Steve O
Recycles dryer sheets
- Joined
- Dec 16, 2007
- Messages
- 291
But I like making the $$$
I'll be 39 in January, things are going very well for my company.
If I stay there all of next year I can expect to make at least $100,000 in salary and bonuses. And possibly another $500,000 to $800,000 in stock
The problem is I'm gonna have to work my ass off for 55-60 hours a week at a job Im truely beginning to hate
I know cry me a river
Lately I think more and more about quiting and moving down south somewhere.
Id get a decent house with a good sized lot, near water.
Id need a big pole barn to put all my toys in. Im into dragracing, and boating two VERY expensive hobbies
I think i could live pretty comfortably on $60,000 to $80,000 a year in a house that was paid off though...
Im also pretty sure Id get another job, but something a lot more light duty/part time/flexible and with some kind of health insurance...
I cant see me doing this job much longer, it will be 18 years in march.
Im at the point now where Im trying to figure out investment and tax strategies.
First of all the nest egg is all tied up in an ESOP, when I quit all of the stock gets sold back to the company.
They hold the $$$ for a year before Id get it.
I also have a 401 k with the same company, they deposit the ESOP $$$ in the 401 k when I quit.
I would have control over the investments in the 401 k while Im waiting.
I also have and IRA I've been funding, I'll need some $$$ to live off of while Im waiting for the ESOP $$$
I have $48,000 in there now in a 3.2 % money market account, Im gonna look into something safe with a better return for the quit fund though...
I would then assume I should do a direct rollover into an IRA
One thing that sucks is I will pay a 10% penalty on anything I withdraw from the IRA
Another thing thats got me worried is buying the house.
Lets say I find the dream castle somewhere for $250,000 and I pay cash for it...
Im thinking Im gonna get SCREWED on taxes
$250,000 + another $45-$60 K in income in one year, plus the 10% penalty...
I have a house I will sell most likely after I move to the new place
I could sell it before hand and use the proceeds Im guessing $90,000 for a down payment and a mortgage instead of paying cash for a house
Im thinking If I work one more year I could make enough to pay for the house plus the taxes
That leaves me with $2,000,000 to invest and withdraw a max of $80,000 a year...
Am I missing something here, or do I have it made allready
I'll be 39 in January, things are going very well for my company.
If I stay there all of next year I can expect to make at least $100,000 in salary and bonuses. And possibly another $500,000 to $800,000 in stock
The problem is I'm gonna have to work my ass off for 55-60 hours a week at a job Im truely beginning to hate
I know cry me a river
Lately I think more and more about quiting and moving down south somewhere.
Id get a decent house with a good sized lot, near water.
Id need a big pole barn to put all my toys in. Im into dragracing, and boating two VERY expensive hobbies
I think i could live pretty comfortably on $60,000 to $80,000 a year in a house that was paid off though...
Im also pretty sure Id get another job, but something a lot more light duty/part time/flexible and with some kind of health insurance...
I cant see me doing this job much longer, it will be 18 years in march.
Im at the point now where Im trying to figure out investment and tax strategies.
First of all the nest egg is all tied up in an ESOP, when I quit all of the stock gets sold back to the company.
They hold the $$$ for a year before Id get it.
I also have a 401 k with the same company, they deposit the ESOP $$$ in the 401 k when I quit.
I would have control over the investments in the 401 k while Im waiting.
I also have and IRA I've been funding, I'll need some $$$ to live off of while Im waiting for the ESOP $$$
I have $48,000 in there now in a 3.2 % money market account, Im gonna look into something safe with a better return for the quit fund though...
I would then assume I should do a direct rollover into an IRA
One thing that sucks is I will pay a 10% penalty on anything I withdraw from the IRA
Another thing thats got me worried is buying the house.
Lets say I find the dream castle somewhere for $250,000 and I pay cash for it...
Im thinking Im gonna get SCREWED on taxes
$250,000 + another $45-$60 K in income in one year, plus the 10% penalty...
I have a house I will sell most likely after I move to the new place
I could sell it before hand and use the proceeds Im guessing $90,000 for a down payment and a mortgage instead of paying cash for a house
Im thinking If I work one more year I could make enough to pay for the house plus the taxes
That leaves me with $2,000,000 to invest and withdraw a max of $80,000 a year...
Am I missing something here, or do I have it made allready