Get into angel investing. You are an accredited investor now.
Get into angel investing. You are an accredited investor now.
Weird flex but OK
Chad brad:
Oh well really? I don't think my logic is like a 4-year-old. Like who would celebrate getting inheritance by drinking?! Not a smart person.
osaka why don't you move to kyoto with all your inheritence
ChadBrad wrote:
Harambe wrote:
Why do people love waving their c0ck around about how much they spend as a family.
15k a month is an INSANE amount of money. No family of 3-5 needs to spend close to that to live a comfortable life
If you have the coin, then go for it, but bragging about how 'hard' that is just makes you look dumb.
Not insane at all. If you live in NYC or the Bay Area a $1.25m mortgage isn’t insane, and with property tax you are at about $8k a month there.
$2k for groceries easy. That’s $10k total.
Not hard to see another $1k a week on various sundries, gas, restaurants, activities. That doesn’t even take into account cars or private school or vacation.
My point is, I don’t understand how you comfortably live on less than $15k a month.
2k for groceries? Even at $10/day/person, you'd only spend 1k
5k for school & cars? Even a 20k brand new car would only be $300/month. Put your kids in public school! If you live in an area where people don't know how you live off less than 15k/month, the public schools will be fantastic there.
So even if you had a 1.25 mortgage you could easily live off of 10k/month for the whole family
I hope that your mother puts the money in a trust fund, managed by some responsible party- preferably a trusted financial advisor. The fact you are on the internet bragging about a modest 2.5 million dollars even before your mother kicks the bucket does not signal financial intelligence on your part.
osaka wrote:
Got the rundown this weekend from my mom, total inheritance will be about $2.5mm cash plus my dad's 2 family house and 2 rental properties. I make 175k, wife makes 100k, both early 30's, 2 kids.
Not sure what to think. On the one hand, it's pretty decent On the other hand, it's not enough to quit or jobs and raise our children properly so it's business as usual. Kind of disappointed in that regard. Wife doesn't know much about it. I'm watching The Crown season 1 on Netflix. Might get a celebratory drink alone tomorrow after work.
It seems like most people have ignored the 2-family house and the 2 rental properties. I don't know what a 2-family house is. A duplex? That means you have essentially 4 rental properties. Are they paid off? If you liquidated them, how much more money would you have, in addition to the $2.5M cash? What is the monthly cash flow from the 2-rentals, and what is the estimate if you rented out your dad's places?
I don't live in the Bay Area or NYC, but in my neighborhood, if you had 2 rental properties, and a 2-family house, you could probably pull in rent of around $6k per month. Assuming you could pay off your current mortgage with the $2.5M, you should be able to retire on $6k per month of rental income with no mortgage, and have at least a $2.5M house. If your house is more modest than $2.5M, then you would have additional income from investment money each month.
Certainly enough for one of you to retire and take care of the kids full-time. Which depending on their ages, could save you an additional $1k-$2k per month in expenses.
And all that being said, if you make different choices, you could easily retire on the $2.5M alone at your age. Many people have done it. My neighbors across the street are in their 30's and retired with two kids.
If you have no job tying you to a specific area, there are tons of really nice places you could move to that are affordable to retire on with that kind of money.
Cathy loves to run 13 wrote:
Chad brad:
Oh well really? I don't think my logic is like a 4-year-old. Like who would celebrate getting inheritance by drinking?! Not a smart person.
Most 4 year olds think they are very smart. And they struggle with death, much like you appear to.
Celebrating or not, people die. If they leave an inheritance that’s a positive, not a negative.
But maybe yours family will beat the odds and be immortal.
simply not possible in 2018 wrote:
Give it all away wrote:
Live in nyc, travel internationally 4-6 times a year, eat out most of the time. Live on 40k.
Bull. Sh!t.
Sorry, just came back to the thread
International travel is essentially free. If you're not on the credit card sign-up bonus wagon, you should be. I was skeptical at first, but free vacations to 8 countries later, I still have $4,500 more free vacation to take. Having your own business helps a lot with this.
Otherwise here is what i spent last month:
1 bedroom apartment with SO: $1300 for my share
Groceries, split with so: $172
Restaurants and bars: $530
health insurance: $455
subway pass: $121
gym: 27.81
moviepass: 9.99
internet, netflix, sling, cell phone, electric: $250
flight home for christmas: $436
uncategorized/gifts: $110
Above includes trip to mexico (no charge for flights or hotel) approximately 75K credit card points
Comes to $3411 (including a flight that I only would buy once or twice a year)
which is $40941 per year.
blort wrote:
3 mil in the bank wrote:
your monthly expenses disgust me and you don’t deserve this money. You should already be millionaires at this point and this should be enough to retire but alas you have squandered your opportunities thus far and will squander this one as well. I weep for your parents.
Yours truly,
A self made multimillionaire in his 30s
His spending disgusts you? Really?
Making a moral declaration over someones else's spending without knowing the details is very a Trumpian thing to do (and maybe that a compliment for you). Does the 15k in "spending" include his taxes. He lives in California. At the salary, it's likely he lives in the Bay Area, LA, or San Diego. Does his own a home? What's his property tax. Does his "expenses" include his 401k and HSA deductions. Those are not expenses, but some people think of them as such (since they subtract from your cash flow).
Details matter.
Surely you must be joking. SURELY you must be JOKING. 15k per month is an obscene ammount of money to spend on a family of four with a combined annual salary of 275k. If you aren't saving any money on your own, then yes I will judge your life decisions. Your spending for the most part is a CHOICE! Living in California, the most expensive state in the country, is a CHOICE! Sending your kids to private school is a CHOICE! Hell, even having kids is a CHOICE! If you already have kids, then you owe it to them to rectify your poor financial planning.
OP I don't believe for a second that your 15k a month figure is necessary to sustain a reasonably comfortable life where you are. Right now I'm going to assume that you have some combination of these things financially weighing on you:
1) Mortgage
2) Private School/College
3) California Cost of Living
If you have some other large expense like a boat then you're a grade A dunce and probably won't take this advice anyways. But getting rid of any of these expenses would do you a lot of good and allow you to actually SAVE money for you and your family. You don't need to live in a million dollar home for a comfortable life, but if that is the case in the community you have chosen, then MOVE. If private school is too expensive but the public school system sucks where you are, then MOVE. And if there is nowhere in California where you can live in a decently priced home with a good public school system (I doubt this is the case) then move out of the state! I know for a fact you can spend half of what you are spending for a really good upper-middle class quality of life in New England (not Boston), and unless you are one of those lifeguards making 100k annually out there, I guarantee you can find a similar paying job there too.
At the end of the day, if you consider 15k/month necessary to live a "comfortable" life, you are trading your definition of comfort with absolute jack for savings. Either rectify your misplaced definition of comfortable and change up your situation, or apologize to your children for not being able to provide an inheritance for them the same way your parents have for you.
Protip no one considers "deductions" as "expenses" that's why they are called something different.
calm down now you're being really generous assuming this stupid site will be around in 50 years. quality topics like this are few and far between, these days.
Harambe wrote:
Here's a tip:
Don't spend 15k a month on your wife and kids.
Invest the 60k+ a year you just saved wisely.
Then your kids won't be complaining about the crappy inheritance you left them on Letsrun in 50 years.
You'll soon be "contributing" that to your fellow citizens. /s/ Bernie Sanders.
simply not possible in 2018 wrote:
Give it all away wrote:
Live in nyc, travel internationally 4-6 times a year, eat out most of the time. Live on 40k.
Bull. Sh!t.
This.
Unless you consider Staten Island as international travel. And still you couldn't eat out on that. Unless eating out means you go to a friends house. Or your mother's house
don't get mad at me that you're throwing your money away. my budget is posted above.
not true wrote:
I guess you don't get out much if you think California is the be all end all for scenery.
I don't consider fighting traffic for 1-2 hours to be 'accessible'.
I'm in the IE, and an hour in weekend traffic without accidents in the way to the beach. I'd call that accessible, since I don't go to the beach every day.
But you know what? That means that on weekends I'm less than an hour from ANYTHING else. That means mountains, deserts, downtown LA, anywhere else in LA I'd want to go, San Diego, nearly Mexico, anyplace. Do I go during the week, when this would take hours? Nope. I go on the weekends, when I have time, since I have a job.
Which is as far from my house as jobs I had when I didn't live in California. Where it's scenic. And not in a polar vortex.
I've lived on the Oregon coast, Austin, the Florida cost, South Carolina, Mass., Minnesota, and Southern California. Everything I mentioned is more accessible to me than basically anywhere I'd want to go in any of those other places. And SoCal is scenic, sorry.
Worldwide, maybe not as much. There's a reason there are a lot of people here.