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DWC

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How do you do the college funds? My wife has 3 started for the boys but how much should I be putting in there
I’m sure someone will chime in on how to start it and how much to put in. It will depend on where they plan on going/what they want to do. Ours went to cal state schools so it wasn’t too bad. Youngest wanted to go to NYU. Told him we’ll pay for what a CSU costs and he can get a loan for the rest. Turns out he liked Cal Poly after all. ;) Our neighbor sent their kid to a local private school. Kid wanted to be a doctor. $240k later didn’t want to be a doctor anymore. Holy F that monthly would pay for a second home.
Awesome story. We were told by a great aunt that she would pay for for the 3 kids colleges. She was in her 90’s by the time they started. Either didn’t remember or changed her mind.
 

2Driver

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How do you do the college funds? My wife has 3 started for the boys but how much should I be putting in there
We lumped summed it when the kid was about 2 years old into a 529 figuring to put in 1/3 to 1/2 of total projected costs. The earlier a big amount is in there the better as it will more than double tax free, hopefully quadruple if you get it in early enough. . LOL he in his second year at ASU and there is more in his 529 now than when he was in 12 grade. Now we might end up with left over cash that will get dinged at 50%. Income plus 10% penalty

We projected out what in-state tuition would be with room and board. You can take today’s cost and add 5-7% per year to arrive at your future cost. As a back up, sell my old Connelly you bought or did you get my Maha? ;)
 

Singleton

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This for me? No
Cal state school. We have been cutting checks for 6 years. Boys had a 2 year overlap which was tough
We told them to be successful and put in the work in high school and we would handle college. Deals a deal
We also did not feel starting a life as mid 20 adult with 75 to 100k in debt was a good idea.
Adjustments were made on our end financially to make it happen
Zero regrets.

Once they are done im getting a M37...lol
same boat. Kids had options and picked college. Wife and I am making sure they don’t carry the debt.
They only pay if the GPA is not over a 3.5 per semester. Kid take out the loans, we pay off. If GPA under the agreement, they pay the loan.
 

caribbean20

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How do you do the college funds? My wife has 3 started for the boys but how much should I be putting in there
When it comes to college for the kids, here’s my 2 cents worth having been through the drill and seeing many friends do the same.
1. Don’t worry too much about it. These things tend to work themselves out. Don’t over think it.
2. When it comes time, have your child check every available scholarships, grants and tuition assistance. There’s so many out there it’s crazy.
3. Beg and pray your child chooses an in-state school. Huge difference between in-state and out of state tuition.
4. If all else fails, community college is always an option. Almost anyone can afford to do that. They can always transfer to a 4 year university. It worked great for me.

Good luck. Great to hear you are thinking about it.
 

LargeOrangeFont

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How do you do the college funds? My wife has 3 started for the boys but how much should I be putting in there
Buy 3 lots in BHC. :)

Personally I don’t like how inflexible the college savings accounts can be.

As far as how much, take a swag at what you want to pay per kid, and start working backward from there. Figure out what investments to make and how much to contribute to get to your goal.
 

mesquito_creek

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We lumped summed it when the kid was about 2 years old into a 529 figuring to put in 1/3 to 1/2 of total projected costs. The earlier a big amount is in there the better as it will more than double tax free, hopefully quadruple if you get it in early enough. . LOL he in his second year at ASU and there is more in his 529 now than when he was in 12 grade. Now we might end up with left over cash that will get dinged at 50%. Income plus 10% penalty

We projected out what in-state tuition would be with room and board. You can take today’s cost and add 5-7% per year to arrive at your future cost. As a back up, sell my old Connelly you bought or did you get my Maha? ;)
You can use those left over funds in the 529s for grandkids. Leave it alone if you can can pass it down the line... for qualified higher education expenses or tuition for elementary or secondary schools without incurring taxes and penalties
 

riverroyal

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How much to save....?
who knows
we saved zero. I’m a figure it out once it’s real type.
so we did, sold a boat!
 

Waterjunky

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Awesome story. We were told by a great aunt that she would pay for for the 3 kids colleges. She was in her 90’s by the time they started. Either didn’t remember or changed her mind.
The wife and I are constantly told by the MIL that she wants to pay for our son's schooling. Its a private school as the local district is one of the worst in the state.

We have yet to see a check........ She is in her mid 70's.
 

DWC

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How much to save....?
who knows
we saved zero. I’m a figure it out once it’s real type.
so we did, sold a boat!
Bought a GT500 off a guy that did the same thing. Guess the karma thing got me.
 

nowski

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One of the greatest accomplishments a parent can experience is watching their son or daughter walk down the aisle with their degree. I hope to experience that feeling for a second time next month providing there is a graduation this year unlike last year. It sounds like it might be a go and have our fingers crossed...

Side note: Our daughter want's to customize her cap with the American Flag, another proud moment in the making...
 

Xtrmwakeboarder

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One of the greatest accomplishments a parent can experience is watching their son or daughter walk down the aisle with their degree. I hope to experience that feeling for a second time next month providing there is a graduation this year unlike last year. It sounds like it might be a go and have our fingers crossed...

Side note: Our daughter want's to customize her cap with the American Flag, another proud moment in the making...
I think one of the greatest accomplishments would be to see my son or daughter graduate with the sweat off their own brow, whether it be scholarships, grants, or getting a job to pay for it...not on mommy and daddy’s back. That’s just me, and I’m old school at 36.
 

530RL

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I think one of the greatest accomplishments would be to see my son or daughter graduate with the sweat off their own brow, whether it be scholarships, grants, or getting a job to pay for it...not on mommy and daddy’s back. That’s just me, and I’m old school at 36.
I agree with your premise but here is the problem.

In 1981 tuition at the Arizona universities was about 400 bucks a semester and another 100 bucks or so for used books. The dorm was 600 for a semester. Foods card was 495 for a semester.

Anyone could afford that working part time as I and tens of thousands did.

Not now given how much they charge. ☹☹☹
 

Ace in the Hole

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I think one of the greatest accomplishments would be to see my son or daughter graduate with the sweat off their own brow, whether it be scholarships, grants, or getting a job to pay for it...not on mommy and daddy’s back. That’s just me, and I’m old school at 36.
I did it..and let me tell you...I set my kids up..Fuck that shit with a capital damn F..I'm 33 FYI

529 plans are a good start. They earn interest tax free if used for qualified education expenses.
I did these...my daughter will have almost 100k more than my step daughter does when the time comes bc of start dates..her dad couldn't find common sense if he rubbed two pennies together..I started both funds but that is the way the flag falls due to the timing..I'll be damned if they went through what I did.
 
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CoolCruzin

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How do you do the college funds? My wife has 3 started for the boys but how much should I be putting in there
Nobody help me out .

Both of kids paid their own way .
Grants , scholarship
We help them out that’s it .
They have food ,place to stay .
Car to drive .

I tell them that the extra money go to me and when I die they will have a lot of money to pay there loans off.

best daughters I father could ask for .
 
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Xtrmwakeboarder

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I agree with your premise but here is the problem.

In 1981 tuition at the Arizona universities was about 400 bucks a semester and another 100 bucks or so for used books. The dorm was 600 for a semester. Foods card was 495 for a semester.

Anyone could afford that working part time as I and tens of thousands did.

Not now given how much they charge. ☹☹☹
Well I didn’t go to college in 1981, and I did it.... College is expensive, so your best bet is to work your ass off and get scholarships. I was lazy and could only get two. The rest was planned carefully. I treated college like a business, I wasn’t there to screw around. I worked 3 jobs and decided to forgo the experience and did two years at a JC, and then transferred. The hand out thing is over-rated and a cancer. You see it at all levels now, and will be the downfall of America. Again, my own opinion....
 

GRADS

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I give kudos to you guys paying for your kids education!👍 We just paid off my wife's student loan last year...she was 46.:eek:
 

riverroyal

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If your wondering a parking pass is now $500 per semester. Yes 1000 a year to park. Times 2 for 2 kids.

Everyone does it differently. Theres no wrong way. For me it was no question to pay for it.
 

just_floatin

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Both my daughters attended college. My youngest graduates this year with a marketing MBA from Pepperdine. I paid for both kids undergrad tuition, however, my youngest paid half her tuition by way of basketball, grants and scholarships. My oldest daughters tuition was not as expensive because she stayed in state.

Both have terrific careers and have advanced to leadership roles. Oldest is an IT manager in a power company and the youngest is a supply chain demand planner in the food manufacturing industry. A college degree and summer internships certainly made the difference for both my kiddos. Best investment I ever made.
 

riverroyal

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Well I didn’t go to college in 1981, and I did it.... College is expensive, so your best bet is to work your ass off and get scholarships. I was lazy and could only get two. The rest was planned carefully. I treated college like a business, I wasn’t there to screw around. I worked 3 jobs and decided to forgo the experience and did two years at a JC, and then transferred. The hand out thing is over-rated and a cancer. You see it at all levels now, and will be the downfall of America. Again, my own opinion....
I can add to this....scholarships are not a option when your parents have good incomes. Really. Trust me, we have learned this over nearly 7 years of college with 2 kids going.
Living in socal with college dept is no way for a 25 year old to start life in my opinion. Its not about busting ass. Its about income versus living in socal.
But again, no brainer for us. Sold a few material things that i can also get again. Made adjustments. Stepped up my own game in my line of work.
Spent 7 years sleeping in hotels away from home to make it happen.
Do it again without question
This does not make a kid 'soft" or less driven. That kid will be that way regardless
 

Xtrmwakeboarder

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I can add to this....scholarships are not a option when your parents have good incomes. Really. Trust me, we have learned this over nearly 7 years of college with 2 kids going.
Living in socal with college dept is no way for a 25 year old to start life in my opinion. Its not about busting ass. Its about income versus living in socal.
But again, no brainer for us. Sold a few material things that i can also get again. Made adjustments. Stepped up my own game in my line of work.
Spent 7 years sleeping in hotels away from home to make it happen.
Do it again without question
This does not make a kid 'soft" or less driven. That kid will be that way regardless
Just an FYI I grew up in Socal, went to college in Socal, and worked my 3 jobs in Socal. “OC to be specific” My parents made just enough money so I didn’t qualify for grants. I got academic scholarships...so yes, it is possible.

And to be clear, this is America. You worked hard for your money so you get to spend it however you want. More power to you. There is no right way to raise a kid, but I sure hope more kids actual learn the value of a hard days work, the joy of that first paycheck, and the accomplishment of getting shit done themselves. All I see are hand outs, 30 year old soy boys living in their parents basements, and the government that actively participates in this now.
 
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nowski

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I think one of the greatest accomplishments would be to see my son or daughter graduate with the sweat off their own brow, whether it be scholarships, grants, or getting a job to pay for it...not on mommy and daddy’s back. That’s just me, and I’m old school at 36.
Old school at 36, Seriously???

We made our investment with our kids long before they stepped into a classroom. We worked with them as parents should, with their hard work and determination they took the ball and ran with it. Their good grades and PSAT test scores got them accepted into college that's sweat off their brow if you ask me.

My son impressed me when he had a job offer days before he graduated. The day he graduated he had another interview later that same day. The coming week that second company liked what they saw during their interview and scheduled a couple of phone interviews with my son. Here's where my son totally floored me as I listened in on one of those interviews. I was amazed with the amount of confidence he had as he took control of the interview, I was impressed to say the least. My son was up front and honest and told this company that he already had a pretty good job offer on the table. My son worked that interview to his advantage by getting a written offer at the end of the day with a starting salary $12.5k more per year, a $3500 cash signing bonus deposited into his bank account, an additional $8k for moving expenses (job's in Santa Barbra) plus an additional 4 percent pay increase if he started work before June 30th. Good investment or maybe it's just because Engineers are in demand...

My daughter graduates next month, she's been on the Dean's List since her 1st semester but that's no sweat off her brow. Later this week she already has an interview scheduled, she's just trying to show off and upstage her brother, she's another good investment if you ask me...

The moral of the story what works for one family may not work for another family. My favorite board game as a kid "The Game of Life"...
 

78Southwind

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How do you do the college funds? My wife has 3 started for the boys but how much should I be putting in there
If you are not going to front load the 529 plans with huge money, or get the family (grandpa, grandma and other relatives) to contribute then I would just max out Roth IRAs between you and your wife for the kids. A Roth IRA would be much more flexible and you can do a backdoor Roth IRA if your income is too high. If you have Traditional IRA's just be aware of the Pro Rata Rule.
 
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Christopher Lucero

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Short answer is as much as you stand to do without. Sent daughter to UCLA and it was 42000 a year four 4 yrs. then off to law school 72000 a year for three years. Save like you are going to incur this type of debt and if they choice not to take advantage of it then you can buy a new boat. Just to be fair my daughter did her part in funding her college tuition and I was not saddled with the entire cost.
Those are some big numbers....not everyone would be able to fund one...let alone 3 kids to that tune.

One thought...consider each kid. I was the kind that could be independent, so when I was 16 I had my dad and mom remove me from their taxes, so that when college came along, I was independently evaluated for my ability to pay. My parents could 'gift' me as well as my grandparents, and it happened once or twice, but for the most part, an independent kid can mostly manage the high price through grants and scholarships. Also, places like USC play well under this strategy since they offer free tuition to anyone making less than $75k a year.
 
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Christopher Lucero

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AS FAR AS OP topic....about net worth...
A spreadsheet that is updatable (at whatever frequency-year , day, month, hour...), that is automated (with web acces query to do price searches for traded equities and other common investments), will get you a long way towards assuring a long prosperous future, one that assures that what you enjoy today could very well be the way you live for a long long time.

Having this net worth snapshot, and your history of it, is very useful for one purpose...to get your attention onto the facts, where you are, and a history of where you came from. It shows you accomplishment, it lets you decide how to move from where you are to where you want to be...whatever that might be...spend it or not.

without the history, and without vision, you will likely fly on memory alone, and that is not always reliably factual. You may forego capacity to solve potential problems, may have no way to envision your future.

I have a prototype spreadsheet I could possibly share. DM me and I could work with you to customize one for your needs. N/C
 

badgas

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Net worth statement ?

Yes and I track it every 3-4 months but the budget is done monthly. I never tell anyone what that net worth number is other than my kids (25,23) as we are are helping them undertstand that having a plan for their finances will help them avoid future pain.

I do have a few freinds that also enjoy talking personal finance so we share ideas and strategies. I would highly recomend having people in your life to talk about this stuff. I'm always amazed at how taboo the money topic is.

I'm not a CPA/CFP but I do coach poeple on personal finance, usually helping them get out trouble with debt avoiding bankruptcy etc. You would be amazed on what some simple planing will do.

Money is just a tool, it is not eternal but if you don't get it under control it WILL eventually control you. We all have that choice regardless of income, zip code, etc.

As for as networth being a D@#K measuring contest ? Only if you are the ego type that finds some temporary security in that. That is not just with money, poeple like that are also measuring boat size, boat HP, garage size, wheel size, truck size etc.
 

riverroyal

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Just an FYI I grew up in Socal, went to college in Socal, and worked my 3 jobs in Socal. “OC to be specific” My parents made just enough money so I didn’t qualify for grants. I got academic scholarships...so yes, it is possible.

And to be clear, this is America. You worked hard for your money so you get to spend it however you want. More power to you. There is no right way to raise a kid, but I sure hope more kids actual learn the value of a hard days work, the joy of that first paycheck, and the accomplishment of getting shit done themselves. All I see are hand outs, 30 year old soy boys living in their parents basements, and the government that actively participates in this now.
I guess i dont know any 'soy' boys. Maybe they hang out with the wake board people. 😁
 

just_floatin

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Here is a nice little calculator that determines yore real net worth🤪
 

Tobester

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Has anyone done something else other than saving 529 for their kids? What about setting up your kids with income producing assets?

I have a 3 year old and 6 year old. The wife and I just purchased our first investment property in Havasu last year. Our vision is to continue to invest into real estate by purchasing rental properties producing passive income. Our goal is to build a portfolio large enough when it comes time for the kids to leave high school, we can gift them some of our properties to help them get their life started. If they want to go to college they can use the rental income to cover daily expenses or what ever else they choose. If college is the priority, we can also choose to sell the properties to fund college. We want to give our kids options as they begin to start making significant life decisions.

My other thoughts:
Kids need to learn more about debt and the impact of debt in grade school.
Not all debt is "bad"
I do not even know if I want my kids going to college just to get brain washed with liberal ideology
The greatest gift parents can give to their kids is to be well enough off to never become a financial burden before they die.
 

EmpirE231

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The more time goes on, the less value college becomes. I always had plans of paying my kids way through college... but my thoughts have changed a bit. I still plan on helping them along, but not taking the full load. I only plan on helping them along if they are focused on a solid career path that requires the degree (engineer, doctor, lawyer etc)... If they want to major in communications or liberal arts, they are most likely on their own.

I paid my own way through college at a cal state, while working full time. Always thought some help along the way would have been nice, or who knows what I could have become etc etc with some help.... but at the same time... no help made me who I am today. Who knows how that could have changed. At the end of the day.... the kids need to have some skin in the game. I have seen wayyy too many kids that were handed everything growing up, amount to nothing... or very little.

Net worth is good to glance at as it really is a measure of how well you have done..... not how well you are "doing". I like what I've done so far.... but still live like a broke mofo, driving my 2005 silverado with 200K miles and valves ticking.... I still contemplate risking my life to trim some trees around the house vs. paying the pros to do it lol.... My wife thinks I'm crazy, but she's living pretty good.
 

Christopher Lucero

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other than saving 529 for their kids
I set up a Uniform Gift to Minors Account (UGMA) in trust for my grandson, since I could not be sure he would go to college nor did I feel comfortable in signing up only for 'qualified expenses'. Its real easy, any online trading platform /brokerage or bank will set it up for you as long as you have a couple social security numbers...your beneficiary's (kid) and your trustee's (you). You are allowed to 'gift' them up to the maximum allowed in any year, and each parent can gift individually to the max, as well and any other individuals even outside the family. If you have a living trust, the trust can also gift to the beneficiary's UGMA,

I BELIEVE your living trust can make a direct distribution of property...like cash or trust deeds or boats or... to the beneficiary at any time, for any reason or with or without reason as long as someone (trust or beneficiary) has paid the taxes on any capital gains or earnings. As Long AS a beneficiary is named in trust, the beneficiary can receive trust assets without limit at any time. This is a way to avoid the gift tax.

Be careful if the UGMA grows very large: earnings (dividends for example) greater than $600 per year and the Trust/account will needs to begin filing and paying taxes on earnings.
GENERALLY is expected to become property of the minor beneficiary at 18, but some are held in trust up to age 26, which I believe is the maximum duration/beneficiary age allowed.
 
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clarence

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According to the Fed’s latest Survey of Consumer Finances from 2019, the median net worth of Americans between ages 55 and 64 is $212,500. ...

Net worth is the value of assets you have in the bank and any properties you own minus outstanding debt (known as liabilities).

 

RodnJen

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Another article on the subject.
  1. First, master your cash flow. Know how money comes in and out of your life.
  2. The second thing you can do is be consistent with your savings. The goal here is to accumulate assets, not liabilities, or spend the money that you’re making so you can’t invest in the first place.
  3. And the third thing is to regularly invest your money in appreciating assets. Regularly invest in the market using index funds or contributing to your 401(k), or simply saving cash in your savings account. Don’t accumulate more debt and don’t spend every dollar you make, or you’ll never get ahead.
 

bldrinker

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I just reviewed my 401k. If I continue my same contribution of 15% of my pay and average a 2% pay increase. If I get a 4% return I will be able to collect 100% of my salary up to 88yrs old.
This is retirement age of 65 I’m 42.

One thing I don’t like about this calculator is the wage increase portion. I’m close to the Max contribution now. So that isn’t very accurate.

Atleast it gives me an idea.
 

Motor Boater

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Something you should never discuss to anyone besides your spouse, mortgage broker, or personal attorney
I get what your saying and don’t typically discuss my financial sitauion with anyone as a rule but I have a few friends who are very intelligent and are making very smart financial moves. I do discuss money with them on some level. You don’t have to tell someone how much money you have or how much money you make to discuss investments, opportunities, strategies etc.
 

HB2Havasu

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Here is the thing. I have managed to acquire a pretty fair amount of net worth but rarely have more then twenty bucks in my pocket. Now with retirement just a few months away I'm trying to figure out how to keep what I've built without getting raped by taxes. I own two houses in SoCal that I would like to sell but if I sell both in the same year I'm going to get taxed up the ying yang. I can't even sell off my primary residence this year because the gains on the property plus my salary from work will make it look like I'm making 400k and we are already paying estimated taxes because of the sell of a property in Az. that we didn't do a 1031 exchange on (we didn't know that all the paper work for that has to be done prior to sell). Then the following year when I sell the rental it's going to be another 400k income. The point is that even though I've built pretty substantial "net worth" with minimal debt it doesn't really feel like I'm wealthy by any stretch of the imagination.
I know it may sound like first world problems but honestly I feel like I'm working harder to keep what I've earned than I had to when I earned it in the first place.
I need a financial advisor!!!
I would recommend a tax attorney that has a financial advisor on staff. There are ways to reinvest the proceeds of a capitol sale to limit your tax liabilities over time. Not getting help will cost you a lot more in taxes than an attorneys/finance advisors fees!!!
 

HB2Havasu

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I just reviewed my 401k. If I continue my same contribution of 15% of my pay and average a 2% pay increase. If I get a 4% return I will be able to collect 100% of my salary up to 88yrs old.
This is retirement age of 65 I’m 42.

One thing I don’t like about this calculator is the wage increase portion. I’m close to the Max contribution now. So that isn’t very accurate.

Atleast it gives me an idea.
IMO - You need to put Inflation into your calculation. If we start hitting 15%-20% inflation numbers like it’s looking to happen your 401K will be worthless by the time you retire. I would only contribute the minimum that your company requires for matching and put the balance of the 15% into inflation hedging investments !
 

bldrinker

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IMO - You need to put Inflation into your calculation. If we start hitting 15%-20% inflation numbers like it’s looking to happen your 401K will be worthless by the time you retire. I would only contribute the minimum that your company requires for matching and put the balance of the 15% into inflation hedging investments !
If/when housing pulls back. We will be buying a second home. We will look at Havasu as rentals tend to do well there.

We tried to keep a rental in California, but that was a shit show after only 4 months.
 

Nanu/Nanu

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I've never been denied anything based on my net worth nor would I I bore my wife with this conversation any where or at any time.
 

golakers

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I get what your saying and don’t typically discuss my financial sitauion with anyone as a rule but I have a few friends who are very intelligent and are making very smart financial moves. I do discuss money with them on some level. You don’t have to tell someone how much money you have or how much money you make to discuss investments, opportunities, strategies etc.
I agree. Its not about boasting or bragging. If you have great friends that have knowledge or visa versa then it can be a conversation! Or just confirming where your at. Most financial advisers tell you what you have is never enough etc.
 

Ballyhoo

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When it comes to college for the kids, here’s my 2 cents worth having been through the drill and seeing many friends do the same.
1. Don’t worry too much about it. These things tend to work themselves out. Don’t over think it.
2. When it comes time, have your child check every available scholarships, grants and tuition assistance. There’s so many out there it’s crazy.
3. Beg and pray your child chooses an in-state school. Huge difference between in-state and out of state tuition.
4. If all else fails, community college is always an option. Almost anyone can afford to do that. They can always transfer to a 4 year university. It worked great for me.

Good luck. Great to hear you are thinking about it.
#5 Remember that you are the parent and hold the purse strings. Feel free to say NO to your kids when they want to choose a private school / out of state school on an in state school budget. Saddling you or your kids with student loans is insane if it wasn't planned for.
 

Christopher Lucero

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investments, opportunities, strategies
When one-on-one, heart to heart, I like to discuss my failures, so others can volunteer theirs. we humans learn better from failure than from success.
gamblers will always discuss their big win, but hardly ever share their humiliating string of losses.
 
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