Would 10m liquid assets and being under 50 be enough for you to walk away or would you miss it too much?

[dannyboy1]

Some would consider an anesthesia job (especially the way some of us “supervise”) to be the definition of retirement….

---

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[finalpsychyear]

I’m coining a new FIRE term I call “earn and burn.” It’s what you do when you’re 58 and have achieved FI but aren’t ready to quit. You work as much as you want but you have to blow all the income. Yacht charters, heli skiing, etc.

only issues is you get used to spending 300-400k doing that might be harder to go back to 200k ish once you retire. However, if your already at 10m at that age then blast away unless a severe recession hits.

 

[finalpsychyear]

BUILD IN A CUSHION- IT HELPS WHEN YOU GET PUNCHED IN THE FACE


View attachment 384202

In an ideal scenario one would hit the magical 10m at age 50, cut to 0.5 FTE for the next 5-7 years and maybe get 50% growth so now you are at 15m, then your almost bullet proof so i guess work at a VA for 5 years for free health care forever.

 

[turnupthegas]

I’d be so gone. Plenty of other things I’d like to pursue.

 

[caligas]

$10M gives you $300k/yr at a conservative 3% withdrawal. I don’t spend half that right now and I live pretty well.

 

[BLADEMDA]

$10M gives you $300k/yr at a conservative 3% withdrawal. I don’t spend half that right now and I live pretty well.

Yes, but is that $300K taxable money? What if healthcare costs $60,000 per year? Does that change your perspective at all?

 

[caligas]

Yes, but is that $300K taxable money? What if healthcare costs $60,000 per year? Does that change your perspective at all?

It’s all Roth and I’m never gonna get sick. 😝

 

[aneftp]

I mean thats like 50k/yr total invested if we assume 7 percent returns for 30 years you have about 5m. My pcp friends and hospitalists all make 300-400k depending if they want call, moonlighting etc. Call me naive but i just assumed everyone who somewhat cares about investing and retirement with that salary range is putting away in 2024 69k for solo 401k, 8300 for hsa, and 14k for husband and wife roth's. So 77k of that 91k is tax deductible even if they dont save anything else it's a tax savings. Maybe people don't' know. on a 350k salary even if you took only 70k of that which is tax deductible you have 200k to spend on everything else.

Some people blow 50k a year on vacation. They don’t max out their retirement. Some docs don’t care and just live in the moment.

Many people if employed just put in the min to get the employer match. At least they know not to leave “free money on the table”

The new grads at my place don’t put any money in their 403b or 457b. They rather blow it on new cars and Europeans skiing vacation. Because there is no match with those accounts.

They waiting on Biden to forgive more loans after getting 40 months credited with by not paying a single penny into their loans.

 

[finalpsychyear]

Some people blow 50k a year on vacation. They don’t max out their retirement. Some docs don’t care and just live in the moment.

Many people if employed just put in the min to get the employer match. At least they know not to leave “free money on the table”

The new grads at my place don’t put any money in their 403b or 457b. They rather blow it on new cars and Europeans skiing vacation. Because there is no match with those accounts.

They waiting on Biden to forgive more loans after getting 40 months credited with by not paying a single penny into their loans.

Yeah my sibling who will be an anes attending in 3 months is constantly getting updates via instagram/facebook of a class mate who is doing locums straight out pulling `17k/wk. The guy is buying multiple rolexes, luxury cars for him and mom and and then its all over social media. I guess thats a generational change as I would be saving it like mad not assuming the gravy train will keep going indef and be low key.

 

[rowsdower88]

Yes, but is that $300K taxable money? What if healthcare costs $60,000 per year? Does that change your perspective at all?

Assuming you're just living off your investments. Capital gains is zero for first $94k if you're married. Then 15% on the long term capital gains up to like 500k. So let's say you have 300% capital appreciation on the remaining 206k you would need to withdraw (the original investment was 50k and it grew to 200k), you would only pay a little over 22.5k in taxes that year. (15% of 150k)

Pretty small for someone spending 300k/yr IMO. I think that is important perspective to have.

 

[finalpsychyear]

Assuming you're just living off your investments. Capital gains is zero for first $94k if you're married. Then 15% on the long term capital gains up to like 500k. So let's say you have 300% capital appreciation on the remaining 206k you would need to withdraw (the original investment was 50k and it grew to 200k), you would only pay a little over 22.5k in taxes that year. (15% of 150k)

Pretty small for someone spending 300k/yr IMO. I think that is important perspective to have.

Call me crazy but during some strong return years one could withdraw 4%.... what again is the end goal to never touch that principal so it can go to ur kids which even at 4 percent in most scenarios u end up with 2-3x ur starting amount... eventually SS will also kick in. I'll delve into this topic about SWR if i ever get to these insane numbers of liquidity.

 

[caligas]

If you are an over saver like myself I recommend reading Die With Zero or just listen to Bill Perkins on a few podcasts. Gives a good counter perspective to the conservative approach.

 

[Gern Blansten]

More likely is the printing of dollars continues with the Fed buying up the debt. This leads to a devalued currency and higher inflation. The US govt continues to honor its debts but the dollar isn’t worth much in terms of buying power. The middle class becomes a lot poorer and that $5 million becomes 2 million in terms of purchasing power.

This right here sums up my concerns for the future.

 

[Gern Blansten]

Yeah my sibling who will be an anes attending in 3 months is constantly getting updates via instagram/facebook of a class mate who is doing locums straight out pulling `17k/wk. The guy is buying multiple rolexes, luxury cars for him and mom and and then its all over social media. I guess thats a generational change as I would be saving it like mad not assuming the gravy train will keep going indef and be low key.

Also, they are inviting thieves by posting it for all to see.

 

[aneftp]

If you are an over saver like myself I recommend reading Die With Zero or just listen to Bill Perkins on a few podcasts. Gives a good counter perspective to the conservative approach.

It’s a very good book. But weakness is it health over anything else.

We can’t predict the future as well

We can’t predict the spouse we marry at age 30 vs age 55 when kids out of the house (even with prenup)

If the book applies to only singles with no kids. 100% take their advice. But when u factor in spouses and kids. It can get complicated how much to save vs enjoy.

 

[kidthor]

Yeah my sibling who will be an anes attending in 3 months is constantly getting updates via instagram/facebook of a class mate who is doing locums straight out pulling `17k/wk. The guy is buying multiple rolexes, luxury cars for him and mom and and then it’s all over social media. I guess thats a generational change as I would be saving it like mad not assuming the gravy train will keep going indef and be low key.

That person is an idiot.

 

[BLADEMDA]

This right here sums up my concerns for the future.

My "worry" is that even though I have enough money saved in today's dollars that in the future (15 years out) the US Dollar loses its status as the reserve currency and the purchasing power of the Dollar drops by 50-60%. That scenario worries me more than higher taxes or a bear market. Thus, I am preparing my retirement to be able to live off 50% of my total savings so I can enjoy whatever years I have left. I don't think the end of the USA occurs because of Nuclear War or an external threat but rather excess spending erodes the standard of living to the point that 1/2 the country becomes reliant on the govt. for handouts or freebies.

_________________
When the people find that they can vote themselves money, that will herald the end of the republic. -- Ben Franklin

Alexander Fraser Tytler said, “A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury.”

 

[ambiturner]

My "worry" is that even though I have enough money saved in today's dollars that in the future (15 years out) the US Dollar loses its status as the reserve currency and the purchasing power of the Dollar drops by 50-60%. That scenario worries me more than higher taxes or a bear market. Thus, I am preparing my retirement to be able to live off 50% of my total savings so I can enjoy whatever years I have left. I don't think the end of the USA occurs because of Nuclear War or an external threat but rather excess spending erodes the standard of living to the point that 1/2 the country becomes reliant on the govt. for handouts or freebies.

Inherent in all this talk about passing money to your kids is that the many in the older generations are also hoarding wealth, which will eventually result in inflation when this wealth is unleashed. This is already happening with housing in my area as it is incredibly common for parents to foot their kids’ down payment or more, provided they stay close to home. It seems to explain some of the price stickiness despite higher interest rates.

 

[rowsdower88]

My "worry" is that even though I have enough money saved in today's dollars that in the future (15 years out) the US Dollar loses its status as the reserve currency and the purchasing power of the Dollar drops by 50-60%. That scenario worries me more than higher taxes or a bear market. Thus, I am preparing my retirement to be able to live off 50% of my total savings so I can enjoy whatever years I have left. I don't think the end of the USA occurs because of Nuclear War or an external threat but rather excess spending erodes the standard of living to the point that 1/2 the country becomes reliant on the govt. for handouts or freebies.

_________________
When the people find that they can vote themselves money, that will herald the end of the republic. -- Ben Franklin

Alexander Fraser Tytler said, “A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury.”

If you had to estimate a percentage likelihood of this or something similarly catastrophic happening in the next 15 years, what would you give it?

I would say less than 5% personally. If you say more, why?

For example, Japan has been cruising with national debt:gdp >100% for over 2 decades without a catastrophic event like you describe (now over 200%). I'm not saying they don't have their own problems but it seems to me there are other concerns that would dictate America losing reserve currency status or a persistent 50-60% drop in dollar value over our national debt.

 

[BLADEMDA]

Inherent in all this talk about passing money to your kids is that the many in the older generations are also hoarding wealth, which will eventually result in inflation when this wealth is unleashed. This is already happening with housing in my area as it is incredibly common for parents to foot their kids’ down payment or more, provided they stay close to home. It seems to explain some of the price stickiness despite higher interest rates.

Your statement applies to me as I am doing exactly that for my kids.

 

[BLADEMDA]

If you had to estimate a percentage likelihood of this or something similarly catastrophic happening in the next 15 years, what would you give it?

I would say less than 5% personally. If you say more, why?

For example, Japan has been cruising with national debt:gdp >100% for over 2 decades without a catastrophic event like you describe (now over 200%!). I'm not saying they don't have their own problems but it seems to me there are other concerns that would dictate America losing reserve currency status or a persistent 50-60% drop in dollar value over our national debt.

I don't disagree with you about the 5% or less chance of the US Dollar falling by 50% in terms of purchasing power, but no other country has ever owed this much money in terms of debt in the history of the world. I don't know when the "bill comes due"" for the 50 trillion we will owe but it still concerns me.

 

[BLADEMDA]

 

[BLADEMDA]

https://media4.manhattan-institute.org/sites/default/files/IB-BR-img2.png

 

[betamale]

i would do very low risk telemedicine stuff maybe for real estate tax payments, travel. my goal is 6 million, currently 37 M single 2.85 mil liquid assets and 400K in real estate equity. I sorta like being a doc.

 

[aneftp]

i would do very low risk telemedicine stuff maybe for real estate tax payments, travel. my goal is 6 million, currently 37 M single 2.85 mil liquid assets and 400K in real estate equity. I sorta like being a doc.

Very good.

The 3 main things going for you is

1. Being single
2. No kids
3. Timing (biggest stock prolonged stock market run) along with housing spike

Just like those in 2001-2007 rode the wave up and things crashed (both stock market and housing equity all wiped out in a matter of 18 months for most people)

Not saying those things can happen again.

 

[caligas]

My "worry" is that even though I have enough money saved in today's dollars that in the future (15 years out) the US Dollar loses its status as the reserve currency and the purchasing power of the Dollar drops by 50-60%. That scenario worries me more than higher taxes or a bear market. Thus, I am preparing my retirement to be able to live off 50% of my total savings so I can enjoy whatever years I have left. I don't think the end of the USA occurs because of Nuclear War or an external threat but rather excess spending erodes the standard of living to the point that 1/2 the country becomes reliant on the govt. for handouts or freebies.

_________________
When the people find that they can vote themselves money, that will herald the end of the republic. -- Ben Franklin

Alexander Fraser Tytler said, “A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury.”

Blade would you agree that neither political party has the resolve to actually address this issue of overspending?

 

[BLADEMDA]

Blade would you agree that neither political party has the resolve to actually address this issue of overspending?

I don't expect either party to do anything about the debt or actually reign in spending for the next few years. I do see a time when Congress has no choice but to raise taxes and decrease spending because the market/investors demand it. That time will happen soon enough forcing their hands.

 

[BLADEMDA]

i would do very low risk telemedicine stuff maybe for real estate tax payments, travel. my goal is 6 million, currently 37 M single 2.85 mil liquid assets and 400K in real estate equity. I sorta like being a doc.

If $6 million is your goal then you will be retired before age 50 if not sooner like age 45.

 

[BLADEMDA]

Safe Withdrawal Rates Morningstar 09/2023 90% Chance of Success. For those that retire before age 50 notice the reduced %

 

[BLADEMDA]

View attachment 384244
Safe Withdrawal Rates Morningstar 09/2023 90% Chance of Success. For those that retire before age 50 notice the reduced %

Good news for those with small nest eggs- retirement at age 70-75 and the withdrawal % is over 6%.

 

[finalpsychyear]

Good news for those with small nest eggs- retirement at age 70-75 and the withdrawal % is over 6%.

I read this table as if let's assume someone retires at 40 yo then they need a 3 percent SWR and if they take SS by age 62 their equity allocation based on this data can be 0%. However, I would do at least 60-80% equity.

Does the table assume any type of SS for the 70-75 yo?

 

[betamale]

If $6 million is your goal then you will be retired before age 50 if not sooner like age 45.

I sure hope so. I’m working 2.5 FTE atm. I’m trying to get there ASAP

 

[aneftp]

If $6 million is your goal then you will be retired before age 50 if not sooner like age 45.

Hard to retire with kids. That’s why I think mentality is different when one is single with no kids. Tons of disposable income

As a single person. Absolutely if housing is taken care of. Most people can retire with 5 million

I put 20k a year in my kids 529 account into addition to already prepaying their college. Spend on afternoon activities tutors etc. I estimate it cost a min of $1500 per kid per month to feed them, activity. Have 2-3 kids. That’s 3k extra in the budget to account for. Than they drive. That’s costs a ton as well

As they get older. U need to rooms for cruises or two hotel rooms or a suite. That’s added costs.

So if the 37 year old decides to get married and have 2 kids. They will be potentially working to age 62 even with that net worth already to maintain same lifestyle.

My 59 year old colleague who’s worth more than 10 million still has his college graduate Goldman Sachs employed adult 23/24 years old hitting him up for “rental assistance “ in nyc and dc to the tune of 5k a month. And they make 6 figures. No college loans. Lifestyle folks. Hard to downgrade.

 

[GassYous]

Hard to retire with kids. That’s why I think mentality is different when one is single with no kids. Tons of disposable income

As a single person. Absolutely if housing is taken care of. Most people can retire with 5 million

I put 20k a year in my kids 529 account into addition to already prepaying their college. Spend on afternoon activities tutors etc. I estimate it cost a min of $1500 per kid per month to feed them, activity. Have 2-3 kids. That’s 3k extra in the budget to account for. Than they drive. That’s costs a ton as well

As they get older. U need to rooms for cruises or two hotel rooms or a suite. That’s added costs.

So if the 37 year old decides to get married and have 2 kids. They will be potentially working to age 62 even with that net worth already to maintain same lifestyle.

My 59 year old colleague who’s worth more than 10 million still has his college graduate Goldman Sachs employed adult 23/24 years old hitting him up for “rental assistance “ in nyc and dc to the tune of 5k a month. And they make 6 figures. No college loans. Lifestyle folks. Hard to downgrade.

wtf

 

[aneftp]

wtf

Go to Colorado during spring break. A good 10-20% of the kids wearing aviator nation and love shack fancy overpriced clothing.

It’s the lifestyle.

The parents aren’t any better

And u think these kids will grow up wanting to downgrade even if they get that education

 

[aneftp]

I read this table as if let's assume someone retires at 40 yo then they need a 3 percent SWR and if they take SS by age 62 their equity allocation based on this data can be 0%. However, I would do at least 60-80% equity.

Does the table assume any type of SS for the 70-75 yo?

Read what happens if u want to keep voting democrat if you want to try to retire early.

Biden wants to raise taxes even more. Including 5% Medicare surtax income over 400k/450k single/married

He wants u to pay long term capital gains taxes 23.8% to 39.6% same as ur income if u are making more. Keep in mind even high taxed countries like the UK. The long and short term capitals gains rate is 28%. The USA capital gains rate for short term is always higher and Biden want to make if one of the highest in the world

This is one of the reasons I do advocate putting as much in Roth IRA as u can vs pretax if given the option especially if living in no state income tax state like Florida or Washington state where u don’t get any pretax state income tax saving. You never know what the future entails with taxes

FACT SHEET: The President’s Budget Cuts Taxes for Working Families and Makes Big Corporations and the Wealthy Pay Their Fair Share | The White House

Since taking office, President Biden has fought to build a fairer tax system that rewards work, not wealth; asks the wealthiest Americans and largest corporations to pay their fair share; and requires all Americans to play by the same rules and pay the taxes they owe. He has already secured...

www.whitehouse.gov

 

[GassYous]

Go to Colorado during spring break. A good 10-20% of the kids wearing aviator nation and love shack fancy overpriced clothing.

It’s the lifestyle.

The parents aren’t any better

And u think these kids will grow up wanting to downgrade even if they get that education

What's wrong with north face or patagonia
Am I so out of touch?

 

[finalpsychyear]

Read what happens if u want to keep voting democrat if you want to try to retire early.

Biden wants to raise taxes even more. Including 5% Medicare surtax income over 400k/450k single/married

He wants u to pay long term capital gains taxes 23.8% to 39.6% same as ur income if u are making more. Keep in mind even high taxed countries like the UK. The long and short term capitals gains rate is 28%. The USA capital gains rate for short term is always higher and Biden want to make if one of the highest in the world

This is one of the reasons I do advocate putting as much in Roth IRA as u can vs pretax if given the option especially if living in no state income tax state like Florida or Washington state where u don’t get any pretax state income tax saving. You never know what the future entails with taxes

FACT SHEET: The President’s Budget Cuts Taxes for Working Families and Makes Big Corporations and the Wealthy Pay Their Fair Share | The White House

Since taking office, President Biden has fought to build a fairer tax system that rewards work, not wealth; asks the wealthiest Americans and largest corporations to pay their fair share; and requires all Americans to play by the same rules and pay the taxes they owe. He has already secured...

www.whitehouse.gov

eventually they will try and start taxing your investments even if you dont sell them. I would arguably consider moving to a different country with free health care and no capital gains tax like dubai i think.

 

[betamale]

eventually they will try and start taxing your investments even if you dont sell them. I would arguably consider moving to a different country with free health care and no capital gains tax like dubai i think.

Tempting but hard to give up US citizenship (took a long time to earn). Capital gains tax waiver only applies to foreigners who live outside US…I think…I looked into it recently

 

[BLADEMDA]

I read this table as if let's assume someone retires at 40 yo then they need a 3 percent SWR and if they take SS by age 62 their equity allocation based on this data can be 0%. However, I would do at least 60-80% equity.

Does the table assume any type of SS for the 70-75 yo?

Social Security is not part of the table for the calculations. If you retire early with 35+ years ahead of you the Withdrawal rate should be 3% IMHO. In fact, based on the expected tax rates going forward due to massive spending with a huge National debt, we are seeing the lowest tax brackets in our lifetimes.
I still think you need to build in a million dollar cushion and use a 3% withdrawal rate to guard against unexpected decline in the dollar and higher tax rates.

The answer to all these problems is simply a little part time work if you can stomach it.

 

[Ronin786]

unfortunately 5 million doesn’t feel like a lot.

Like a 400-500k salary doesn’t feel like a lot even for 40 hours with no calls or weekends for anesthesia Especially when u have software new grad engineers with 4 year degrees getting 120-150k to start PLUS bonus which can be 25-100% of their income at age 22-23.

My neighbor is Verizon senior engineer and Verizon is pretty cheap in terms of pay is at the 200k plus other perks. The silicone engineers make a ton more. Of course they can get laid off.

My first degree family member with 17 million excluding the 2.5-3 million dollar home thinks they are middle class!

It’s crazy world we live in.

But than again the dog sitter wants $50 a day to dog sit.

I have no dogs, but $50 a day for someone to take care of your dog for 12 hours? That's $6 an hour.

How much would be acceptable?

 

[BLADEMDA]

I have no dogs, but $50 a day for someone to take care of your dog for 12 hours? That's $6 an hour.

How much would be acceptable?

Are you looking for a side gig?

 

[BLADEMDA]

Key Tasks for Investors Approaching Retirement​

As you plot out your strategy at this life stage, here are the key tasks to tackle.

1. Nourish your human capital.
2. Start mulling your Social Security strategy.
3. Maintain your safety net.
4. Assess the adequacy of your portfolio.
5. Embark on a preretirement saving sprint.
6. Build your stakes in safe(r) securities.
7. Think about withdrawal sequencing.

Christine Benz-Morningstar

 

[caligas]

Read what happens if u want to keep voting democrat if you want to try to retire early.

Biden wants to raise taxes even more. Including 5% Medicare surtax income over 400k/450k single/married

He wants u to pay long term capital gains taxes 23.8% to 39.6% same as ur income if u are making more. Keep in mind even high taxed countries like the UK. The long and short term capitals gains rate is 28%. The USA capital gains rate for short term is always higher and Biden want to make if one of the highest in the world

This is one of the reasons I do advocate putting as much in Roth IRA as u can vs pretax if given the option especially if living in no state income tax state like Florida or Washington state where u don’t get any pretax state income tax saving. You never know what the future entails with taxes

FACT SHEET: The President’s Budget Cuts Taxes for Working Families and Makes Big Corporations and the Wealthy Pay Their Fair Share | The White House

Since taking office, President Biden has fought to build a fairer tax system that rewards work, not wealth; asks the wealthiest Americans and largest corporations to pay their fair share; and requires all Americans to play by the same rules and pay the taxes they owe. He has already secured...

www.whitehouse.gov

I don’t like taxes but I also fear Blade’s scenario where the US drives debt to the point where we are a bad credit risk. It strikes me that Republicans want to lower taxes (yay) but show no resolve to decrease spending.

 

[abolt18]

Hard to retire with kids. That’s why I think mentality is different when one is single with no kids. Tons of disposable income

As a single person. Absolutely if housing is taken care of. Most people can retire with 5 million

I put 20k a year in my kids 529 account into addition to already prepaying their college. Spend on afternoon activities tutors etc. I estimate it cost a min of $1500 per kid per month to feed them, activity. Have 2-3 kids. That’s 3k extra in the budget to account for. Than they drive. That’s costs a ton as well

As they get older. U need to rooms for cruises or two hotel rooms or a suite. That’s added costs.

So if the 37 year old decides to get married and have 2 kids. They will be potentially working to age 62 even with that net worth already to maintain same lifestyle.

My 59 year old colleague who’s worth more than 10 million still has his college graduate Goldman Sachs employed adult 23/24 years old hitting him up for “rental assistance “ in nyc and dc to the tune of 5k a month. And they make 6 figures. No college loans. Lifestyle folks. Hard to downgrade.

You live a very different life than I do. $1500/month/kid for food and activities???? Ours is probably like $300-400/month/kid and that's if you average out sports costs throughout the year.

 

[finalpsychyear]

Social Security is not part of the table for the calculations. If you retire early with 35+ years ahead of you the Withdrawal rate should be 3% IMHO. In fact, based on the expected tax rates going forward due to massive spending with a huge National debt, we are seeing the lowest tax brackets in our lifetimes.
I still think you need to build in a million dollar cushion and use a 3% withdrawal rate to guard against unexpected decline in the dollar and higher tax rates.

The answer to all these problems is simply a little part time work if you can stomach it.

I agree with you and the 10m and 3% SWR. I'll add that this becomes cloudier in the next 5-7 years as we approach 2030 and 3% inflation (i hope) the 10m now will inflate closer to 12.

Whoever is lucky and hard working enough to have those numbers and also falls in the 45-50 yo age group by 2030 is set and it doesn't hurt SS kicks in at 62 which is 17 years or 12 years for those in the 45-50 yo age range. Paid off house and paid off cars in all honesty likely lowers the 10m number.

Based on your insight and input I have been disqualified in reaching these numbers given a 3% SWR, 3k-5k/mo in health insurance premiums, 2030 cut off, and being a renter, so the best i can hope for is maybe in 10 years going part time.

 

[aneftp]

You live a very different life than I do. $1500/month/kid for food and activities???? Ours is probably like $300-400/month/kid and that's if you average out sports costs throughout the year.

cheer and travel baseball alone are $1000 a month for the kids. Excluding hotels stays.

A min $20 to feed each kid per day x 2 kids equals $40 a day for kids x 30 days equals $1200 in food cost for the month.

I’m in the hole $2200.

Put $1700 a month for $529.

So that’s $3900 in the hole each month.
before vacation cost.

I don’t. Think these are are outrageous numbers.

 

[rowsdower88]

Go to Colorado during spring break. A good 10-20% of the kids wearing aviator nation and love shack fancy overpriced clothing.

It’s the lifestyle.

The parents aren’t any better

And u think these kids will grow up wanting to downgrade even if they get that education

Buy cheaper clothes and get cheaper hobbies? I have absolutely zero sympathy for this and I wish I could go back to not knowing what aviator nation was before this post. $200 for a hoodie? Take road trips instead of flying, camping/hiking instead of fancy hotels and shopping trips, Walmart instead of Whole Foods, etc...

You don't need to keep up with the Joneses.

He wants u to pay long term capital gains taxes 23.8% to 39.6% same as ur income if u are making more.

I already demonstrated how little capital gains tax really is even for a typical couple spending $300k a year off of investments. It was literally just 23k (~8% of their total spending). I find it incredibly unlikely that they would increase it above 30% for the under 500k tax bracket, but even if they did bump to 30% (and kept the same brackets) it would only be 46k for someone spending 300k. This is not some catastrophic change. Most physicians (and Americans in general) don't spend 300k/yr in retirement. The Biden memo THAT YOU CITED says they would only treat capital gains as income for capital gains >$1M. That impacts precisely no one who posts on this forum.

"Households making over $1 million—the top 0.4 percent of all households—will pay the same 39.6 percent marginal rate on their income just like a high-paid worker pays on their wages."

FACT SHEET: The President’s Budget Cuts Taxes for Working Families and Makes Big Corporations and the Wealthy Pay Their Fair Share | The White House

Since taking office, President Biden has fought to build a fairer tax system that rewards work, not wealth; asks the wealthiest Americans and largest corporations to pay their fair share; and requires all Americans to play by the same rules and pay the taxes they owe. He has already secured...

www.whitehouse.gov

A min $20 to feed each kid per day x 2 days equals $40 for kids x 30 days equals $1200 in food cost for the month.

Make sandwiches? Homemade burritos? Homemade pizza? Homemade casserole??? It is entirely your decision to spend $20/day per child. The USDA makes food plan estimates for varying budgets and even for their liberal food plan for a 14-18y/o male they estimate the cost at $102/wk (~$40 less than your current spending).

USDA Food Plans: Monthly Cost of Food Reports | Food and Nutrition Service

www.fns.usda.gov

I don’t. Think these are are outrageous numbers.

I do think these are outrageous numbers IF you're also trying to retire early and wanting to maintain this high spending in retirement.

 

[kidthor]

Go to Colorado during spring break. A good 10-20% of the kids wearing aviator nation and love shack fancy overpriced clothing.

It’s the lifestyle.

The parents aren’t any better

And u think these kids will grow up wanting to downgrade even if they get that education

So you’re saying my Costco Kirkland signature wardrobe and love for the Comfort Inn & Suites are out of style!?

 

[finalpsychyear]

cheer and travel baseball alone are $1000 a month for the kids. Excluding hotels stays.

A min $20 to feed each kid per day x 2 kids equals $40 a day for kids x 30 days equals $1200 in food cost for the month.

I’m in the hole $2200.

Put $1700 a month for $529.

So that’s $3900 in the hole each month.
before vacation cost.

I don’t. Think these are are outrageous numbers.

I don't even have kids yet. welp back to the grind for another decade ish before i can pretend to be in the retirement capable zone unless something big moons next year.