Reached goal - What happens next?

[Anonymous]

Hit $5M invested assets this week, have teenager with fully funded 529 and a paid off home. Two working parents, one making $180k and the other part-time making $20k. Contributing max to 401(k) and Roths and HSA. I can’t figure out if we should be doing anything differently. Would you? If so, what? We are late 40s and not ready to retire.

[Anonymous]

Nice! It sounds like it is time to work on your non-monetary goals.

[Anonymous]

Enjoy your money!

My dad was similar to you. Saved everything. At your age he started to take vacations where he didn't pinch pennies.

Then he saved enough money to set his grandkids up with trust funds and pay for their college tuition.

So, basically: first goal: enjoy your money.

Then, set another savings goal. Maybe give charitably a bit more?

[Anonymous]

Start saying exactly what you think at work.

[Anonymous]

Anonymous wrote:Start saying exactly what you think at work.

Love this! I think I already do, unfortunately. I have a big mouth.

[Anonymous]

Anonymous wrote:Enjoy your money!

My dad was similar to you. Saved everything. At your age he started to take vacations where he didn't pinch pennies.

Then he saved enough money to set his grandkids up with trust funds and pay for their college tuition.

So, basically: first goal: enjoy your money.

Then, set another savings goal. Maybe give charitably a bit more?

Yes, charitable giving has increased. We now give $500/mo. That feels right to us.

I have an appointment with an estate lawyer in June. I don’t think I’ll be able to easily switch from saving to spending myself, but my spouse may be a different sorry!

[Anonymous]

you should make higher goals, how about 10m

[Anonymous]

Anonymous wrote:Hit $5M invested assets this week, have teenager with fully funded 529 and a paid off home. Two working parents, one making $180k and the other part-time making $20k. Contributing max to 401(k) and Roths and HSA. I can’t figure out if we should be doing anything differently. Would you? If so, what? We are late 40s and not ready to retire.

Holy sh*t. At 200k HHI you have done very well. Congrats!

[Anonymous]

Anonymous wrote:

Anonymous wrote:Enjoy your money!

My dad was similar to you. Saved everything. At your age he started to take vacations where he didn't pinch pennies.

Then he saved enough money to set his grandkids up with trust funds and pay for their college tuition.

So, basically: first goal: enjoy your money.

Then, set another savings goal. Maybe give charitably a bit more?

Yes, charitable giving has increased. We now give $500/mo. That feels right to us.

I have an appointment with an estate lawyer in June. I don’t think I’ll be able to easily switch from saving to spending myself, but my spouse may be a different sorry!

You should talk to your accountant. He can help you balance out what you "should give" with how much you want to give. (Of course in the end, you make the decision). Our case is a bit different, and our HHI is a lot higher; but we give about 10%

[Anonymous]

Anonymous wrote:

You should talk to your accountant. He can help you balance out what you "should give" with how much you want to give. (Of course in the end, you make the decision). Our case is a bit different, and our HHI is a lot higher; but we give about 10%

Our take home pay is about $7,000/month. You make a good point, which is that folks who have high assets tend to have high income. We do not, and that complicates things. My choices are to cut back on savings, which feels odd, or to sell investments, which feels even odder. I think that is the crux of the issue. How do we "enjoy and give" when we don't have a lot coming in the door?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

You should talk to your accountant. He can help you balance out what you "should give" with how much you want to give. (Of course in the end, you make the decision). Our case is a bit different, and our HHI is a lot higher; but we give about 10%

Our take home pay is about $7,000/month. You make a good point, which is that folks who have high assets tend to have high income. We do not, and that complicates things. My choices are to cut back on savings, which feels odd, or to sell investments, which feels even odder. I think that is the crux of the issue. How do we "enjoy and give" when we don't have a lot coming in the door?

Why is your take home pay on $7000 per month if your salary is $200k per year?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Hit $5M invested assets this week, have teenager with fully funded 529 and a paid off home. Two working parents, one making $180k and the other part-time making $20k. Contributing max to 401(k) and Roths and HSA. I can’t figure out if we should be doing anything differently. Would you? If so, what? We are late 40s and not ready to retire.

Holy sh*t. At 200k HHI you have done very well. Congrats!

Did you inherit wealth or otherwise receive help? Trying to figure out how you accumulated so much on that income. I would quit, in your situation and enjoy having more free time to do what you'd like.

[Anonymous]

$17,091 Gross pay

$4,360 Taxes (Fed, state, FICA)

$3,178 401k's
$600 HSA

$475 Medical/Dental Insurance
$60 Limited Purpose FSA

$1,533 ESPP

----------------
$ 6,885 take home pay

[Anonymous]

Anonymous wrote:$17,091 Gross pay

$4,360 Taxes (Fed, state, FICA)

$3,178 401k's
$600 HSA

$475 Medical/Dental Insurance
$60 Limited Purpose FSA

$1,533 ESPP

----------------
$ 6,885 take home pay

Ok the insurance and ESPP were unexpected. This makes sense.

Nothing wrong with ESPP, but it seems a little silly to say $7000 is your take home pay. Really $8500 is your take home pay but you choose to buy company stock from your paycheck.

[Anonymous]

If you want to give more to charity, reduce what you are putting in your 401k