What is your net worth and do you have a financial advisor?
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Anonymous
We have financial advisors  ?
Seriously, they are good for helping you to plan tax strategies, insurance needs, risk/reward....they think of things that you might not necessarily think of. |
Anonymous
Make money. Save it. Invest it. See it grow. |
Anonymous
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$14M w/o college savings - $1M in 529 plan
No advisors Curious about age of people w high NW and anybody thinking of retiring early. My hesitation is health care. Would appreciate any ideas. Also how much $ you guys are leaving the kids. |
Anonymous
High nw here. We already retired and get insurance through blue cross. It’s almost 3k a month for 4 of us, for the ppo. My kids will have a lot of money if I die, esp as rmds (lots of retirement). |
Anonymous
Can u give me rough idea of NW and age? The uncertainty of Health care and I have a lot of préexisting conditions. |
Anonymous
Mid 40s. Not thinking of retiring early because spouse enjoys job. If that ever changes, will definitely consider. Have no intent to leave kids anything at this point. Their college will be paid for. Probably help with wedding and maybe a car. Otherwise, they get what we don't spend! |
Anonymous
Net worth including real estate is about $14-$15 million. I posted earlier in the thread that we had $12 million but I didn’t include real estate in that. Ages are late 40s. excluding real estate. No preexisting conditions. |
Anonymous
Simple. Good offense (high income) and good defense (lower spending.) If you have a good offense but spend it all (and then some) you can't come here confused why you have no money at the end of the pay period. |
Anonymous
Say you are 45, and have to spend $100,000 per year on insurance and other health care costs until Medicare kicks in. That would be astronomical. Now, double that, as a truly worst case, practically unheard of situation. Why, you'd practically be destitute! You'd only have - $10m left over. Rice and beans for you! Good grief. You are way, way overthinking this. |
Anonymous
Worst case scenerio is actually medical costs AND a full time aide due to a long term illness. Without long term care (and often even with it), it would be about $15-$35/hour every hour, with nights being on the higher end. So it could be about $200k a year for care PLUS the medical expenses (insurance, unreimbursed expenses: equipment, meds, etc.) MOST people who need full time care don't live that long, but it is in the realm of possibility. |
Anonymous
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$13 million net of residence. No FA -- I cannot stand their BS. It's like having a slick, likable car salesman in your life. If you understand college math, and have some self discipline, I see now merit in an FA. |
Anonymous
| My college friend who became a financial advisor told me you should consider it when you a) don't have time to look after your own money b) when next steps are beyond your skillset and you need to spend more time researching what to do next and you either aren't interested in doing it or won't make the time to do the research you need to do, or c) if you just won't or don't manage it yourself. |
Anonymous
| 1.3 or so (including home equity and retirement accounts) and we do, although I am not exactly sure how much value we get from him. We are in our 30's. |
Anonymous
| ~$600k and no. Like others, mostly retirement in index funds and a little home equity |
Anonymous
| All these NW numbers - u guys reducing the 401ks/IRAs for tax? |