Then why don’t you quit your job and travel the world for a couple years first. Life is so unpredictable you might not get that chance again after a couple years.
Can’t wait to see these at your local Home Depot and Lowe’s!
Sorry, I’m not criticizing your decisions. Just playing devil’s advocate.
We worked long hours and saved as much as we could, rarely seeing movies or eating out. We had one mobile phone between the two of us. Then my health crashed.
I don’t work anymore, actually. Just slaving at home as a homemaker and doing what I can. It sucks (to me).
Um… why would you even advocate that given your personal circumstances…
I’m not a miser though. I will splurge as deemed fit.
Because I wish me and my wife did a lot more when we were younger. Now adding kids in the equation, we barely have time together.
I am stressed trying to figure out what to do with our savings. Keep in stocks, liquidate, invest in real estate???
I see investment potential of real estate but then all you guys and girl do is talk about stocks!
I’m not gloating but seriously, “mo money, mo problems”.
Here’s your chance to gloat some more… Please tell us your net worth.
You’ve been on this forum way longer so you should disclose that information first.
I did disclose in the past that we bought our Los Altos condo in cash and I drive a Porsche Panamera.
Thanks for sharing… I almost bought a Los Altos condo once but opted for a SFH in WSJ instead…
Don’t forget politics.
I wish we bought a SFH in LA or PA back in 2008. My wife said I was crazy and we argued incessantly until I gave up two years later.
A few years later, she started nagging me incessantly to buy a SFH in LA or PA. As you know prices doubled+.
I pulled the trigger on our condo in 2017 because I was sick of looking and it’s a size that’s manageable for me. We don’t have to be house rich cash poor. We can feed and take care of our kids well.
I started buying TSLA in 2012 when it was $31.
Here’s another unfortunate example (no link): Luke Perry, star of ‘Riverdale’ and ‘Beverly Hills 90210,’ dead at age 52 after suffering a massive stroke
You should ignore your wife from here on when it comes to money.
If you already have more income than you need, then focus on appreciation with tax efficient transfer of wealth to kids … meaning
Put $ in SF Bay Area Real Estate. Lease the RE for some income (oh well, you have to take some income - even if you don’t need it …)
Meanwhile every year for the next 27.5 years, enjoy a huge slug of tax-reducing-depreciation . Especially since SFBA RE is so highly valued, the depreciation as a tax break is great.
Next step — die. We all die at some point. Perferably 27.5 years from now. Now the RE is fully depreciated to zero and you have taken 27.5 years of tax-deferring depreciation from it. 27.5 years of income (which you really didn’t need but I digress) which you paid very minimal state and federal tax on.
Now that you (and I) die, we give that RE to our kids. When they go and sell the RE, their basis cost is stepped up - it is the fair mkt value of the RE when you die… so when your kids sell it, there is no capital gain. Zilch.
IMHO is not that great because mostly land cost which is not depreciable.
You don’t have to die. Just 1031 exchange and enjoy another 27.5 years of depreciation.
Yeah, don’t do this if you are just buying onsie and twosie single family houses where the structure is not worth much.
Good point. I’ll prob live another 25-30 years, if I am lucky. Not sure if I’ll live much longer than that
I have a 90 year old friend who thinks he will live to 100. Don’t sell yourself short. We are having dinner tonight with an 80 year old who can out ski me. Keep active live and play hard until you drop dead.
That means you are around 50 years old…
That 80 year old needs to take it down a couple notches…