Hi everyone, my apologies if this isn't an interesting post, but I'm new to online chat forums like this. I'll stumble through it eventually. My situation:
41 yr old with 38 yr old wife, two kids 8 and 9 yrs old.
net worth about 8.5M
equities 30%
vanguard intermediate term tax exempt: 30%
401K 50-50 stocks and bond funds: 10%
farm land 25%
5% cash
150K in 529 plans
spend 8K/month
no debt
My mind and health aren't holding up to the long hours I've put in last 14 years and I no longer value income as the only priority in life. I'm changing my outlook to being more like enough is enough rather than we can never have enough. So, I have taken on partners with a 10 year phase out plan which allows me to work less... and make less income. I am here because I enjoy the topic of investing and out of fear that I can afford to execute my phase out plan.
My specific question: Firecalc seems to be used by people on this board and it seems misleading to me. Please tell me if I'm looking at it incorrectly, but with no variable input for taxes, aren't the numbers meaningless? It doesn't appear that allowances for tax on dividends, bond interest, capital gains... nothing is ever paid out on the portfolio gains so the error is magnified every year as money that would be due for taxes continues to compound.
thanks!
Oh, what does GW stand for on other threads?
41 yr old with 38 yr old wife, two kids 8 and 9 yrs old.
net worth about 8.5M
equities 30%
vanguard intermediate term tax exempt: 30%
401K 50-50 stocks and bond funds: 10%
farm land 25%
5% cash
150K in 529 plans
spend 8K/month
no debt
My mind and health aren't holding up to the long hours I've put in last 14 years and I no longer value income as the only priority in life. I'm changing my outlook to being more like enough is enough rather than we can never have enough. So, I have taken on partners with a 10 year phase out plan which allows me to work less... and make less income. I am here because I enjoy the topic of investing and out of fear that I can afford to execute my phase out plan.
My specific question: Firecalc seems to be used by people on this board and it seems misleading to me. Please tell me if I'm looking at it incorrectly, but with no variable input for taxes, aren't the numbers meaningless? It doesn't appear that allowances for tax on dividends, bond interest, capital gains... nothing is ever paid out on the portfolio gains so the error is magnified every year as money that would be due for taxes continues to compound.
thanks!
Oh, what does GW stand for on other threads?