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Same, but I didnt think of it as an either/or back then so I just squirrel away a few 529 bucks every month with an aggressive investment position hoping for a scholarship. The 10% penalty, I believe, is only on earnings above the principle investment, so I think its a win/win and then maybe I dont have to sell RE when the first one hits college in 8-9 years.
skipped the 529 and used a Roth instead, because I'm old enough that I can draw from it when my kiddo goes to college. But sure as fuck hoping she gets a scholarship.
You'd be surprised, then.Quote:
Originally Posted by dan_pdx
When I penciled it out, the RE forecast so blew away the 529 tax dodge that the 529 didn't make sense for us.Quote:
Originally Posted by Art Shirk
After 15 years, the estimate has far been surpassed.
But yeah, eggs/baskets.
Haven't had to sell any yet; the plan has been to burn up some other investments to pay tuition (2 years in so far at Reed which gives only need based FA) and rely on the RE to fund the more amber gloamings of life.
A bit more but have to set aside for taxes. I just worked very hard at understanding finance and technology (my particular niche) then went from there. A lot harder than at biking or skiing. Much of the rest was getting income streams via dividends and Covered Calls. There's an ongoing thread in Padded Room under "Stock Markets" where BobMc is learning about this holy grail; its not just me who's doing it.Quote:
Originally Posted by dan_pdx
There's enough stress making money for my parents. I'd never professionally run money
https://www.youngmoney.co/p/fck-money
Check out the Tim Ferris blog post that he links to in this essay. Horror stories.
"I think everybody should get rich and famous, and do everything they ever dreamed of, so they can see that it’s not the answer.”
Jim Carrey
The post is pretty much just common sense and I agree with it. The idea of you reading a blog entitled "youngmoney" strikes me as kinda humorous though.
Well, there was a good contribution from old guy Bill Murray, who said that the only good that fame brought him was getting out of a few speeding tickets, and a table in a few restaraunts not wearing a jacket and tie.
So the common theme with these rich, millionaire/billionaire workaholics is they don't know when to say "enough is enough" and head for the beach?
If they didn't have that mentality, they never would have become millionaire/billionaires....mediocrity gets nowhere. Seriously...a double edged sword.Quote:
Originally Posted by oldnew_guy
What's the point of going if you won't like it when you get there?
The whole point of this thread is about knowing when to say when. If you don't have that ability you're just a hamster on a wheel.
I just cannot imagine being a Bezo's or Buffet, etc and not just checking out to my beach/ski chalet/exotic location rotation via my private jet.
Which as noted, explains why I am not a billionaire.
Regarding rental properties:
I assume those with kids are planning to pass them along. Folks without kids; what’s you plan for timing the dump? And do you have any strategies for minimizing capital gains & depreciation recapture?
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Chicken or egg man thinks Musk is a SNAG enslaved by his own ambitions. Is late to his bro's wedding despite owning a G650 because nobody but him can fix shit in a car factory. Sheds a tear when relating stories about decisions he alone made...
Maybe, just maybe, Musk would've always been an asshole.
And as a third-rate engineer in a cube farm, he still might have missed the wedding because Mr O'Clock wouldn't give him the days off.
uh, that’s kinda what bezos is doing nowQuote:
Originally Posted by oldnew_guy
I have talked to more than a few retirees who found retired life boring maybe as much as 20%, the thing is they didn't know it would be boring till they got thereQuote:
Originally Posted by ötzi
It is boring.
Every now and then I drive by a driving range and start mulling the golf life again, and the little guy on my shoulder starts shouting, no, no!
Quote:
Originally Posted by ötzi
Quote:
Originally Posted by XXX-er
Because so many people derive their identity from their work. They socialize with their work friends / people in the same profession, and inevitably talk shop. And when men are in uncharted social waters they fall back to the script. "Bob is it? So, what do you do?"Quote:
Originally Posted by Benny Profane
A friend who thinks too much and I were going to meet a third friend for a beer. We all did the same job at the same company, and at this point had moved on to doing the same job at three different slightly better companies. Before we enter the bar, my mischievous friend tells me he's going to time how long it takes for the conversation to turn to work, and when it does he's going to change the subject to sports. The ensuing conversation was hilariously disjointed, but he eventually had to give up. Shop talk is unrelenting.
In a similar vein, when the mandatory retirement age was 60, guys with six-figure pensions would go do contract work rather than not fly. Their ex-wives/widows are all doin pretty well now, I suppose.
That should work well for me. I never talk about work. The second I'm off the clock I don't think about it at all, or at least extremely rarely.
exactly ^^ people identify with their job, some of them just go back to work cuz its easier,
I have never touched another computer for money, insted i did as many shortterm lo/ no commintment jobs
you still flying Ted ?
Quote:
Originally Posted by Benny Profane
second.
hit my number, thought absolute freedom would be great; was bored as hell. took up hobbies but was not the same satisfaction as a job; that was a brutal realization. took the time and read about 10 purpose in life books to figure out the job/career i would most enjoy and get fullfillment from and am back at it. i still cant believe it,
I made my buddy flinch the other day on the lift when I told him getting a job may be a consideration.
I feel sorry for the folks that’ll have to train you
Attachment 410093Quote:
Originally Posted by mcphee
Well played.Quote:
Originally Posted by JimmyCarter
Fuck, I’m SO glad I’m retired. The best thing ever.
I’d feel pretty bad if I couldn’t amuse myself.