I've enjoyed reading the forums so I thought I'd jump in now with my first post
Background
1) 43 year old guy, working in high COL area (California) with a high paying but unstable job that I dislike
2) Have 2 kids (9 and 4) both in daycare and after school programs
3) Wife is also 43 and working and travelling somewhat and has a high paying job (which she enjoys)
Saving and investing approach
1) Have been saving and investing for 15+ years and conscientiously putting money towards a 401k for the same amount of time. Currently 300k for me and 300k for her
2) Both contribute to ESPP
3) Both kids have a 529 and UTMA and we've been putting money towards both since they were born. Currently 200k in there in total
4) Wife has a conservative approach and has a seven figure sum tied up in Mutual funds. But she is totally hands off when it comes to finances. Doesn't even look at her statements.
5) I'm more aggressive and have a seven figure sum tied up in tech stocks
6) We LBYM and use Mint to track income and expenses. Used Firecalc and it gives a 100% success rate even on half our combined net income. I feel as though we're FI but slightly hesitant about ER because of daycare costs and our relative age between now and social security
Debt and spending
1) House (850k) was paid off this year so there is no mortgage
2) Drive old cars and they've been long paid off
3) No credit card debt. Always pay off at the end of the month
4) No real extravagent expenditure i.e no overseas trips or eating out much, no cable, cheap pre-paid phone
5) I cook for the family and we bag our lunches
6) No budget created but I see the spending in MINT and we're careful if not frugal
7) Average around 4k in spending per month. Used to be a lot higher i.e 7k.
Daycare - 1500
Food and household - 700
2 cars - 700
Bills - 400
Miscellaneous - 700
Miscellaneous is a catchall for kids expenses, one off annual home and car insurance and other stuff I don't really track. We have to have 2 cars at the moment since it's a commute for both of us and we drop the kids off
Concerns I have
1) After school and daycare expenses for each kid are $500 and $1000 respectively . I can take one or both out of daycare, but the younger one especially benefits from the social interaction and enjoys it immensely. These are our single biggest expenses right now
2) I'm really not happy at all in my current job (difficult manager and somewhat of an aggressive non appreciative work environment leads to a lot of stress). I'd like to leave but the work is somewhat specialized and it would be difficult to find something comparable elsewhere locally (wife travels, so it forces me to look for local opportunities)
I would like to semi retire or retire altogether or even move out of the area, but daycare costs won't go away. I think it'll be the same everywhere. Wife also doesn't want to move and kids are somewhat settled in a good school district, so it would be somewhat selfish on my part
3) Asset allocation needs review. Wife has 80% in mutual funds and 20% in stocks. MF are largely index funds, but it's all over the place. Mine are in 80% stocks and 20% MF. Nothing in bonds, CDs or low interest but safe yields. I like the idea of more income coming in, but tech stocks are doing so well with the principal growing so well, it makes me hesitant to sell for something safe but perhaps low yielding. I'm torn. I believe I would benefit from professional help but I'm somewhat distrustful of financial advisers. Are there specific funds I should consider and research further on ?
4) Not dependent on social security. We're 43. But nice to think we have another income stream coming in, but it's a long wait for a small sum
Background
1) 43 year old guy, working in high COL area (California) with a high paying but unstable job that I dislike
2) Have 2 kids (9 and 4) both in daycare and after school programs
3) Wife is also 43 and working and travelling somewhat and has a high paying job (which she enjoys)
Saving and investing approach
1) Have been saving and investing for 15+ years and conscientiously putting money towards a 401k for the same amount of time. Currently 300k for me and 300k for her
2) Both contribute to ESPP
3) Both kids have a 529 and UTMA and we've been putting money towards both since they were born. Currently 200k in there in total
4) Wife has a conservative approach and has a seven figure sum tied up in Mutual funds. But she is totally hands off when it comes to finances. Doesn't even look at her statements.
5) I'm more aggressive and have a seven figure sum tied up in tech stocks
6) We LBYM and use Mint to track income and expenses. Used Firecalc and it gives a 100% success rate even on half our combined net income. I feel as though we're FI but slightly hesitant about ER because of daycare costs and our relative age between now and social security
Debt and spending
1) House (850k) was paid off this year so there is no mortgage
2) Drive old cars and they've been long paid off
3) No credit card debt. Always pay off at the end of the month
4) No real extravagent expenditure i.e no overseas trips or eating out much, no cable, cheap pre-paid phone
5) I cook for the family and we bag our lunches
6) No budget created but I see the spending in MINT and we're careful if not frugal
7) Average around 4k in spending per month. Used to be a lot higher i.e 7k.
Daycare - 1500
Food and household - 700
2 cars - 700
Bills - 400
Miscellaneous - 700
Miscellaneous is a catchall for kids expenses, one off annual home and car insurance and other stuff I don't really track. We have to have 2 cars at the moment since it's a commute for both of us and we drop the kids off
Concerns I have
1) After school and daycare expenses for each kid are $500 and $1000 respectively . I can take one or both out of daycare, but the younger one especially benefits from the social interaction and enjoys it immensely. These are our single biggest expenses right now
2) I'm really not happy at all in my current job (difficult manager and somewhat of an aggressive non appreciative work environment leads to a lot of stress). I'd like to leave but the work is somewhat specialized and it would be difficult to find something comparable elsewhere locally (wife travels, so it forces me to look for local opportunities)
I would like to semi retire or retire altogether or even move out of the area, but daycare costs won't go away. I think it'll be the same everywhere. Wife also doesn't want to move and kids are somewhat settled in a good school district, so it would be somewhat selfish on my part
3) Asset allocation needs review. Wife has 80% in mutual funds and 20% in stocks. MF are largely index funds, but it's all over the place. Mine are in 80% stocks and 20% MF. Nothing in bonds, CDs or low interest but safe yields. I like the idea of more income coming in, but tech stocks are doing so well with the principal growing so well, it makes me hesitant to sell for something safe but perhaps low yielding. I'm torn. I believe I would benefit from professional help but I'm somewhat distrustful of financial advisers. Are there specific funds I should consider and research further on ?
4) Not dependent on social security. We're 43. But nice to think we have another income stream coming in, but it's a long wait for a small sum
