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Old 05-30-2015, 07:28 AM   #921
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Originally Posted by gowgow View Post
46 years old, with wife and 2 kids (10,14)

The good:
- finally crossed 1M investible assets (around $1,011,000 now)
- paid off home ($523,000)
- inherited some farm land (Roughly $500,000)
Congrats on your progress!

Just one suggestion - I've heard figures tossed around that farmland is at a relatively high price at the moment. If you think you'll be selling that land in the next 10-15 years, you might want to look at getting some quotes on it, and crunching some numbers to see what you could really earn off of it if you farm it yourself or lease it out. The low interest rates are benefiting farm prices just like everything else, along with (in some areas) a mini-farm land frenzy with transaction prices.
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Old 05-30-2015, 09:58 AM   #922
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Originally Posted by MooreBonds View Post
Congrats on your progress!

Just one suggestion - I've heard figures tossed around that farmland is at a relatively high price at the moment. If you think you'll be selling that land in the next 10-15 years, you might want to look at getting some quotes on it, and crunching some numbers to see what you could really earn off of it if you farm it yourself or lease it out. The low interest rates are benefiting farm prices just like everything else, along with (in some areas) a mini-farm land frenzy with transaction prices.
Yes land prices (it's a corn/soybean farm in Illinois) have increased significantly, which is great, but they obviously can and likely will drop at some point. I believe they have somewhat in 2015. What I own is 1/4th of a farm originally purchased by my great (great?) grandfather that was gifted to me by my parents. My parents still own 1/4th, and each of my siblings own 1/4th. Since it's been in the family for so long, we'll likely not sell it. Maybe my kids will own it some day. It's nice to be diversified. We pay someone to farm it for us and each year I get a check for around $11,000. This is nice, but it seems like the yearly payout should be larger if the land is truly worth $500,000. ??
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Old 06-04-2015, 03:43 PM   #923
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Just paid off the mortgage! Makes my liquid asset fund look kinda puny, though.


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Old 06-16-2015, 07:28 AM   #924
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Negotiated to sell my company for its book value and release of a personal guarantees. I was told that I could run the company as I've always done for as long as I chose. After posting the companies 2nd best (29yrs)12 month performance ever, I was terminated unexpectedly for "running the company like I owned it". A thirty second phone call while I was on vacation last August. Got 6 months notice and one year severance. Unfortunately the sale required a 5 year non compete from sale date and moved into "dream home" - now a nightmare as my replacement lives across the street.
From the day before the sale until now I have been fortunate been fortunate enough to:

Increased my net worth 2.5 mm
Liquidity went from 30% to 70%
Have my son choose an in state college so his educational fund is more than enough (sister went out of state)
Found this site and firecalc

I'm pretty sure I'm good financially but that's always a worry. I just hopeful the regrets/anger over how I was terminated will subside soon.





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Old 06-16-2015, 08:49 AM   #925
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Negotiated to sell my company for its book value and release of a personal guarantees. I was told that I could run the company as I've always done for as long as I chose. After posting the companies 2nd best (29yrs)12 month performance ever, I was terminated unexpectedly for "running the company like I owned it". A thirty second phone call while I was on vacation last August. Got 6 months notice and one year severance. Unfortunately the sale required a 5 year non compete from sale date and moved into "dream home" - now a nightmare as my replacement lives across the street.
From the day before the sale until now I have been fortunate been fortunate enough to:

Increased my net worth 2.5 mm
Liquidity went from 30% to 70%
Have my son choose an in state college so his educational fund is more than enough (sister went out of state)
Found this site and firecalc

I'm pretty sure I'm good financially but that's always a worry. I just hopeful the regrets/anger over how I was terminated will subside soon.





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You've come to a good place - I've been dealing with a parallel but unique set of issues. There are a lot of good resources that are pointed to on this site. One of them is the book - Retire Happy Wild and Free, which captures some of the non-financial aspects of retirement. Two specific things that I did when in a somewhat similar position - not trying to tell you what to do, but just something to consider:

- dumped the 'dream house' especially with kids leaving a smaller place can just be more manageable and enjoyable (we found anyways). Also, take a look at what it does to your Firecalc projection if you are able to pull some cash out the house and into investable assets.

- considered 'dream job' outside of past career- I have 30 years in an industry - pretty much FI/ but you never know right(?) - but will have a non-compete when I leave. I've been reconsidering some of the hobbies/interest I had before I 'grew up' and there are 1-2 that could be second careers - especially if compensation is not a factor in the decision.
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Old 06-16-2015, 03:48 PM   #926
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Quote:
Originally Posted by 812Founders View Post
Negotiated to sell my company for its book value and release of a personal guarantees. I was told that I could run the company as I've always done for as long as I chose. After posting the companies 2nd best (29yrs)12 month performance ever, I was terminated unexpectedly for "running the company like I owned it". A thirty second phone call while I was on vacation last August. Got 6 months notice and one year severance. Unfortunately the sale required a 5 year non compete from sale date and moved into "dream home" - now a nightmare as my replacement lives across the street.
From the day before the sale until now I have been fortunate been fortunate enough to:

Increased my net worth 2.5 mm
Liquidity went from 30% to 70%
Have my son choose an in state college so his educational fund is more than enough (sister went out of state)
Found this site and firecalc

I'm pretty sure I'm good financially but that's always a worry. I just hopeful the regrets/anger over how I was terminated will subside soon.





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Congrats! Keep calm & keep on sailing. Worries & anger not worth your time. Another successful story of a millionaire next door.
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Old 06-16-2015, 03:54 PM   #927
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Well Done!
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Old 06-19-2015, 06:52 AM   #928
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After yesterday's market hit another nice round number: $1.1m in my 401k. Now let's see how fast it drops from that.
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Old 06-22-2015, 11:21 AM   #929
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Hit the 2 mil mark!! Retirement looks like a go 1st qtr 2018
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Old 06-22-2015, 11:20 PM   #930
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That is awesome💸. I'm 25 days from RE. "Income" comes up $44 per mo less than working without touching 1.542m to draw down on. DH has 11mo & he'll join me. Life is good! 💃



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Old 06-24-2015, 06:04 PM   #931
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crossed 1 million mark for financial asset yesterday after market close. about 400k equity in investment property so about 1.4m in total investable net worth. 35 yr old and DW is 2 years younger. hope to double net worth in 5 years and retire in 10 to 15 years. cheers!

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Old 06-28-2015, 06:15 AM   #932
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Yesterday we down-sized our self-storage unit (we call it the mini-warehouse) from a ten by ten at $1350 per year to a five by seven at $588 per year. No longer can I tell my wife, "For what we're paying to store those Christmas ornaments, we could buy a whole new set every year."

We dropped three car-loads of stuff off at Goodwill. On the last trip, I went in to buy a couple of two-dollar T-shirts, and I saw someone was buying a chair that I had just dropped off five minutes before. So a definite win-win.

By the way, this is my 24th post. How many does it take to graduate from "Dryer Sheet Wannabe?"
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Old 06-28-2015, 08:56 AM   #933
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Congrats Slow But Steady, storage is one of my biggest bet peeves. My brother works at a storage unit and he is always complaining about that the units can't possibly worth a fraction of what they are paying for it...other than a few people with expensive bikes and such, temporary move, but they are building yet 4 more buildings because people can't seem to stop buying stuff even when it doesn't fit in their house.


Glad you made so much progress, for so many its more emotional than financial...but it sure does feel good when others are using it and actually need it.
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Old 07-03-2015, 01:58 PM   #934
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Helped kids pay off their college loans with some inheritance money. Great feeling to assist them in becoming debt free and a nice way to pass on some love and money from Grandparents.
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Old 07-04-2015, 09:11 AM   #935
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Helped kids pay off their college loans with some inheritance money. Great feeling to assist them in becoming debt free and a nice way to pass on some love and money from Grandparents.
Congrats... Very generous and will foster fond memories.
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Old 07-04-2015, 10:35 AM   #936
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Finally cracked the $100k in Investable Assets mark! 10% of the way to my FIRE #.
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Old 07-15-2015, 11:57 AM   #937
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Paid off mortgage last week. 55 YO, 750K investible, house value around 900K, owe 110K on a duplex worth around 200K. Hate boring corporate job...hate everything about it. Want to start handyman, lawn care, estate care company. Need kick in rump to do so.
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Old 07-15-2015, 12:48 PM   #938
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Congrats on paying off the mortgage!
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Old 07-15-2015, 02:09 PM   #939
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Thanks. Four years ago, I took out a ten year mortgage and vowed to pay it off in five years. I beat that by a year but it was really a struggle. It is such a relief. I really cant share this with friends. I feel like I am bragging. One friend I did tell thinks I got the money from my parents. Trust me, that didn't happen. This is the only place that I can share my small victory.
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Old 07-15-2015, 02:13 PM   #940
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Thanks. Four years ago, I took out a ten year mortgage and vowed to pay it off in five years. I beat that by a year but it was really a struggle. It is such a relief. I really cant share this with friends. I feel like I am bragging. One friend I did tell thinks I got the money from my parents. Trust me, that didn't happen. This is the only place that I can share my small victory.
Congrats!!
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