Carl! Rip the bandaid off and buy the Tesla! The prices are lower than they've ever been. Get a Model 3 performance and enjoy the heck out of it. Don't try to be rational about it and get a base model, just plunk down the extra $10k and have some fun. You'll wonder what the hell you waited for. It will barely even be a blip on your balance sheet.
Newly divorced. Reorganizing financially. Started VTSAX fund & published my 1st book even on healing from divorce. “The Sun Always Pierces Through “ ☀️
Great episode, and I agree, buy the Tesla Carl! You can probably even get one for free at this point since everyone knows you as the Tesla guy. Would have loved to heard the reasoning behind the $4M FI number. Maybe they’re using the 4% rule to get to $3.6M ($144k in annual expenses x 25), and they decided to round up to $4M for good measure? Do they think $12k/mo in expenses is what they’ll be spending long-term? I imagine that number might go down as their kid or future kids phase out of daycare and into school. Also for that $4M target, are they assuming all of their FI income will come from their 4% withdrawals? If they plan on going into STRs or printables, then they’ll also have side income that could help reduce the amount of income they’re looking to earn from a stock-bond diversified portfolio. I’m all for lofty goals, but (without having all the information) it seems like they’re setting the goal post unnecessarily far away.
Bottom Line is at 48:00 (great answer): he says, "you're going to have to do some extraordinary things" "but you're not going to be able to take a conventional path and hope to achieve that" "just no way" "you're going to have to knock something out of the park and do something crazy." (Then his wife goes on about index funds, which would never be enough to achieve this.)
It seems to me that even though they can afford the house and all of their bills that they should be cutting back on child care expenses and the grocery and eating out budget those are huge and if I were them I would focus more on saving and investing at least half of my income I think that's the only way they could meet their goal.
Carl! Rip the bandaid off and buy the Tesla! The prices are lower than they've ever been. Get a Model 3 performance and enjoy the heck out of it. Don't try to be rational about it and get a base model, just plunk down the extra $10k and have some fun. You'll wonder what the hell you waited for. It will barely even be a blip on your balance sheet.
8 months later... almost half the price now... YOUR GREAT AT ADVICE! NOT
Newly divorced. Reorganizing financially. Started VTSAX fund & published my 1st book even on healing from divorce. “The Sun Always Pierces Through “ ☀️
It’s funny that people think Tesla is still cool.
Funny how?
Great episode, and I agree, buy the Tesla Carl! You can probably even get one for free at this point since everyone knows you as the Tesla guy.
Would have loved to heard the reasoning behind the $4M FI number. Maybe they’re using the 4% rule to get to $3.6M ($144k in annual expenses x 25), and they decided to round up to $4M for good measure? Do they think $12k/mo in expenses is what they’ll be spending long-term? I imagine that number might go down as their kid or future kids phase out of daycare and into school. Also for that $4M target, are they assuming all of their FI income will come from their 4% withdrawals? If they plan on going into STRs or printables, then they’ll also have side income that could help reduce the amount of income they’re looking to earn from a stock-bond diversified portfolio.
I’m all for lofty goals, but (without having all the information) it seems like they’re setting the goal post unnecessarily far away.
Bottom Line is at 48:00 (great answer): he says, "you're going to have to do some extraordinary things" "but you're not going to be able to take a conventional path and hope to achieve that" "just no way" "you're going to have to knock something out of the park and do something crazy." (Then his wife goes on about index funds, which would never be enough to achieve this.)
Do more of these! This is great
Thank you and your team for helping the community and sharing resources.
It seems to me that even though they can afford the house and all of their bills that they should be cutting back on child care expenses and the grocery and eating out budget those are huge and if I were them I would focus more on saving and investing at least half of my income I think that's the only way they could meet their goal.
Great stuff
How does this work on a Flat Earth?
50k a month of income??
15k
I think it’s time to immigrate to US from London 😅
4 million FI number is high 😅
❤❤❤
Cringeworthy 😂