, 2017 3:47 pm
Forum: Personal Finance (Not Investing)
Topic: Can we/should we afford a $2M house?
Replies: 96
Views: 17419

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

Just curious to the folks who answered no what income do they think should be able to afford 2M house value? The OP income is 900-1.2million. Those people may be looking at the nature of the income, the wide range of consulting income given, the student debt still owed, and the relatively low curre...
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: 96
Views: 17419

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: 228
Views: 32433

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: 6797

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: 1425

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: 85
Views: 20025

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: 39
Views: 5052

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: 3892

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: 734
Views: 202401

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: 1249

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...