Search found 106 matches

by financiallycurious
Mon Mar 04, 2024 10:27 am
Forum: Personal Finance (Not Investing)
Topic: Real Stories of College Savings: what was your plan, and what happened?
Replies: 98
Views: 7339

Re: Real Stories of College Savings: what was your plan, and what happened?

I'm getting ready to pull the plug for my oldest, who is 12 and has almost $300k. I invested in an aggressive allocation from birth up to the annual gift tax limits each year, and it's grown a lot. This kid is interested in aviation, and I'm researching how to use the funds for flight training. He will likely have enough for that, plus his undergraduate degree, but there are a lot of restrictions. I am still saving for his younger siblings. I hope to be retired by the time they start college, and I want to avoid a shortfall. I'd rather have a surplus and use it for the next generation than a shortfall.
by financiallycurious
Tue Jan 02, 2024 12:35 pm
Forum: Personal Finance (Not Investing)
Topic: At what net worth did you start not sweating the "small stuff"
Replies: 137
Views: 27102

Re: At what net worth did you start not sweating the "small stuff"

I still pay attention to the details and save, but my anxiety went down quite a bit once 529 plans were fully funded, and I had enough to retire and live comfortably. Now, I stay calm during a slow cycle at work or an annoying home expense.
by financiallycurious
Tue Nov 14, 2023 2:34 pm
Forum: Personal Finance (Not Investing)
Topic: Coast FI jobs
Replies: 66
Views: 9863

Re: Coast FI jobs

Silverado wrote: Tue Nov 14, 2023 12:50 pm I have worked to make my current job into something resembling a coast situation. Getting to the point in my career and finances to be able to say “no” and set firm boundaries has really been a game changer over the past several years. And it is getting better and better as I really start seeing the end.
Same. I considered various options and concluded that the best option is to stay put and work less on my terms, which has freed up time for family, hobbies, and volunteering.
by financiallycurious
Tue Sep 05, 2023 2:58 pm
Forum: Personal Finance (Not Investing)
Topic: Millionaire by 40 and How you Did it?
Replies: 352
Views: 74779

Re: Millionaire by 40 and How you Did it?

Started on third base (graduated law school with no debt, but no other family help); worked in big law and invested 50% + of salary until having kids, then it declined but never below 20%; bought first home during the great recession and then traded up while interest rates were still low; continued to make auto contributions to index funds throughout career; married someone with similar ambitions and work ethic.
by financiallycurious
Fri Jun 30, 2023 9:14 am
Forum: Personal Finance (Not Investing)
Topic: High expenses
Replies: 138
Views: 13034

Re: High expenses

Our expenses used to be low but recent life changes (purchased a new to us house and have our first child) lead to an astronomical increase in our expenses. Expense - our actual total expenses over the last 6-months was $112,465.93. I don't see this going down in the future unless we become very intentional about it. Ages 41/34/<1 yo. We have been working for 10/3 years (spent lots of years in grad school) Portfolio: ~2m net worth (1.8m in investments, 650 house, 350 mortgage, 100 student debt). Income - DW 200. Includes 401k match. Could go up to 300 if she changes jobs, which she has been saying for a few months now. Very safe career. - DH 275. Includes 401k match. He can earn additional 20 from a side hustle, which he has been doing ove...
by financiallycurious
Tue May 02, 2023 11:17 am
Forum: Personal Investments
Topic: New child at 54
Replies: 44
Views: 6957

Re: New child at 54

I would argue for aggressively funding both your kids' 529 plans, especially if you plan to retire before your wife. You likely have/will have too many assets to qualify for FA but not so much that it'll be easy to cash flow with only one parent working. It's a lot of pressure on the younger, working spouse and could lead to resentment down the road. We ended up superfunding our youngest's account for similar reasons.
by financiallycurious
Mon Mar 13, 2023 11:46 am
Forum: Personal Investments
Topic: Where to put excess Business bank money over the FDIC 250K max insured amount?
Replies: 30
Views: 3654

Re: Where to put excess Business bank money over the FDIC 250K max insured amount?

Open a second account at the same bank (assuming solvency) and keep both account balances below $250k, or open a second account at a big 4 bank and keep both account balances below $250k.
by financiallycurious
Wed Feb 08, 2023 5:43 pm
Forum: Personal Finance (Not Investing)
Topic: Can we afford a move to a mountain town?
Replies: 59
Views: 9071

Re: Can we afford a move to a mountain town?

We've been down this very same path and learned some valuable lessons. A place in the CO mountains was our dream for a long time and we finally made it happen shortly after our first kid. After our second kid arrived, we moved out of state to be closer to family and raise kids in a different environment. -Waking up in the mountains and being immersed in daily/seasonal cycles other than the I-70 weekend grind is amazing and there really is a big difference in living there vs doing the weekend warrior thing and I treasured all the out-the-door access we had. -Child care is extremely hard to come by, schools are hit and miss, medical care can be amazing (e.g. orthopedics in Vail) or hours away. -Living in a tourist town is a drag and you'll s...
by financiallycurious
Wed Feb 08, 2023 10:30 am
Forum: Personal Finance (Not Investing)
Topic: Can we afford a move to a mountain town?
Replies: 59
Views: 9071

Re: Can we afford a move to a mountain town?

You'll have to be strategic about what mountain town you choose. It would be very difficult, close to impossible, to find a SFH somewhere like Aspen, Vail or Park City at that price range, but if you broaden your search it is do-able. Lifestyle inflation isn't that bad if you end up spending all your time recreating outside. Your biggest discretionary expense would be your season pass, equipment and ski team for your kid(s). FWIW, in my opinion, moving to a mountain town to raise our kids was among the best decisions of my life. Good luck.
by financiallycurious
Wed Jan 25, 2023 2:51 pm
Forum: Personal Investments
Topic: Portfolio review - Are we FIRE-ready?
Replies: 15
Views: 2336

Re: Portfolio review - Are we FIRE-ready?

drgenefish wrote: Wed Jan 25, 2023 1:07 pm I think you're missing some details.

you're not counting your rental mortgage as an expense. (you're going to need to cover it if rent isn't paid). also you might (will) have repairs in the next 7 years.
I agree - this is a potential red flag. I have several rentals. Some years the cash flow is great and other years the rental properties feel more like a money pit (most recently, one tenant completely trashed one unit and it took 6 months to get it back into rent ready condition). I think you need a hefty cash reserve for vacancies and repairs before you can consider the cash flow from rental properties available to support your current lifestyle.
by financiallycurious
Tue Sep 27, 2022 9:51 am
Forum: Personal Consumer Issues
Topic: St. George, Utah
Replies: 16
Views: 2032

Re: St. George, Utah

Catch a show at Tuacahn Amphitheater.
by financiallycurious
Thu Sep 01, 2022 1:02 pm
Forum: Personal Finance (Not Investing)
Topic: Did you actually execute coast FIRE on your stop saving age?
Replies: 96
Views: 12808

Re: Did you actually execute coast FIRE on your stop saving age?

Triple digit golfer wrote: Wed Aug 31, 2022 2:39 pm My problem with this is that it makes the assumption that you will be fully employed and able to fund your lifestyle for the next 22 years without touching savings.
Same. I don't feel like I can coast until I've accounted for all contingencies (job loss, lower than 4% real returns, death of a spouse or divorce). I do feel good about the idea that I could stop saving if I needed to, and I do work less now than I did before I realized I could stop saving today and still most likely have a comfortable retirement.
by financiallycurious
Tue Jul 26, 2022 10:38 am
Forum: Personal Consumer Issues
Topic: Best luxury vinyl plank flooring?
Replies: 39
Views: 6287

Re: Best luxury vinyl plank flooring?

maggabelle wrote: Sun Jul 22, 2018 8:02 pm We have used several LVP brands. We used Tranquility sold by Lumber Liquidators - the click together kind - and while it was ok and cheaper, it was also much lower quality.

We have also used LifeProof sold by Home Depot and been very happy with it. Much easier to install and looks great. We installed it in a basement where water was a possibility so we really liked that it is waterproof.

I just used LifeProof from Home Depot on a rental property and it turned out lovely. My contractor highly recommended it for its longevity.
by financiallycurious
Thu May 12, 2022 10:48 am
Forum: Personal Consumer Issues
Topic: Utah Hiking near Salt Lake City
Replies: 10
Views: 1291

Re: Utah Hiking near Salt Lake City

It is still mud season in the Wasatch, so your options are going to be a bit limited unless you have time to go south to any one of the national parks. In the area at this time of year, I'd suggest Millcreek, Corner Canyon in Draper, Mueller Park (to Elephant Rock) in Bountiful, Round Valley or East Canyon in Park City (or maybe even some of Flying Dog will be accessible, although it is snowy today), Dry Creek above the University of Utah, or Antelope Island can be really nice, but be prepared for bugs.
by financiallycurious
Thu Apr 28, 2022 6:21 pm
Forum: Personal Consumer Issues
Topic: Highly rated (michelin?) farm to table type restaurant in the midwest
Replies: 23
Views: 2906

Re: Highly rated (michelin?) farm to table type restaurant in the midwest

Another vote for Blackberry Farm in TN, but it's more like an 8 hr drive from the Chicago area. It's a nice place to stay for a few days.
by financiallycurious
Fri Mar 04, 2022 1:35 pm
Forum: Personal Consumer Issues
Topic: Zion NP with kid
Replies: 59
Views: 5974

Re: Zion NP with kid

My then 8-year old loved canyoneering in Zion. He still talks about it. I think we used Zion Adventures, but there are other outfitters that can help you. You can also rent mountain bikes and go to Wire Mesa from Zion or go for a horse ride in the area. We prefer to stay in Springdale instead of St. George. Springdale is a cute town at the entrance of Zion with nice restaurants and hotels. If you stay in St. George, the hiking in Snow Canyon is nice. Bryce NP is a short drive from Zion and many people like to combine the trips.
by financiallycurious
Tue Feb 22, 2022 2:45 pm
Forum: Personal Finance (Not Investing)
Topic: What it means for married couple to 'share' finances
Replies: 164
Views: 14383

Re: What it means for married couple to 'share' finances

Things come up where our priorities aren't always aligned, like how much money to provide an aging parent v. funding a child's 529 plan, so having separate accounts makes it possible for each of us to direct our income to things we care most about, outside of the joint checking account where we fund our living expenses. Works okay for us. I'm glad it works okay for you. Consenting adults can agree to any arrangement that suits both of them. So you are saying that due to your separate accounts, one of you could choose to shortchange your child's 529 (presumably the child of both of you), in favor of giving money to the aging parent of one of you? And you wouldn't even discuss it with each other first? Or is this a child of just one of you a...
by financiallycurious
Tue Feb 22, 2022 12:26 pm
Forum: Personal Finance (Not Investing)
Topic: What it means for married couple to 'share' finances
Replies: 164
Views: 14383

Re: What it means for married couple to 'share' finances

We don't have shared accounts for everything. We both had our own retirement and brokerage accounts before we got married. I had a side business with an operating account before we got married. He had various investments and fund commitments before we got married. We have a joint checking account that is like our family operating account, and we're both on the mortgage, but that's about it. Things come up where our priorities aren't always aligned, like how much money to provide an aging parent v. funding a child's 529 plan, so having separate accounts makes it possible for each of us to direct our income to things we care most about, outside of the joint checking account where we fund our living expenses. Works okay for us.
by financiallycurious
Wed Feb 16, 2022 2:30 pm
Forum: Personal Finance (Not Investing)
Topic: "Hit by a bus" 1-sheet for "you handle the finances please" spouse?
Replies: 77
Views: 9908

Re: "Hit by a bus" 1-sheet for "you handle the finances please" spouse?

I have a document in my desk at work for one of my partners to find and help my family execute.
by financiallycurious
Fri Feb 04, 2022 11:28 am
Forum: Personal Finance (Not Investing)
Topic: Elderly mom almost out of money
Replies: 356
Views: 36839

Re: Elderly mom almost out of money

What if you divide up her taxes, HOA and utility bills between you and your siblings and pay them directly? That way, you have peace of mind of knowing she has a place to live, and you can allow her to budget for the rest as chooses, so she'll still feel like she's in control. If her finances get any worse, you could also help her apply for food stamps or provide gift cards to the grocery store every month. When it's time for assisted living, sell the condo and move in that direction.
by financiallycurious
Wed Dec 29, 2021 4:26 pm
Forum: Personal Finance (Not Investing)
Topic: $2.5M networth under 40 now what?
Replies: 163
Views: 26060

Re: $2.5M networth under 40 now what?

Similar numbers and age as you but as an individual, add my spouse's accounts and we have more. I decided to cut back on my workload at my current job and continue working for at least another year and continue to make hay while the sun is still shining. I look forward to completely retiring in the next 5 years to pursue my hobbies and spend more time with my kids, but I want a bigger buffer first.
by financiallycurious
Thu Dec 16, 2021 11:26 am
Forum: Personal Finance (Not Investing)
Topic: How quickly did you receive your 2020 tax refund?
Replies: 437
Views: 49810

Re: How quickly did you receive your 2020 tax refund?

Still waiting. Filed in early fall after an extension.
by financiallycurious
Wed Dec 15, 2021 1:02 pm
Forum: Personal Finance (Not Investing)
Topic: Move to VHCOL or FIRE - $7.5M NW
Replies: 68
Views: 9657

Re: Move to VHCOL or FIRE - $7.5M NW

You mentioned moving to a VHCOL area for better access to outdoor pursuits like hiking and biking? If that's the case, I would encourage you to do it today and figure the rest out as you go. We moved to a VHCOL for similar reasons with zero regrets. The lifestyle is just so much better than what we had before and I can't even fathom going back. Homes in our area are in the range you quoted and I'm not very concerned that prices will fall because people want to live here and they always will and remote work has made it more obtainable to live here. Can you explain why one needs to live in a VHCOL area to hike and bike? I moved out of a VHCOL area and have hiking/biking trails within walking distance of my front door, countless ski resorts w...
by financiallycurious
Tue Dec 14, 2021 2:26 pm
Forum: Personal Finance (Not Investing)
Topic: Move to VHCOL or FIRE - $7.5M NW
Replies: 68
Views: 9657

Re: Move to VHCOL or FIRE - $7.5M NW

You mentioned moving to a VHCOL area for better access to outdoor pursuits like hiking and biking? If that's the case, I would encourage you to do it today and figure the rest out as you go. We moved to a VHCOL for similar reasons with zero regrets. The lifestyle is just so much better than what we had before and I can't even fathom going back. Homes in our area are in the range you quoted and I'm not very concerned that prices will fall because people want to live here and they always will and remote work has made it more obtainable to live here.
by financiallycurious
Wed Dec 08, 2021 11:12 am
Forum: Investing - Theory, News & General
Topic: Could millennial trends threaten stock market performance over the coming decades?
Replies: 54
Views: 5661

Re: Could millennial trends threaten stock market performance over the coming decades?

As an older millennial my sense is that my personal peer group is certainly invested in the market (insofar as mortgages, student loans, etc allow) while our parents are holding fascinating amounts of commodities (gold, silver, in my FIL's case stashed around the house depression style) and collectibles and all sorts of stuff. No reason to think just because the boomer generation has more often received their financial advice from paid advisors that they're any less prone to irrational decisions than any other generation. In extremely over valued stocks I perhaps spend too much time reading Matt Levine's Money Stuff column but I've come around to his theory that the Tesla/ Game Stop type stocks are essentially entertainment stocks with an ...
by financiallycurious
Wed Nov 17, 2021 1:50 pm
Forum: Investing - Theory, News & General
Topic: I'm a true Boglehead, but it's time for me to be reminded... why isn't real estate better?
Replies: 178
Views: 22821

Re: I'm a true Boglehead, but it's time for me to be reminded... why isn't real estate better?

Managing a few rental properties is not that cumbersome. I'm doing it with a fulltime job and young kids. I've dealt with several of the risks mentioned over the years, like nonpaying tenants, broken pipe, etc. These problems are all manageable and insurable (although in the case of the broken pipe, the damage was just under the deductible so insurance was not as helpful as I expected). It's not that hard to put together a list of service providers, an accountant and a lawyer to deal with problems when they arise, or to list your property online and screen tenants to fill vacancies.
by financiallycurious
Wed Nov 17, 2021 11:21 am
Forum: Personal Finance (Not Investing)
Topic: How has inflation changed your expense/spending strategy?
Replies: 237
Views: 24090

Re: How has inflation changed your expense/spending strategy?

Bought a lot pre-Covid, and the value has at least doubled based on an unsolicited offer, which is great, but building costs have also risen so much that our project is on hold while we figure things out.
by financiallycurious
Tue Nov 02, 2021 2:15 pm
Forum: Personal Finance (Not Investing)
Topic: Would you incur debt to move from an HCOL area to a VHCOL area to improve your family’s quality of life?
Replies: 166
Views: 16741

Re: Would you incur debt to move from an HCOL area to a VHCOL area to improve your family’s quality of life?

quantAndHold wrote: Tue Nov 02, 2021 10:37 am Personally, I think quality of life trumps all. You can afford it, and if you believe your quality of life is going to be better in the new place, I think it’s worthwhile.
I agree. Also, where you live definitely impacts your kids' activities, even if your life revolves around them for a period of time irrespective of location. Ski team, for example, is dependent on living in a mountain town, many of which are VHCOL, but the mountain town lifestyle is hard to beat if you love to ski, hike and bike.
by financiallycurious
Thu Sep 23, 2021 1:12 pm
Forum: Personal Finance (Not Investing)
Topic: Are Zillow rental estimates accurate?
Replies: 20
Views: 3298

Re: Are Zillow rental estimates accurate?

I don't increase rent until a moveout because I self manage and I think it is more expensive to turn over a unit than keep a good tenant at slightly below market rents; however, one of my tenants is currently in year 4 and at some point I may reevaluate (most likely at the end of year 5). I check nearby rents on Zillow, Apartments.com, Trulia and just come up with what I think is about the right price based on amount of bedrooms, SF, condition and amenities and so far I've been able to fill vacancies at the list price within about 2 weeks of a posting. But on that logic, Zillow suggests that I could increase rent by 14% for the tenant who is currently in year 4 of his lease, but the hassle ...
by financiallycurious
Mon Sep 13, 2021 3:24 pm
Forum: Personal Consumer Issues
Topic: Supplementary Math/Logic/Puzzle Programs for 8yo?
Replies: 23
Views: 1954

Re: Supplementary Math/Logic/Puzzle Programs for 8yo?

We have had great success using Beast Academy from AOPS. They have lots of great math and logic puzzles. My kid had a solid CogAT quantitative score after doing it for 2 years, and he really enjoys it.
by financiallycurious
Mon Sep 13, 2021 11:38 am
Forum: Personal Finance (Not Investing)
Topic: At what amount would you cap a 529 for an only child (2-years old)?
Replies: 67
Views: 8411

Re: At what amount would you cap a 529 for an only child (2-years old)?

I often see folks referencing the 5-year super funding option as if it is some kind of limit on the amount that any one person or couple can put into one child's 529 plan. My understanding is that there is no limit (other than the maximum account balance, which is state specific), so if I want to contribute $200k this year as an individual to an infant's 529 plan, I can do it, but I have to fill out the applicable tax forms and a portion of what I contribute will count against my lifetime gift tax exemption. As to the original question, I started out planning to contribute enough to pay for 4 years at our state flagship U, but my spouse and I both went to private undergraduate and graduate schools, so I moved the goal post to an amount equa...
by financiallycurious
Tue Aug 31, 2021 9:45 am
Forum: Personal Consumer Issues
Topic: Overspending?
Replies: 91
Views: 11687

Re: Overspending?

I don't think student loan debt service or contributions to retirement, brokerage or 529 accounts count as spending. Arguably the principal paydown on your 15-year mortgage does not count as spending, either, or at the very least, it's a fixed cost for a home for your family that is reasonable given your income. So the question is, how much are you actually "spending" net of taxes, student loan payments, retirement contributions, 529 plan contributions, other taxable savings and your mortgage? That is your spend, in my opinion. We don't have the breakdown, but based on the amount of assets you've already accumulated as a young doctor with student loans and young kids, it sounds like you're doing really well!
by financiallycurious
Thu Aug 19, 2021 11:33 am
Forum: Personal Finance (Not Investing)
Topic: Semi-FIRE by 40 with kids?
Replies: 114
Views: 17058

Re: Semi-FIRE by 40 with kids?

My costs have definitely increased well above the childcare costs when they were toddlers. Things that remained constant: 529 Plan Contributions ($15k per kid per year) Childcare (this would go away if either of us quit working, but we need help shuttling them to activities during working hours) New expenses as they've grown: $$$$ sports (the older one plays a very expensive travel sport that he is obsessed with and works very hard at, and we do our part to support him with equipment, club dues, private lessons, travel, and summer camps) $$ private preschool for one kid $ private music lessons and rentals for 2 kids a $ tutoring for the other kid $ summer camps Yes, the above are optional expenses, but they are things we want to provide for...
by financiallycurious
Fri Aug 13, 2021 9:22 am
Forum: Personal Finance (Not Investing)
Topic: Thirties - Can we retire? We're scared!
Replies: 44
Views: 8192

Re: Thirties - Can we retire? We're scared!

It looks like you can retire, but I think one big risk I don't see mentioned yet is the chance you end up divorced, then presumably divide your NW in half. If you can't support yourself on half, would you be able to reenter the workforce in a position that you'd be happy to take? Just a thought as sometimes good people are blindsided by these kind of things.
by financiallycurious
Tue Aug 03, 2021 9:43 am
Forum: Personal Finance (Not Investing)
Topic: Advice for an old dad: Raising teens into early 60’s
Replies: 37
Views: 6172

Re: Advice for an old dad: Raising teens into early 60’s

You're doing great! Why not open a 529 plan for each kid and decide on an amount that you feel good about for monthly contributions? If nothing else, knowing that you're doing something about college now, while you're young and working, will give you peace of mind about the future. Even $100 or $250 per kid per month adds up overtime, and will be a nice supplement to whatever grants your kids may get for college. My spouse is older and will be retired when our youngest is in college, and making regular contributions to the kids' 529 plans every month while we're in our peak earning years has really helped me feel better about the future (and over time, the tax free growth has really added up).
by financiallycurious
Fri Jul 30, 2021 11:50 am
Forum: Personal Consumer Issues
Topic: Mountain west/upper midwest travel ideas
Replies: 22
Views: 2083

Re: Mountain west/upper midwest travel ideas

Driggs, Idaho is a nice Jackson alternative. If money is not an issue, Moose, WY is a lovely town near skiing and Grand Teton National Park. Whitefish, MT is my personal favorite summer town - for boating, you have access to whitefish, flathead and other lakes, plus the entrance to Glacier at West Glacier is not far, and there is great golf, mountain biking, hiking and horse riding. CDA also nice.
by financiallycurious
Fri Jul 30, 2021 10:54 am
Forum: Personal Finance (Not Investing)
Topic: How much financial support do you plan on giving to your kids after high school?
Replies: 177
Views: 17707

Re: How much financial support do you plan on giving to your kids after high school?

My parents did this: - Safe but not fancy new car at 16. - All costs associated with undergrad (private, expensive). - Insurance and cell phone during law school. - Law school tuition (cheap because I had a scholarship) but I covered all other costs through money saved, on campus jobs, then summer positions. - No financial support after law school (no retirement or house down payment). - Nominal contribution toward wedding. This worked for my family. I don’t agree that a kid needs to have “skin in the game” in college. My siblings and I all worked hard and went on to have professional careers despite not having skin in the game. I imagine I’ll offer similar support to my young children when the time comes. On the other hand, I have a family...
by financiallycurious
Thu Jul 08, 2021 12:12 pm
Forum: Personal Finance (Not Investing)
Topic: Can we be done working and be ok?
Replies: 201
Views: 16992

Re: Can we be done working and be ok?

In defense in my original position that I will not to retire until I have enough to send my kids to whatever school they choose, which was challenged above: If I was much older or hated my career, I might have a different perspective. However, I'm about the same age as OP, and I would not feel good about myself as a human or a parent if I retired in my thirties to "spend more time with kids" (who are in school most of the day, and in sports and music lessons in the evenings, and camps in the summer with friends), but then told them, sorry, you can't get to "x school" because I didn't save enough for it before I retired in my thirties, but I have enough assets that you don't qualify for grants. Oh and sorry again, but you...
by financiallycurious
Wed Jul 07, 2021 3:19 pm
Forum: Personal Finance (Not Investing)
Topic: Can we be done working and be ok?
Replies: 201
Views: 16992

Re: Can we be done working and be ok?

I vote "no". I'm similar in age to you with 2 young kids. I will not retire before I have (i) enough in each child's 529 account to attend any school they choose (this is a personal decision and I respect that other people choose not to support their children's education at this same level); (ii) a paid off home; and (iii) enough investment income to cover all living expenses for the rest of my life at a 3.5% withdrawal rate. Also, depending on how you want to raise your children, they can start becoming much more expensive (my 9-year old, for example, plays an expensive travel sport which I am happy to be able to support, but it certainly adds to expenses).
by financiallycurious
Thu Jun 24, 2021 1:15 pm
Forum: Personal Consumer Issues
Topic: Bogleheads, tell me about your 40's?
Replies: 300
Views: 83123

Re: Bogleheads, tell me about your 40's?

Also love this thread. Not 40 yet but it is approaching soon and I’m thinking often about my goals for the next decade and how to accomplish them. My finances going into the next decade are in good shape and basically on autopilot. Retirement savings are solid and even if I stopped funding at age 40, with twenty years of conservative growth, I’ll be okay. My career is also on autopilot in the sense that I’ve done well and have great clients, a good salary and a good practice with plenty of flexibility, but in order to prioritize family life, I’ve left certain career advances on the table, which is fine. I bought some commercial real estate in my twenties, did a few 1031 exchanges and now have some nice income producing property that is my s...
by financiallycurious
Thu Apr 22, 2021 11:55 am
Forum: Personal Finance (Not Investing)
Topic: marriage and personal finance
Replies: 40
Views: 2942

Re: marriage and personal finance

I think the most important things to get right in terms of the financial aspect of marriage is to choose someone with similar work ethic, values, and priorities as you, become great communicators, and most other things will follow. It’s hard to avoid resentment if you’re a hard worker and your partner wants to coast, and I’m sure vice versa. It’s hard, maybe even impossible, to work through life’s inevitable challenges when you have conflicting values. And lastly, when you have two hardworking people who value the same things, but have different priorities, money can become super personal and emotional, and sometimes it feels like a zero-sum situation.
by financiallycurious
Wed Apr 14, 2021 5:50 pm
Forum: Personal Finance (Not Investing)
Topic: Any happy lawyers out there?
Replies: 138
Views: 16212

Re: Any happy lawyers out there?

I am a happy lawyer. I really enjoyed law school. I graduated with less than $10,000 in debt from a great value law school instead of the most highly ranked law school, and I still had multiple offers from top firms because I graduated in the 10% plus law review. I did six years in big law, followed by a few years in-house, and now I'm at a small niche firm. I don't think that I would have liked starting law school and then big law in my thirties when I was starting a family.
by financiallycurious
Tue Feb 16, 2021 11:59 am
Forum: Personal Consumer Issues
Topic: Where would you live in Phoenix if you could WFH
Replies: 126
Views: 11597

Re: Where would you live in Phoenix if you could WFH

Have you spent a summer in Phoenix before? If you must, it depends on what you like to do. North Scottsdale, Cave Creek and East Mesa are beautiful and great for golf and trails. Central Scottsdale, Tempe and parts of Phoenix have more energy and excitement. But, I would never spend another summer in the Phoenix or Tucson MSA.
by financiallycurious
Mon Dec 07, 2020 1:36 pm
Forum: Personal Investments
Topic: At what milestone did you feel secure?
Replies: 156
Views: 20712

Re: At what milestone did you feel secure?

Never, or not anytime soon. Like other posters, the goal posts continue to move for me, and I find that financial security within the context of marriage and while raising children is an elusive concept, and have more or less given up on it. For example, even if you do everything “right” and save 20% for retirement and another amount to college and pay all your bills on time, you may find out that your spouse has surprise debts or has under withheld taxes at an amount that completely swamps all the good things you think you did. Or one of your children might get diagnosed with cancer or suffer from an addiction, and you blow through all of your savings on the out of pocket costs of treatment. I went through a few particularly few challengin...
by financiallycurious
Wed Oct 28, 2020 12:10 pm
Forum: Personal Finance (Not Investing)
Topic: Family finance courses or methods / convincing a spouse (long)
Replies: 84
Views: 6450

Re: Family finance courses or methods / convincing a spouse (long)

I agree with with the comments above about working together, perhaps with a third party, like a marriage counselor. In the meantime (as the saver in a marriage with a spender), I have found that setting up pay check contributions works really well, so automatic contributions directly from your paycheck (rather than paycheck to checking account to x, y and z), to your 401k, your kids' college accounts, maybe even an emergency fund, and to a shared checking account. I also agree that putting your spouse on a budget is infantilizing, and maybe even creates a self-fulling relationship dynamic that you're trying to avoid. My dad did this to my mom (gave her cash in an envelop each month), and it created a weird, unhealthy dynamic not just betwee...
by financiallycurious
Wed Oct 28, 2020 11:15 am
Forum: Personal Investments
Topic: What’s “your number” for each kid’s 529?
Replies: 439
Views: 35828

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

$250k per kid sounds like a reasonable stopping point. I originally thought I'd start at birth and contribute $14k (then $15k) per kid per year, using annual gift tax limit as a measure, and stop when each account got to about $100k, which at the time I started was the full cost of attendance at our state flagship university. However, I didn't stop when the first account got to $100k because my husband and I both went to private colleges and graduate school, so it didn't feel right to assume that our kids will want less than what we had, and I've seen our friends with older kids struggle to put their kids through school and don't want to end up like them. More than the tax free growth (which is substantial, after 9 years and luck, over 40% ...
by financiallycurious
Tue Oct 06, 2020 10:27 am
Forum: Personal Investments
Topic: Should We Ever Save for Children's College?
Replies: 467
Views: 37571

Re: Should We Ever Save for Children's College?

There are some intangible benefits to saving in a 529 outside of the tax free growth. I like knowing that I've saved and earmarked funds specifically for college because providing my children with a debt-free college education is an important goal for me, and I like watching each fund grow with contributions and the market and knowing that whatever happens, these funds will not be compromised. For me, the fact that money is fungible is a reason to make it less so by saving in a 529 plan. If you want to retire before they graduate college, it'll be easier to do so if you've already covered this expense outside of your retirement saving/planning. If something happens to you before they start college, they'll have a college fund (separate from...
by financiallycurious
Wed Sep 23, 2020 10:05 am
Forum: Personal Investments
Topic: Overfund a 529 or put some in an UTMA?
Replies: 19
Views: 1524

Re: Overfund a 529 or put some in an UTMA?

What a gift! I wouldn't worry about the 529 plan being overfunded. The Vanguard college cost calculator, for example, assumes a 6% average annual return and 5% rate of annual cost increase. Using Vanguard's assumptions, $100,000 in today's dollars will be worth about ~$120,000 in 2038 dollars. I know there are people who are smarter than me on this board who can beat the 6% return or debate Vanguard's assumptions on tuition increases....
by financiallycurious
Mon Sep 21, 2020 12:13 pm
Forum: Personal Consumer Issues
Topic: Toddler Education
Replies: 43
Views: 2999

Re: Toddler Education

A little art easel and paints (and lots of floor covering), peg board and beads, tinker toys, magnet tiles, and there a ton of "STEM toys" for that age range that are fun. My favorite book for teaching reading is "Teach Your Child to Read in 100 Easy Lessons". Dragonbox Numbers is a great app on the ipad (I know you are trying to reduce screen time, but this is one is great for little kids).
by financiallycurious
Wed Sep 16, 2020 2:57 pm
Forum: Personal Investments
Topic: Prepay student loans OR megabackdoor Roth? (26 y/o in Biglaw; 190k salary; 180k debt)
Replies: 98
Views: 8956

Re: Prepay student loans OR megabackdoor Roth? (26 y/o in Biglaw; 190k salary; 180k debt)

Does the above at all affect your advice? If it doesn't affect your advice, then is that because you think it's unlikely that I'll be to fully psychologically equate the Roth IRA amounts with paying off my debt [if so, I think that that's a fair point] or is it instead for some other reason? I’m probably imposing my own psychological hang-ups on you and your mileage may vary. After my loans were paid off completely, I slept better at night and hated my job in big law less. Maybe you love big law and will always feel that way. Maybe knowing that you have enough money in a Roth IRA to pay off your student loan is enough for you. It wouldn't have been for me. After I burned out in big law, I took a salary cut for a job that suits me much bett...