WannabeWealthy
Established Member
Joined: Dec 27, 2010 12:25:17 GMT -5
Posts: 354
|
Post by WannabeWealthy on Nov 18, 2021 8:16:51 GMT -5
All,
For those that have followed me for many years since I was married (and expressed how unhappy I was). Went through a divorce (and getting 50% of my net worth taken away) in 2018. I've managed to get very lucky in the stock market but also made very good decisions on where to invest my money in stocks (I haven't put money into my stocks from my paycheck in several years). I'm 51yrs old and have recouped all the money I lost in the divorce and have exceeded my networth back then.
I am now buying a lot of toys (just got a 2021 motorcycle), enjoying making reservations for travel, and pretty much eating anything I want. I don't plan on living very long and so I will make the best of what I've accumulated. At 55yrs old, I will assess whether I should wait till 62 to totally retire or do it at 55yrs. What's important is that I now have options that I didn't before and there is no need to be nervous about whether the job sector takes a and I get laid off. In March of 2022, I plan on going to AZ to go to flight training for a month to become a private glider pilot and hopefully shortly after that buy my own glider airplane.
It feels good to know that all of the money I earn and all of my assets are totally 100% mine and will never be taken away from me again. I also like that I am no longer responsible to take care of anyone but myself.
|
|
Deleted
Joined: Mar 29, 2024 6:27:14 GMT -5
Posts: 0
|
Post by Deleted on Nov 18, 2021 8:44:48 GMT -5
Congratulations! I also had a first marriage that ended in flames when I was in my mid-40s and recovered nicely even though I had a 12-year old son to support with no help from the Ex. Moving to a smaller house and not having an unemployed husband with very expensive tastes made a huge difference.
I did remarry 7 years later but he was a true partner and we shared the same financial priorities (loved to travel, pretty modest in other categories). He died 5 years ago and although I miss him I have to agree that I also enjoy being responsible for no one but myself and I'm unlikely to marry again.
Do you have concrete reasons for not planning to live very long? That could be a problem if you turn out to be wrong.
|
|
|
Post by minnesotapaintlady on Nov 18, 2021 8:54:48 GMT -5
Wow. It seemed like it was just recently you got your divorce, so I looked back into your old threads. You went from 300K in early 2020 to a million now? That's pretty impressive.
|
|
gs11rmb
Senior Member
Joined: Dec 21, 2010 12:43:39 GMT -5
Posts: 3,298
|
Post by gs11rmb on Nov 18, 2021 9:00:01 GMT -5
Congratulations! That's quite an achievement.
|
|
WannabeWealthy
Established Member
Joined: Dec 27, 2010 12:25:17 GMT -5
Posts: 354
|
Post by WannabeWealthy on Nov 18, 2021 10:01:47 GMT -5
Congratulations! I also had a first marriage that ended in flames when I was in my mid-40s and recovered nicely even though I had a 12-year old son to support with no help from the Ex. Moving to a smaller house and not having an unemployed husband with very expensive tastes made a huge difference. I did remarry 7 years later but he was a true partner and we shared the same financial priorities (loved to travel, pretty modest in other categories). He died 5 years ago and although I miss him I have to agree that I also enjoy being responsible for no one but myself and I'm unlikely to marry again. Do you have concrete reasons for not planning to live very long? That could be a problem if you turn out to be wrong. I would never remarry again. There's really no need to. A person could live with me and it would be the exact same relationship. I have a family history of a variety of diseases where none of them just died due to old age. Black males tend to die a lot earlier than females. I have diabetes, high blood pressure, IBS and chronic back pain. My father died at 56yrs old with stomach cancer and my mom died of Alzheimers disease while battling it for 12yrs (86yrs old). With a history of heart disease and cancer, my future doesn't look so good. And I also don't want to leave behind me millions of dollars because I decided to be conservative with my life at an older age. I'd rather leave $0 behind me when I die because I deserve to spend every penny of it. You can't take it with you and I want to enjoy what I accomplished.
|
|
giramomma
Distinguished Associate
Joined: Feb 3, 2011 11:25:27 GMT -5
Posts: 21,148
|
Post by giramomma on Nov 18, 2021 12:12:34 GMT -5
Congratulations! I also had a first marriage that ended in flames when I was in my mid-40s and recovered nicely even though I had a 12-year old son to support with no help from the Ex. Moving to a smaller house and not having an unemployed husband with very expensive tastes made a huge difference. I did remarry 7 years later but he was a true partner and we shared the same financial priorities (loved to travel, pretty modest in other categories). He died 5 years ago and although I miss him I have to agree that I also enjoy being responsible for no one but myself and I'm unlikely to marry again. Do you have concrete reasons for not planning to live very long? That could be a problem if you turn out to be wrong. I would never remarry again. There's really no need to. A person could live with me and it would be the exact same relationship. I have a family history of a variety of diseases where none of them just died due to old age. Black males tend to die a lot earlier than females. I have diabetes, high blood pressure, IBS and chronic back pain. My father died at 56yrs old with stomach cancer and my mom died of Alzheimers disease while battling it for 12yrs (86yrs old). With a history of heart disease and cancer, my future doesn't look so good. And I also don't want to leave behind me millions of dollars because I decided to be conservative with my life at an older age. I'd rather leave $0 behind me when I die because I deserve to spend every penny of it. You can't take it with you and I want to enjoy what I accomplished. Yes. But you also don''t know, unless you are planning on controlling, exactly when you go. My dad's parents died in their early 60s. My dad made it to 75. He was diagnosed with Stage IV cancer at 66 and was only supposed to live 2-3 years. He lived normally for 8 years after his stage four diagnosis. I mean, yes, he had to go in for chemo, but he and mom were able to mow their lawn, go on trips like they normally did, go to shows, be in a bowling league, go to the casino, etc. The last 18 months got iffy. I actually happened to get his genetic mutation. I'm almost done with my cancer treatment. The breast cancer treatment I'm getting is absolutely not the same breast cancer treatment of 15 years ago. Similar to 10 years ago, because of my case.
I mean. I'm 46. I know that there is a chance I won't see 50. Very little research is done on metastatic breast cancer. That chance may be small, but it does exist. I'm not exactly living like there is no tomorrow,yet. My MIL has had HBP since her 40s. She's 76 and not going anywhere yet. And that's not because she shuffles when she walks. Of course, if you aren't treating your diabetes, HBP, etc. Thats another story. And, then, sure, I would adjust accordingly.
|
|
tskeeter
Junior Associate
Joined: Mar 20, 2011 19:37:45 GMT -5
Posts: 6,831
|
Post by tskeeter on Nov 18, 2021 14:30:01 GMT -5
First, congratulations on your achievement!
Second, I think your plans for your future sound ambitious. A million bucks ain’t all that in a world of 4%, 5%, or 6% inflation. I realize you don’t think you have a long life expectancy, but your Mom lived to age 86. If you retire at 55 and live as long as your Mom (DW’s Doc says we can plan to live about 10 years longer than our parents), you need to be able fund a 30 year or longer retirement. If you don’t plan for the possibility of a long life, you need to be prepared to be broke and struggling financially. You also aspire to what I suspect is an expensive hobby. I can’t imagine that a glider is significantly less expensive than an airplane with an engine. Then there are safety certifications and inspections? And hanger rental. And tows to get you airborne. And insurance. It costs close to $10K a year to own a car. I’ve got to think that an airplane, even an unpowered airplane, costs twice as much as a car to own. Maybe more.
Last, how do your plans stack up if we experience another 2009 and the value of your retirement portfolio drops by 40% or 50% the year after you retire?
Although you’re feeling flush, some number tumbling to test the parameters of your resources and aspirations would be a good idea. If the numbers say your plans are a slam dunk, how wonderful for you! If the numbers don’t add up, maybe there are ways to achieve your aspirations in a more economical fashion. For example, rather than buying your own glider, join a glider club or buy a fractional interest in a glider and share the costs with other pilots.
|
|
WannabeWealthy
Established Member
Joined: Dec 27, 2010 12:25:17 GMT -5
Posts: 354
|
Post by WannabeWealthy on Nov 18, 2021 17:01:32 GMT -5
I would never remarry again. There's really no need to. A person could live with me and it would be the exact same relationship. I have a family history of a variety of diseases where none of them just died due to old age. Black males tend to die a lot earlier than females. I have diabetes, high blood pressure, IBS and chronic back pain. My father died at 56yrs old with stomach cancer and my mom died of Alzheimers disease while battling it for 12yrs (86yrs old). With a history of heart disease and cancer, my future doesn't look so good. And I also don't want to leave behind me millions of dollars because I decided to be conservative with my life at an older age. I'd rather leave $0 behind me when I die because I deserve to spend every penny of it. You can't take it with you and I want to enjoy what I accomplished. Yes. But you also don''t know, unless you are planning on controlling, exactly when you go. My dad's parents died in their early 60s. My dad made it to 75. He was diagnosed with Stage IV cancer at 66 and was only supposed to live 2-3 years. He lived normally for 8 years after his stage four diagnosis. I mean, yes, he had to go in for chemo, but he and mom were able to mow their lawn, go on trips like they normally did, go to shows, be in a bowling league, go to the casino, etc. The last 18 months got iffy. I actually happened to get his genetic mutation. I'm almost done with my cancer treatment. The breast cancer treatment I'm getting is absolutely not the same breast cancer treatment of 15 years ago. Similar to 10 years ago, because of my case.
I mean. I'm 46. I know that there is a chance I won't see 50. Very little research is done on metastatic breast cancer. That chance may be small, but it does exist. I'm not exactly living like there is no tomorrow,yet. My MIL has had HBP since her 40s. She's 76 and not going anywhere yet. And that's not because she shuffles when she walks. Of course, if you aren't treating your diabetes, HBP, etc. Thats another story. And, then, sure, I would adjust accordingly.
Of course everything you say is agreeable. And realistic. I don't know when I'm going to die. But I don't want to have millions of dollars in my accounts because I expect to live for a long time and not enjoy myself. The older we get, even if we are healthy, we won't get to do certain physical activities like we should. At 70yrs old, I'll be less inclined to do daring things and more inclined to just sit in the house and watch TV. Now is the time for me to enjoy the fruits of my labor. I feel I'm at that right age bracket to do daring things, travel and engage in some luxurious living. I'm not saying I'm going to blow through my money intentionally, but I'm definitely not going to worry about overspending on things like motorcycles and eating steak and lobster 2/3x week (for example).
|
|
WannabeWealthy
Established Member
Joined: Dec 27, 2010 12:25:17 GMT -5
Posts: 354
|
Post by WannabeWealthy on Nov 18, 2021 17:10:45 GMT -5
First, congratulations on your achievement! Second, I think your plans for your future sound ambitious. A million bucks ain’t all that in a world of 4%, 5%, or 6% inflation. I realize you don’t think you have a long life expectancy, but your Mom lived to age 86. If you retire at 55 and live as long as your Mom (DW’s Doc says we can plan to live about 10 years longer than our parents), you need to be able fund a 30 year or longer retirement. If you don’t plan for the possibility of a long life, you need to be prepared to be broke and struggling financially. You also aspire to what I suspect is an expensive hobby. I can’t imagine that a glider is significantly less expensive than an airplane with an engine. Then there are safety certifications and inspections? And hanger rental. And tows to get you airborne. And insurance. It costs close to $10K a year to own a car. I’ve got to think that an airplane, even an unpowered airplane, costs twice as much as a car to own. Maybe more. Last, how do your plans stack up if we experience another 2009 and the value of your retirement portfolio drops by 40% or 50% the year after you retire? Although you’re feeling flush, some number tumbling to test the parameters of your resources and aspirations would be a good idea. If the numbers say your plans are a slam dunk, how wonderful for you! If the numbers don’t add up, maybe there are ways to achieve your aspirations in a more economical fashion. For example, rather than buying your own glider, join a glider club or buy a fractional interest in a glider and share the costs with other pilots. Thanks for the feedback! Much appreciated. I don't plan on retiring at 55yrs old. However, I want to feel like I *could* if I was forced to. I'm now 100% remote due to my profession (software engineer), so getting some remote work every now and then to meet ends meet is definitely doable. By the time I'm 55yrs old, I suspect that I'll be around 1.5M in networth. I will assess what I can do at that time. I still plan on taking SS at 62 but if my finances are right, then 65 could be the better option. I don't have to worry about health insurance because I'm a military vet and the VA takes care of me there. I also have insurance for home health care (valued at $300k) for my needs as I become home bound. The glider I plan on getting is motorized powered by solar panels. I don't need to pay for tows or fuel. The hangar space and insurance will be extra costs, but that's something I'll gladly pay for such a wonderful experience as flying. I'll try to do as much as I can to enjoy life *now* while I have a job. I know of a couple of people that have "retired" from Lockheed where they are still working 20hrs/week and getting all the benefits of a full time employee. Since my job is now 100% remote, I could easily live anywhere or travel and still get paid. In short, right now is the best time to enjoy living while both my stock portfolio and my 401k continue to compound. Worst case scenario is I retire at 65yrs old. Best case, I can call it at 55yrs old and live off of my investments until 65 where I can pull in an extra check from SS to help out going forward. P.S. If I have 1M in cash (after-tax dollars), I could comfortably live with a 6% return (~60k/yr) easily where I live (TX). That's $5k/month take home - which is right around what I take home now so $1M would be enough for me to live comfortably.
|
|
NoNamePerson
Distinguished Associate
Is There Anybody OUT There?
Joined: Dec 17, 2010 17:03:17 GMT -5
Posts: 25,594
Location: WITNESS PROTECTION
|
Post by NoNamePerson on Nov 18, 2021 17:26:33 GMT -5
Yes. But you also don''t know, unless you are planning on controlling, exactly when you go. My dad's parents died in their early 60s. My dad made it to 75. He was diagnosed with Stage IV cancer at 66 and was only supposed to live 2-3 years. He lived normally for 8 years after his stage four diagnosis. I mean, yes, he had to go in for chemo, but he and mom were able to mow their lawn, go on trips like they normally did, go to shows, be in a bowling league, go to the casino, etc. The last 18 months got iffy. I actually happened to get his genetic mutation. I'm almost done with my cancer treatment. The breast cancer treatment I'm getting is absolutely not the same breast cancer treatment of 15 years ago. Similar to 10 years ago, because of my case.
I mean. I'm 46. I know that there is a chance I won't see 50. Very little research is done on metastatic breast cancer. That chance may be small, but it does exist. I'm not exactly living like there is no tomorrow,yet. My MIL has had HBP since her 40s. She's 76 and not going anywhere yet. And that's not because she shuffles when she walks. Of course, if you aren't treating your diabetes, HBP, etc. Thats another story. And, then, sure, I would adjust accordingly.
Of course everything you say is agreeable. And realistic. I don't know when I'm going to die. But I don't want to have millions of dollars in my accounts because I expect to live for a long time and not enjoy myself. The older we get, even if we are healthy, we won't get to do certain physical activities like we should. At 70yrs old, I'll be less inclined to do daring things and more inclined to just sit in the house and watch TV. Now is the time for me to enjoy the fruits of my labor. I feel I'm at that right age bracket to do daring things, travel and engage in some luxurious living. I'm not saying I'm going to blow through my money intentionally, but I'm definitely not going to worry about overspending on things like motorcycles and eating steak and lobster 2/3x week (for example). Sorry I just found this funny.
|
|
Deleted
Joined: Mar 29, 2024 6:27:14 GMT -5
Posts: 0
|
Post by Deleted on Nov 18, 2021 19:01:48 GMT -5
Are you taking your doctors' advice on controlling HBP and diabetes? There's a lot you can control without meds so you don't end up on a scooter with an empty sock where your foot used to be. I get wanting to do things now while you're younger and healthier- I've had to give up hiking up mountains at 68 because of a "stuff happens" cardiac insufficiency despite my healthy habits- but the picture in my avatar was taken in Alaska only 3 months ago. I'm not ready for a rocking chair yet.
You also seem pretty confident that you can work as long as you want or need to. In the IT world you're Old at 51 and probably expensive. Management may decide at some point they can find a 25-year old to do what you do for a lot less money (even if they're wrong about that). High earners are a target when they decide to downsize.
My second husband was 15 years older so I get what you're saying about not postponing all the good stuff till "someday". We traveled to wonderful places together till he died 5 years ago. We still kept an eye on the future and saved for that.
|
|
WannabeWealthy
Established Member
Joined: Dec 27, 2010 12:25:17 GMT -5
Posts: 354
|
Post by WannabeWealthy on Nov 18, 2021 19:27:14 GMT -5
Are you taking your doctors' advice on controlling HBP and diabetes? There's a lot you can control without meds so you don't end up on a scooter with an empty sock where your foot used to be. I get wanting to do things now while you're younger and healthier- I've had to give up hiking up mountains at 68 because of a "stuff happens" cardiac insufficiency despite my healthy habits- but the picture in my avatar was taken in Alaska only 3 months ago. I'm not ready for a rocking chair yet. You also seem pretty confident that you can work as long as you want or need to. In the IT world you're Old at 51 and probably expensive. Management may decide at some point they can find a 25-year old to do what you do for a lot less money (even if they're wrong about that). High earners are a target when they decide to downsize. My second husband was 15 years older so I get what you're saying about not postponing all the good stuff till "someday". We traveled to wonderful places together till he died 5 years ago. We still kept an eye on the future and saved for that. Yup. I've been on insulin for a few years now and I take my meds regularly. HBP and diabetes is under control for now but I know my body will age more and I will just have to stay on top of it. You are right about the IT world, however, some of the stuff I do requires years of experience that a 20yr old college grad just won't know. It takes years and years to learn algorithms and programming languages as well as some of the specialty areas that I have under my belt. Also, my security clearance is another one of those "good to haves" when dealing with defense companies. All in all though, being 51yrs old is definitely a negative for me when I'm getting interview questions designed for 20yr olds that just got out of college. I went through that wake up call back in 2016 and it was a nightmare. But I'm not going to let fear of getting a job stop me from enjoying my later years in life. I'd rather be on food stamps at 80yrs old than to be dead at 60yrs old and those that inherit my money get to spend it to make their lives better.
|
|
tskeeter
Junior Associate
Joined: Mar 20, 2011 19:37:45 GMT -5
Posts: 6,831
|
Post by tskeeter on Nov 18, 2021 19:52:13 GMT -5
First, congratulations on your achievement! Second, I think your plans for your future sound ambitious. A million bucks ain’t all that in a world of 4%, 5%, or 6% inflation. I realize you don’t think you have a long life expectancy, but your Mom lived to age 86. If you retire at 55 and live as long as your Mom (DW’s Doc says we can plan to live about 10 years longer than our parents), you need to be able fund a 30 year or longer retirement. If you don’t plan for the possibility of a long life, you need to be prepared to be broke and struggling financially. You also aspire to what I suspect is an expensive hobby. I can’t imagine that a glider is significantly less expensive than an airplane with an engine. Then there are safety certifications and inspections? And hanger rental. And tows to get you airborne. And insurance. It costs close to $10K a year to own a car. I’ve got to think that an airplane, even an unpowered airplane, costs twice as much as a car to own. Maybe more. Last, how do your plans stack up if we experience another 2009 and the value of your retirement portfolio drops by 40% or 50% the year after you retire? Although you’re feeling flush, some number tumbling to test the parameters of your resources and aspirations would be a good idea. If the numbers say your plans are a slam dunk, how wonderful for you! If the numbers don’t add up, maybe there are ways to achieve your aspirations in a more economical fashion. For example, rather than buying your own glider, join a glider club or buy a fractional interest in a glider and share the costs with other pilots. Thanks for the feedback! Much appreciated. I don't plan on retiring at 55yrs old. However, I want to feel like I *could* if I was forced to. I'm now 100% remote due to my profession (software engineer), so getting some remote work every now and then to meet ends meet is definitely doable. By the time I'm 55yrs old, I suspect that I'll be around 1.5M in networth. I will assess what I can do at that time. I still plan on taking SS at 62 but if my finances are right, then 65 could be the better option. I don't have to worry about health insurance because I'm a military vet and the VA takes care of me there. I also have insurance for home health care (valued at $300k) for my needs as I become home bound. The glider I plan on getting is motorized powered by solar panels. I don't need to pay for tows or fuel. The hangar space and insurance will be extra costs, but that's something I'll gladly pay for such a wonderful experience as flying. I'll try to do as much as I can to enjoy life *now* while I have a job. I know of a couple of people that have "retired" from Lockheed where they are still working 20hrs/week and getting all the benefits of a full time employee. Since my job is now 100% remote, I could easily live anywhere or travel and still get paid. In short, right now is the best time to enjoy living while both my stock portfolio and my 401k continue to compound. Worst case scenario is I retire at 65yrs old. Best case, I can call it at 55yrs old and live off of my investments until 65 where I can pull in an extra check from SS to help out going forward. P.S. If I have 1M in cash (after-tax dollars), I could comfortably live with a 6% return (~60k/yr) easily where I live (TX). That's $5k/month take home - which is right around what I take home now so $1M would be enough for me to live comfortably. Getting yourself in a position where you have choices is a very good thing. I was able to go from not contemplating retirement soon to fully retired in a period of six days because we set ourselves up to have choices.
|
|
Deleted
Joined: Mar 29, 2024 6:27:14 GMT -5
Posts: 0
|
Post by Deleted on Nov 18, 2021 20:01:08 GMT -5
Getting yourself in a position where you have choices is a very good thing. I was able to go from not contemplating retirement soon to fully retired in a period of six days because we set ourselves up to have choices. Amen to that. I got sick of the political BS in my last job and one week elapsed between my call to my husband saying, "I think I'm going to quit my job on Monday" and my last day at work. I'd rather be on food stamps at 80yrs old than to be dead at 60yrs old and those that inherit my money get to spend it to make their lives better. Being old and poor has always been my nightmare. It takes a lot of $$$ to have a comfortable old age. I know you said you have VA benefits but I have Medicare which does not cover the 2 dental implants I just had placed, or hearing aids (don't need those yet). I fly Business Class on long hauls because as my husband's health deteriorated it was a lot harder for him to recover from a long Coach flight and crossing multiple time zones. He had a creaky back and was over 6' tall. I do it because I like it! When I see people my age or older handing out samples in Costco or bagging groceries at the local grocery store, I always wonder if they're doing it just to get out and be with people or because they need the money to pay their bills.
|
|
WannabeWealthy
Established Member
Joined: Dec 27, 2010 12:25:17 GMT -5
Posts: 354
|
Post by WannabeWealthy on Nov 19, 2021 9:04:30 GMT -5
Getting yourself in a position where you have choices is a very good thing. I was able to go from not contemplating retirement soon to fully retired in a period of six days because we set ourselves up to have choices. Amen to that. I got sick of the political BS in my last job and one week elapsed between my call to my husband saying, "I think I'm going to quit my job on Monday" and my last day at work. I'd rather be on food stamps at 80yrs old than to be dead at 60yrs old and those that inherit my money get to spend it to make their lives better. Being old and poor has always been my nightmare. It takes a lot of $$$ to have a comfortable old age. I know you said you have VA benefits but I have Medicare which does not cover the 2 dental implants I just had placed, or hearing aids (don't need those yet). I fly Business Class on long hauls because as my husband's health deteriorated it was a lot harder for him to recover from a long Coach flight and crossing multiple time zones. He had a creaky back and was over 6' tall. I do it because I like it! When I see people my age or older handing out samples in Costco or bagging groceries at the local grocery store, I always wonder if they're doing it just to get out and be with people or because they need the money to pay their bills. Yea, I sortof hate being poor and old too but it's the worse of the two evils to me. Hopefully I'll still have enough money to survive but now is the time to spend it the most. And yea, I'm still working now so I'll be taking care of a lot of things like dental implants. I'll have Medicare as a 2nd insurance. I've also paid for Home healthcare with an insurance I bought back in 2005. It gives up to $300k for home assistance. I only pay $16.00/month.
|
|
movingforward
Junior Associate
Joined: Sept 15, 2011 12:48:31 GMT -5
Posts: 8,358
|
Post by movingforward on Nov 21, 2021 9:39:00 GMT -5
I get it...you can't take it with you when you go. I have also gotten to the point of wanting to enjoy spending a little. I have not reached millionaire status yet and I'm still saving, but I've loosened the purse strings a bit. It's all about balance.
I am a SINK and love being responsible for no one but myself. Dying with tons of money in the bank doesn't make a whole lot of sense with no kids to leave it to. I don’t want to be old and penniless but also don't want to kick the bucket with lots of money sitting around that could have been used for enjoyment. I think I have found the right balance.
I hope to possibly go to part-time work at the age of 55. Insurance is going to be the hardest thing though. Not sure if I will be able to work that part out.
|
|
WannabeWealthy
Established Member
Joined: Dec 27, 2010 12:25:17 GMT -5
Posts: 354
|
Post by WannabeWealthy on Nov 21, 2021 12:12:57 GMT -5
I get it...you can't take it with you when you go. I have also gotten to the point of wanting to enjoy spending a little. I have not reached millionaire status yet and I'm still saving, but I've loosened the purse strings a bit. It's all about balance. I am a SINK and love bring responsible for no one but myself. Dying with tons of money in the bank doesn't make a whole lot of sense with no kids to leave it to. I don’t want to be old and penniless but also don't want to kick the bucket with lots of money sitting around that could have been used for enjoyment. I think I have found the right balance. I hope to possibly go to part-time work at the age of 55. Insurance is going to be the hardest thing though. Not sure if I will be able to work that part out. I feel you on that. Balance is the key and that's the most important part. I don't want to feel like I worked so hard to make a good living for myself only to die and someone else enjoy their lives more than I enjoyed mine with my money. Even today while I work I'm spending money on myself. I plan on taking several trips, buying more "toys" and eating whatever I want. I also plan on taking up several different hobbies even if my interest in them decreases over time. I will also have the opportunity to work part-time if I so choose to when I get 55yrs old and decide to retire.
|
|
Rukh O'Rorke
Junior Associate
Joined: Jul 4, 2016 13:31:15 GMT -5
Posts: 9,985
|
Post by Rukh O'Rorke on Nov 21, 2021 14:59:13 GMT -5
I get it...you can't take it with you when you go. I have also gotten to the point of wanting to enjoy spending a little. I have not reached millionaire status yet and I'm still saving, but I've loosened the purse strings a bit. It's all about balance. I am a SINK and love being responsible for no one but myself. Dying with tons of money in the bank doesn't make a whole lot of sense with no kids to leave it to. I don’t want to be old and penniless but also don't want to kick the bucket with lots of money sitting around that could have been used for enjoyment. I think I have found the right balance. I hope to possibly go to part-time work at the age of 55. Insurance is going to be the hardest thing though. Not sure if I will be able to work that part out. I frequently think about leaving each of my children their own million! It makes me so happy. I worry about a future increasing led by robots and AI and worry what happens if work gets super hard to come by. My family will be safe, I hope, with this legacy. So I do not want to chip into principal at all when I retire. Considering a downshift rather than just retiring but haven’t decided yet. Wondering what will make me happiest is all. I can live fine on 80k year it might not provide extras in moderately HCOL and so far planning to keep the family home. Have last 2 weeks of year off so just trying to make it through without quitting from exhaustion.
|
|