Jack_Pine
Full time employment: Posting here.
- Joined
- Apr 18, 2013
- Messages
- 834
Speaking of working too long ...
I caught that also. 9.3 in assets? Not sure why a person like that would need a board like this. Guess I am just jealous.
Speaking of working too long ...
I live in Houston but not sure if you're talking to me
Speaking of working too long ...
Our avg yearly spend from 2008-2013 was $135k. Defintely areas we can cut back, but $30k per year I dont know. But then we've never really tried to. It's not like we're living over our heads, but we don't have a budget either. We spend what I make and we should be on a budget and putting money into savings beyond 20% or so I put into 401k.
Our avg yearly spend from 2008-2013 was $135k. Defintely areas we can cut back, but $30k per year I dont know. But then we've never really tried to. It's not like we're living over our heads, but we don't have a budget either. We spend what I make and we should be on a budget and putting money into savings beyond 20% or so I put into 401k.
Our avg yearly spend from 2008-2013 was $135k. Defintely areas we can cut back, but $30k per year I dont know. But then we've never really tried to. It's not like we're living over our heads, but we don't have a budget either. We spend what I make and we should be on a budget and putting money into savings beyond 20% or so I put into 401k.
I caught that also. 9.3 in assets? Not sure why a person like that would need a board like this. Guess I am just jealous.
As others have said, you can't retire with 3.1mm and 145k in expenses with alot of confidence. I definitely hear you on not wanting to have to watch your pennies in retirement.
Do you have an itemization of the 135k in spending ? If you give that a look you may find ways to save that aren't painful. If not, then keep working. I know severance feels like 'free money' and its TOUGH turning it down, but unless you know that you can find another job at a comparable salary I'd let the company find me another role, do it with pride, spend the next few years looking at spending and creating a "budget" (spending plan), wait until I had 100% in FIRECALC and a comfortable shortfall age in FIDO's Retirement Income Planner, and retire when those stars align so you can sleep at night after you leave the workforce.
Getting into the two premier Texas universities (UT and TAMU) can be difficult if you aren't in the top end of your class. It's a real disservice to some of the top high school grads of the state who are passed over by less qualified candidates only because these went to smaller high schools.Speaking of cutting costs, will your kids consider going to Texas state colleges? UT is an excellent university, and the tuition and living costs are much lower than, say Columbia or UCLA. Something to also plan ahead if you seriously consider retiring now.
Not sure about that as I wasn't around then either, but I always figured it was that and other common issues such as health insurance, tax issues, Roth conversions, bridging until you can access SS/pensions/retirement accounts, what to do with yourself, etc. All issues that don't really matter whether you have a 6 figure annual budget or low 5 figures.Hmm, I wasn't a member back when the board began, but...wasn't it started partly for the benefit of younger "dot-com millionaires" who wanted to know if their fortunes would last a lifetime?
Amethyst
Not really.Hmm, I wasn't a member back when the board began, but...wasn't it started partly for the benefit of younger "dot-com millionaires" who wanted to know if their fortunes would last a lifetime?
+1 - this is the most practical and strategic advice I've heard so far regarding your situation.
Speaking of cutting costs, will your kids consider going to Texas state colleges? UT is an excellent university, and the tuition and living costs are much lower than, say Columbia or UCLA. Something to also plan ahead if you seriously consider retiring now.
Both twins got into A&M automatically, both in top 10%. Son will prob get a National Merit Finalist which will cut his costs a lot.
People tell me our costs will go down a lot when they leave for school so that will help. But how much? We spend $13k on groceries a year. That has to drop.
But my medical insurance I think will go up. We pay about $1200 a year in premiums under my company. Retiree medical would be $10k per year. That's a huge increase. I've never looked at ACA, maybe that's a better route.
I'm going to get with the wife and see where we would be if we cut at least the easy stuff and took into account the kids leaving for 9 months a year.
Congratulation to your twins and to you and your wife. That doesn't happen without some parental help.Both twins got into A&M automatically, both in top 10%. Son will prob get a National Merit Finalist which will cut his costs a lot.
Quicken or Mint would have been good for you to have started about 10 years ago. It's hard to beat recording your expenses in almost real time.I'm going to get with the wife and see where we would be if we cut at least the easy stuff and took into account the kids leaving for 9 months a year.
I told my kids they had to go to TAMU, UT, another public Texas university or have a good story. The two oldest went to TAMU in the College of Engineering. They youngest went to Texas State.+1 on this.... we also live in Houston and my son is in the top 3% of his class.... I have told him he can go to any university in Texas that is Texas supported..... if he wants to go someplace else he has to come up with the extra money somehow...
There is nothing wrong with 'local' universities... and the cost is much lower....
Opps... I see that you had responded... but left my post anyhow...
Our avg yearly spend from 2008-2013 was $135k. Defintely areas we can cut back, but $30k per year I dont know. But then we've never really tried to. It's not like we're living over our heads, but we don't have a budget either. We spend what I make and we should be on a budget and putting money into savings beyond 20% or so I put into 401k.
We've been using Quicken since 1998, so we have every expense catagorized. That's how I know our average is near $135k. Never bought a new car and always pay cash and usually buy them out of state and ship them down and save maybe $4k-$5k. Never wear a suit. No dry cleaning bill. Maybe I'll post my expenses here but that will probably just open me up to ridicule.
Mortage is about $10k per year, only owe about $75k. No other debt or loans. Only paid $55/ft for the house, we live far out west where it's still somewhat affordable.