fidelity magazine nov issue is out and there i am

[Hydroman]

Quote:

Originally Posted by Nords Notice a pattern in the marriages & kids departments?

Yea, I forgot to add "married with children" to the equation. Thanks for the reminder

[FinanceDude]

Quote:

Originally Posted by Nords Notice a pattern in the marriages & kids departments?

Let me guess.......they have NEITHER??

[mathjak107]

oooh yeah kids, the lil wild card.

in fact only thing that may prevent us from hitting our goals are 3 up coming weddings and my daughter who graduates college in december decided to go on to get her masters. my son graduated law school in june and passed the ny state bar exam just yesterday...


ooooh all these expenses are making my hair hurt!

[mathjak107]

the inheiratance part was interesting as its actually a share in a business.

my wife's first husband died of cancer at a fairly young age, his father was a builder who was bernie spitzers (elliot spitzers father) partner in some building projects in manhattan. one project was a luxury building over looking central park, and they both took a 10% stake in this new building .
they held 39 apartments at one time.


it turned out this building became an archetectural landmark in nyc , its called 200 central park south,infact just by typing the address in google you can see many articles about the building. it really is beautiful and the view of the park is spectacular.

my wife inheirited a piece of this family business ,after a long court battle and close to 500,000 in buyout and legal fees because of a poorly constructed trust which ruled out some estranged step children from getting a share, which ultimately because of no provisions for my wifes husband predeceasing his parents the step children ended up getting bought out of a share in the business they should never have had. my wife ended up sharing in 9 remaining apartments.

interesting part is that because of the flawed trust my wife may not have been entitled to a share but since the specifically written out of the trust estranged step children were notified of this flawed trust by the state her husbands family decided to not fight my wife on the issue but to team up and fight the step children who were basically written out and no one wanted them as parteners.

guess my wifes share was by default ha ha ha

we were lucky and offered 50,000 to any tenents who wanted to break their rent stabalized leases and move and 5 took advantage so we got to sell them off.

we still are partners in 4 but these tenents arent moving so fast so we dont even count them in our plans but they could conceivably generate another million in after tax dollars for us if sold.

[audreyh1]

Quote:

Originally Posted by Hydroman Still waiting for the story about the guy/gal who retired no later then their early 50s from an 8-5 type gig, without a pension or company/government funded medical, no inheritance and the spouse still not working. Please stand up, I want to shake your hand.

Hello there!

Audrey

[Mr._johngalt]

Quote:

Originally Posted by dmpi Also get a load of the family on page 19.... They plan on turning 800K into 3-4.5M by doubling every 7 years. Good luck with that...

I read these magazines. Mostly crap to fill pages. It's hard for
me to find anything I can use (or that is even interesting for that
matter). Once in a while I get lucky.

JG

[justin]

Quote:

Originally Posted by Hydroman Still waiting for the story about the guy/gal who retired no later then their early 50s from an 8-5 type gig, without a pension or company/government funded medical, no inheritance and the spouse still not working. Please stand up, I want to shake your hand.

Look me up in 7-10 years. I'm 26 now, and about 1/4 of the way to my FIRE goal. I just graduated from college 2.5 years ago. We have two kids and I expect to be at least FI (maybe RE, maybe not) by the time the kids are 9 or 10.

We do save around 60% of our income without really feeling "the pinch". This number may decrease slightly in the future, since the kids may get more expensive. However salary increases are most likely to offset increases in expenses.

It really isn't that hard to do if you prioritize FIRE. It isn't without risk, but what is?

[Danny]

Quote:

Originally Posted by justin We do save around 60% of our income without really feeling "the pinch". This number may decrease slightly in the future, since the kids may get more expensive. However salary increases are most likely to offset increases in expenses.

Justin - believe me they will get more expensive.... , but you sound like you can keep up with it ok ...

[tryan]

Quote:

Still waiting for the story about the guy/gal who retired no later then their early 50s from an 8-5 type gig, without a pension or company/government funded medical, no inheritance and the spouse still not working. Please stand up, I want to shake your hand.

This is us ... it was all real estate; forget the 20 year 8-5 gig ... that just slowed me down.

[justin]

Quote:

Originally Posted by DanTien Justin - believe me they will get more expensive.... , but you sound like you can keep up with it ok ...

The expenses creep up, and I end up being FI in my late 30's instead of early or mid 30's. Oh well!

[FinanceDude]

Quote:

Originally Posted by tryan This is us ... it was all real estate; forget the 20 year 8-5 gig ... that just slowed me down.

Are you Robert Kiyosaki

[jazz4cash]

Quote:

Originally Posted by Hydroman Yea, I forgot to add "married with children" to the equation. Thanks for the reminder

Interesting to note that many here noticed this omission in the article. The fact that mj DOES have dependents would have made the premise for the article more realistic, but Fidelity left that info out. Most times a profile would indicate number in household. I bet MJ thought the same thing.

[mathjak107]

ooooh man talk about dependents we have 3 kids and a significant other in my life , my ex wifes divorce attorney ha ha ha

actually i managed to save double but the ex got half, we didnt bother mentioning that in the article though..

[Gone4Good]

Quote:

Originally Posted by dmpi Also get a load of the family on page 19.... They plan on turning 800K into 3-4.5M by doubling every 7 years. Good luck with that...

That implies a 10.4% annual growth rate in the portfolio - including growth from additional savings. Possible, but probably not a good base case. Especially if you have a "moderate investment style", like they claim to.

The bigger question is why they plan to work until 65 to hoard $3-$4.5 million??

[rs0460a]

Quote:

Originally Posted by 3 Yrs to Go The bigger question is why they plan to work until 65 to hoard $3-$4.5 million??

Insecurity? (anyway, that's my reason for still being employed). My wife has the same feeling. Even though we could retire today, at 100-125% of our current net income (for the rest of our life), having "nothing" for so much of our early life together still brings out the "bag lady syndrome" in her (me too)...

- Ron