When would you realistically retire if you were me? (CSLG)
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Date: February 19th, 2018 10:51 AM Author: Aquamarine resort
Given the growth my firm has had, I don't anticipate making less than 1 million every year as long as I choose to practice. However, I can't see myself practicing law forever and once my kids get a little bit older I would like to spend as much time with family as possible. I would probably find an attorney or two to take over my firm and I would take a residual for life. What's the point of making that kind of money if you can't get what you want, right?
I live in the San Fernando Valley in LA. I have one kid (7 months) and plan on trying for another one in April. So I'll have two kids in the next year (then I'm done). Wife makes 120K/year and gets our PPO health insurance through her work. My monthly expenses are about 8k (will be 10k once I have the second kid). Once they are out of daycare in 5 years, expenses should drop back to about 6k.
How much would you want to have in investable assets before you would retire if you were me? I need enough money to raise two kids, pay for their college, have a couple nice family vacations every year, and not have to worry about money for things like eating out at nice restaurants or getting my kids a car when they turn 16.
Right now I have a significant net worth (3mm) but no passive income. Most of that is my paid off primary residence, a house that I rent to my MIL for the cost of the mortgage (because she takes care of my kid), a significant SEP IRA, and mid six figures in cash (I have crypto too but it is under 100k and too speculative to rely on).
What would your retirement strategy be if you were me? Any steps you would take now?
(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436245) |
Date: February 19th, 2018 11:00 AM Author: vibrant pungent affirmative action
focus on getting passive income, either as a slumlord or through some dividend generating tax advantaged vehicle like PRFHX.
when you can reasonably live the life you want on your passive income alone, unwind yourself from your business. you are unfortunately never going to want to "retire" retire and will go insane without something going on, so maybe drop to part time and hand the reins over to someone else.
the reality is you're never going to retire. you are wired the same as we are: anyone who has built a growing successful business. when I sold out of my partnership in December I thought I'd take like 3-6 months off (I could reasonably be a sloth on a beach for 3-5 years without blinking an eye at my current point in life), and I was taking projects and in-house interviews 3 weeks later out of soul crushing boredom. The motor works independently of your conscious thought.
(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436311)
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Date: February 19th, 2018 11:02 AM Author: judgmental slap-happy patrolman home
I would want at least about 5 million in invested assets if I were you. In other words, 5 million excluding the house. That should be enough to fund 150K/yr easily in perpetuity, which presents for you an increase in your standard of living.
You would never worry about running out of money at a 3% withdrawal rate which is the #1 priority if you are retiring young
(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436322) |
Date: February 19th, 2018 11:02 AM Author: Nighttime Heaven
Somewhere between 10-15. 10 would be 7 in mostly zero risk interest bearing stuff that would allow you to bank half the interest earned plus a million per kid in trusts/529s to pay for education, maybe make a donation to grease skids into a college and give them a safety net/base to build their own portfolios when they’re in their 20s and having to make their ways in their chosen fields. But I would also want at least a million to play with for riskier investments and I personally would want another 2 million or so to start one or more of my pipe dream businesses that I fantasize about on my way to and from wagecucking.
Seems like you just need a few grinder, wagecucky associates you can run into the ground. Make them be on call for clients 24x7 and do all the shitty parts you currently do. Then you can show up from 10-2 and “supervise” like biglaw rainmakers and bank an obscene amount of cash every year for decades. Your kids will be in school 40 hours a week. Their demands on your time aren’t an adequate justification to sell a golden goose.
(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436327) |
Date: February 19th, 2018 11:07 AM Author: Soggy emerald goal in life
What's your position on leaving stuff for your kids? The world could be a pretty tough place in 25 years and having the cash to ensure they won't be screwed if they fail could be worthwhile. Of course, you may feel that leaving them too much would spoil them, too. I will say that I have a job I really like and don't get support from my parents, but I probably wouldn't have taken the risk of doing journalism if I didn't know I'd have a reasonably prosperous family to fall back on if I failed.
Otherwise, $10 million seems like a reasonable target.
(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436366) |
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Date: February 19th, 2018 11:31 AM Author: Aquamarine resort
I'll just lay out the big items:
- $1,500/month (property tax, earthquake and homeowners insurance, HOA fees) - No mortgage but even a paid off house has expenses.
- $1,950/month (daycare) - will be double when I have two kids. I think I get a multikid discount but it's only a few hundred.
- $1,000/every 2 months (LADWP)
Then there is food, entertainment, 529 contributions, vacations, etc.
Pre-kids my monthly expenses were 5k, now they are about 8k with the first kid and probably 10k with the second. Expenses will drop a lot when they are out of daycare.
(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436607) |
Date: February 19th, 2018 11:15 AM Author: lilac house macaca
$10 million seems like a good target
But youre obviously a very driven person so you're going to get bored in retirement without any challenges.
(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436471) |
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Date: February 20th, 2018 11:16 AM Author: Aquamarine resort
I've been doing it for like 15 years. I'm not some random dumbass who just put his feet in the water because prices are high right now lol.
I own a brokerage with friends. I am the broker officer. I get a percentage of all the revenue. They do hundreds of shortsales and modifications. When the good deals fall through, we buy and flip them. I've done a lot of them.
I've also been an agent since 2003 and a broker since 2010. If you find the right deals it doesn't matter where the market is at. Also, if you buy a good deal you can always rent it and hold if the market goes south.
(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35444414) |
Date: February 19th, 2018 11:28 AM Author: Doobsian Alpha Meetinghouse
"What would your retirement strategy be if you were me?"
Because you don't seem to hate your work, I'd shoot for around $3.5 million in investable assets and then scale back lolyering to a few shorter days per week.
(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436581) |
Date: February 19th, 2018 11:44 AM Author: translucent whorehouse azn
I'm never going to retire 100%. Practicing law, especially contingent Plaintiff's work, is an amazingly fun and exciting way to make money.
That being said, if I could, I would reduce the number of cases I take and the hours I work.
(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35436678) |
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Date: February 19th, 2018 1:38 PM Author: translucent whorehouse azn
??? There's nothing wrong with our WC system, and I'm saying that as a Plaintiff's guy.
I do PI, family, employment, and DUI. The practices complement each other and I'm pleased with the firm's growth.
The hard cases are usually not the good cases, 80/20 rule.
(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35437461) |
Date: February 19th, 2018 1:05 PM Author: insecure bistre step-uncle's house jew
Why retire 100%?
You can work increasingly less and still get richer. You need to start looking at merging with some of the other upwardly mobile car wreck kings. You won't have to hustle for business on nearly the same level and your equity will continue to expand. You'll probably struggle with not being able to micromanage in your day-to-day so you will have to consider it quasi-retirement. You can get out whenever you want at that point but you'll find that life as a rich person raising a family is awfully expensive.
(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35437204) |
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Date: February 19th, 2018 1:58 PM Author: insecure bistre step-uncle's house jew
He is a smart, outgoing guy with a large network. No offense brother but you're an angry and admittedly aspie person who take a lone wolf approach to everything. Having a reliable expert orchestrate your personal and business planning can really make your life easier and you'll be more secure.
You don't know every smart thing you can do with your money and if you think you do then you deserve less. And if you think all that financial planning entails is deciding what kind of risk tolerance you have relative to growth, then no fucking wonder you're confused.
What's your net worth and the most you've earned in a year? $200K for both? He's going to be worth upward of $5 million in a few years with significant assets and years of high-revenue on the horizon. You wouldn't be able to get his taxes done adequately.
(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35437627) |
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Date: February 19th, 2018 2:01 PM Author: Doobsian Alpha Meetinghouse
"Sounds like the consensus is about 10mil net worth (which was my original thought)."
12 (more) years a slave.
(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35437637)
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Date: February 19th, 2018 9:46 PM Author: mustard deep electric furnace
$10m if 2 kids, $15m if 3, with goal of living off passive income/helping your kids along the way and and leaving each one at least $5m inheritance.
I realized in my 20s and 30s that the majority of my peers had family help with tuition through grad school, down payments, in addition to inheritance of at least some valuable property in the future. Earl and I have talked before how everybody we know mutually had parental help with purchasing first home. This doesn’t just impact your own life but the lives of your children and grandchildren to be able to build on this sort of safety net.
You can provide that safety net easily for your kids and grandkids. I also think that you and your wife should have 3, esp given how much you love family. Yes 3 is extremely hard and your wife and I were talking about even 1 can feel overwhelming (of course it is where they’re young), but you get the reap the benefits when your children are older. I’m 36 so 2 is really the max I can do given my age, but you and your wife are a little younger so you have more time.
You’re in an enviable position that you can basically retire by 40 and do nothing but manage some properties while I’m looking at 55ish the earliest to get to $10m. A real estate market collapse would hopefully push that to an earlier age though. I keep waiting.
(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35441070)
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Date: February 19th, 2018 10:40 PM Author: Doobsian Alpha Meetinghouse
"You guys know that life insurance policies can provide legacies to your kids right?"
Yeah, if you meet an unexpected end.
If you're paying out premiums over the course of a normal life expectancy, that's just an expensive way to invest.
(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35441674) |
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Date: February 20th, 2018 1:11 PM Author: Purple Party Of The First Part Kitchen
I lost your IRL contact. my email is ptbarnum666@yahoo.com. You can borrow at LIBOR + 1.5% to 3% or Prime against life insurance policies. I make an arbitrage within my policies since I am earning about 5% on the cash value whereas I am borrowing at 4.5% (prime currently).
in addition to regular life insurance, you ought to also consider long term care insurance for yourself and your parents/inlaws. that risk is very hard to self-insurance against properly and I have know a fair number of people who have really paid quite a lot of money on nursing care facilities for their aged parents.
i have stakes in local businesses that are in retail, real estate services, real estate investments, manufacturing, transportation and logistics. they all came up fairly haphazardly. they did not beat the s&p 500 last year though, and I'm totally fine with that.
(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35445124) |
Date: February 19th, 2018 1:49 PM Author: bonkers razzle school cafeteria
I would get a few million liquid. Not your house, LIQUID.
Don't put too much trust in what you'll get from your firm after you're out of the game. The problem is that all the effort of keeping tabs on whoever is running it to make sure you don't get fucked defeats the purpose of retiring.
I would help with this when you're ready to do it. I haven't done much PI lately but I am a good litigator.
(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35437564) |
Date: February 19th, 2018 1:51 PM Author: Chrome frisky den rigpig
One thing that happens is that in 20 years the next version of CSLG will come around and he’ll be banking $5 million a year and if you retire with a residual share and $10 million it’ll gnaw at you if you’re a competitive person.
My recommendation for someone with your personality is to find ONE LAST BIG SCORE. You’ve got the PI game down but why not angle for a giant wrongful death or products or business breach/TI type case so you can get a $300 million trial verdict. Then money doesn’t matter and you’ve climbed the highest peak our “profession” has to offer.
(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35437588) |
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Date: February 19th, 2018 2:18 PM Author: bonkers razzle school cafeteria
I think you're gonna find, when all this shit is over, I think you're gonna find yourself one smiling motherfucker. The thing is, right now you got ability. But painful as it may be, ability don't last. And your days are just about over. Now that's a hard motherfuckin' fact of life, but that's a fact of life your ass is gonna have to get realistic about. See, this business is filled to the brim with unrealistic motherfuckers. Motherfuckers who thought their ass would age like wine. If you mean it turns to vinegar, it does. If you mean it gets better with age, it don't. Besides, how many verdicts do you think you got in you anyhow? Two? Lawyers don't have an Old Timers Place. You came close but you never made it. And if you were gonna make it, you would have made it before now. Night of the settlement, you might feel a slight sting. That's pride fuckin' with you. Fuck pride! Pride only hurts, it never helps. You fight through that shit. 'Cause a year from now, when you kicking it in the Caribbean, you gonna say to yourself, "DDC was right."
(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35437744) |
Date: February 19th, 2018 10:24 PM Author: fragrant silver church windowlicker
Id prob just work 10-15 hours a week
Always good to have something to do, in small doses
(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35441526) |
Date: February 19th, 2018 10:26 PM Author: Purple Party Of The First Part Kitchen
I retired at near your current net worth and it was great - my biggest regret was not retiring sooner and I blame my wife for being so conservative with money (but I had a real corporate job working for a boss which is different than what you have). However, I have been, am able to and expect to be able to earn a 10 to 20% return on investments in my real estate business (which is fairly passive) where I am able to minimize my risks so I am not messing around with a 3% or 4% withdraw rule or anything like that.
However, you seem to enjoy spending time with your young kid more than I do. I am only able to spend substantial amounts of time with my oldest kid (without wanting to bang my head against the wall) and even then I wish she were 3 years older.
I have massive amounts of life insurance which will be providing huge inheritances to my kids/grandkids - I hope I live forever, but don't get to control that. I have 4 kids and have a shot at 2 more.
(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35441552) |
Date: February 19th, 2018 10:55 PM Author: big area
If I were in your situation, I would keep going until your kids are teenagers to help instill a good work ethic into them. However, that doesn't necessarily mean remaining in law; you're disciplined enough to approach pretty much anything the same way you approach your practice.
Personally, I'd feel comfortable checking out of law and working on my hobbies full-time if my net worth exceeded $10M. That way, I could live very comfortably off the returns from a somewhat conservative portfolio (e.g., 15-20% cash, 40-50% stocks, and 35-45% bonds)
(http://www.autoadmit.com/thread.php?thread_id=3897416&forum_id=2#35441803) |
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