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Old 10-23-2007, 10:18 AM   #21
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maurice, congrats on you success. such an amazing story. anyhow, to be a member of this forum, you must at least dislike your job a little bit. if one love what he does so much than there is no need to ER, you will be like Alan Greenspan working at the age of 72, right??

i am formerly a nyct person but still go down to ny everyother weekend to visit families there. Question for you, how about kids?? 1, 2, 3 it will definitely change your outlook about ER, personally i think dogs are fine too. also, your and your spouse hobbies sounds cheap and reasonable to me. that's a big help. wait till 2009 then work part time.

enuff

ps. whoever get out of the rat race first, WIN.
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Old 10-26-2007, 04:31 AM   #22
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I definitely dislike the job a little bit or more. Its fundamentally interesting in that I deal with an interesting subject (financial derivatives) but its stressful and I deal with a lot of BS of a big bank.

To answer your question, we have no kids, so that gives us loads more flexibility in decision making right now.

Re 2009, I've often thought I should work at least through 2009 given the inherent risk of that concentrated position - which in practice would mean hanging on until feb 2010 to get 2009's bonus. In 2010 I'll turn 42. I could see leaving then or hanging on maybe 2-3 more years.
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Old 10-26-2007, 07:25 AM   #23
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We have a lot in common. No kids either, so we have a little fun spoiling our nieces and nephews. Question for you on estate planning, since you're my long lost twin brother and neither of us has kids. With insurance, our estate would amount to a pretty significant figure (more than double our NW). We're still young, so no worries about health yet and we're leaving everything to each other, but in the event of a "double-whammy accident" where say wife and I both buy the farm at the same time (like an airplane crash), we've been debating exactly where to leave the money. Right now, after setting aside some money to take care of our parents, and leaving some modest tokens of affection for various relatives and siblings, we are mostly inclined to leave the bulk to charity. Have you given much thought to this?
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Old 10-26-2007, 09:17 AM   #24
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Welcome to the board Maurice & Gekko .
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Old 10-26-2007, 05:12 PM   #25
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Originally Posted by Gekko View Post
We have a lot in common. No kids either, so we have a little fun spoiling our nieces and nephews. Question for you on estate planning, since you're my long lost twin brother and neither of us has kids. With insurance, our estate would amount to a pretty significant figure (more than double our NW). We're still young, so no worries about health yet and we're leaving everything to each other, but in the event of a "double-whammy accident" where say wife and I both buy the farm at the same time (like an airplane crash), we've been debating exactly where to leave the money. Right now, after setting aside some money to take care of our parents, and leaving some modest tokens of affection for various relatives and siblings, we are mostly inclined to leave the bulk to charity. Have you given much thought to this?

You do sound like my twin brother!

We have given estate planning a little thought, and we have a will. The main beneficiaries are siblings and parents, with the nieces and nephews getting 100k each or so. As the net worth grows, we will revisit that, especially as our parents pass on. I like the idea of charity, and could see us doing that. I think the neices and nephews will also figure more prominently in the next will once our parents are gone.

Question for you - why bother with life insurance? I have long term disability insurance and an umbrella liability policy, but not life insurance. I don't really need it with no kids and enough in the bank for my wife's FI. (I may have some token amount provided by MegaBank but nothing I pay for)
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Old 10-27-2007, 09:02 AM   #26
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Question for you - why bother with life insurance? I have long term disability insurance and an umbrella liability policy, but not life insurance. I don't really need it with no kids and enough in the bank for my wife's FI. (I may have some token amount provided by MegaBank but nothing I pay for)
Thanks for the response. We have a lot of life insurance on me because we are a single income family - my wife could never generate anything remotely close to my income on her own. Also, though we are +$1mm liquid at this point, much our NW is in r.e., including our home and she does not want to have to sell. Also, much of the life insurance is fairly cheap, so its a why not sort of thing. In order for wife to generate anything similar to our present income for the rest of her life, she'll need $3-$4mm liquid assets.

And we have some life insurance on her because, if anything happened to her, I want total flexibility (to continue working or RE). Of course, we revisit both the insurance and the estate plan every couple of years. We have trusts set up for certain family members, both for tax reasons, and for control reasons. Again, appreciate your input, as we are getting ready to make some radical changes to the estate plan. We also have substantial long term disability and umbrella liability policies.

Funny thing, too much money can be a very destructive thing. Our estate would be large enough to make small-time lotto winners out of a handful of people. Is that a good thing? I think we've pretty much decided that it is not. We're not planning on buying the farm anytime soon, but if it were to happen, we want to make things as easy as possible for people to figure out. We also don't want a lot of infighting over our assets - again fighting over money has the potential to destroy families.
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Old 10-27-2007, 09:30 AM   #27
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That makes sense.

The good (?) news about my situation is if I die tomorrow, my 1.4MM concentrated position is unlocked - its already fully vested, just in lockup. My wife would then have 2.9MM liquid with a mortgage or 2.45MM without. Using the 4% rule, thats 116k a year with mortgage or 96k without, less than our current spend but definitely more than she would spend on her own (she's incredibly frugal). On top of that, she's still working, although she may quit soon.

Re estate planning, I would also worry about infighting, especially since DWs family lacks both pot and window, as the saying goes, and one of my two siblings lives paycheck to paycheck and has had (and may still have) problems with debt. That's one of the reasons I have a will and have had one since my net worth surpassed half a buck or so.


I should also add, as a guy with no kids, having a few nieces and nephews that know you have a tidy sum in the bank ain't a bad thing as we grow older
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Old 10-27-2007, 10:03 AM   #28
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That makes sense.

The good (?) news about my situation is if I die tomorrow, my 1.4MM concentrated position is unlocked - its already fully vested, just in lockup. My wife would then have 2.9MM liquid with a mortgage or 2.45MM without. Using the 4% rule, thats 116k a year with mortgage or 96k without, less than our current spend but definitely more than she would spend on her own (she's incredibly frugal). On top of that, she's still working, although she may quit soon.

Re estate planning, I would also worry about infighting, especially since DWs family lacks both pot and window, as the saying goes, and one of my two siblings lives paycheck to paycheck and has had (and may still have) problems with debt. That's one of the reasons I have a will and have had one since my net worth surpassed half a buck or so.


I should also add, as a guy with no kids, having a few nieces and nephews that know you have a tidy sum in the bank ain't a bad thing as we grow older
To your point on reduced spend, I think one of the challenges in general for us is figuring out what our FIRE spend would be. For now, I'm assuming wife would want to replace our income - I'd hate to think of her greiving and having to worry about money at the same time. Also, my extended family situation is similar to yours - nobody else has anywhere near our assets, most are hand-to-mouth, though wife's retired 70-something parents are supposedly north of $1mm NW. Her siblings are not so productive and I see how BIL's are expecting a small windfall from their parents and it makes me kinda queasy.

Re young neices and nephews, you bet it'll be good to keep em around - which is why I'll likely be contributing a good chunk of their college educations.
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