willowbeezer
Dryer sheet wannabe
Hi to all - This seems to be a great place to share experiences and opinions vs relying solely on advice from fee based financial planners / wealth managers.
I just turned 40, married, 3 kids (9,2,and 3mths) and am in great financial shape (i think). Investable assets of 1.8mm. Home equity of 0.5mm. No debts. Family Gross Income of 300k. Annual expenses of 100k (ex income taxes).
I clearly live below our means but wife not quite there yet.
Goal to retire soon (but really can't see myself not working - so I guess its really just slowing down the working pace). I recently had a life threatening medical problem contributed by lack of work/life balance - and have recently begun to rethink priorities in life. My time off work was spent recovering but also reconnecting with my wife and young children.
I cherished this time that I have with my kids and realize that they will leave the nest in no time at all. Perhaps I am having a mid-life crisis but I am thinking about quitting my job to spend more time at home. Perhaps working part time. However, I would also like to provide a gift of financial independence to my kids and feel that I would not if I quit my job.
I am also caught in the "sandwich" time of my life where I am planning for my kids AND for my parents (both sides). Recently, its become clear, that my parent in-law are in a financial mess and will need some sort of assistance. Sister in-law is also in a credit card mess which i am helping to clean up (refinancing at an more reasonable rate).
Overall, I am pleased with my financial situation but I clearly do not feel well off. I know $2.3mm in net worth is very good but its remarkable that its probably not enough to retire on and it doesn't seem to make folks feel totally financially independent.
Hope to learn more from the experience of others on this forum.
Good luck to all
I just turned 40, married, 3 kids (9,2,and 3mths) and am in great financial shape (i think). Investable assets of 1.8mm. Home equity of 0.5mm. No debts. Family Gross Income of 300k. Annual expenses of 100k (ex income taxes).
I clearly live below our means but wife not quite there yet.
Goal to retire soon (but really can't see myself not working - so I guess its really just slowing down the working pace). I recently had a life threatening medical problem contributed by lack of work/life balance - and have recently begun to rethink priorities in life. My time off work was spent recovering but also reconnecting with my wife and young children.
I cherished this time that I have with my kids and realize that they will leave the nest in no time at all. Perhaps I am having a mid-life crisis but I am thinking about quitting my job to spend more time at home. Perhaps working part time. However, I would also like to provide a gift of financial independence to my kids and feel that I would not if I quit my job.
I am also caught in the "sandwich" time of my life where I am planning for my kids AND for my parents (both sides). Recently, its become clear, that my parent in-law are in a financial mess and will need some sort of assistance. Sister in-law is also in a credit card mess which i am helping to clean up (refinancing at an more reasonable rate).
Overall, I am pleased with my financial situation but I clearly do not feel well off. I know $2.3mm in net worth is very good but its remarkable that its probably not enough to retire on and it doesn't seem to make folks feel totally financially independent.
Hope to learn more from the experience of others on this forum.
Good luck to all