Advice needed

[Savant]

Yes and no. I agree that, if you think from the perspective of the household, I'm into it whether I want it or not. But the separate finance does make a difference in practice. See, my wife has a much greater tendency to spend money than me. In many months of the year, she blows her entire salary without saving a penny. The only reason she can't spend more is that - she doesn't have any more money to spend. By keeping the finances separate, I ensure that the bulk of our money is under my personal management without her having any say on it whatsoever. And my decision is that the bulk of the money will go toward preparing for early retirement.

She also makes some horrible investment decisions - like buying and selling stocks every few weeks. I buy and hold. Combined finances - she has a say on 100% of the household finances. More overall expenses, more silly stock horse trading. Separate finances - she only controls 25% of the household income. Less overall expenses, and the bulk of the investments will be buy and hold.

Originally Posted by Rich_in_Tampa

You may want no part of financially supporting her parents, but by her doing so you (plural) are spending $50k per year in after-tax money that is not going into retirement savings. I wouldn't presume to judge this as right or wrong, but you're into it whether you want to be or not.

It's pretty hard setting and sticking to ambitious financial goals if the relationship has two separate and independent finance departments.

I agree with the others about your impressive financial position and would keep a sharp eye on the health care insurance scenario before you quit any jobs -- it can be very chaotic getting private coverage.

Here's wishing you lots of success on all fronts.

[Savant]

Oh yeah one more thing to clarify. US$150k is my income only. She earns another $65k. So we save more than $100k per year, not $50/60k.

[kumquat]

Originally Posted by Savant

3) I don't live in the US, so that doesn't apply.

So, why are you asking us? OOppps, I'm not an American (not US anyway). I guess it's different elsewhere? Enjoy

[Savant]

Originally Posted by kumquat

So, why are you asking us? OOppps, I'm not an American (not US anyway). I guess it's different elsewhere? Enjoy

Well, the tax rules are obviously different. No 401k or such for me. But I am sure a lot of wisdom displayed here will still apply to my case.

I live in Shanghai, by the way.

[RetireeRobert]

Originally Posted by Savant

Yes and no. I agree that, if you think from the perspective of the household, I'm into it whether I want it or not. But the separate finance does make a difference in practice. See, my wife has a much greater tendency to spend money than me. In many months of the year, she blows her entire salary without saving a penny. The only reason she can't spend more is that - she doesn't have any more money to spend. By keeping the finances separate, I ensure that the bulk of our money is under my personal management without her having any say on it whatsoever. And my decision is that the bulk of the money will go toward preparing for early retirement.

She also makes some horrible investment decisions - like buying and selling stocks every few weeks. I buy and hold. Combined finances - she has a say on 100% of the household finances. More overall expenses, more silly stock horse trading. Separate finances - she only controls 25% of the household income. Less overall expenses, and the bulk of the investments will be buy and hold.

It always interests me how certain people end up together. It seems you married a "financial opposite". You're a saver, she's a spender. But you are both earners. So you are lucky the spender you love earns her own money to spend!

Isn't love grand!

[wcv56]

Delete non american taxes ( edit)

I like the hedge fund style of investments but still have a managed old style ETF investment. I like he is staying active and
at least keeping up with present situations in todays markets.
The ability of todays global markets the old fashion way will have to prove itself again to me.
They'll have to earn it the old fashion way commission you to death.
Sounds like you really are doing well and what many of us could only dream of at your age. Stick to the old rule if it sounds to good to be true, it probably is. Nothing wrong with paying professional
manager, the fees will probably be less than one would lose anyways.

Best of Luck