Nervous

[Goblue1972]

I wish....

 

[MDJO]

The fixed costs are large with the real estate...property taxes 65k, and associated utilities and assessments are another 30 ish. Kids, private school tuition...you get to north of 200 quickly. We love all of our real estate would rather work another year or two than have to sell it.

There is your answer. Just keep working. You would not be as happy without the real estate. You will know when you are ready - you'll either have more money, or you will be more willing to shed some of your expenses.

 

[haha]

Why would someone with this much money ask questions here? 99.9% of us would never see this in our lifetimes.

Posters who know nothing at all about this economic level nevertheless pitch in to help out. Does anyone think that they would be asking questions of the $400/mo food budget and dryer sheet brigade if they had $10mm?

I know I would not.

Ha

 

[jayc]

Why would someone with this much money ask questions here? 99.9% of us would never see this in our lifetimes.


Ha

I agree. His stated profession is M & A. Surely he has done more complex math calculations when helping people on wall street decide whether to go forward with a merger. Unless they just decide when they get that warm fuzzy feeling, then it is a go. Makes you wonder.

 

[Rambler]

I agree. His stated profession is M & A. Surely he has done more complex math calculations when helping people on wall street decide whether to go forward with a merger. Unless they just decide when they get that warm fuzzy feeling, then it is a go. Makes you wonder.

Sometimes it's easier to make decisions when it's other people's money. In m&a, the money belongs to a big corporate somewhere, and it is easier to make the decisions based on the math, and the cold hard facts. But it becomes a little more emotional when it's your own money. This s also why it's sometimes easier for us on this forum to offer advice than it is to even take that advice ourselves. I know that if I followed advice I have given here before, I would be FIREd already (not at 8 digits yet like the OP, but we would definitely survive without eating cat food).

FWIW...

R

 

[Goblue1972]

Fifty years is a long time for retirement to live on a fixed number. And given my fixed costs already described...I thought it would be beneficial to get some others views on the subject. Yes...I have been doing m and a for 17 years and yes valuation work is a key skill set...however rarely are we asked to look at 50 year scenarios with all of the personal and other variables that could develop over such a long time frame. In addition most of my work revolves around going around the world and romancing targets, due diligencing those targets, negotiating price, and ultimately leading the negotiating of the stock purchase agreement. While these are clearly related skills that give me comfort to manage my own portfolio, it doesn't necessarily prepare me to make these types of personal financial decisions that will impact my family and the sustainability of our lifestyle over such a long period of time.

 

[verygoodthings]

I'm having a hard time believing that you aren't using an advisor? People responding with stuff like "Stick half in munis, half in diversified equities" are being ridiculous. It is especially worthwhile to have a very specifically allocated portfolio, not some general "lazy portfolio" type of thing.

I have about half your money and putting extreme amounts of research into handling it. All roads lead to an affordable advisor. And I've read 40+ books now on finance.

If you haven't already, go join bogleheads. Its a better financial forum IMHO, but I use both sites. There are some good podcasts out there too, and good books to be read.

 

[verygoodthings]

Why would someone with this much money ask questions here? 99.9% of us would never see this in our lifetimes.

Posters who know nothing at all about this economic level nevertheless pitch in to help out. Does anyone think that they would be asking questions of the $400/mo food budget and dryer sheet brigade if they had $10mm?

I know I would not.

Ha

Yeah I'm definitely skeptical. I think someone who has been accumulating this kind of money over so many decades would undoubtedly bump into some better sources of advice. Especially if his business is M&A.

 

[Goblue1972]

I guess I need to send over a w2 Whatever....the money managers I have met tend to be bozos. I feel more comfortable managing my money myself, as I know where every nickel is. There is a guy that has looked at what I have done and has made some helpful suggestions...but fundamentally I'm reluctant to give up control. Don't know how to address your skepticism...but this is really not the purpose of my reaching out to this cite to get some reactions. But if there is a simple way to address your skepticism....let me know.

 

[verygoodthings]

I guess I need to send over a w2 Whatever....the money managers I have met tend to be bozos. I feel more comfortable managing my money myself, as I know where every nickel is. There is a guy that has looked at what I have done and has made some helpful suggestions...but fundamentally I'm reluctant to give up control. Don't know how to address your skepticism...but this is really not the purpose of my reaching out to this cite to get some reactions. But if there is a simple way to address your skepticism....let me know.

"Cite"? Really man?

No one asked for a W2, I think myself and others were just dumbfounded that someone with over 10mm in assets wouldn't have a solid education in all of this. Congratulations for getting to where you are in life.

 

[verygoodthings]

I should also say that the sole purpose for managing your own money is that you save whatever management fees you may pay otherwise. People that use asset managers also know "where their money is" at all times. The money is going to be under custody somewhere. There are many asset manager relationships where you will be included in your allocation discussions.

 

[Goblue1972]

I think I have a pretty "solid education in this". I have been managing my own money for 17 years and am comfortable in doing so. But it's always good to receive others views and input...but am simply reluctant to give up control. As I have views on the Mkt and know my own risk tolerance better than some pm. But as I said there is a guy I sit down with once a year to review my portfolio allocation...but candidly we have strongly opposing views on things. But I still feel good that I have listened to his view. always am interested in hearing other views even if I disagree with them.

 

[Goblue1972]

FYI - I did it! I retired 2 weeks ago...took me longer than I wanted but it finally arrived. I'm now focused on the next steps. Want to thank everyone that responded to this thread a few years ago and helped me think through things!

 

[EastWest Gal]

Congratulations!!!


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[MBAustin]

Excellent, GoBlue! Hope to see you hanging out here more often now

BTW, what color blue?

 

[Ronstar]

Congrats, Blue!

 

[Goblue1972]

Thanks!! Feels good to have it over! Now focused on what's next!

 

[Taxman59]

I assume the "GoBlue" is Michigan. Good to see a UM alum succeed.


Have the day you deserve, and let Karma sort it out.

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[Rdub]

Congrats!


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[Nodak]

Congratulations!

 

[Goblue1972]

Well its been 2 years and a couple of months since I retired. After spending a year abroad, we have moved back to the US. I just wanted to thank everyone for their advice. I have taken some of it and thought carefully about some of the advice that was given that I didn't take. I do now have a professional advisor managing my muni/bond portfolio and now do have a manager for a chunk of my equities. And given the markets, my total portfolio has experienced significant appreciation. and the portfolio (with rents on the Real Estate) without touching the principal has provided the $240k+ after tax that we needed. just wanted to say thanks.

 

[omni550]

Well its been 2 years and a couple of months since I retired. After spending a year abroad, we have moved back to the US. I just wanted to thank everyone for their advice. I have taken some of it and thought carefully about some of the advice that was given that I didn't take. I do now have a professional advisor managing my muni/bond portfolio and now do have a manager for a chunk of my equities. And given the markets, my total portfolio has experienced significant appreciation. and the portfolio (with rents on the Real Estate) without touching the principal has provided the $240k+ after tax that we needed. just wanted to say thanks.

Thanks for the update. Glad to hear that you retired. Enjoy.

omni