Originally posted by mamaham
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Originally posted by outdoordoc View Post
I don't know, especially with kids, having the chance to create generational wealth seems pretty appealing to me. I'm sure the wealth gap will only increase as we age, I'd like to ensure my family is on the correct side of that when I'm gone.
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Originally posted by HikingDO View Post
Dying with $50M would make me really sad. It would mean that I worked a lot longer than I should have.
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Originally posted by uksho View Post
These Politicians ..….,.. just can’t say more here
not just student loans, we will pay much more
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(TL, DR all replies) 50-80% of income is inaccurate: you need enough for expenses, and if you spend all your income with 20% or so total savings then 80% is all that's needed when you are done saving. So really what you need is 100% your expenses at age now +10-15 years onward. As noted hard to project that out. But socking away tons and tons- live like a resident and when you're grossing $1M spend under $200K- and not buying the home, cars, vacations, and kids' schooling that takes both of you continuing to earn that much for 30 years to pay for, will set you up to decide if you want to FIRE and be able to cut back if work at that tempo isn't tolerable any more.
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Originally posted by HikingDO View Post
Or just be like the sucker that I am. I paid off my own student loans, I paid for my kids college educations, and now I’m going to pay higher taxes to pay for other’s student loans.
not just student loans, we will pay much more
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Originally posted by Lordosis View PostNews flash! College costs don't need to be repaid. Let them take out loans. Save your money for the taxes!
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Originally posted by Eye3md View Post
True, but for a lot of us, we will have a retirement account that continues to outgrow our needs (ie, May have millions left over when we die).
The grandparents didn’t quit spending money in their 60s. They really enjoyed life until their late 70s. And, to be honest, I did pay attention to them because I always told my wife that I’m glad my grandparents enjoyed their lives (vacations, pampering grandchildren, helping to pay for grandchildren expenses, etc….) while they were “young enough” to do so. The only reason they stopped is because their advanced age made it too uncomfortable to drive long distances, or take long flights (even first class). At that stage, their expenses dramatically decreased as all their activities were very much local (cards with friends, church, at home eating vs going out a lot).
At one time, I was a little concerned about their spending because it seemed my grandmother was a “free spender”. As they aged, and we grew more concerned about the possibility of need assisted living, we decided to visit an elder care lawyer for advice. They were going to be fine if they needed that level of care, and I would not have to support them financially
The point is that a ton of money can need to be repurposed.
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News flash! College costs don't need to be repaid. Let them take out loans. Save your money for the taxes!
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Originally posted by FireFox View Post
Don't agree to that.
There are tons of state school where your kid can go for a much better degree for much less. Examples: UCLA, U Mich, UNC, UVA, G Tech, U wash etc etc.
But you have to live in of these states.
Don't be over cautious to save $1million for college expenses. In state tuition in one of these top schools still costs below $10,000 a year compared to some crappy private schools in the $50-60k range. I am not sure its even worth it to spend so much in undergraduate education.
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Originally posted by FIREshrink View Post
For a long retirement, 30-33* expenses. $120k per year so $4 million in today's dollars.
But you have enormous upcoming child expenses. Daycare, private school, undergrad and grad school. Probably a part time nanny given your busy lives. I think your expenses will be $200k per year for a while.
Undergrad plus grad school, $1 million in today's dollars for 2 kids.
There are tons of state school where your kid can go for a much better degree for much less. Examples: UCLA, U Mich, UNC, UVA, G Tech, U wash etc etc.
But you have to live in of these states.
Don't be over cautious to save $1million for college expenses. In state tuition in one of these top schools still costs below $10,000 a year compared to some crappy private schools in the $50-60k range. I am not sure its even worth it to spend so much in undergraduate education.
Save a ton for retirement. if needed your kids can take a loan for education but you can't for retirement.
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“even on gifts and philanthropy - was too low for you to derive any benefit from it at all. ”
The choice of when and deriving benefits is up to the individual.
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Originally posted by Tim View Post
Usually $50m savings is the result of two things:
Reveue-expenses= savings
There are plenty of ways people up there spending and can ruin their lives. Just because you make it, doesn’t make it wise to spend it.
Smoothing is a concept.
I agree that expense cutting for a goal if $50m is a poor choice.
It will get spent
It will pay taxes
It will be given away/bequeathed
This is true whether it happens while you are alive or after you're dead.
Doing it at death in the form of estate taxes and an inheritance or philanthropy means spending during life - even on gifts and philanthropy - was too low for you to derive any benefit from it at all.
Only a little more complicated if you are married, as spouse will face the same problem.
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Originally posted by FIREshrink View Post
This really does seem like a colossal failure of consumption smoothing.
Reveue-expenses= savings
There are plenty of ways people up there spending and can ruin their lives. Just because you make it, doesn’t make it wise to spend it.
Smoothing is a concept.
I agree that expense cutting for a goal if $50m is a poor choice.
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