The most prestigious law school admissions discussion board in the world.
|
 |
 
|
41 years old, 3 kids + wife. household net worth is $2.1m. i feel poor as fuck
Poast new message in this thread
Date: July 24th, 2024 10:11 PM Author: concupiscible lake generalized bond (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47889609) |
Date: July 24th, 2024 10:11 PM Author: gay misanthropic depressive because you want too much (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47889611) |
 |
Date: July 24th, 2024 10:13 PM Author: concupiscible lake generalized bond i just want to be debt free and have enough for kids' college (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47889617) |
|
Date: July 24th, 2024 10:17 PM Author: flushed indian lodge becky what's your debt situation? (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47889633) |
|
Date: July 24th, 2024 10:18 PM Author: concupiscible lake generalized bond 150k left on mortgage (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47889636) |
|
Date: July 24th, 2024 10:21 PM Author: flushed indian lodge becky lol that's like nothing. if you've accumulated that much wealth you must be making hundreds of thousands a year and could pay that off quickly if you wanted. (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47889641) |
|
Date: July 24th, 2024 10:48 PM Author: Unholy Iridescent Toilet Seat You feel poor because half your net worth is tied up in home equity. (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47889715) |
|
Date: July 24th, 2024 10:53 PM Author: Mustard base new version cr. My rule of thumb is no more than 10% of your overall net worth tied up in home equity. Homes are terrible assets. You can't get your money out without serious friction (whether that's from a sale, or through expensive HELOC, etc.) and they generally do not appreciate in real terms, or if they do it's by 1-2%. No bueno. Try to stay as flexible as possible. Another thing that you're doing is probably stashing too much away in pre-tax savings vehicles. You don't want to get to 73 and have super massive RMDs, so that's a thing to start thinking about to now that you've got some wealth in there and you're in your 40s. |
|
Date: July 25th, 2024 12:20 AM Author: Cerise Quadroon Shrine the correct rule is 'TMF rule', whereby you include the entire Zillow home value estimate in your net worth, do not offset what you still owe and don't count property taxes against your net income every year because they're attached to the real estate which is 100% profit. also add in $800 a year for free bottled water at your work that you don't drink and otherwise wouldn't buy but theoretically could so it counts. (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47890070) |
|
Date: July 25th, 2024 12:22 AM Author: concupiscible lake generalized bond (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47890083) |
|
Date: July 25th, 2024 12:28 AM Author: Insanely creepy glassy address You forgot bar dues and discounts off of pet insurance for your shitpit. (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47890097) |
|
Date: July 25th, 2024 8:55 PM Author: Unholy Iridescent Toilet Seat (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47893242) |
|
Date: July 24th, 2024 11:30 PM Author: concupiscible lake generalized bond yeah, basically (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47889891) |
|
Date: July 24th, 2024 10:12 PM Author: Indecent Abode money doesn't mean much at that point. you're doing great (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47889615) |
|
Date: July 24th, 2024 10:13 PM Author: concupiscible lake generalized bond lol (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47889618) |
|
Date: July 24th, 2024 10:17 PM Author: flushed indian lodge becky not if he's got a million dollar mortgage and he's paying for private school and shit. (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47889634) |
|
Date: July 24th, 2024 10:19 PM Author: concupiscible lake generalized bond no private school. 150k mortgage, but i live in an old house (but in an insanely expensive area--think Cupertino/Los Altos) (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47889640) |
|
Date: July 24th, 2024 10:23 PM Author: flushed indian lodge becky why not just pay it off, it's so small at this point? is your rate like sub 3? (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47889645) |
|
Date: July 24th, 2024 10:22 PM Author: Indecent Abode still likely affordable but whether he maeks it or not will depend on his grind from here on out, he has done fine to date imo
my nw is like 3m and he's older than me. we're fine for now but yeah obviously gonna need to hustle for at least 20 years or so more |
|
Date: July 24th, 2024 10:24 PM Author: flushed indian lodge becky IDK what your lifestyle situation is (kids, expenses, etc.) but you could probably retire now if you wanted to and have a decent living situation. you definitely don't need to hustle for 20 years if you don't want to. (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47889648) |
|
Date: July 24th, 2024 10:26 PM Author: Indecent Abode like 700k of that is home equity and i have multiple kids in private school
but i'm currently in the midst of a career pivot and thankfully can do that without financial stress |
|
Date: July 24th, 2024 10:57 PM Author: Mustard base new version I have like half of what you have, 4 kids, all of them are in PUBLIC schools where they are a minority demographic, wife still works, I still work, the hustle is real, but I keep my home equity to less than 10% of overall net worth because that is a hard and fast rule that I live by. I will definitely be working for at least 20 years. More like 35 more years. Do you think that one of these days I will finally maek it? |
|
Date: July 24th, 2024 11:12 PM Author: Indecent Abode How do you liquidate your equity to keep it near 10%? Maybe other states are different but here equity just seems to keep on going up.
When you say half of what I have do you mean the overall net worth or just the equity? |
|
Date: July 24th, 2024 11:24 PM Author: Mustard base new version Total net worth is what I was referring to, not equity. You have between 6x and 7x in home equity what I have. If home equity goes up, you put money into other assets that also go up. I fail to see how real estate could keep pace with something like equities, but maybe. In any event, just save and invest more into things that aren't on the primary home side of things.
|
|
Date: July 24th, 2024 11:35 PM Author: Indecent Abode Yeah it went up bigly during COVID. Don’t have enough dry powder to put in the market to get near 10%.
What do you define as maeking it? 1.5m with 4 kids in I assume your 40s has you on track for a modest retirement. Hopefully you are planning to fund their college education. Many people would consider yours to be a favorable position. I think you should keep doing what you’re doing but shift your mental space more towards your physical health. |
|
Date: July 24th, 2024 11:39 PM Author: Mustard base new version I have saved another $160k towards college expenses. By the time my kids go, we should be in a good spot. House should get paid around then too. I think right now, on the current amortization schedule, it will be fully PIF right when my 4th child finishes HS. So we will be mortgage free for his school, assuming we do not refinance at some point. We have over $1.3m of our net worth invested in equities, another $0.1m in money market, some alternatives, and the rest in home equity. Maeking it would be getting to a position where we have freed up a little more discretionary cash each month (no kids in daycare, no mortgage perhaps, maybe able to do some home improvements/modifications, save more). I have no desire to stop working before 70 or more likely 74 or 75. I think early 70s can be a good time to call it quits. You've got it right on the health front. I need to focus on that now that I've got my schooling, built my family, stacked a little bit. I really need to focus on me. Health is wealth as they say. |
|
Date: July 25th, 2024 12:50 AM Author: Indecent Abode You’re doing just fine. Get your ass to the gym first thing every morning before anyone is up. Health comes before wealth. (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47890161) |
|
Date: July 24th, 2024 10:12 PM Author: vibrant outnumbered kitchen fortuitous meteor Basically identical situation here, except I'm 3-5 years younger.
Worst part is that monthly w2 income is not enough to cover monthly expenses.
Thank God I saved alot before kids. |
|
Date: July 24th, 2024 10:14 PM Author: concupiscible lake generalized bond kids are insanely expensive. and no one gives a fuck. it's like our entire society just gave up on trying to incentivize anyone but welfare queens to have kids. i wonder how things will look in 50 years? (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47889626) |
|
Date: July 24th, 2024 10:15 PM Author: vibrant outnumbered kitchen fortuitous meteor Good news is that once all of my kids are in school, I'll have about $100k / year less in childcare expenses. (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47889630) |
|
Date: July 24th, 2024 10:35 PM Author: White school cafeteria Lmao there’s your problem (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47889677) |
|
Date: July 24th, 2024 10:44 PM Author: vibrant outnumbered kitchen fortuitous meteor Did I mention that my wife makes less post tax than our childcare expenses. Would have more money if she SAHMed. Women are ridiculous. (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47889705) |
|
Date: July 25th, 2024 12:38 AM Author: Spectacular Medicated Brunch nanny + daycare + private "pre-k" because you didn't luck into a non-thunderdome free NYC school is fucking ridiculous lmao (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47890121) |
|
Date: July 25th, 2024 12:47 AM Author: Indecent Abode Why do you need nanny AND a daycare? (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47890156) |
|
Date: July 25th, 2024 12:49 AM Author: Spectacular Medicated Brunch gotta give the kids something to do (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47890160) |
|
Date: July 25th, 2024 12:50 AM Author: Indecent Abode That’s ridiculous (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47890162) |
|
Date: July 25th, 2024 12:52 AM Author: Spectacular Medicated Brunch this is my life brother (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47890167) |
|
Date: July 25th, 2024 12:56 AM Author: Indecent Abode So the nanny comes by after daycare until bedtime and on weekends? If you can afford it more power to you. We didn’t even pay for daycare for our kids, just juggled our calendars to help out when the other had a meeting or work to do. (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47890187) |
|
Date: July 25th, 2024 1:01 AM Author: Spectacular Medicated Brunch i just can't wait to move to the suburbs and send my kids to normal public elementary schools, will save a shitload of money. i also want to have another kid or two but my wife might have cancer so we've slowed things down for a bit. (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47890198) |
|
Date: July 25th, 2024 1:06 AM Author: Indecent Abode Damn, sorry to hear that, wish her a speedy recovery. Yeah, kids are the best, trying to convince my wife to have another. (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47890210) |
|
Date: July 25th, 2024 1:08 AM Author: Spectacular Medicated Brunch yeah we'll see, she's got another biopsy at msk on saturday. if no cancer then i'll be pumping gallons of semen into her a couple times per day, should be exhausting. (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47890213) |
|
Date: July 24th, 2024 10:22 PM Author: vivacious factory reset button Wives are insanely expensive (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47889644) |
|
Date: July 25th, 2024 12:52 AM Author: sadistic impressive fat ankles meetinghouse tp. (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47890168) |
|
Date: July 24th, 2024 10:25 PM Author: Mustard base new version I think that my life would be markedly better financially if I were in your position. I have four kids, less money, and more stress (for sure). |
|
Date: July 24th, 2024 10:26 PM Author: aquamarine curious voyeur slightly older and ~1.5m NW. Moved to a low COL region, no more worries. Save 200k/year. Might go full FIRE + homeschool in a few years. I locked in at 2.9% though. (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47889655) |
|
Date: July 24th, 2024 10:27 PM Author: flushed indian lodge becky how do you save so much a year? BIGLAW? (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47889659) |
|
Date: July 24th, 2024 10:43 PM Author: aquamarine curious voyeur biglaw salary but work 98% remote. wife has civil service sinecure with two fully deductible 401ks. (they're not 401ks, but the same for public sector leaches and i forget the code cites.) i get 100% 401k match, we max out roths (no deduction). pay down mortgage, savings account, SP500. also 39k/year college savings but i don't include that (but, protip, use your 513q or whatever to pay private school tuition, it's a small amount of money in taxes saved but it's free). tempted to tommy turdskin out on some naked call sales but havent so far. best private school here for 3 kids costs the same as T5 private school in [high-cost city of origin] for 1. just move to cleveland or pittsburgh or jacksonville or charlotte etc. good rule of thumb is 1 or 2 but not 3 pro sports teams. if you want to see hot women just go to the suburban target. if you want to go to the opera roll it into a trip to the office.
not legal advice |
|
Date: July 24th, 2024 10:51 PM Author: arousing jap Cleveland and Pittsburgh each have 3 pro sports teams..... (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47889731) |
|
Date: July 24th, 2024 10:55 PM Author: Mustard base new version So does Charlotte: Charlotte Hornets, Carolina Panthers, Charlotte FC (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47889750) |
|
Date: July 24th, 2024 11:09 PM Author: aquamarine curious voyeur know how i know you're gay? you think mls is a pro sports league (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47889811) |
|
Date: July 24th, 2024 11:11 PM Author: Mustard base new version You will note that I excluded the Knights and the Checkers. (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47889816) |
|
Date: July 24th, 2024 11:14 PM Author: aquamarine curious voyeur fair. i love you even if you gay. especially if you gay. (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47889829) |
|
Date: July 24th, 2024 11:08 PM Author: aquamarine curious voyeur you trying to save or not? (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47889809) |
|
Date: July 24th, 2024 10:26 PM Author: self-centered den You are poor (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47889656) |
|
Date: July 24th, 2024 10:29 PM Author: Diverse legal warrant you are. youre like 200mm short of being financially relevant at all just chill and be grateful for what you have. (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47889663) |
|
Date: July 24th, 2024 10:59 PM Author: comical nursing home Theoretically — how many Consoles could you afford to buy and support contemporaneously? (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47889773) |
|
Date: July 24th, 2024 11:00 PM Author: vibrant outnumbered kitchen fortuitous meteor FREE TIME is the limiting factor here for all but children. (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47889777) |
|
Date: July 24th, 2024 11:08 PM Author: comical nursing home 🙄 (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47889808) |
|
Date: July 25th, 2024 2:10 AM Author: Dun nowag goyim If you weren’t you wouldn’t feel that way (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47890260) |
|
Date: July 25th, 2024 2:10 AM Author: concupiscible lake generalized bond ty (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47890261) |
|
Date: July 25th, 2024 5:23 AM Author: maize clown persian add a couple of million AND you'll still feel poor as fuck (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47890383) |
|
Date: July 25th, 2024 8:51 PM Author: mahogany forum potus you need to find inner happiness and you'll be rich as fuck (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47893225) |
|
Date: July 25th, 2024 8:53 PM Author: spruce soul-stirring menage your ancestors each only owned a single pair of clothes yet managed to raise broods of children for centuries. (http://www.autoadmit.com/thread.php?thread_id=5563675&forum_id=2#47893233) |