retiredat32
Confused about dryer sheets
- Joined
- Feb 21, 2014
- Messages
- 7
Hi all,
My first post here and a little about me. I'm a former dot com guy and have acquired a little wealth and got out when it was right. Been retired almost a year now. I have about 5.5 million in net worth now. I own about 13 residential single family homes that I rent out for rental income and own them for cash. They total about 3.2 million.
Then I have about 400k in the bank, and another 1.9 million tied up in personal homes of mine that are currently on the market (1.9m represents actual cash position once sold at fair market value minus expenses).
My plan is to sell those personal homes and invest that extra 1.8 million in either a mutual fund or more residential rental homes, after I purchase a home for myself. Currently, the rentals are bringing in about 175k net income before taxes for me.
Some questions...
Given about 5.5M net worth @ 32 and making about $175k/year currently - how much should I spend on a home for myself, and fiance (who I'll be supporting), and 2 kids in the future? My current main home is 1.7M, but there is a loan on it. Next one will be owned for cash. I was thinking $500k, but fiance thinks 1M. Any money left over from the 1.7M will be invested and I'll add that to my yearly income/grow wealth. I want to live off the interest.
Secondly at my age, future plans for children etc, am I financially set to be able to retire for good, for myself and family?
I did a cost calculation and figured costs for myself, fiance and $2k extra a month for kids, and came up with $6200 a month in expenses on a $500k house, and $9145 a month on a 1M house. That includes everything - restaurants, traveling, entertainment, utilities, gym, insurance, gas, prop taxes, etc, plus that $2k for kids.
Thanks for the help and advice.
My first post here and a little about me. I'm a former dot com guy and have acquired a little wealth and got out when it was right. Been retired almost a year now. I have about 5.5 million in net worth now. I own about 13 residential single family homes that I rent out for rental income and own them for cash. They total about 3.2 million.
Then I have about 400k in the bank, and another 1.9 million tied up in personal homes of mine that are currently on the market (1.9m represents actual cash position once sold at fair market value minus expenses).
My plan is to sell those personal homes and invest that extra 1.8 million in either a mutual fund or more residential rental homes, after I purchase a home for myself. Currently, the rentals are bringing in about 175k net income before taxes for me.
Some questions...
Given about 5.5M net worth @ 32 and making about $175k/year currently - how much should I spend on a home for myself, and fiance (who I'll be supporting), and 2 kids in the future? My current main home is 1.7M, but there is a loan on it. Next one will be owned for cash. I was thinking $500k, but fiance thinks 1M. Any money left over from the 1.7M will be invested and I'll add that to my yearly income/grow wealth. I want to live off the interest.
Secondly at my age, future plans for children etc, am I financially set to be able to retire for good, for myself and family?
I did a cost calculation and figured costs for myself, fiance and $2k extra a month for kids, and came up with $6200 a month in expenses on a $500k house, and $9145 a month on a 1M house. That includes everything - restaurants, traveling, entertainment, utilities, gym, insurance, gas, prop taxes, etc, plus that $2k for kids.
Thanks for the help and advice.