I just had a personal finance epiphany
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Date: March 26th, 2024 9:09 PM Author: free-loading onyx den
This thought occurred to me as I was going to the store. I pondered to myself, what would I do if I was given $1m. I couldn't think of anything good, so I settled on, I'd pay off my mortgage and top off my kids' 529 plans at $200k each.
These are basically my largest financial goals at this point in my life. Retirement should already be funded (when I get there). I have emergency cash reserves. It's just these two things in my way.
So then I started thinking, okay, that's the first million but how much do you really need. So I thought about future spending goals and could only come up with about $350k (for expensive big ticket items like home repairs, maybe some personal stuff, a trip or two (with my family to Hawai'i for example)). I couldn't think of anymore.
So that's $1.35m more that I need to accomplish everything I want to accomplish financially in my life. So then, I'm like well how much is that in pre-tax dollars. So I looked at my tax rate for last year (after factoring in state and property taxes as well) and I realized my total tax rate was a little under 14%. So I used 18%. $1.35/0.82 = $1,646,341 is all the money I need to earn for the rest of my life to meet the aforementioned goals.
Then the final piece is just coasting. Earning more to cover day-to-day expenses, maybe trips here and there, and building a legacy for my kids.
So having my "number," I divided $1.646m by our current gross annaul income and it's less than 5.5 years until we make this "number." That's everything covered.
By then our youngest will be like 7 years old and our oldest will be 15. Just have to hang on.
One thing that could throw a wrench into this is inheritance because I think I'm going to inherit a house and some land and that could be a problem with the taxes in the future.
(http://www.autoadmit.com/thread.php?thread_id=5509714&forum_id=2#47530222) |
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