Quote:
Originally Posted by jasonfreedom
Hi everybody!!
First time visiting this site. But been into financial freedom as an intention for many years.
Okay my deets:
- 50 years old
~ $590k net worth ($120k investment home equity, $120k stocks, $350k blue-chip crypto)
~ $550/mo passive income ($250/mo rental home, $100/mo stock dividends, $200/mo crypto)
~ $2400/mo retirement income now vested if I stop working today, starting Age 67 (social security and work pension)
- No personal debt (except monthly ccard balance and investment home mortgage)
- $200k/yr salary (w/ bonus and 401k match really $225k)
- $5000/mo expenses (rent $2400, food $600, gym/massage/therapy $1000, phone/utilities $250, everything else $750... I live in Hoboken after all)
- No wife (that I know of), no children, have a gf who doesn't want to get married, rent my apartment
So........the big question is this:
Would I be happy if I retired today? (Well early 2022, to spread out my tax bill...)
Thank you for reading!
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Quick answer is no.
Not sure what "blue-chip cryptos" are, but they make up 59.32% of your stated net worth. Considering you state "$120k investment home equity" and "$120k stocks" and later mention an "investment home mortgage" and a potential "401k match", I have to wonder how much you owe on that "investment home mortgage" to go along with your $2,400/month rent, plus whether your $120K stocks are going to be tied up in your 401k for 9.5 more years until age 59.5.
Maybe I am misunderstanding your 401k comment and your $120k stocks are outside of retirement and the 401k is just a prospective thought, but that still leaves you with $350K cryptos and $120K stocks, with the gains from both being taxed when you sell. The $120K investment home equity is not available for your living expenses unless you sell or borrow against it. Neither are good long term solutions.
I know I would not be looking to retire if these were my finances.
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