TheRobSJ
Großer Mechaniker
Hopefully you still have a Will of some sort.
Like those before me, a trust. Goes to my wife if she outlives me. Then her new young husband will buy that jet boat with it that I’ve been holding off on.
Hopefully you still have a Will of some sort.
Like those before me, a trust. Goes to my wife if she outlives me. Then her new young husband will buy that jet boat with it that I’ve been holding off on.
And no Jesse I’m not adopting you. I know you’ll just blow it all on Camero parts.
A will is fairly simple, unless you're trying to leave to a bunch of people. While it does force you to contemplate mortality, you will feel better when it's done.
But you will still have probate.
With a kid, a living trust is great option. You control everything as long as you are alive, and it passes on without any probate at all. There's always paperwork for the estate, but it's minimal.
John Goodman sums it up nicely in The Gambler as "the position of fuck you".
https://youtu.be/xdfeXqHFmPI
My balance was going all in on fun in my 20's and then becoming mature with my money in my 30's and more so in my 40's and beyond.
I think the truth is the balance.
Live for today but save some for tomorrow.
The rationale behind the 4% "rule" is that you can live off the annual 4% without touching the principal. So if it holds true, then you could live off of the original principal in perpetuity. I've got an old fashion pension to pad the difference otherwise it would be a bit nerve racking.
I believe that you need more than two million put away to retire early. Social security definitely helps, but I'm in a position where if the politicians take it away I'm still okay.
Owning a rental property in retirement sounds way too much like work to me. I want nothing to do with that. :x
I'm just as concerned about dying with too much money as with not enough. That means you effed up and could've retired much sooner during your prime years of good health. I'd rather err on the side of retiring too soon and adjust lifestyle later on in retirement to accommodate.
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It would be my life's biggest regret to die with $8.9M in my portfolio.
I think the 4% rule is excessively conservative, unless your plan is to leave a nest egg for someone else to enjoy. Nothing wrong with that, if that is the intent. A withdrawal rate of 5% is probably safe, especially if you can follow an adaptive spending plan (i.e., spend/withdraw less in down cycles).
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"Your last check should be to the undertaker... and it should bounce"
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:nchantrFixed.
As has been said, there’s no guarantees. You just don’t know when it’s your time. Quite honestly I’d give up 25% of my net worth right now to have the knowledge of when it actually is over for me. That way I could plan out my financial future a little better.
My dad hated his job. He was just holding out on retiring as long as he could and then planned to not start collecting SSI until he was 70 to maximize the payment. If he had known he wasn’t even going to make it to 70, he would’ve retired much much earlier. He died with tons saved up for a future he’d never see. I suppose I’m glad that he didn’t spend it all, because my mom is pretty healthy and while she money of her own for the future, now she has even more. Unfortunately she’s very frugal too and doesn’t spend too much. She just lives off his SSI now and is leaving the 401k money in place as long as legally allowed (she was very happy about no forced distribution for 2020).
I have no kids. My wife is older then me and I will theoretically outlive her. Which means all the generations of my family’s accumulated wealth ends with me. I’d like to live life to the fullest, but want to keep something in the hold for whatever may come up like a major medical situation or whatever. But I don’t want to come to the end and leave money on the table.
And no Jesse I’m not adopting you. I know you’ll just blow it all on Camero parts.
:nchantr
Rob adopt me...
I'll blow it on vettes
Dilbert isn't Fuck You money though
‘fuck you’ money has always been my mantra, starting at 15 years old. left home when i was 17 and told my parents to fuck off. they were surprised at what i had squirreled away, and that i could survive on it. been that way ever since (surprising others with the lack of financial hold they think they have on me). IMO - it’s pure unadulterated freedom.
‘fuck you’ money has always been my mantra, starting at 15 years old. left home when i was 17 and told my parents to fuck off. they were surprised at what i had squirreled away, and that i could survive on it. been that way ever since (surprising others with the lack of financial hold they think they have on me). IMO - it’s pure unadulterated freedom.
Surprising others is exactly what “fuck you money” is for us mortals. Sure everyone thinks the expression means you’re like Bruce Wayne and can just throw millions around to flex or get your way. And yeah I guess if you’re a true one percenter, maybe that’s the definition. But to me, it’s just being able to say, hey pal I don’t work here because I need the money.