midlifechange
Dryer sheet wannabe
- Joined
- Jul 3, 2008
- Messages
- 12
I sold my business last year and now I'm worth a little over 2 million (after taxes). By the time I'm 40 I will be worth 2 million because I'm experimenting with a new business and living off my savings.
My family is moving to Northern Virginia from California to save on expenses and to enjoy a quieter lifestyle (we plan to live about 1 hr. from Wash DC). It looks like my expenses will go down on health insurance, auto insurance, etc. by moving. I have a wife and 2 kids. I figure 200K will send my kids to college in 16 or so years...so that leaves me with 1.8 million. I do not own a house and plan on spending 500K around this time next year to purchase one. So that will leave me 1.3 M...I plan to sell the house about the same time the kids go to college and down size or go back to renting a smaller house as I do now.
I enjoy working for myself and hopefully I will be able to start another tech business because I would like to live at least an hour away from a major city. However, I may get a job in 6 months if my new idea does not pan out, so I need to be within an hour of a major city...I have not worked for someone in 14 years so I guess I could make between 50K - 70K given my skills...but who knows...I have 300K in stocks - started dollar cost averaging about 3 months ago into Vanguard total stock market index - the rest is cash. I figure 60K/year would be fine to live on in todays dollars - includes travel, health insurance, property tax, etc.
Any help would be appreciated:
1) Is 200K too little for college in todays dollars? 100K each. I guess sending my kids to Harvard would be too little...but a state school may be ok...if they are smart enough I will help pay.
2) Should I pay cash for a house or get a mortgage?
3) When can I FIRE at the earliest?
My family is moving to Northern Virginia from California to save on expenses and to enjoy a quieter lifestyle (we plan to live about 1 hr. from Wash DC). It looks like my expenses will go down on health insurance, auto insurance, etc. by moving. I have a wife and 2 kids. I figure 200K will send my kids to college in 16 or so years...so that leaves me with 1.8 million. I do not own a house and plan on spending 500K around this time next year to purchase one. So that will leave me 1.3 M...I plan to sell the house about the same time the kids go to college and down size or go back to renting a smaller house as I do now.
I enjoy working for myself and hopefully I will be able to start another tech business because I would like to live at least an hour away from a major city. However, I may get a job in 6 months if my new idea does not pan out, so I need to be within an hour of a major city...I have not worked for someone in 14 years so I guess I could make between 50K - 70K given my skills...but who knows...I have 300K in stocks - started dollar cost averaging about 3 months ago into Vanguard total stock market index - the rest is cash. I figure 60K/year would be fine to live on in todays dollars - includes travel, health insurance, property tax, etc.
Any help would be appreciated:
1) Is 200K too little for college in todays dollars? 100K each. I guess sending my kids to Harvard would be too little...but a state school may be ok...if they are smart enough I will help pay.
2) Should I pay cash for a house or get a mortgage?
3) When can I FIRE at the earliest?
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