Search found 157 matches

by toocold
Sat Oct 24, 2020 8:36 am
Forum: Personal Finance (Not Investing)
Topic: Need Advice
Replies: 7
Views: 660

Re: Need Advice

I'm conservative, so I would reduce 401k contributions to match and save up to pay for your house upgrades. I think getting a loan would not be wise, in case you lose your job. Exactly how big of a risk depends on your spend rate.
by toocold
Sun Oct 18, 2020 8:37 am
Forum: Personal Finance (Not Investing)
Topic: Weigh in on job decision
Replies: 32
Views: 2833

Re: Weigh in on job decision

As an x-MBB, I moved to take such opportunities (with a supportive wife). I would consider this less about comp and more about career trajectory. 30s is when your career should accelerate, landing you a spot to run a business unit or a C title or higher, depending on how big the company is, your lev...
by toocold
Sat Oct 17, 2020 2:21 pm
Forum: Personal Finance (Not Investing)
Topic: Time travel for high salary earners
Replies: 106
Views: 11200

Re: Time travel for high salary earners

Keep your spouse happy. Enjoy life. You may eventually get bored or frustrated with your job. Some sacrifices are necessary to be successful This may not be relevant for doc's - Always look for new opportunities. You will hit a wall eventually. Make sure your career trajectory rises quickly. Enjoy y...
by toocold
Thu Oct 15, 2020 3:21 pm
Forum: Personal Finance (Not Investing)
Topic: Real Estate Professional Status Designation
Replies: 10
Views: 733

Re: Real Estate Professional Status Designation

OP. What tax benefits results from this designation which are not currently available to you without it? I believe you can offset your 1099 incomes with potential losses in real estate. If you don't have this, it is considered passive income, and is a separate category from earned or portfolio inco...
by toocold
Thu Oct 08, 2020 8:25 am
Forum: Personal Finance (Not Investing)
Topic: Would you rather be the richest or poorest person in town?
Replies: 109
Views: 7970

Re: Would you rather be the richest or poorest person in town?

I had a similar choice (with different price points) long ago. We chose A.
by toocold
Wed Oct 07, 2020 7:03 am
Forum: Personal Finance (Not Investing)
Topic: Two Job Offers - Please Help!
Replies: 43
Views: 3357

Re: Two Job Offers - Please Help!

Congrats on both offers. Depends on what you want to do. 30s is the time when your career trajectory will be defined. Do you want your career trajectory to go up or down? It's much harder to go from a $400k job to a $100k then the reverse. There really isn't a wrong answer here. If I were in your po...
by toocold
Tue Oct 06, 2020 8:11 am
Forum: Personal Finance (Not Investing)
Topic: How do you keep from getting burned out?
Replies: 70
Views: 7978

Re: How do you keep from getting burned out?

Here is what I did. I knew that I would eventually hit my FIRE number, so I asked myself, under what conditions would I feel good about leaving my career? These are person / situation specific to me, but some of my work bucket list included achieving some business goals, achieving a certain title le...
by toocold
Tue Oct 06, 2020 7:57 am
Forum: Personal Finance (Not Investing)
Topic: [Laid off due to Covid, forced into early retirement. Next steps?]
Replies: 46
Views: 6887

Re: [Laid off due to Covid, forced into early retirement. Next steps?]

First and foremost, I would decompress a bit. It's hard to be forced into anything, and leaving a job is still traumatic. It's unclear whether you are seeking advice on whether you can retire early. Specifically on your questions: 1) I would check with your local unemployment office. Every state has...
by toocold
Mon Oct 05, 2020 12:30 pm
Forum: Personal Finance (Not Investing)
Topic: Can we go to one income?
Replies: 46
Views: 4901

Re: Can we go to one income?

I very strongly agree with this past statement. It doesn’t even matter what you do, it could be volunteer work. As long as we are showing our kids what a productive member of society looks like. Are you saying stay at home parents are not productive members of society? Would you give the same advic...
by toocold
Mon Oct 05, 2020 9:23 am
Forum: Personal Finance (Not Investing)
Topic: Can we go to one income?
Replies: 46
Views: 4901

Re: Can we go to one income?

Do what’s best for your family. I would say please consider getting a less stressful job, that may be a little more flexible so you be with your child more. I really don’t want this comment to be controversial but here it goes: Jobs do a lot more than just pay the bills, they also allow us to show ...
by toocold
Mon Oct 05, 2020 9:16 am
Forum: Personal Finance (Not Investing)
Topic: What is my magic number?
Replies: 33
Views: 5231

Re: What is my magic number?

I would use the fat budget, if you like what you do. If you hate your job, I would use your planned budget.
by toocold
Mon Oct 05, 2020 7:54 am
Forum: Personal Finance (Not Investing)
Topic: Retiring at 55 and help deciding on Pension now or delay
Replies: 29
Views: 3749

Re: Retiring at 55 and help deciding on Pension now or delay

If I were in your position, I would go forward retiring at 55. Assuming that 90k is spot on, you will be fine whether or not you retire at 55 or delay for 1, 2, .. 7 years. Delaying is just gravy on top of a good financial situation, but the payment is working a year's worth of your life per delayed...
by toocold
Mon Oct 05, 2020 7:41 am
Forum: Personal Finance (Not Investing)
Topic: Can we go to one income?
Replies: 46
Views: 4901

Re: Can we go to one income?

If your expenses are $50k, you can do this financially. Going to one income will increase the risk of a job loss for the main breadwinner, and right now, you have a decent but not great buffer. I agree with you that if you knock down the mortgage, you'll be in a much better position to stay at home ...
by toocold
Thu Oct 01, 2020 10:01 am
Forum: Personal Finance (Not Investing)
Topic: How well did you predict your income growth?
Replies: 52
Views: 3966

Re: How well did you predict your income growth?

In 2003, I projected that my income would grow at a 6% clip. It was much higher than that. I wouldn't have predicted, but I was hoping for a prosperous, well compensated career.
by toocold
Wed Sep 30, 2020 8:39 am
Forum: Personal Finance (Not Investing)
Topic: Pre-retirement and bridge to Medicare
Replies: 25
Views: 2644

Re: Pre-retirement and bridge to Medicare

Given the current situation with the ACA, I would have a plan b (what-if) scenario if the ACA subsidies go away.
by toocold
Mon Sep 28, 2020 2:14 pm
Forum: Personal Finance (Not Investing)
Topic: Retirement Planning - Mid 40s
Replies: 31
Views: 3402

Re: Retirement Planning - Mid 40s

Op - I think you've already made up your mind, but essentially you have a 4% withdraw rate with some uncertainties about potential expenses. I think you are close but you are really cutting it close. When I was your age, our expenses were similar to yours but I was targeting between 2.0 to 2.5M wit...
by toocold
Mon Sep 28, 2020 12:00 pm
Forum: Personal Finance (Not Investing)
Topic: Retirement Planning - Mid 40s
Replies: 31
Views: 3402

Re: Retirement Planning - Mid 40s

Thanks for additional feedback. The $60k is what we have been spending more/less the last 2-3 years so it's been tested except for job loss or health issues and assumption is that, we will keep the same lifestyle until foreseeable future. To summarize: (1) Savings Target - 1.5M (taxable and non-tax...
by toocold
Mon Sep 28, 2020 9:31 am
Forum: Personal Finance (Not Investing)
Topic: Retirement Planning - Mid 40s
Replies: 31
Views: 3402

Re: Retirement Planning - Mid 40s

I think your budget would be way too tight. Have you calculated how much health insurance will be for a family of 4? One of the potential (likely?) scenarios is that subsidies will go away, if the ACA is struck down. Can you afford another 20k to your budget in this scenario? 20k in premiums and an...
by toocold
Mon Sep 28, 2020 8:19 am
Forum: Personal Finance (Not Investing)
Topic: Retirement Planning - Mid 40s
Replies: 31
Views: 3402

Re: Retirement Planning - Mid 40s

I think your budget would be way too tight. Have you calculated how much health insurance will be for a family of 4? One of the potential (likely?) scenarios is that subsidies will go away, if the ACA is struck down. Can you afford another 20k to your budget in this scenario?
by toocold
Sun Sep 27, 2020 3:50 pm
Forum: Personal Finance (Not Investing)
Topic: How much do you pay for healthcare (50-65 year olds)
Replies: 83
Views: 8834

Re: How much do you pay for healthcare (50-65 year olds)

We pay 1100/month for medical, dental, and vision for a family of 4 with 6800 deductibles for individual / double that for family.
by toocold
Sat Sep 26, 2020 9:46 am
Forum: Personal Finance (Not Investing)
Topic: At what networth is okay to splurge on a 200k car ? (Tesla roadster)
Replies: 159
Views: 10691

Re: At what networth is okay to splurge on a 200k car ? (Tesla roadster)

When it is immaterial to your net worth and your financial plans. Will differ by the individual.
by toocold
Wed Sep 23, 2020 10:07 am
Forum: Personal Finance (Not Investing)
Topic: Physicians: Should I leave my job?
Replies: 207
Views: 16035

Re: Physicians: Should I leave my job?

I would say this is one of the most balanced posts about this hot topic. I would say all these discussions are colored by what's happening in US healthcare. Healthcare continues to be one of the top 3 issues as a society (due to its uncontrollable costs that is blatantly visible to everybody), so w...
by toocold
Wed Sep 23, 2020 9:19 am
Forum: Investing - Theory, News & General
Topic: 'Wealth Calculator' in Millionaire Next Door
Replies: 33
Views: 3903

Re: 'Wealth Calculator' in Millionaire Next Door

This is the book that changed my view that being rich is different than looking rich. That one lesson changed my life. On the calculator, it's something to calculate like so many other things. It's an interesting concept of how much money have you converted from your earnings into wealth. I went fro...
by toocold
Tue Sep 22, 2020 1:36 pm
Forum: Personal Finance (Not Investing)
Topic: Physicians: Should I leave my job?
Replies: 207
Views: 16035

Re: Physicians: Should I leave my job?

wasting away out here in literally the middle of nowhere As a thought experiment, what if this exact job situation existed in your dream location? I would take it in a heartbeat and stop complaining immediately about my fixed income ceiling, lack of autonomy, and having to answer to a boss. I'm gla...
by toocold
Tue Sep 22, 2020 10:00 am
Forum: Personal Finance (Not Investing)
Topic: How to get over finance envy
Replies: 377
Views: 51463

Re: How to get over finance envy

Accumulating assets without feeling the urge to spend money just because it is there: This is how institutions build endowments. If your favorite college, museum or foundation had spent every penny as it came in, then it would not have the funds to support programs or survive downturns like the one...
by toocold
Tue Sep 22, 2020 9:58 am
Forum: Personal Finance (Not Investing)
Topic: How to get over finance envy
Replies: 377
Views: 51463

Re: How to get over finance envy

There's the hierarchy of wealth: poor - don't fly at all middle class - fly economy upper class - fly first ultra rich - fly private jet Warren Buffet level - You don't just buy a private jet, you buy the entire company You left this out: upper middle class - fly premium economy I like Retired clas...
by toocold
Tue Sep 22, 2020 9:45 am
Forum: Personal Finance (Not Investing)
Topic: Physicians: Should I leave my job?
Replies: 207
Views: 16035

Re: Physicians: Should I leave my job?

Are you sure the hospital bills you out at $12M? Most treatments are a combination of professional fees and facility fees, and just looking at a recent bill, it's almost 1:10. Most health systems actually lose money on the professional side but make it up on the facility side. Before you pursue you...
by toocold
Tue Sep 22, 2020 7:57 am
Forum: Personal Finance (Not Investing)
Topic: HDHP versus PPO
Replies: 43
Views: 2353

Re: HDHP versus PPO

If you have don't have alot of medical expenses, it's usually best to have the cheapest premium (high deductible) and fund an HSA on the side. By doing this, you are taking on more of the risk of a high medical expense, which is capped, so Aetna or UHC.
by toocold
Tue Sep 22, 2020 7:49 am
Forum: Personal Finance (Not Investing)
Topic: Physicians: Should I leave my job?
Replies: 207
Views: 16035

Re: Physicians: Should I leave my job?

Are you sure the hospital bills you out at $12M? Most treatments are a combination of professional fees and facility fees, and just looking at a recent bill, it's almost 1:10. Most health systems actually lose money on the professional side but make it up on the facility side. Before you pursue your...
by toocold
Mon Sep 21, 2020 9:29 am
Forum: Personal Finance (Not Investing)
Topic: That Magic Number - Downpayment
Replies: 23
Views: 1845

Re: That Magic Number - Downpayment

I would do 20% down. For me, it's better to put the minimum down payment or payoff it off. The worst case scenario is you become cash poor because you put too much down, and something happens and you can't afford the mortgage payments and lose the house.
by toocold
Mon Sep 21, 2020 6:27 am
Forum: Personal Finance (Not Investing)
Topic: Any retirees thought about cutting spending in March 2020?
Replies: 53
Views: 3830

Re: Any retirees thought about cutting spending in March 2020?

Like everybody else, our spending dropped due to the pandemic, not because of the market crash. We cancelled our trip to Hawaii, but we did use that money to buy something for DW for our anniversary.
by toocold
Sun Sep 20, 2020 8:39 am
Forum: Personal Finance (Not Investing)
Topic: Setting financial goals
Replies: 4
Views: 476

Re: Setting financial goals

Here is what I did when I first started setting my financial goals. I created a spreadsheet of my assets, liabilities, income, expenses, contributions for the previous year. I then projected out making some assumptions on likely changes (e.g. expenses will grow at inflation, income will grow at a 5%...
by toocold
Fri Sep 18, 2020 8:45 pm
Forum: Personal Investments
Topic: Is retirement in 2 years possible?
Replies: 43
Views: 5783

Re: Is retirement in 2 years possible?

I think you'll be fine. In the worse case scenario, how difficult would it be to reduce your expenses? If you can get it down to 75k for couple of years, you'll are set. If you absolutely need to spend $125k, things may be tight for couple of years.
by toocold
Thu Sep 17, 2020 3:28 pm
Forum: Personal Finance (Not Investing)
Topic: What one Book to read about personal finance?
Replies: 40
Views: 2527

Re: What one Book to read about personal finance?

Millionaire Next Door. If you can convince your kids that being rich is different than looking rich, it will go a long way to prepare them for the future.
by toocold
Thu Sep 17, 2020 10:12 am
Forum: Personal Investments
Topic: Investing with goal of early retirement, help?
Replies: 22
Views: 1334

Re: Investing with goal of early retirement, help?

Yes, I would go 100% equity on that proportion. If it didn't work out, then I would access my tax-advantaged accounts. Also, yes, my overall portfolio asset allocation would encompass my overall portfolio. Is that what you mean by combine buckets 1 and 2? I don't use buckets. Also, I don't need luc...
by toocold
Thu Sep 17, 2020 9:52 am
Forum: Personal Investments
Topic: Investing with goal of early retirement, help?
Replies: 22
Views: 1334

Re: Investing with goal of early retirement, help?

You may want to read the response again. This is the bridge fund (part 2), only. So if you are 50 and this bridge fund needs to last between 50-59, you want it mostly in bonds. You mis-interpreted what I wrote. I am disagreeing completely with you. That is, I already know you disagree with me. The ...
by toocold
Thu Sep 17, 2020 9:47 am
Forum: Personal Finance (Not Investing)
Topic: Can we afford $550K house?
Replies: 17
Views: 1967

Re: Can we afford $550K house?

From a pure top line number (under 3x income), you can afford it. Whether you can truly afford it depends on your cushion between earning and spending, but from your over stats and the fact that you are concerned about this, you can likely afford it.
by toocold
Thu Sep 17, 2020 8:31 am
Forum: Personal Investments
Topic: Investing with goal of early retirement, help?
Replies: 22
Views: 1334

Re: Investing with goal of early retirement, help?

...Your AA would likely be mostly bonds. That may work for someone who can save a ton of money, but I would not have stopped full-time work at age 50 if my taxable account or overall portfolio had an AA of "mostly bonds." Our taxable account was 100% equities and still is more than 12 years later. ...
by toocold
Thu Sep 17, 2020 8:03 am
Forum: Personal Investments
Topic: Investing with goal of early retirement, help?
Replies: 22
Views: 1334

Re: Investing with goal of early retirement, help?

I'm retired and I'm in my upper 40s. Here is how I would think about this goal: 1) Ensure that your traditional retirement is fully funded. You could choose 59, 62, 65. You should include SS as part of this. You should use traditional retirement plans. A general rule is 4% should last you 30 years. ...
by toocold
Wed Sep 16, 2020 6:49 pm
Forum: Personal Finance (Not Investing)
Topic: Preparing for retirement in mid 30s
Replies: 311
Views: 21063

Re: Preparing for retirement in mid 30s

I think if you saved up 1.5M yourself (and not inherited or won the lotto), you'll be fine. You can make adjustments I'm sure. Just make sure you guys don't get a divorce -- that will kill your plan.

This amount is more than what MMM had when he pulled the trigger. Good luck!
by toocold
Wed Sep 16, 2020 4:18 pm
Forum: Personal Investments
Topic: Whether to lapse term life insurance
Replies: 21
Views: 1425

Re: Whether to lapse term life insurance

I think others have covered a lot of important points - peace of mind, need of insurance, etc. But I can share a bit of info about mortality rates and give my $0.02. The 2017 CSO mortality tables are the max amount of what insurers can charge. These are a bit higher than would be expected. https://...
by toocold
Tue Sep 15, 2020 5:28 pm
Forum: Personal Investments
Topic: Suggestions for 100x moonshots
Replies: 86
Views: 11987

Re: Suggestions for 100x moonshots

Are you talking public or private markets? You can always put some money in a VC. For public markets, look at new IPOs that have the potential to overhaul current markets or create new ones: This could include Coursera, SpaceX, Instacart, UiPath, Reddit, Palantir, Impossible, Unity, Gingko. Not all ...
by toocold
Tue Sep 15, 2020 5:00 pm
Forum: Personal Investments
Topic: Whether to lapse term life insurance
Replies: 21
Views: 1425

Re: Whether to lapse term life insurance

DW likely doesn't know that I have life insurance, but it's good advice to talk with her. If you want her to get the money if you die, she had better know about the policy (unless someone else knows and cares). The insurance co. will not pay unless someone files a claim. Agreed. As you can imagine,...
by toocold
Tue Sep 15, 2020 8:48 am
Forum: Personal Investments
Topic: Whether to lapse term life insurance
Replies: 21
Views: 1425

Re: Whether to lapse term life insurance

What does DW think? We made a similar analysis a year ago. I wanted to drop. DW wanted to keep for her peace of mind. We compromised and dropped the amount from $600k to $250K (lowest available on our policy) and cut our premium about in half. Where did you get that 3% number? When I did the calcul...
by toocold
Tue Sep 15, 2020 8:33 am
Forum: Personal Investments
Topic: Whether to lapse term life insurance
Replies: 21
Views: 1425

Whether to lapse term life insurance

Current situation: Late 40s. Recently stopped working -- I guess I could call it early retired. With a combination of our rental properties, pre-tax and post-tax retirement funds, investments in non-retirement funds, and deferred compensation, our family is set to have way more than enough to live o...
by toocold
Tue Sep 15, 2020 6:37 am
Forum: Personal Investments
Topic: Father has 300k+ as a 68 year old. What investing strategy would you advise?
Replies: 33
Views: 4510

Re: Father has 300k+ as a 68 year old. What investing strategy would you advise?

I think a PAS is a good idea unless your father is interested in the subject. For me, the only reason why I helped my mother with her finances is because she asked me. I would not impose my "knowledge" on them.
by toocold
Tue Sep 15, 2020 6:05 am
Forum: Personal Investments
Topic: Best way to build an emergency fund?
Replies: 95
Views: 6507

Re: Best way to build an emergency fund?

I would limit funding your 401k up to a match and use that to fund your EF for 6 months of expenses and then resume full match.

I think you guys are doing an awesome job of saving!
by toocold
Tue Sep 15, 2020 5:51 am
Forum: Personal Investments
Topic: Positioning for retirement at 55
Replies: 15
Views: 2539

Re: Positioning for retirement at 55

I would approach it similarly, bifurcating the buckets of money into two: - Make sure your "traditional" retirement is secured. You can choose that age to be either 59 1/2 or 65. You should include your plans for SS on when you plan to take it. - Then, create a bridge between when you stop working a...
by toocold
Mon Sep 14, 2020 11:31 am
Forum: Personal Investments
Topic: How much are your 529 Contributions
Replies: 133
Views: 7580

Re: How much are your 529 Contributions

Ask your wife how she would feel if other kids had an unfair advantage over her own brood and if having skin in the game means your family starts on the bench while the other kids are on 2nd base? Better to be at home plate or 1st, no? I never understood the “I suffered” so let the next generation ...
by toocold
Mon Sep 14, 2020 10:15 am
Forum: Personal Investments
Topic: How much are your 529 Contributions
Replies: 133
Views: 7580

Re: How much are your 529 Contributions

toocold, << I want my children to start their life without debt in a vehicle that is appropriate. >> If you can afford it, why not aim higher instead? Fund their Roth IRAs instead. Let's start their working lives with an emergency fund and Roth IRAs. Both my kids graduated college with no debts and...