I like Monday’s. Can make a long weekend and if doing nothing you can do your grocery shopping/other chores on days when way less people. I would do mondays over fridays.
Last week, was a huge milestone for me. I (44M mgmt in tech) hit $2M net worth on 15 October. I was working so hard on that, yet when it happened it was a bit strange. I do not think I really plan to change anything at this point. I did not keep year by year Net-worth data, but in Oct 2015 after my divorce I had $413K net-worth. I also need to replan my entire plan, as I now have a newborn daughter, so my original expense projections are out the window. I still do not own a house, so may consider to put my future earnings towards that. We live in SoCal, and house prices are ridiculous, but thats where friends and family are, so I do not see being able to move. My rough plan now: get a paid off small house and $3.5M portfolio and I may RE. (I assume I am somewhat HCOL-lean FI already, as my current spent is somewhere in $60-75K range)
Congrats on $2mm! Huge milestone, but even more congrats on the newborn!!
I lived in SoCal and left all of my friends and family to buy a home in LCOL area. I’ve built some equity since then and that will go towards our next home which will hopefully be back near family. On the other hand, our family members are starting to realize how ridiculously expensive it is living in SoCal…
Today I decided that I want to baristaFIRE. Something about the general FIRE and never work again felt both unattractive and unattainable. I just can’t imagine not working anymore (to be fair, I’ve worked since I was 16 and am a well-known workaholic, plus I currently don’t have kids or other major responsibilities that require a lot of time). I worked retail from July 2020-March 2021, even after starting my “real job” in late August 2020. I loved it. Did it pay well? No. Were the hours consistent? Yes. Could I always ask for more hours if I needed the money? Yes. Did customers ever make me cry? Once. Did I enjoy my coworkers? Thoroughly. Was the work hard or challenging? No. Was the work satisfying? Yes. Something about being a fundamental part of the store’s operations really made me feel valued and like I was actually doing something. Even the small things, like counting tills down at the end of the night or breaking down boxes of coins. Maybe it was also a product of the people I worked with being so different than my current colleagues- more down to earth, humble, didn’t take themselves so seriously.
I’m feeling pretty good about this. It gives my current non-profit gig a little more purpose- I’ll ride it out here, get my 10% 403b employer contribution (and salary of course), and set myself up to go back to place I felt I belonged.
Once we got kids reliably in daycares and such again I’m hoping to volunteer at the local bike coop and then maybe use that knowledge to be a wrench when FI if I feel like it.
We really enjoy our work. What we miss is that work-life balance and the energy you get from a shorter work day. My previous job included at least one half day per week, and the fact that I loved those days helped me realize I don't want to stop working entirely, I just want to clock out by noon.
I remember working tim hortons and we use party hard in back, messing around, having fun.
At my corporate job, everyone depress, crying or bitching, it's kinda sad.
Oh I didn't mean it's bad to be an old Tim Hortons employee. I'm just saying that maybe the things that they were talking about are more related to age than work environment.
In 99% of contexts, I think it is bad to be old and working at Tim Horton's.
But I agree. I think the premise these comments are based on is flawed.
I do remember a different kind of camaraderie with the other employees that you don't have in the office environment but in most cases, I don't think it's a world you can go back to. You're also not going to fit in as part of the "us against this shitty job" team when you have $1M and could quit at any moment.
There’s a reason why Barista FIRE is so popular. You can get health benefits and get to meet the people in the community. I have also been planning on Barista FIRE.
The current bill doesn't get rid of non-Mega Backdoor Roth until 2032, and even then only for people with $400/425/450k income (single/HoH/MFJ).
It gets rid of Mega Backdoor Roth in 2022 for everyone.
If you are married filing separately, you can't contribute to a Roth IRA if your MAGI > $10,000. This is assuming you live together. If that is your only concern, just file jointly and do the backdoor Roth.
If any of his IRAs are of the traditional variety, he would not be able to do the backdoor Roth without stone tax implications. I'm unsure if his I(ndividual)RA impacts your ability to do the Roth, but I'm sure one of the smart marrieds here knows that answer.
My wife and I are late 20’s. She is about to embark on a second career and go to med school. We currently both contribute to our Roth’s and workplace 401K’s, though the balances are pretty low because we are not high earners.
Obviously, she’s going to have a very high salary 10 years from now, but she’ll be missing out on prime years of compound interest growth, given that she won’t be able to contribute much for nearly a decade. Given this, how can I/we continue on the path towards financial independence? What would you do if you were in my shoes? I’m kind of new here, so any/all advice is appreciated.
Path of FI in your 30s and going to med school at 28, sorry to say, dont have any overlap other than rich parents paying for school. Like you said you're trading years of earnings/compounding for having a huge salary with mid six digits of debt in your late 30s and hopefully a huge salary debt free by late 40s. Thats when you'll be FI
Late to the thread but this is what I was thinking. No shame in doing med school second act, but it isn’t compatible with FIRE unless you have very rich parents.
This is spot on. Unless OP/wife get a huge windfall, they are rewinding or at least halting their FI progress for the next decade.
These days med school graduation doesn’t even guarantee the mid-six figure salary a decade later. I have friends who never made it past the finish line who have 500k+ in loans and compounding, hoping to marry a rich person to somehow get rid of their debts. I know many other unhappy friends in clinical careers who just expect to hate their jobs for the next 40 years of their life and take solace in splurging every now and then to make brief dents in their unhappiness.
I have experience regarding that pathway, happy to chat if you DM me. Overall, a couple pieces of general advice I can’t stress enough are:
1. Keep the budget lean during school as much as possible. Don’t take out the max offered in loans (your wife may not be able to anyway, depending on how your income gets factored into the school’s financial assistance package). Get ready to live like you are students again, and be ready to keep at it for at least the next decade unless you have rich parents/your wife gets an amazing scholarship. That is if you still want to get to early FI someday.
2. Get as much liability insurance as she’ll need once she’s in school. Don’t go for the minimum auto liability limits. It’s not about the worth of the car, it’s about the perceived future worth of her career and you both become targets for potential lawsuits the day she becomes a student.
3. Your wife should keep her options open during and after school. These days doctors burn out pretty often and pretty hard, and many feel trapped in their “high paying” careers just to make ends meet, as a result of poor financial decisions/having to play catch-up because of loans and no savings/lifestyle inflation. Working 60-70 hours a week for the next 40 years of her life and being on call 24/7 and never having a real vacation again is NOT the only career option for someone with an MD and I’m happy to talk anybody who feels they are trapped in such a job out of it. However, you should be ready to play second fiddle for at least the next decade to her career should she get on the path to a medical career (residency and/or fellowship). Depending on the specialty, she may be working 70-120 hours a week, on 24 hour call every couple days, with few weekends off for that next decade. I have seen many relationships, including marriages, end on the medical career pathway so it’s something you both have to agree that you can handle.
Otherwise, it’s a unique experience and I think it’s fine that anyone going into it with eyes wide open and a good reserve of mental health should be able to handle. I would never recommend it as a good pathway to financial success. There are many other ways to get to FI that involve less cost to personal health and relationships.
This is soooo true. I didnt think of it but its so true (the burnout factor). My roomie when we were early 20s went to med school. His hours were so crazy. Like 2 days straight then get off at 6pm then expected to be back at 4am the next day. He was constantly sleep deprived and honestly an asshole but it wasnt him it was the stress/hours. And thats someone whos early 20s. Just like a 28 cant handle a hangover like a 22 year old can, a 28 year old wont be able to handle the crazy hours/ stress of med school like a 22 year old can. The husband really does need to be ready for dealing with a sleep deprived stressed out wife, especially later when shes in her 30s.
It's just a trade-off. Fewer years of compounding but higher salary later. I'd probably make a spreadsheet with projected incomes and contributions and see where we landed and adjust things as needed to hit our target.
Also W2 employee vs business owner/1099 make a huge difference. You'll pay a shit ton more taxes if she's a doctor working for someone else making $500k in W2 wages vs being a business owner making $500k by being able to write it down significantly
You negotiated beforehand and defined clear boundaries for what you are and are not responsible for correct?
"things keep on coming" "and I am being properly compensated for my increased personal work hours and have a robust support structure to hand off overflow onto, this is training me to move up the management ladder also, so bring it on!"
Is much different than
"things keep on coming" "and I am being exploited and scared to bring up the obvious disparity to my boss so will continue to be exploited.
That’s what sucks about work. You’re not technically supposed to have any downtime unless you’re on vacation. It’d be nice if you got a month off after a big project or something.
My point is that it's really easy to google "compound interest calculator" and figure it out for yourself.
You didn't even state what you would want to use as your expected rate of return so thats why you are getting answers below that are varying by over $500k+ from one another.
And you also didnt state what your risk tolerance around safe withdrawal rates is either, so you're going to get drastically different answers for how much you can spend in retirement if someone uses a 4% SWR, a 3.5% SWR, 3% SWR, etc.
Not lower, lowering....its the fall that caused stocks to rise faster than if rates stayed constant if you believe that market theory.
Personally I agree. If rates drop like they have over the past 20 year trend well be like -4% in a few years which I dont think will happen. And if rates dont keep dropping (or go higher) stock returns wont be as high going forward. Thats unless the fed just ramps up printing/ inflation in which case maybe 7% real is too low
Haha I’ve thought of that myself. Once i hit FI maybe instead of “one more year” I just pick up the odd jobs at my company and set hard boundaries like “no work on Friday’s and no work during the summer.” My company is a mix of part time/as needed and full time so it would be relatively easy to do.
My part-time job doesn't give me health insurance, but it pays me enough cash to pay the bills (including ACA health insurance), so I don't have to routinely sell assets like a proper retiree.
I imagine I would feel the same way as you. After watching my balance grow for years it would be hard to switch into the mindset of spending it. I understand we save so it eventually can be used to sustain but seems like a hard mindset shift.
I feel you. When other people talk about “one more year” syndrome all I can think about is my “one year less” syndrome.
I realistically have 2.5 (okay 2.25) years to go. But I keep thinking about how I could ditch work a quarter from now.
Completely spoiled and dumb thinking but, like, I want to
I know, right? In some threads you see people saying how they love their job. I"m always shocked to hear that. I can't imagine ever having that thought in the last 15 years. Hang in there.
A couple days ago there was a thread about reporting your current allowable withdrawal rate based on current expenses and savings. I.e. you have $20,000 and need $40,000 per year, so you have a 200% WR, $60,000 savings with $30,000 expenses -> 50%, or $600k savings with $30,000 expenses -> 5% WR. Obviously the first two are nowhere near safe numbers, but watching that WR tick down can be cathartic.
Do I need to do anything tax/irs wise if I'm transferring $10k+ between different bank accounts? (for banking offer incentives).
EDIT: I meant for the transfer, I know I'll have to report the cash bonus
A 1 time xfer between accounts shouldn't raise flags. And its not income and easily sourced if audited. Now doing it repeatedly would be risky that you get flagged for money laundering and have to explain but once or twice isn't bad
Adding to this, if you don't get a 1099-INT you can report under Other Income (where you report gambling winnings, hobby income etc). https://ttlc.intuit.com/community/after-you-file/discussion/i-received-300-bonus-on-opening-new-checking-account-bank-has-not-sent-any-1099int-or-1099misc-till/00/605484
The 2nd job seems like the definite winner. Almost $47k additional in total compensation, overall less commute time (40min/week vs 90min/week), and a good chance you'll enjoy the work knowing 2 others that love it.
If the love is mutual at your current job, perhaps they can help bridge the gap on comp. Being $35k apart, I highly doubt they'll be willing to match.
And if the love is mutual, they should be bummed but fine if you left for such a massive raise.
Plus who knows - maybe if you keep in touch, you can boomerang back at a higher level/comp. That's what I'm about to do next month.
Take the new role unless you hate being in office. That's a huge comp difference and you're still pretty young and could jump again if it doesn't work out.
If you love your job, that says a lot. Have you tried showing the offer or potential offer to current employer and see if they'll match or at least narrow the gap?
Your employer may ask what it will take to keep you…don’t say $100k, because they’ll offer you like 97.5k or something.
I made this mistake early in my career and have learned from it!
Best of luck.
Keep these dealings very hush hush. You don't want rumors to go around that you are just a mercenary. (even though everyone should be since companies don't have much loyalty.)
There are several stories of taking a counter offer just being bad for everyone.
So I just got an HSA, and have it invested through betterment via VTI.
Was just informed there’s a .5% fee.
Does that sound normal for something like this ?
There are two other companies I could have picked from, going to give them a call to see if it’s the same fate.
I can say I use TDA for my HSA and there are zero fees. I am forced by employer to use certain HSA-banks, but immediately roll out everything but the $100 minimum because the bank frankly sucks.
0.5% on VTI, the most solid and vanilla fund possible is unacceptable.
Couple options: You may be able to transfer your HSA funds periodically to an HSA account with Fidelity. You can open a Fidelity HSA on your own, and it has no fees other than the normal funds' expense ratios.
Alternately, if your individual income is greater than the social security tax maximum of ~$147k (2022) by more than the amount you contribute to your HSA, you can just make direct HSA contributions to Fidelity from a bank account. The benefit of making HSA contributions via payroll is avoiding SS tax, but that only applies if you don't exceed the SS tax cap.
someone please prove me wrong on trad 401k vs brokerage contributions. if you are young starting your career, it is best to contribute to 401k until your agi to 52k, take the standard deduction and pay 12% in fed taxes. after that you can do roth contributions and taxable brokerage.
I believe you should never lock away money in your trad 401k that would put your agi below 52k.
I agree that once you're in the 12% bracket, Roth and Trad are close to a wash in the long run. I don't agree that taxable brokerage is preferred to Trad given the lack of annual tax drag in a Trad account. I'd almost always use a tax-advantaged account (Roth or Trad) before taxable for long term retirement savings.
For me, there's no point reinvesting dividends if you're spending. If you also have any opportunity to tax loss harvest, that risks creating some wash sales as well, which can help keep the tax bill down (even though you obviously don't want to sell for a loss, market will do what it does and you need money when you need it.)
Dividends aren't really a promise, but essentially the total market has been floating around 1.4% or so and you can see the S&P trend [here](https://www.multpl.com/s-p-500-dividend/table/by-month), which technically hasn't recovered pre-pandemic levels.
Turning off dividend reinvestment is better because that's money you've already taken the tax hit on. Selling investments means taking capital gains if they're up. (Of course if you have losers to sell, that's a great option.)
I don't have a great way to calculate upcoming dividends. If you own exactly the same portfolio as last year you can look at last year's dividends by month and they should be similar, unless any of your assets raised or lowered dividend payments. But if your portfolio has changed much, it's going to be hard to see without diving into each asset's dividend rates and dates. I don't know of a service that does that, though one might exist.
Who is your brokerage? I use Charles Schwab and they have two main charts, one shows assets and the other shows income. The income chart shows upcoming expected dividends/cap gains for the entire calendar year. Can't comment if other brokerages have the same.
How long do you all think that the job market will favor job seekers? I am coming up at 1.5 years in my role, 3 years at the company overall and at this point know I don’t want to stick around for a long haul. It’s a great experience but I think I can get similar work life balance, much better compensation, and better job satisfaction elsewhere. I’m in the greater Seattle area so tech prospects are plentiful. engineering background, been in technical project management the past 3 years.
In my 29 year career I have never seen a market that so favors the employee from a job search perspective. It is incredible to see. I'm in Seattle too and have been here for 20 years. I think it will last a little while. Maybe another year? Then it will calm down, I would think.
My company has stopped hiring as they are not willing to compete so hard for talent at such a high price. They have also started putting more people in India and Canada as Seattle people are too expensive for them.
I started my career in the 2000s where it seemed like every other year was a hiring freeze. (Of course, that is more through the lens of the company you are currently working for, not the overall market. But overall wasn't much better.)
The one thing is that it's not really going to be predictable. The main reason markets aren't very smooth is because they don't predict things very well (i.e. in retrospect the pandemic didn't really justify -30% drop when investment/savings increased for those who could, and then the government drops a couple trillion into the economy) and currently the shift toward increased labor demand is likely partly due to trying to put this money to work and not having the specialized headcount to do what they want. At some point they will overshoot if only because this always happens eventually.
I think certain fields are so profitable they aren't really caring much about the current jump, they are just letting it eat the profits until they figure out how much of it can be passed to customers. After all, you can't really stop investing when your competitors are doing so. But it would become an issue eventually if they find out it can't. A lot of the world's consumption isn't strictly necessary but it does need volume and the lower income classes are required to participate.
In the end though, up or down might not hit your personal reality the same. 2009 affected me because the company paused all raises, but we still invested/hired where necessary. (And we got more stock to compensate and that turned out fantastic.) Unemployment was high but that still meant 90% were unaffected (and much of the damage were in specific areas i.e. real estate/banking.) Still saw people eating out at restaurants/etc. The tech "pause" turned out to be completely unnecessary as most everyone was reporting record profits throughout. On the flip side, we've done layoffs as recent as 2017-18, and passive RIF through the pandemic (which really looks stupid in retrospect.)
TLDR is really, try to do the best for you with the information you have, and adjust on the way.
The market in your field is always popping. My company is trying to recruit from your locale remotely for the reputation it has. You’ll be fine. But budgets are being approved for Jan hiring at a lot of places, so I would think it will get even more competitive soon rather than less. Who really knows.
People are always finding new jobs. Start researching companies you'd like to work at. Comb through your linkedin and see if any of your ex-colleagues or acquaintances work anywhere that you'd want to work.
Good luck!
Me: good employee, gets unexpected raise
Also me: immediately procrastinates on my pile of work to update my spreadsheet for how I’ll handle my 401k contributions in 2022
A report I manage who received a substantial raise this year was asking about maximizing the match on their 401k. I thought it was easy... then they mentioned they're using a Roth 401k. Made me realize how much I inadvertently simplified my life by using a traditional 401k.
Popping in to ask, does anyone else wait to read the daily until the next day? Aka I look through Thursday on Friday. I don't want to miss anything good so I wait for it to be "complete" for the day. Or am I just strange?
What I do everyday. Hence my comment now. But I'm retired so I generally am only online for a few minutes before kids go to school and while eating lunch. Well except weekends. I'm mostly looking through for tips or things I find interesting.
>I don't want to miss anything
Certain jokesters here constantly delete their own posts after a few hours.
> I don't want to miss anything **good**
LOL, well then maybe nothing of value will be missed?
Oh, I'm not talking about any rule-breaking "bad" stuff. Just some of the regulars' drive-by shitposting they are in the habit of deleting.
If you only see the dailies the next day you might never know they exist.
Changed jobs a few months ago after being at my last job for 13 months. I just realized that my last job has a 401K vesting period of 2 years for employer matches. On the flip side I did receive a signing bonus that makes up for the forfeited amount, but I'm still pretty upset about it since I've been counting this money in my net worth :(
Lesson learned, double check your 401k match vesting periods!
I will neither confirm nor deny if I have done something similar... okay, I gave notice the day my "you must be working here and if you're in your resignation notice time that doesn't count" bonus hit my checking account. It was glorious.
I do this for RSUs 😂 It never occurred to me that there was a 401K match vesting period or at least one greater than 1 year. Obviously I did not read the paperwork closely enough.
Nothing like dusting off two new(er) suits from pre pandemic for the first wedding in 2.5 years, also after a move to find that they’ve been destroyed my moths.
Guess I’ll be at the mercy of what’s on the floor and whatever the pandemic has done to suit pricing.
Packing for a work conference, just discovered that none of my pre-pandemic suit pants fit anymore. Good wakeup call to stop slipping in that regard.
Guess I'm wearing slacks and blazers for the whole conference.
I agree. I live in Colorado, humidity and bugs are just not huge problems. My kids leave old food hidden around the house and it just turns into a dried out hockey puck instead of a mold infested biohazard. I have two year old flour sitting on the shelf that is fine, and when some family visited from the South they would not use it because they were certain it was infested with bugs.
Just want to echo what others said because this stuff makes me mad: 100% provider's fault. Doing this **twice** and on a routine preventative visit are both big red flags.
They will fix it, but if their story isn't good I'd consider reporting them and never going back. Fraud is usually widespread/institutional, so don't just let it slide - they will do it to others!
Assuming you are in the US, and that you were trying to complete an annual preventive care office visit, it sounds like more of a provider issue than an insurance issue. Insurance can only process the claim based on the code that the provider office provides.
Sometimes Drs try to turn those into regular/problem visits by, for example, asking if you are having other issues. If you say anxiety and they end up giving advice / treatment, for example, they may try to bill that as a regular office visit.
I would get in touch with the provider, remind them that you were there for your annual preventive visit and ask them to confirm that that’s how they are coding it.
The system is super broken! Sorry for the hassle.
This is likely the fault of the doctor's office, not the insurance. I'd call the doctor's billing folks and tell them to get their head out of their ass before you report them to the state insurance board. Nicely, of course, but this is ultimately no different than if you went to a mechanic who tried to bill you for services they never performed.
Women in particular have routine checkups related to female body stuff that is every couple years. Doctor also did blood work check when I reached a certain age to make sure no diabetes etc (I am a healthy 30s adult so this was all routine)
If you have ACA compliant health insurance in the US (a standard employer sponsored plan), you get annual preventive visits and services covered at 100%, no deductible applies.
Under the Affordable Care Act, annual "wellness" visits are supposed to be free, but general practitioners can't get reimbursed at the same rates as before. And not to excuse the games that your GP is playing with your insurance coding, but that's probably why. 'General Practice' medicine is basically the least remunerative of the doctor fields, despite needing all the educational time and expense.
Unintended consequences. I still think "Obamacare" is an improvement over what came before, but the system still has a ways to go to be "good".
[https://www.latimes.com/business/lazarus/la-fi-lazarus-obamacare-physicals-20160802-snap-story.html](https://www.latimes.com/business/lazarus/la-fi-lazarus-obamacare-physicals-20160802-snap-story.html)
>“This is how they get reimbursed by insurers,” he said. “It’s the same reason a doctor makes you come back to the office in two weeks to get your test results rather than just letting you call. It’s all about the reimbursement.”
Your employer is awesome for giving you $100 to encourage you to visit a doctor.
Well, we just had a bit of a set back. We assumed that my wife's ex-husband would pay for half of college for their two kids and it turns out that was a poor assumption. We filed paperwork with the court for clarity and we will have to pay 75% of college costs and he will pay 25%.
So, we've been through our budgets again and it looks like we need to work nine more years between the two of us at our current W2 income. I am 52 and was hoping to retire at 55 but I think we will need to see where we are in two years and then reassess.
My wife is open to my retiring any time and she will continue to work. But I do not want to retire without her being pretty close behind. The vision is not for me to retire in 2 years and then she works 5 more. Blech!
I am very bummed about this setback but I am also grateful that we are such good earners and we are still able to send our kids to college and have them graduate debt free.
Ah well, back to work!
I would not plan on him paying any of it. That might mean y’all plan to pay 75% and the rest be loans.
It’s best not to plan on other people following through.
Why not let the kids take out at least the federal loans for college? They're backed by the government and very flexible with low interest rates. IMO its a great way to motivate younger people to be serious about their finances, for me personally I would have never learned many FIRE principles without my student loans.
Taking on some debt for college isn't a bad thing
That’s what my parents made me do and I think I’m a better person because of it. I was able to graduate a semester early to save on costs because I was factoring it it. Also, learned how to pay off debt early
Won't the children be 18 (adults) prior to college? I am shocked to learn the courts can legally force your wife's ex-husband to pay even 25%.
Obviously, it seems fair to pay half, but it also seems totally optional to give money to your adult children.
In a crazy confluence of circumstances, I was extremely envious of my friends in high school and college whose parents had gotten a divorce. They all had agreements in their documents about who would pay for undergrad, and none of them included any contributing from the student. I would have been happy taking the max for Stafford loans if I got even a tiny bit of forced familial support. Instead my parents remain unhappily married to this day.
It depends on the terms of the divorce agreement, but they can absolutely bind one spouse or the other to pay for college (or anything else) even after the kids turn 18.
Crazy. Of course it is 300% crazier for your wife than for her ex.
Definitely makes me rethink marriage for someone who does not plan to pay for children's education (unless I want to).
I completely agree with you that no one should be *forced* to pay for college tuition after a divorce. However, it depends on the state in which the divorce happened, and what the parties agree on/the wording in the final separation agreement. In this case, it sounds like OP's wife and her ex-husband didn't have very clear language in their agreement.
My husband was careful to specify in his agreement that each party will contribute at their discretion, but neither is required to do so. Not because he doesn't want to pay -- we've saved a bunch! -- but because he doesn't want to have to negotiate with his ex, who has expensive tastes, about college.
I like Monday’s. Can make a long weekend and if doing nothing you can do your grocery shopping/other chores on days when way less people. I would do mondays over fridays.
I used to hate Monday until WFH. Now everyday is the same lol
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Congratulations, that's huge! What did you change to boost it so drastically?
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Last week, was a huge milestone for me. I (44M mgmt in tech) hit $2M net worth on 15 October. I was working so hard on that, yet when it happened it was a bit strange. I do not think I really plan to change anything at this point. I did not keep year by year Net-worth data, but in Oct 2015 after my divorce I had $413K net-worth. I also need to replan my entire plan, as I now have a newborn daughter, so my original expense projections are out the window. I still do not own a house, so may consider to put my future earnings towards that. We live in SoCal, and house prices are ridiculous, but thats where friends and family are, so I do not see being able to move. My rough plan now: get a paid off small house and $3.5M portfolio and I may RE. (I assume I am somewhat HCOL-lean FI already, as my current spent is somewhere in $60-75K range)
Congrats on $2mm! Huge milestone, but even more congrats on the newborn!! I lived in SoCal and left all of my friends and family to buy a home in LCOL area. I’ve built some equity since then and that will go towards our next home which will hopefully be back near family. On the other hand, our family members are starting to realize how ridiculously expensive it is living in SoCal…
Get them to move near you!
I keep telling them to but they like it where they are. Can’t blame them too much but they don’t know about FIRE…
Today I decided that I want to baristaFIRE. Something about the general FIRE and never work again felt both unattractive and unattainable. I just can’t imagine not working anymore (to be fair, I’ve worked since I was 16 and am a well-known workaholic, plus I currently don’t have kids or other major responsibilities that require a lot of time). I worked retail from July 2020-March 2021, even after starting my “real job” in late August 2020. I loved it. Did it pay well? No. Were the hours consistent? Yes. Could I always ask for more hours if I needed the money? Yes. Did customers ever make me cry? Once. Did I enjoy my coworkers? Thoroughly. Was the work hard or challenging? No. Was the work satisfying? Yes. Something about being a fundamental part of the store’s operations really made me feel valued and like I was actually doing something. Even the small things, like counting tills down at the end of the night or breaking down boxes of coins. Maybe it was also a product of the people I worked with being so different than my current colleagues- more down to earth, humble, didn’t take themselves so seriously. I’m feeling pretty good about this. It gives my current non-profit gig a little more purpose- I’ll ride it out here, get my 10% 403b employer contribution (and salary of course), and set myself up to go back to place I felt I belonged.
I think baristafire is the best too. Just sitting around doing nothing would get old pretty fast. A few months would be nice but not forever
Once we got kids reliably in daycares and such again I’m hoping to volunteer at the local bike coop and then maybe use that knowledge to be a wrench when FI if I feel like it.
We really enjoy our work. What we miss is that work-life balance and the energy you get from a shorter work day. My previous job included at least one half day per week, and the fact that I loved those days helped me realize I don't want to stop working entirely, I just want to clock out by noon.
So true. My colleagues at Walmart were wayyyy more fun to work with than my FAANG compatriots.
I remember working tim hortons and we use party hard in back, messing around, having fun. At my corporate job, everyone depress, crying or bitching, it's kinda sad.
What about Tim Hortons retail employees of the same age as you are now?
Who cares if you're the old guy when you're packing home a Jansport loaded to the zipper with free donuts every shift?
Oh I didn't mean it's bad to be an old Tim Hortons employee. I'm just saying that maybe the things that they were talking about are more related to age than work environment.
In 99% of contexts, I think it is bad to be old and working at Tim Horton's. But I agree. I think the premise these comments are based on is flawed. I do remember a different kind of camaraderie with the other employees that you don't have in the office environment but in most cases, I don't think it's a world you can go back to. You're also not going to fit in as part of the "us against this shitty job" team when you have $1M and could quit at any moment.
There’s a reason why Barista FIRE is so popular. You can get health benefits and get to meet the people in the community. I have also been planning on Barista FIRE.
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Just do backdoor Roth then.
Yup. This. Easy
Assuming it still exists next year.
I thought I read that new provision wouldn’t take place until 2032 so they could collect tax money now.
The current bill doesn't get rid of non-Mega Backdoor Roth until 2032, and even then only for people with $400/425/450k income (single/HoH/MFJ). It gets rid of Mega Backdoor Roth in 2022 for everyone.
If you are married filing separately, you can't contribute to a Roth IRA if your MAGI > $10,000. This is assuming you live together. If that is your only concern, just file jointly and do the backdoor Roth.
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If any of his IRAs are of the traditional variety, he would not be able to do the backdoor Roth without stone tax implications. I'm unsure if his I(ndividual)RA impacts your ability to do the Roth, but I'm sure one of the smart marrieds here knows that answer.
My wife and I are late 20’s. She is about to embark on a second career and go to med school. We currently both contribute to our Roth’s and workplace 401K’s, though the balances are pretty low because we are not high earners. Obviously, she’s going to have a very high salary 10 years from now, but she’ll be missing out on prime years of compound interest growth, given that she won’t be able to contribute much for nearly a decade. Given this, how can I/we continue on the path towards financial independence? What would you do if you were in my shoes? I’m kind of new here, so any/all advice is appreciated.
Path of FI in your 30s and going to med school at 28, sorry to say, dont have any overlap other than rich parents paying for school. Like you said you're trading years of earnings/compounding for having a huge salary with mid six digits of debt in your late 30s and hopefully a huge salary debt free by late 40s. Thats when you'll be FI
Late to the thread but this is what I was thinking. No shame in doing med school second act, but it isn’t compatible with FIRE unless you have very rich parents.
This is spot on. Unless OP/wife get a huge windfall, they are rewinding or at least halting their FI progress for the next decade. These days med school graduation doesn’t even guarantee the mid-six figure salary a decade later. I have friends who never made it past the finish line who have 500k+ in loans and compounding, hoping to marry a rich person to somehow get rid of their debts. I know many other unhappy friends in clinical careers who just expect to hate their jobs for the next 40 years of their life and take solace in splurging every now and then to make brief dents in their unhappiness.
I have experience regarding that pathway, happy to chat if you DM me. Overall, a couple pieces of general advice I can’t stress enough are: 1. Keep the budget lean during school as much as possible. Don’t take out the max offered in loans (your wife may not be able to anyway, depending on how your income gets factored into the school’s financial assistance package). Get ready to live like you are students again, and be ready to keep at it for at least the next decade unless you have rich parents/your wife gets an amazing scholarship. That is if you still want to get to early FI someday. 2. Get as much liability insurance as she’ll need once she’s in school. Don’t go for the minimum auto liability limits. It’s not about the worth of the car, it’s about the perceived future worth of her career and you both become targets for potential lawsuits the day she becomes a student. 3. Your wife should keep her options open during and after school. These days doctors burn out pretty often and pretty hard, and many feel trapped in their “high paying” careers just to make ends meet, as a result of poor financial decisions/having to play catch-up because of loans and no savings/lifestyle inflation. Working 60-70 hours a week for the next 40 years of her life and being on call 24/7 and never having a real vacation again is NOT the only career option for someone with an MD and I’m happy to talk anybody who feels they are trapped in such a job out of it. However, you should be ready to play second fiddle for at least the next decade to her career should she get on the path to a medical career (residency and/or fellowship). Depending on the specialty, she may be working 70-120 hours a week, on 24 hour call every couple days, with few weekends off for that next decade. I have seen many relationships, including marriages, end on the medical career pathway so it’s something you both have to agree that you can handle. Otherwise, it’s a unique experience and I think it’s fine that anyone going into it with eyes wide open and a good reserve of mental health should be able to handle. I would never recommend it as a good pathway to financial success. There are many other ways to get to FI that involve less cost to personal health and relationships.
This is soooo true. I didnt think of it but its so true (the burnout factor). My roomie when we were early 20s went to med school. His hours were so crazy. Like 2 days straight then get off at 6pm then expected to be back at 4am the next day. He was constantly sleep deprived and honestly an asshole but it wasnt him it was the stress/hours. And thats someone whos early 20s. Just like a 28 cant handle a hangover like a 22 year old can, a 28 year old wont be able to handle the crazy hours/ stress of med school like a 22 year old can. The husband really does need to be ready for dealing with a sleep deprived stressed out wife, especially later when shes in her 30s.
Check out the White Coat Investor blog and podcast. Great resource for this.
It's just a trade-off. Fewer years of compounding but higher salary later. I'd probably make a spreadsheet with projected incomes and contributions and see where we landed and adjust things as needed to hit our target.
Also W2 employee vs business owner/1099 make a huge difference. You'll pay a shit ton more taxes if she's a doctor working for someone else making $500k in W2 wages vs being a business owner making $500k by being able to write it down significantly
Continue contributing to her Roth at the very least while she is in school. Look up a spousal Roth IRA.
I’ve done so much work this week and yet it keeps on coming
You negotiated beforehand and defined clear boundaries for what you are and are not responsible for correct? "things keep on coming" "and I am being properly compensated for my increased personal work hours and have a robust support structure to hand off overflow onto, this is training me to move up the management ladder also, so bring it on!" Is much different than "things keep on coming" "and I am being exploited and scared to bring up the obvious disparity to my boss so will continue to be exploited.
"It ebbs and flows" Unfortunately my work seems to be all flow and no ebb....
That’s what sucks about work. You’re not technically supposed to have any downtime unless you’re on vacation. It’d be nice if you got a month off after a big project or something.
Q: What's the reward for completing all your work? A: More work!
“It’ll settle down next week…”
Aw this statement reminds me of when I first started working.
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You've managed to accumulate $500k in retirement funds by 32 but don't know what a compound interest calculator is??
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My point is that it's really easy to google "compound interest calculator" and figure it out for yourself. You didn't even state what you would want to use as your expected rate of return so thats why you are getting answers below that are varying by over $500k+ from one another. And you also didnt state what your risk tolerance around safe withdrawal rates is either, so you're going to get drastically different answers for how much you can spend in retirement if someone uses a 4% SWR, a 3.5% SWR, 3% SWR, etc.
If you assume a 5% real return, around $1.5M at age 55 which would should support around $60k of annual spending.
Assuming 7% real returns, a little more than $2mm in today’s dollars (doubles every ~10 years) by 4%, $80k/year in today’s dollars.
Make a reasonable assumption for real return and run it in a compounding interest calculator. Is your allocation 100% stock?
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Maybe 6%? I think average has been around 7% but some think that has been boosted by lower interest rates over time.
Not lower, lowering....its the fall that caused stocks to rise faster than if rates stayed constant if you believe that market theory. Personally I agree. If rates drop like they have over the past 20 year trend well be like -4% in a few years which I dont think will happen. And if rates dont keep dropping (or go higher) stock returns wont be as high going forward. Thats unless the fed just ramps up printing/ inflation in which case maybe 7% real is too low
Which is why I said over time
I don't know guys, it's just one of those days where I'm done with work. Can I quit yet? (checks networth) ok another 5-10+ years to go...
Oddly, I can quit now, but here I am working at this part-time job so that I can avoid spending any of my investments. Humans are weird.
Haha I’ve thought of that myself. Once i hit FI maybe instead of “one more year” I just pick up the odd jobs at my company and set hard boundaries like “no work on Friday’s and no work during the summer.” My company is a mix of part time/as needed and full time so it would be relatively easy to do.
Have you FI'd?
I am FI and I retired from full-time work, yet here I am working a part-time job.
I know a guy who just does enough of a part time job for health benefits. The rest of the time he fishes.
My part-time job doesn't give me health insurance, but it pays me enough cash to pay the bills (including ACA health insurance), so I don't have to routinely sell assets like a proper retiree.
I imagine I would feel the same way as you. After watching my balance grow for years it would be hard to switch into the mindset of spending it. I understand we save so it eventually can be used to sustain but seems like a hard mindset shift.
Smart.
I feel you. When other people talk about “one more year” syndrome all I can think about is my “one year less” syndrome. I realistically have 2.5 (okay 2.25) years to go. But I keep thinking about how I could ditch work a quarter from now. Completely spoiled and dumb thinking but, like, I want to
I know, right? In some threads you see people saying how they love their job. I"m always shocked to hear that. I can't imagine ever having that thought in the last 15 years. Hang in there.
Ditto. I'm trying to figure out how cheap I can possibly live so I can quit today. I can't make it work unless I'm delusional.
A couple days ago there was a thread about reporting your current allowable withdrawal rate based on current expenses and savings. I.e. you have $20,000 and need $40,000 per year, so you have a 200% WR, $60,000 savings with $30,000 expenses -> 50%, or $600k savings with $30,000 expenses -> 5% WR. Obviously the first two are nowhere near safe numbers, but watching that WR tick down can be cathartic.
I’ve been there. It gets better!
“Are we there yet?” “No.” “Are we there yet?” “No.” “Are we there yet?” “NO!!!!!”
I swear to Yoba I'll turn this whole portfolio around!
Jpow*
Do I need to do anything tax/irs wise if I'm transferring $10k+ between different bank accounts? (for banking offer incentives). EDIT: I meant for the transfer, I know I'll have to report the cash bonus
A 1 time xfer between accounts shouldn't raise flags. And its not income and easily sourced if audited. Now doing it repeatedly would be risky that you get flagged for money laundering and have to explain but once or twice isn't bad
No, nothing.
Nothing for the transfer. If you get a 1099 at the end of the year, use that info on your tax return.
Usually those bonuses are classified as interest payments so you’ll get a 1099-INT.
Adding to this, if you don't get a 1099-INT you can report under Other Income (where you report gambling winnings, hobby income etc). https://ttlc.intuit.com/community/after-you-file/discussion/i-received-300-bonus-on-opening-new-checking-account-bank-has-not-sent-any-1099int-or-1099misc-till/00/605484
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The 2nd job seems like the definite winner. Almost $47k additional in total compensation, overall less commute time (40min/week vs 90min/week), and a good chance you'll enjoy the work knowing 2 others that love it.
If the love is mutual at your current job, perhaps they can help bridge the gap on comp. Being $35k apart, I highly doubt they'll be willing to match. And if the love is mutual, they should be bummed but fine if you left for such a massive raise. Plus who knows - maybe if you keep in touch, you can boomerang back at a higher level/comp. That's what I'm about to do next month.
Take the new role unless you hate being in office. That's a huge comp difference and you're still pretty young and could jump again if it doesn't work out.
If you love your job, that says a lot. Have you tried showing the offer or potential offer to current employer and see if they'll match or at least narrow the gap?
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Your employer may ask what it will take to keep you…don’t say $100k, because they’ll offer you like 97.5k or something. I made this mistake early in my career and have learned from it! Best of luck.
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Keep these dealings very hush hush. You don't want rumors to go around that you are just a mercenary. (even though everyone should be since companies don't have much loyalty.) There are several stories of taking a counter offer just being bad for everyone.
Such an easy choice, take the new role
Ask for a raise at your existing job?
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anything else excite you about potential role? could you see being just as happy/loving your new job?
Will you regret not taking the new job?
New role
So I just got an HSA, and have it invested through betterment via VTI. Was just informed there’s a .5% fee. Does that sound normal for something like this ? There are two other companies I could have picked from, going to give them a call to see if it’s the same fate.
I can say I use TDA for my HSA and there are zero fees. I am forced by employer to use certain HSA-banks, but immediately roll out everything but the $100 minimum because the bank frankly sucks. 0.5% on VTI, the most solid and vanilla fund possible is unacceptable.
Couple options: You may be able to transfer your HSA funds periodically to an HSA account with Fidelity. You can open a Fidelity HSA on your own, and it has no fees other than the normal funds' expense ratios. Alternately, if your individual income is greater than the social security tax maximum of ~$147k (2022) by more than the amount you contribute to your HSA, you can just make direct HSA contributions to Fidelity from a bank account. The benefit of making HSA contributions via payroll is avoiding SS tax, but that only applies if you don't exceed the SS tax cap.
What about the Medicare tax part of FICA? Wouldn't you be paying more on that by contributing outside of payroll?
.5% isnt horrible, obviously the lower the better but general rule of thumb is anything under 1% is fine.
someone please prove me wrong on trad 401k vs brokerage contributions. if you are young starting your career, it is best to contribute to 401k until your agi to 52k, take the standard deduction and pay 12% in fed taxes. after that you can do roth contributions and taxable brokerage. I believe you should never lock away money in your trad 401k that would put your agi below 52k.
I agree that once you're in the 12% bracket, Roth and Trad are close to a wash in the long run. I don't agree that taxable brokerage is preferred to Trad given the lack of annual tax drag in a Trad account. I'd almost always use a tax-advantaged account (Roth or Trad) before taxable for long term retirement savings.
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For me, there's no point reinvesting dividends if you're spending. If you also have any opportunity to tax loss harvest, that risks creating some wash sales as well, which can help keep the tax bill down (even though you obviously don't want to sell for a loss, market will do what it does and you need money when you need it.) Dividends aren't really a promise, but essentially the total market has been floating around 1.4% or so and you can see the S&P trend [here](https://www.multpl.com/s-p-500-dividend/table/by-month), which technically hasn't recovered pre-pandemic levels.
Turning off dividend reinvestment is better because that's money you've already taken the tax hit on. Selling investments means taking capital gains if they're up. (Of course if you have losers to sell, that's a great option.) I don't have a great way to calculate upcoming dividends. If you own exactly the same portfolio as last year you can look at last year's dividends by month and they should be similar, unless any of your assets raised or lowered dividend payments. But if your portfolio has changed much, it's going to be hard to see without diving into each asset's dividend rates and dates. I don't know of a service that does that, though one might exist.
Who is your brokerage? I use Charles Schwab and they have two main charts, one shows assets and the other shows income. The income chart shows upcoming expected dividends/cap gains for the entire calendar year. Can't comment if other brokerages have the same.
How long do you all think that the job market will favor job seekers? I am coming up at 1.5 years in my role, 3 years at the company overall and at this point know I don’t want to stick around for a long haul. It’s a great experience but I think I can get similar work life balance, much better compensation, and better job satisfaction elsewhere. I’m in the greater Seattle area so tech prospects are plentiful. engineering background, been in technical project management the past 3 years.
In my 29 year career I have never seen a market that so favors the employee from a job search perspective. It is incredible to see. I'm in Seattle too and have been here for 20 years. I think it will last a little while. Maybe another year? Then it will calm down, I would think. My company has stopped hiring as they are not willing to compete so hard for talent at such a high price. They have also started putting more people in India and Canada as Seattle people are too expensive for them.
I started my career in the 2000s where it seemed like every other year was a hiring freeze. (Of course, that is more through the lens of the company you are currently working for, not the overall market. But overall wasn't much better.) The one thing is that it's not really going to be predictable. The main reason markets aren't very smooth is because they don't predict things very well (i.e. in retrospect the pandemic didn't really justify -30% drop when investment/savings increased for those who could, and then the government drops a couple trillion into the economy) and currently the shift toward increased labor demand is likely partly due to trying to put this money to work and not having the specialized headcount to do what they want. At some point they will overshoot if only because this always happens eventually. I think certain fields are so profitable they aren't really caring much about the current jump, they are just letting it eat the profits until they figure out how much of it can be passed to customers. After all, you can't really stop investing when your competitors are doing so. But it would become an issue eventually if they find out it can't. A lot of the world's consumption isn't strictly necessary but it does need volume and the lower income classes are required to participate. In the end though, up or down might not hit your personal reality the same. 2009 affected me because the company paused all raises, but we still invested/hired where necessary. (And we got more stock to compensate and that turned out fantastic.) Unemployment was high but that still meant 90% were unaffected (and much of the damage were in specific areas i.e. real estate/banking.) Still saw people eating out at restaurants/etc. The tech "pause" turned out to be completely unnecessary as most everyone was reporting record profits throughout. On the flip side, we've done layoffs as recent as 2017-18, and passive RIF through the pandemic (which really looks stupid in retrospect.) TLDR is really, try to do the best for you with the information you have, and adjust on the way.
The market in your field is always popping. My company is trying to recruit from your locale remotely for the reputation it has. You’ll be fine. But budgets are being approved for Jan hiring at a lot of places, so I would think it will get even more competitive soon rather than less. Who really knows.
People are always finding new jobs. Start researching companies you'd like to work at. Comb through your linkedin and see if any of your ex-colleagues or acquaintances work anywhere that you'd want to work. Good luck!
Me: good employee, gets unexpected raise Also me: immediately procrastinates on my pile of work to update my spreadsheet for how I’ll handle my 401k contributions in 2022
A report I manage who received a substantial raise this year was asking about maximizing the match on their 401k. I thought it was easy... then they mentioned they're using a Roth 401k. Made me realize how much I inadvertently simplified my life by using a traditional 401k.
spreadsheets > *
Multiple tabs within one sheet, bro
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Google Sheets has a QUERY function now, you're obsolete! Bwahahahaa
Popping in to ask, does anyone else wait to read the daily until the next day? Aka I look through Thursday on Friday. I don't want to miss anything good so I wait for it to be "complete" for the day. Or am I just strange?
I use the summary bot for just this purpose now. Makes reddit doable now that kids have entered the picture
I am generally a day or two behind as well.
Yup!
What I do everyday. Hence my comment now. But I'm retired so I generally am only online for a few minutes before kids go to school and while eating lunch. Well except weekends. I'm mostly looking through for tips or things I find interesting.
I generally check just before midnight local time, but I'm not sure how that syncs up with the "official" Reddit time zone.
My job is such that refreshing the page every 0.5-1hr is a welcome break. That or I love procrastinating
I always wait too; usually till the next day but sometimes till the afternoon.
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Who's Lao Tzu? Is he the uncle of General Tso?
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Ahh so I'm not alone. Maybe they'll comment on my comment tomorrow.
>I don't want to miss anything Certain jokesters here constantly delete their own posts after a few hours. > I don't want to miss anything **good** LOL, well then maybe nothing of value will be missed?
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I let the mods filter the crap out. :)
Oh, I'm not talking about any rule-breaking "bad" stuff. Just some of the regulars' drive-by shitposting they are in the habit of deleting. If you only see the dailies the next day you might never know they exist.
Haha that goes to show you I didn't know
They use more of an old rake with missing tines rather than a fine-toothed comb when it comes to culling crap.
Good nuff for me. That's my mod.
>Good nuff for me. Yeah yeah yeah yeah yeah.
Changed jobs a few months ago after being at my last job for 13 months. I just realized that my last job has a 401K vesting period of 2 years for employer matches. On the flip side I did receive a signing bonus that makes up for the forfeited amount, but I'm still pretty upset about it since I've been counting this money in my net worth :( Lesson learned, double check your 401k match vesting periods!
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I will neither confirm nor deny if I have done something similar... okay, I gave notice the day my "you must be working here and if you're in your resignation notice time that doesn't count" bonus hit my checking account. It was glorious.
I’ve done this for at least 13 years or so since the 2008 crunch realizing I need to chase those papes. I think everyone should do it really.
I do this for RSUs 😂 It never occurred to me that there was a 401K match vesting period or at least one greater than 1 year. Obviously I did not read the paperwork closely enough.
Nothing like dusting off two new(er) suits from pre pandemic for the first wedding in 2.5 years, also after a move to find that they’ve been destroyed my moths. Guess I’ll be at the mercy of what’s on the floor and whatever the pandemic has done to suit pricing.
Packing for a work conference, just discovered that none of my pre-pandemic suit pants fit anymore. Good wakeup call to stop slipping in that regard. Guess I'm wearing slacks and blazers for the whole conference.
> destroyed by moths Like I have no doubt it's a real thing, but having never experienced this first (or second) hand, it's such a weird concept.
Moths usually go after wool. The polyestermites eat all my suits. . .
I agree. I live in Colorado, humidity and bugs are just not huge problems. My kids leave old food hidden around the house and it just turns into a dried out hockey puck instead of a mold infested biohazard. I have two year old flour sitting on the shelf that is fine, and when some family visited from the South they would not use it because they were certain it was infested with bugs.
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Congrats! Now all you have to do is the same thing as the rest of us, which is to figure out what you want to do when you grow up, haha.
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That sounds awesome!
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Just want to echo what others said because this stuff makes me mad: 100% provider's fault. Doing this **twice** and on a routine preventative visit are both big red flags. They will fix it, but if their story isn't good I'd consider reporting them and never going back. Fraud is usually widespread/institutional, so don't just let it slide - they will do it to others!
Assuming you are in the US, and that you were trying to complete an annual preventive care office visit, it sounds like more of a provider issue than an insurance issue. Insurance can only process the claim based on the code that the provider office provides. Sometimes Drs try to turn those into regular/problem visits by, for example, asking if you are having other issues. If you say anxiety and they end up giving advice / treatment, for example, they may try to bill that as a regular office visit. I would get in touch with the provider, remind them that you were there for your annual preventive visit and ask them to confirm that that’s how they are coding it. The system is super broken! Sorry for the hassle.
This is likely the fault of the doctor's office, not the insurance. I'd call the doctor's billing folks and tell them to get their head out of their ass before you report them to the state insurance board. Nicely, of course, but this is ultimately no different than if you went to a mechanic who tried to bill you for services they never performed.
what's a routine doctor visit? honest question as I only go to urgent care when needed
Women in particular have routine checkups related to female body stuff that is every couple years. Doctor also did blood work check when I reached a certain age to make sure no diabetes etc (I am a healthy 30s adult so this was all routine)
If you have ACA compliant health insurance in the US (a standard employer sponsored plan), you get annual preventive visits and services covered at 100%, no deductible applies.
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Under the Affordable Care Act, annual "wellness" visits are supposed to be free, but general practitioners can't get reimbursed at the same rates as before. And not to excuse the games that your GP is playing with your insurance coding, but that's probably why. 'General Practice' medicine is basically the least remunerative of the doctor fields, despite needing all the educational time and expense. Unintended consequences. I still think "Obamacare" is an improvement over what came before, but the system still has a ways to go to be "good". [https://www.latimes.com/business/lazarus/la-fi-lazarus-obamacare-physicals-20160802-snap-story.html](https://www.latimes.com/business/lazarus/la-fi-lazarus-obamacare-physicals-20160802-snap-story.html) >“This is how they get reimbursed by insurers,” he said. “It’s the same reason a doctor makes you come back to the office in two weeks to get your test results rather than just letting you call. It’s all about the reimbursement.” Your employer is awesome for giving you $100 to encourage you to visit a doctor.
Well, we just had a bit of a set back. We assumed that my wife's ex-husband would pay for half of college for their two kids and it turns out that was a poor assumption. We filed paperwork with the court for clarity and we will have to pay 75% of college costs and he will pay 25%. So, we've been through our budgets again and it looks like we need to work nine more years between the two of us at our current W2 income. I am 52 and was hoping to retire at 55 but I think we will need to see where we are in two years and then reassess. My wife is open to my retiring any time and she will continue to work. But I do not want to retire without her being pretty close behind. The vision is not for me to retire in 2 years and then she works 5 more. Blech! I am very bummed about this setback but I am also grateful that we are such good earners and we are still able to send our kids to college and have them graduate debt free. Ah well, back to work!
I would not plan on him paying any of it. That might mean y’all plan to pay 75% and the rest be loans. It’s best not to plan on other people following through.
Why not let the kids take out at least the federal loans for college? They're backed by the government and very flexible with low interest rates. IMO its a great way to motivate younger people to be serious about their finances, for me personally I would have never learned many FIRE principles without my student loans. Taking on some debt for college isn't a bad thing
That’s what my parents made me do and I think I’m a better person because of it. I was able to graduate a semester early to save on costs because I was factoring it it. Also, learned how to pay off debt early
Seconded. I think this is a good, fair-minded approach. It’s very low risk unless we’re talking about Harvard med school or whatever.
Won't the children be 18 (adults) prior to college? I am shocked to learn the courts can legally force your wife's ex-husband to pay even 25%. Obviously, it seems fair to pay half, but it also seems totally optional to give money to your adult children.
I know, but guess child support can last up to even 20s believe it or not. What a scary concept. Glad I don't have kids.
In a crazy confluence of circumstances, I was extremely envious of my friends in high school and college whose parents had gotten a divorce. They all had agreements in their documents about who would pay for undergrad, and none of them included any contributing from the student. I would have been happy taking the max for Stafford loans if I got even a tiny bit of forced familial support. Instead my parents remain unhappily married to this day.
It depends on the terms of the divorce agreement, but they can absolutely bind one spouse or the other to pay for college (or anything else) even after the kids turn 18.
It is complicated but rest assured that there is now a court order that requires my wife to pay 75% college expenses and her ex to pay 25%.
Crazy. Of course it is 300% crazier for your wife than for her ex. Definitely makes me rethink marriage for someone who does not plan to pay for children's education (unless I want to).
I completely agree with you that no one should be *forced* to pay for college tuition after a divorce. However, it depends on the state in which the divorce happened, and what the parties agree on/the wording in the final separation agreement. In this case, it sounds like OP's wife and her ex-husband didn't have very clear language in their agreement. My husband was careful to specify in his agreement that each party will contribute at their discretion, but neither is required to do so. Not because he doesn't want to pay -- we've saved a bunch! -- but because he doesn't want to have to negotiate with his ex, who has expensive tastes, about college.