GreenMachine
Confused about dryer sheets
- Joined
- Aug 12, 2015
- Messages
- 3
Hi,
I am new here and been searching around for info as I contemplate some life choices. I have seen some good advice on the these boards. I am 44 yrs old, have two young sons, and am currently going through divorce from a women I have been with for over 25 years. Here is my situation and some questions / thoughts I have.
The divorce hurts, but without getting into great detail here, I have a strong chance to get custody of my sons (if my wife does not negotiate nicely / fairly) who are the only things that really matter to me right now. Although I could never think of retiring early previously, with the bad news of divorce, I have since found out I will be blessed with a substancial windfall (8 figure gift, taxes paid by giftor (my brother)) in the next 2-3 months. This has opened a new world. I have a very good paying job but really don't like it and the stress is thru the roof, yet now I can (and am) strongly considering FIRE and the ability it will provide me to take care of my sons full time (assuming I have them at least 50% of time), while also pursuing different life opportunities I could not pursue before.
My questions:
1. I know once divorce is settled I would easily live off investment income. House would be paid off and will have no debt, and could likely burn through 200-250/year after taxes on average and still have investment income left over to reinvest. But where / how could I safely "park" said gift so that it earns very little income until I properly invest after divorce. (I know that sounds odd, but although spouse cannot touch any of the gift's principle as it is seperate property, interest, captital gains, dividends, etc. can be considered as income and applied towards support awards to spouse, who makes very little money of her own).
2. Best places to shop health insurance in NY?
3. People have told me I should purchase umbrella insurance to protect against lawsuits / gold diggers, any advice there?
4. Longer term investing strategies....my goal is lower risk, protect principle. Shooting for 5-6% returns on average a year (is that reasonable?). Curious as to thoughts here. Ultimately, I will be securing a fee only financial advisor when the time is right though.
5. What am I missing when once considers FIRE?
Thank you in advance for thoughts you share. Its great that boards like this exist.
I am new here and been searching around for info as I contemplate some life choices. I have seen some good advice on the these boards. I am 44 yrs old, have two young sons, and am currently going through divorce from a women I have been with for over 25 years. Here is my situation and some questions / thoughts I have.
The divorce hurts, but without getting into great detail here, I have a strong chance to get custody of my sons (if my wife does not negotiate nicely / fairly) who are the only things that really matter to me right now. Although I could never think of retiring early previously, with the bad news of divorce, I have since found out I will be blessed with a substancial windfall (8 figure gift, taxes paid by giftor (my brother)) in the next 2-3 months. This has opened a new world. I have a very good paying job but really don't like it and the stress is thru the roof, yet now I can (and am) strongly considering FIRE and the ability it will provide me to take care of my sons full time (assuming I have them at least 50% of time), while also pursuing different life opportunities I could not pursue before.
My questions:
1. I know once divorce is settled I would easily live off investment income. House would be paid off and will have no debt, and could likely burn through 200-250/year after taxes on average and still have investment income left over to reinvest. But where / how could I safely "park" said gift so that it earns very little income until I properly invest after divorce. (I know that sounds odd, but although spouse cannot touch any of the gift's principle as it is seperate property, interest, captital gains, dividends, etc. can be considered as income and applied towards support awards to spouse, who makes very little money of her own).
2. Best places to shop health insurance in NY?
3. People have told me I should purchase umbrella insurance to protect against lawsuits / gold diggers, any advice there?
4. Longer term investing strategies....my goal is lower risk, protect principle. Shooting for 5-6% returns on average a year (is that reasonable?). Curious as to thoughts here. Ultimately, I will be securing a fee only financial advisor when the time is right though.
5. What am I missing when once considers FIRE?
Thank you in advance for thoughts you share. Its great that boards like this exist.