Financial Independence Daily FI discussion thread - November 29, 2020 |
- Daily FI discussion thread - November 29, 2020
- Pre-Nup should I or shouldn't I?
- Has anyone considered how to best defend your hard-earned FIRE against “filial support” laws that could leave you responsible for your parents’ medical bills?
- We technically reached financial independence. Now what?
- If marriage offers protections, why is a pre-nup necessary?
- Venting and Confusion Part 2
| Daily FI discussion thread - November 29, 2020 Posted: 29 Nov 2020 12:08 AM PST Please use this thread to have discussions which you don't feel warrant a new post to the sub. While the Rules for posting questions on the basics of personal finance/investing topics are relaxed a little bit here, the rules against memes/spam/self-promotion/excessive rudeness/politics still apply! Have a look at the FAQ for this subreddit before posting to see if your question is frequently asked. Since this post does tend to get busy, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts. [link] [comments]  |
| Pre-Nup should I or shouldn't I? Posted: 29 Nov 2020 02:54 PM PST I just got engaged I'm in my 40's and we're talking about getting married soon. I just hit a million dollars in net worth. (Between my 401k and my stocks). It got me thinking should I consult a lawyer and have a prenup done? My friend just went through a divorce that he didn't want to happen but she did and he got taken to the cleaners. I have a feeling when I approach her about this she's not going to be happy and may even possibly break off the engagement. She already complained to me saying I talk about money too much and I'm never happy about the money I'm making or have? I told her I'm always just trying to get better and make more money what's wrong with that? [link] [comments]  |
| Posted: 28 Nov 2020 05:31 PM PST This was something new to me that I learned of a few years back — https://www.harborlifesettlements.com/4-ways-filial-responsibility-laws-can-affect-you/ I tried posting in a few other subreddits at the time, but never ended up with any meaningful discussion on the topic. In a nutshell, if your parents ran themselves flat broke because they were irresponsible - and yet you were very responsible and FIRE'd, your state may be able to come after your hard-earned finances too. Your parents credit card debts may not be able to be transferred to you, but depending on your state their medical costs potentially could. Has anyone consulted with a lawyer or trust attorney in order to build strategies to protect assets from these types of cases? I wonder whether certain asset classes are beyond reach - such as retirement accounts, and a home. I know a lot of people here are working hard to reach FIRE, and have some very smart ideas on how to get their and how to live on a safe withdrawal rate. But a $200,000 nursing home bill would probably blow a giant crater in most people's plans ... so I'm curious to know if anyone had devised strategies to protect their financial futures as much as possible? [link] [comments]  |
| We technically reached financial independence. Now what? Posted: 28 Nov 2020 07:13 PM PST I calculated today, my wife and I currently have enough money in investments, that on average we can pay for all of our expenses using investment money. (Note that this is an average. Sometimes we make more money. Sometimes we make less. It would be unwise to completely depend on investment money only.) Both of us have high paying jobs.. all of this income is just going to add onto the investments, since we already cover all of our costs with the investment income. I am having a "midlife crisis" about what my future job should be. I work as a software engineer. I have always been the smart computer kid in school, but over the decades, technology has been changing so much, it has been hard to keep up. I am wondering how long I will be able to keep this up before employers start just going for someone younger. We have a family. Time with the kids is important. I am starting to look at my typical job, with 8 hours + 1 hour for lunch + 1 hour commute in each direction, that is 11 hours used for work, that I am wondering if I can reduce significantly. I don't really care about the pay too much.. But I am not ready to work for free. I just want to be productive, and mentally challenged at work, but then be able leave all of that and not deal with it when I come home. I don't like the idea of being a freelancer, because then I need to negotiate how much money I will be paid, which I don't really care about. I'd prefer a project where I don't have much responsibility to a deliver a project, and instead I would prefer to be an advisor or teacher. At the same time, I recognize, we can now afford certain services that we previously have not done much because we felt it was too expensive. A few examples:
Currently we continue to go the same path and accumulate wealth, and are starting to spend more on the things listed above, but as the wealth accumulates, I keep getting a stronger urge to change my job to something else.. but I don't know to what. [link] [comments]  |
| If marriage offers protections, why is a pre-nup necessary? Posted: 29 Nov 2020 04:07 PM PST I've seen posts in this sub and other similar financial subs where people say a positive of being married is it offers both people protections over their assets that may not exist pre-marriage. I even posted a while ago about the best way to split the purchase of a home with my partner, and overwhelmingly people say it's much riskier to buy a house with a non-married partner than with a married partner. If there are protections, then why are pre-nup agreements recommended? It seems to me that if you're worried about pre-nups, then an option (if both people are fine with it) is to not get married and simply be cohabiting partners. But I've read and been told that purchasing assets with someone that you're not married to is risky. So I'm trying to better understand what protections marriage offer and what they can't protect that a pre-nup could. Thanks [link] [comments]  |
| Posted: 28 Nov 2020 06:13 PM PST Not that anyone really cares but I made this post in March, 2019. I wanted to update it. I am still struggling. I write this post AGAIN on here because I truly respect the POVs on here. If you choose to read this, please be honest. If need be, put me in my place. TLDR: I STILL really am struggling to find a new challenge. I have been applying to positions but I am not having much success finding the right opportunity. I still have different and specific goals but I am unable to get them on my current path.
Here are some more updates/realizations in my life:
I really don't like my current business. It is more of a good side gig. I am not challenged by it either. I would rather coast with it now and find a more challenging opportunity, even if that means working for someone else. I have been looking for a new opportunity for over year and I am struggling to find the right fit. I am not looking for a high salary, but I would really good benefits because our current health insurance is subpar and I have already had serious health issues. My goal is to be "done" by 45 and simply manage my business. Here are my specific questions:
Balance Sheet:
Additional Assets Not Included:
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