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I know I'm jinxing myself, but I just finished my taxes and also updated my net worth spreadsheet. We have hit a new high. Much higher than it was back in 2007 when I quit working. :cool:
We are going to buy a second home in South Florida to spend winters in and also for family and friends to use if they want. We have been planing this for a while, but last years gains alone will more than pay for it. Our spending has gone up quite a bit the last few years, but it was by choice.
So those of you that can, start early, live below your means, save and invest. Plan wisely, some of us do get out of the rat race.
The only thing thing that I didn't anticipate is that even though I play way more golf, I'm not really getting any better at it.
I know I'm jinxing myself, but I just finished my taxes and also updated my net worth spreadsheet. We have hit a new high. Much higher than it was back in 2007 when I quit working. :cool:
We are going to buy a second home in South Florida to spend winters in and also for family and friends to use if they want. We have been planing this for a while, but last years gains alone will more than pay for it. Our spending has gone up quite a bit the last few years, but it was by choice.
So those of you that can, start early, live below your means, save and invest. Plan wisely, some of us do get out of the rat race.
The only thing thing that I didn't anticipate is that even though I play way more golf, I'm not really getting any better at it.
That is great, dmc!
I may be retiring in the nearish future but I am not expecting our net worth to go up during retirement. We shall see, however. I know it can be done, from your news.
Would you say that your achievement was mostly related to how you've invested your assets? If so, can you please share a little bit of what approach you've used? Thanks!
rodeosweetheart
3-9-14, 7:38am
Would you say that your achievement was mostly related to how you've invested your assets? If so, can you please share a little bit of what approach you've used? Thanks!
Yes, that would be great, and congratulations!! What part of Florida are you considering? And why not get some golf lessons--enjoy your succcess!
Would you say that your achievement was mostly related to how you've invested your assets? If so, can you please share a little bit of what approach you've used? Thanks!
Nothing exciting, the majority was just put into mutual funds with some rebalancing from time to time. I did buy some land in 2000, and sold it all in 2005 because the value had gone up so fast. But it was just another investment and I rebalanced when I though values were out of whack. Prior to my early retirement I went a little more conservative in my investments, and put a few years expenses in cash. When the market fell in 08 I rebalanced a bit back into stocks. I am now selling some, but with interest rates still low I'm not just putting it all into bonds. I actually bought some gold for the first time this year.
I'm buying the second home in Florida at this time because I not only want to get the enjoyment of spending winters down there, but I think it has a good chance to increase in value over time. And I'll claim residency down there and save some taxes. I might have just rented if interest rates were higher.
I believe in balance, but you still have to be aware of your options.
Yes, that would be great, and congratulations!! What part of Florida are you considering? And why not get some golf lessons--enjoy your succcess!
We are still trying to choose, we are thinking either Naples or Jupiter. But leaning toward the Naples area.
And Ive had golf lessons. I'm afraid that I just don't have the desire to practice enough to get marginally better. The truth is I'm a decent golfer, but I'm never going to make money at it.
That is great, dmc!
I may be retiring in the nearish future but I am not expecting our net worth to go up during retirement. We shall see, however. I know it can be done, from your news.
Just think about how much less in taxes you'll be paying. And if you work it correctly you can get some of the Obamacare subsidies. Keep your income below $62,000 and you get free money.
Just think about how much less in taxes you'll be paying. And if you work it correctly you can get some of the Obamacare subsidies. Keep your income below $62,000 and you get free money.
That's the thing, I don't know that we WILL be paying less in income tax, the rate anyway. According to the last tax return I scrutinized, our accountant claims we paid at the 15% rate. But yes, I am looking at the $62,000 figure which I first learned from you and then verified it on the ACA site. It's amazing that the subsidy drops like a stone at that level. And that's fine, we have lots of flexibility as to our inome, we can structure it. I just have no idea how dividend and unearned income counts against the ACA tallies. I've got a while to figure that out.
Teacher Terry
3-9-14, 4:53pm
One caution is that if you have employer insurance you qualify for as an employee or retiree if you drop it to use ACA you do not qualify for any subsidies. This is true even if your employer health is too expensive for your income.
One caution is that if you have employer insurance you qualify for as an employee or retiree if you drop it to use ACA you do not qualify for any subsidies. This is true even if your employer health is too expensive for your income.
When I retire I will have 0 provided by employer, same with DH.
rodeosweetheart
3-9-14, 5:40pm
It's funny that you mention Jupiter; my goddaughter's boyfriend is a golf pro there! I have another good friend looking to move to Jupiter--very hot right now.
I am much more familiar with Naples, as we used to go to a fishing camp on Marco every summer when I was a little kid, when there was nothing on Marco but the one hotel, the camp, and a little crossroad's grocery.
I'd pick Naples, but I like the Gulf better, and it seems to attract more Midwesterners--we used to go from Chicago to Sanibel, etc.
Our plan is to go down and rent for a month or two this summer. We also want to look at Ft Myers and Punta Gorda. I want to look over the area before we buy. I have a friend that moved to Jupiter two years ago and he likes it there. But we also know people in Naples and that area.
Teacher Terry
3-9-14, 8:18pm
Iris lily, that is actually good. Our part of the premium is $740/month & it will likely go up in July. Without it we would qualify for subsidies.
Congratulations on your financial success, dmc -- always love to have these stories to refer to!
FWIW, a former colleague of mine lived in Jupiter for awhile and LOVED it.
Hope you find a great place to call your new (tax) home.
Missouri will still get some of my tax money, just no more personal property tax or state income tax. That will save me a few thousand. But I still will be sending them a check for real estate, can't get out of that one. But we will probably downsize at some point in time.
I retired 3 years ago and DH just retired at the end of January. We both have Humana Medicare Advantage. So far all is going quite well. It is amazing how well we live on Social Security and our IRAs.
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