The most prestigious law school admissions discussion board in the world.
|
 |
 
|
r/FIRE Guy planning on spending 1.1mm on two kids college
Poast new message in this thread
Date: May 31st, 2025 4:13 AM Author: Magenta rigor stead https://www.reddit.com/r/Fire/comments/1ktptqf/possible_to_retire_comfortably/
Long time lurker, first time post. Posting from a burner account.
I am 48M, Wife is 42F. 2 kids 17 and 15. First kid will start college in Fall 2026, second kid will start in Fall 2028.
Networth: $4.2MM
Breakdown:
Taxable Investments: $1.5M
Traditional IRA: $630K
Roth IRA 1: $235K
Roth IRA 2: $150K
SEP IRA: $ 35K
401K: $640K
529 Plan: $125K
Equity in houses:$1.3M
One rental house, $700K, paid off. Generates $30K/year net in rent.
Primary house, $1MM, with $400K mortgage
Liabilities:
Primary Mortgage (2%):$400K [Loan ends in Sept 2036]. Mortgage/month is about $3700.
Car Loan:$ 20K
Total current combined income before taxes: $340K.
Would like to spend about $10K/month in retirement.
I would like to retire when I turn 55 in about 7 years. By that time, I will still have 3-4 years of mortgage left. (I would love to retire early but dont know if it is feasible)
Kids education: --------------- Planning to spend $1.1M on kids education from 2026-2032.
My wife's parents and my parents paid for our schools completely. Started our lives with no debts which was hugely helpful. so we would like to follow the family tradition of paying for our kids college.
Why so high? My older one is a Ivy league material. He wants to do Law degree after undergrad. 7 years of education at $100K/year. My little one (not Ivy league material) wants to go out of state, so budgeting for $100/K (this might be on the higher side)
Plans: ------ My wife would like to retire this year. Stressed & tired of work. If she quits, this will make our total income to $200K.
Given this - questions:
- Can we comfortably retire if my wife decides to quit this year and still keep up our promise to pay for our kids education?
Happy to add any other information that I am missing. |
Date: May 31st, 2025 4:18 AM Author: passionate effete faggotry not Ivy League material tp (http://www.autoadmit.com/thread.php?thread_id=5731715&forum_id=2...id.#48975860) |
 |
Date: May 31st, 2025 4:19 AM Author: Magenta rigor stead (http://www.autoadmit.com/thread.php?thread_id=5731715&forum_id=2...id.#48975863) |
|
Date: May 31st, 2025 5:01 AM Author: puce kink-friendly telephone laser beams But did the younger ever have the makings of a varsity athlete? (http://www.autoadmit.com/thread.php?thread_id=5731715&forum_id=2...id.#48975887) |
|
Date: May 31st, 2025 5:02 AM Author: passionate effete faggotry cq (http://www.autoadmit.com/thread.php?thread_id=5731715&forum_id=2...id.#48975889) |
|
Date: May 31st, 2025 5:43 AM Author: lascivious ocher sanctuary ... or is she really hot? (http://www.autoadmit.com/thread.php?thread_id=5731715&forum_id=2...id.#48975896) |
|
Date: May 31st, 2025 7:58 AM Author: Aphrodisiac out-of-control institution newt (http://www.autoadmit.com/thread.php?thread_id=5731715&forum_id=2...id.#48976010) |
|
Date: May 31st, 2025 7:59 AM Author: bipolar private investor (http://www.autoadmit.com/thread.php?thread_id=5731715&forum_id=2...id.#48976012) |
|
Date: May 31st, 2025 4:19 AM Author: Ultramarine Address US is a retarded country and Amerikkkans are retards. WTF even bother sending ur dumb kids to US schools? Send them furkingabroad for UG, it doesnt even matter. They can still take LSAT and apply to shithole LS. Its furking retarded as shit no one has done anything abt these inflated tuition costs, all univ admins shld be raped by lizard (http://www.autoadmit.com/thread.php?thread_id=5731715&forum_id=2...id.#48975862) |
|
Date: May 31st, 2025 4:19 AM Author: Magenta rigor stead Jews are somehow responsible for this mess (http://www.autoadmit.com/thread.php?thread_id=5731715&forum_id=2...id.#48975865) |
|
Date: May 31st, 2025 4:25 AM Author: Ultramarine Address No way... Jews arent like that, tuition for intl students at Tel Aviv Univ is $11k
https://international.tau.ac.il/fees_and_expenses
Jews wld never infiltrate a foreign country and inflate tuition fees to enrich themselves. They arent like that, their religion isnt like that at all and they never ever wld do that nor wld Jewish bankers, politicans or any other Jew engage in that type of money hungry behavior. |
|
Date: May 31st, 2025 10:10 AM Author: Fishy insanely creepy people who are hurt generalized bond (http://www.autoadmit.com/thread.php?thread_id=5731715&forum_id=2...id.#48976216) |
|
Date: May 31st, 2025 4:44 AM Author: at-the-ready university round eye Dude is 48 and his income is $200,000 and he has a rental house and 4m net worth? Family money is at play, or it’s just made up bullshit like everything else on Reddit. I can’t imagine ever allowing my kids to go to law school. Jesus H Christ it is not worth it. To wind up at 40 emailing your underlings depo tips at 3:30am on Saturday morning because you can’t sleep and you’re in so much pain—physical, emotional, spiritual, unspecified. |
|
Date: May 31st, 2025 4:47 AM Author: Ultramarine Address later he mentions his parents paid for his education and his wifes did also for her and thats why he wants to pay for his kids so obviously he has family money
it also means he's goy, ive learned that any time someone sounds self made rich they are nowag or nowig, if they just have money and it doesnt add up its a furking kike or goy. i bet there are barely any self made goys left in the US |
|
Date: May 31st, 2025 5:42 AM Author: lascivious ocher sanctuary You forgot about sucking on the gov't tit. Lot's of well off goys that came from nothing working the system. (http://www.autoadmit.com/thread.php?thread_id=5731715&forum_id=2...id.#48975895) |
|
Date: May 31st, 2025 6:04 AM Author: Ultramarine Address yea SS and Vet disability is biggest scam, goy birdshits shld be ashamed of themselves, they have no honor like hindus (http://www.autoadmit.com/thread.php?thread_id=5731715&forum_id=2...id.#48975910) |
|
Date: May 31st, 2025 6:22 AM Author: lascivious ocher sanctuary (http://www.autoadmit.com/thread.php?thread_id=5731715&forum_id=2...id.#48975914) |
|
Date: May 31st, 2025 11:14 AM Author: Magenta rigor stead (http://www.autoadmit.com/thread.php?thread_id=5731715&forum_id=2...id.#48976366) |
|
Date: May 31st, 2025 7:49 AM Author: bipolar private investor Cr, all of it (http://www.autoadmit.com/thread.php?thread_id=5731715&forum_id=2...id.#48975995) |
|
Date: May 31st, 2025 9:17 AM Author: Spectacular home volcanic crater The $1.5M in brokerage is probably an inheritance from parents who passed away. They may have also helped him with his properties. That's why he wants to help out his kids too. My finances are set up to be able to fund my kids' education and give each a sizable six fig sum for a down payment on their first house because I know it will make an enormous difference in their financial wellbeing rather than waiting till their 60s to inherit from me. The sooner they can max their 401ks and IRAs instead of wasting it on rent or the forever scramble to save for a down, the better.
The rest of his finances makes sense if you assume he went straight into a good analyst role post college, never got laid off, and was frugal and reaped the benefits of 20+ years of market gains and housing appreciation. He's making 200k at 48, which is a good outcome in life outside xoxohth.
As for law school, a a good law degree is a reliable ticket to a solid six fig income life. Sorry you don't like being a lawyer.
|
|
Date: May 31st, 2025 7:44 AM Author: bipolar private investor 20k car loan at that income and NW seems odd (http://www.autoadmit.com/thread.php?thread_id=5731715&forum_id=2...id.#48975990) |
|
Date: May 31st, 2025 8:01 AM Author: Aphrodisiac out-of-control institution newt Possibly 0% apr but he should've said that. Also probably full of shit and the investments + rental house are what he expects to inherit from his boomer parents |
|
Date: May 31st, 2025 8:06 AM Author: bipolar private investor The numbers don't add up unless he hit on crypto or something (http://www.autoadmit.com/thread.php?thread_id=5731715&forum_id=2...id.#48976023) |