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Don't buy now
I would use the next 4 or 5 years to do a few things.
1. Figure out job security
2. Figure out if in a year or so one of you will have to go into office every or most days. 20 min each way extra as not bad for once a month but in 5 years could be daily and that is 13 or 14 hours of soul sucking car and body ruining awful
3.figure out if kid 2 happens
4. Perhaps find a good school district in same direction as family and work.
5. Sorry to say this one but in next 5 years might see if any of parents/in laws will need extra help or pass away
6.that 20 min extra also increases significantly the hassle for grandparents to help out with toddler

I'd wait 2 years. In that 2 years I would pay the new house payment for the current house. This tells you
1. Do you want to put that much towards house
2. Likely at lower rate right now so extra payment goes further
3. Will you have kid 3
4. Kids are 2 or more years from school. If private school doesn't need as nice a school district vs public. Also will 1 or more kids have dyslexia or adhd which can effect school choice.
5. Work from home might or might not be permanent. The next 2 years will tell

This is one of the reasons I am planning to eventually more into one of those 55+ communities. They have a lot of resources and awareness around these sorts of issues. I think it would be better to be where less day to day issues

I suggest a budget software like ynab. This will allow you to figure out your and the Fiance priorities.
Take all your and their income and budget all of it not just parts. This allows you to make informed choices of what priorities are more important

You can't time the house market
You can't time the stock market
Both can go down or up.
Luck plays a bigger role then skill
Buy a house when your fiscal situation and lifestyle aline for home ownership and ready to stay in one place at least 5 to 10 years. Until then rent.
Buy index funds not individual stocks

You need YNAB. That stands for "you need a budget " and is a fantastic budget tool/app/computer program. You are not in control of your money it is in control of you. Sign up and start using it asap Good got that done , fantastic. Now you have to pay irs so put the money in your financia/taxesl category and pay the irs. Get it done this week. Put 6k in your credit card payment category on pay that much off this week too. This will leave you about 1.1k to budget to spend on priorities between now and next payday. The ynab idea is you only budget with the money you have and every paycheck you ask "what is the most important job this money can do before more money arrives. I would find it shocking if you are only spend 200 on gr...

Do you have a realtor friend? If so I'd ask them for which appraiser tends to appraise high and go with them. Realtors know this stuff .

I expect I will receive about 1 million. Now will that be soon or 25 years away(I pray a long time from now) I hope I am retired before then. I am not planning on needing it I would not trust it is there until it is actually there. I however have an idea of what I will do with it if it happens. I have long thought that inheritance has a certain obligation to pass down and that it often passes when retired and makes less difference. If I do indeed get 1 million ish I intend to figure out how to set up a scholarship fund trust so that up to say 2% a year can be given out to what would be my great neices and great nephews and build up and grow on years when nobody is in college. This is also part of my plan if I ever win the mega millions. (I ...

Use the Morgan Stanley money to pay Cc debt off.
You and/or wife need to start getting involved in paying her bills basic financial personal maintenance. She has proven it is becoming too hard for her. She has enough to pay bills and live. If she has been paying over 1k in cc debt service just remove that will help her cash flow. You and wife can keep an eye and make sure doesn't go back in debt again.

Triple digit golfer wrote: ↑Thu Mar 02, 2023 7:58 am Total assets minus total liabilities = net worth.

If that number is $1 million or greater, you're a millionaire.

Absolutely correct
Bigger issue is why do you care. Money and stuff are just things to be used now or later to provide security and joy 1,000,000 and 999,999
Provide very close to same

Some thoughts 1. What will MBA cost? How will you pay for that? This and cash flow MBA isn't possible 2. Even if not ideal job until attending MBA wife needs full time job. Perhaps a bank or investment first that pays for MBA 3. You can afford it on your salary but means some sacrifice 4. Spend some time (6 months at least)pretending ypu own the house. Every month put the difference between house and apartment costs in untouchable account. Anytime anything acts up in your apartment put 500 dollars that day into the account as that's home ownership 5. New built is famous for cost and time overruns. Are you fiscally ready for house to cost 10k more in changes and fixtures and to need to rent and pay mortgage for 3 to 6 months?? Doesn't sound ...

Currently 10 year arm mortgage rates are 6.975% for those with good credit and 7.4% for those with bad credit. Since they have no credit I would only finance at much higher then 7.4%. I would look also at personal loan rates and see what those range for a someone with little to no credit I'd go higher than that a bit. I would also make sure lease to own is legal in your state and if not that you are not running afoul of it. Also my understanding is you can get a mortgage or other loan while on a green card but the issue is might not have a fico score or have a very very low fico score. Additionally, if they left the country during covid might not be able to show steady income. Really I would probably go talk to a good real estate lawyer in ...

Lee_WSP wrote: ↑Fri Feb 24, 2023 10:53 am Something I wish my clients did is just ask their children what they’d like and what they think is fair.

What is tricky about that is if all the siblings don't agree. You don't want to create tension by picking a method that some like vs the method others like.

Your idea to make it "fair " only adds complexity and unfairness.
Give the occasion/life gifts you want to give during your lifetime don't make a tally . Then it becomes a complex title for tat. What if one has kids and the other doesn't do you take the grandkids Christmas present out of their inheritance? Of course not but this is the unfair nit pick you are asking for.
On your death just divide evenly amoung siblings. Anything else will make it harder on your kids after you die and they will be going thru enough grief losing you already.

1. Yes you can afford to start building your home. I suggest getting the idea of dream home out of your head as that will cause cost over runs.
2. I'm pretty sure can use 529 for catholic schools if not doing so already might look into. If doing so already wouldn't call that part of savings rate.

Could wife teach 1 class a semester in the evenings at a community college? This would keep her teaching, give her some US based credentials? Allow her to to make contacts and make the case that her industry experience is helpful in teaching students.

First off you are 1 month into retirement. What was your plan last month and why should it change?
What is your wife's income? What is your household spending?
Your draw seems a bit high since it is very likely you may live over 30 more years and your wife is still working.

If they have 2 million in assests why do they have a reverse mortgage??

You are Ramsey step 2. This means you are trying to pay off your credit card debt. No need to worry about buying bonds (which have a pretty conservative but reliable return) when you can get a guarantee much higher return by paying off your credit cards. I'm not a huge ramsey fan but I recommend you get out of credit card debt before worrying about investing

Situation DF age 56 DF wife age ?? Assume also 56 Assets 1,450,000 in 401k 160k in hysa 54k in roth 100k in ira 550k house -135k mortgage @4.475 _________________ 1,979,000 total The 4% rule comes out to 79.16k that is based on 30 years and it is very likely one or more of you will be alive in way more then 30 years. But in 2 years you will be adding to that worth and absolutely be able to retire if keep spending the same. Some time in these 2 years you and wife should talk about how you will spend time in retirement and determine expected costs of that activity. So very reasonable to want to pay off mortgage before retirement. Rather then taking money out of 401k why not decrease contributions for next 2 years to company match and use the ...

Let me clarify: I and my spouse have a living trust. After our death, our assets go to our child when he turns 25 years old. What protection we can put in place so somebody else like spouse cannot claim her inheritance? Thanks 1. It is very unlikely both parents will be dead before your son turns 25. Don't tie in this 25 rule. 2. Is this an existing trust or are you in the process of setting up a new trust? 3. Most likely won't be married at 25. Average age of first marriage in USA is 30 for men. 4. If son keeps inheritance in separate bank account and doesn't want to share with spouse then stays separate from marriage assets. As soon as co-mingled it gets combined. So son can still pick to combine with spouse. 5. Your question and situati...

Something doesn't add up
2020 he was married filing joint
viewtopic.php?t=330394

Last year he was considering paying off student loans of his 7 year girlfriend planning to marry her

This year recently divorced but want to pay exes health insurance.

She should get work insurance. You should stay out of it.
If you have kids they should be able to stay on your family plan.

I would actually view a Cabella degree as worse then no degree if I was hiring particularly in buisness as it shows bad fiscal decision making.

I'd be supportive but I'd be a huge proponent of going to a local college in person starting with 1 or 2 general buisness classes. Something like a 3 day a week 10am intro to buisness 101 class would be fantastic. That way she can get her feet wet, learn something, transition into taking classes again, ect. If she finds the transition easy she can do more classes next semester and if difficult maybe stay on doing 1 class a semester.

One thing to ask /consider is what happens to the trust in case of a descendant not having kids ? What is they adopt kid vs biological kid?

Look at it the opposite way. If you had 600k to invest would you buy this property and take a 500k 15 year mortgage on it in order to be a landlord?
Or would it be more in keeping with your priorities to put this 600k into your primary house and your investments?

No you can not afford it!!
How many beds and baths in your current house?
I'd talk to a sample of people in their 30s and ask them if you could have had more natural light in your childhood bedroom or a fully paid for college education? Because that is the choice you are making for your kids. I know I would pick the paid for education.
Master bedroom on 1st floor is actually great for aging in place.
What happens when your in laws pass away? Is this still ideal location? How are the schools, look at middle and high schools too!

Wealth is being able to make choices in keeping with your values. You have plenty of money to make it so you and your kids can do what you value.
Do you value education? Buy into the best schools be that house in a school district or paying for private.
Perhaps set up a scholarship trust that would pay for your kidsand grandkids on into the future education. Set it so max amount a year (3%)could be distributed and have it grow in an index fund and it will allow generations of your family education paid for.
People who have generations of wealth often buy not trendy or fancy but extremely well made great quality and hold onto it for decades . So don't cheap out look for lifetime quality.

Remember that those here who make lower salaries or have lower net worth are far far less likely to share it then those with higher. Also half married people's net worth and household income if you are single. Because not only do single people pay higher costs per person but when married count the combined net worth and combined income. 1million for a married couple sounds a lot more impressive then 500k for a single person.

This isn't the wise way to do this. You are making your own debt paydown unnecessary complex and dependent on someone else who is also not great with debt.
No need to keep it in the special account. CC debt interest you are best off paying asap as soon as hits bank account not messing around with extra accounts

I had an issue with people speeding and asked my town for a speedbump and they installed one. This might help.


For can you afford a new place the important question is what is the cost of a different place?

Perhaps use a budget. For example let's say you want to spend 12k on random acts of kindness a year. Well budget that 1k a month and make sure you spend it all..
Figure out and plan how you want to spend your money and then it is just implementing the plan

Do you live where taking the bus , bike, or subway to work is an option? If so consider that. Going a while without car , gas, insurance payments while you aggressively pay off cc debt with the savings might be fabulous for your budget So let's assume no and a car is a need. I'm not a car person but the question isn't Kelly blue book value it is what is the most inexpensive way to get enough to get to work to get paid? Not sure if that is repair or replacing. Re debt you should do the following 1. Find a part time source of extra income -all of extra income goes to cc pay down. 2. Call cc see if they can lower rates might might not but worth the call. (Repeat call every 3 months see if can lower again) 3. Look where else in your budget you ...

Depending on balance of funds
How much of 100k are you able to cash flow? Likely doesn't all need to be paid today but over next year or more. How much is in which savings? How much is left on mortage? Is this 1 big project or several smaller projects? Should you decrease savings to cash flow this?
Honestly, do you need / will you get return on this 100k project?

I'm also single. I've got 6 neices and nephews and 2 siblings and thankfully my parents are still alive. My thoughts Parents have more money and worse health then I do and are very likely to pass first. Siblings are all older by a few years. All are fiscally secure. I am also in best health and imagine I could live the longest. Neices and nephews range in ages from middle school to college now and are at ages where over the next 20 years money could do them the most good setup education, first homes ect. Right now my will says all 6 will inherent equally each recieve 1/6th my estate. If I decide to do something charitable I would set it up during my life and thus give the gift of charity with a warm hand to prevent a charity I support fight...

I would look at these listing
https://recruiting.ultipro.com/KIN1002K ... edDateDesc

Not sure exactly what title for you but this company is what occurred to me when reading about your accomplishments.
Manager of course approval. And Director of data analytics in particular both seem possible depending on your details.

P.s. a person I used to date works or worked there I've lost touch with them a few years ago so know about the company but can't actually connect you.

Some questions to think about
1. What happens if your dad dies?
2. What happens if you die? Your spouse?
3. What happens if you get divorced?
4. What happens if some sort of job loss or fiscal calamity happens to dad?
5. What happens if 3 years in you want to move to a totally different part of the country?
6. What other situations could occur and make this tricky?

Renting from family has risks

Carefully think thru relationship issues that might arise. Plan that out with your spouse, father, his spouse.

If still decide to move into dad's house as a tenant :
Sell current house invest the 2500 a month difference. At the end of 5 years you will have 150k + interest. Use that to buy new home . In 5 years particularly with kids what the ideal home is might change

Also you are at leastc12 years from social security. Things could change in those 12 years and might require more years of work or pay a smaller amount or start later. There is a lot that can happen in 12+years. If you look at life expectancy you can expect an average of 30 more years but that could easy be 40 or 50

Find a new job! Even a low paid fun job. If you retire at 50 you won't have anything to do. You don't have enough money to pay for entertainment of any kind. Your peers are still at work and doing things you can not afford as hobbies in evenings and weekends. Switch jobs to something less stressful and more fun even if pays less. Get health insurance from them. Live on 20k for a year or five and get a sense of how little that really is. Additionally if you try living on 20k and make even like 45k you will be saving 25k which can help you raise that amount later. Also some lumpy expenses will happen. Even if 20k is doable normally there are lumpy obnoxious expenses like a broken ankle or plumbing issues or a power outage means need new groce...

Congratulations!! Paid of mortgage is a great fiscal accomplishment!
No you took the hit with 22 points. Probably decreased average age of accounts and no longer have installment loan. You will continue to have good credit with no more lowered from this and only up from here unless you take other unrelated actions

Most American families are in credit card debt. You are not. You are doing a great job of living in your means. Your means are excellent.

It will allow you to do Anything you want just not Everything you want!!

This sentence is key. You can and should afford and budget for what brings joy and meaningful value for your family. Skip the luxurious stuff that doesn't. You can choose where to spend and where to save. I suggest a budget to help you decide what is valuable spending and what less so.

Also note the expensive concert, expensive vacation, expensive vehicle people are often different people

1. Why not start downsizing /clearing stuff out while you both look at the options.
2. Do you even want to continue to live in the state you live? Depending on social life and social circles nows a good time to consider if you want to move to the other coast closer to family .
3. Consider a senior community. They are set up with social activities, ramps and elevators so that can get around easier if in walker or cane or wheelchair. I know I tried to encourage my parents who are about your are to consider one. Senior communities also usually have good bus systems so if can no longer drive can still get around and a lot of things on site
4. Would outsourcing the work maid, garden ect be worthwhile?

The only reason payment of 200 extra on mortgage would make sense is if you would do that instead of squander 200. I would set up an automatic investment so that you don't need to make the choice monthly.
I would but the extra 200 into in order whichever is next in this order
Maxing 401k
Max roth ira
Max backdoor roth
Max ibond
Max any other tax advantage accounts
Non tax advantage something like a vtsax or target datr

My biggest red flag is nephew is discussing this with uncle not future spouse.

Prenups make sense when assets/debts/dependants are vastly different prior to marriage
Incomes aside from previous listed doesn't matter as you should only get married if ready to be a team in all aspects be it fiscal emotional careers health ect.

Bring 1 with you every time go to restaurant. Wait staff is always short pens.

It's a lot of hassle and expense and crowds to do something you don't really seem to want to do. What does your partner think of the idea? Are they eager to go or meh? If not super eager I'd skip it.
Why?
1. Expensive
2. Hassle
3. Will disappoint both you and your Disney friends if you find it less then magical
4. Vacation time could be focused on something you find relaxing and fun

If you are cruise people I'd consider a Disney cruise Mayne.
If not spend other time with these friends and do a vacation you and your partner will love.

A good insulated lunch bag Some ice packs This specific thermos for hot foods like rice and beans or pasta THERMOS Stainless King Vacuum-Insulated Food Jar with Spoon, 16 Ounce, Matte Blue https://a.co/d/c4LAZKS All key to my rarely if ever buying lunch I pack Extra granola bars at all times Fruit usuallyclementines depending on mood and leftovers sandwiches, salads soups, pasta ect ( today I am having rice topped with beef and mushroom in a red wine shallot pan sauce aka leftovers) I prep lunch while making my morning coffee and breakfast. It's easier to do it all at once. With my ex we would prep Sunday night lunches for the week but I get bored eating the same thing to many days in a row. Keeping some shelf stable condiments in your bag ...

Well as friend is 33 and a lot of law enforcement caps ar 35 for recruits I would take 1 year.
In that year live on 45k. That means save about 250k. Get into shape required to pass recruit training.
Spend free time talking to law enforcement and doing ride alongs.
If after 1 year still want to do it go for it. But will have 5 years extra law enforcement pay, a better understanding and physically be ready to go.
That's a good combo

Think of it as living on an a household income of 114k? That doesn't sound horrible or like being bad parents.
You and your spouse should probably sit down and discuss are you both on board with current spending and budget priorities or if either or both of you feel strain in some categories or like there is an excess.
Some things to consider
Are you saving for true expenses?
What are your family values around charity?
When do you plan to replace cars? When or what future home projects do you see in near pipeline?

Not everyone values eating out or travel if those are not major fiscal priorities that's OK.