I just got fired, and I'm 39 years old. Now that I have 425K saved for an early retirement at age 50, 10K in an HSA, and a property that could yield an extra 200K, what possibilities do I have for a steady stream of income?
Is it time for a career shift or should I consolidate my investments into a single account? If I go for the latter, how do I do it right, and what could be the drawbacks? Plus, with a $200K property sale on the horizon, should I combine my investments or diversify them across different markets?
These are crucial questions for a financial planner. I met mine at a NYSE summit, and with her help, my wife and I reallocated our $1.7M portfolio between a traditional IRA and a brokerage account. She’s been making investments with our approval and has helped us recover twice our losses. We’re holding steady and carefully navigating more markets
I also save all my winnings and spend none of them. I invest them and I allow myself to spend the Dividend of a stock or Coupon of a Bond. Also 30% of my poker winnings are in physical Gold and Silver which returned 30% last year.
thanks for the great video! The last 5 years have been great for US stocks. Don't forget to get some international exposure, the US market was flat for the first 10ish years of this century.
Great video!!! Maybe more of these types of videos once a month (or a few times a year). I know the info is basically the same, but you could talk about your progress towards milestones you're trying to achieve (in percentage form so you don't have to reveal actual numbers if you don't want to).
Love this! Partly cause I like to be nosey and see how you are going (and compare it against myself), and partly cause I think hearing other people’s plans can only help, when it comes to developing your own plans. Great that you’re aware of the capital gains tax bill that will be coming if you have a large transfer. Interested to know what assumption you’ve made between years 5 and 6 that your outside contribution jumps from $4k to $11k. One item I did find interesting is your analysis on the dividend rate growth, and the contrasting rates between the three options. Historically, I’ve always assumed that different company or fund types will generally maintain a similar dividend rate, and the growth of the dividend comes from the underlying stock price movements, rather than the company specifically electing to increase their dividend percentage. Interesting concept and I’ll have to give it a bit more thought myself. Anyway, this comment is getting long. Love what you’re doing, love that you’re willing to share your thoughts and put your plans out there for all to see. Keep it coming!
Glad you liked it so much. Very astute on the external amount increasing. I put this plan in place a few years ago. The increase in that column is dealing + YT leading to more money and more consistent money.
If I had an IRA, I might have enough money to retire at age 45, but most of it is in the IRA. Then to withdraw it, I'd need to pay taxes and a penalty for early withdrawal.
I said it before and you said you didn't want to but just a reminder they're are very liveable houses for $40k in detroit by mgm. 3.5% down through fha loan plus closing is less than $5k and your mortgage with property taxes and everything included is less the $400/month.
I did some very similar math when I planned out the wife and I's retirement. I landed on S&P500 ETFs mostly because I get some pretty significant bonuses with Bank of America/Merril for keeping my investments with them rather than vanguard, fidelity, etc. 5.25% credit card rewards on chosen category and 1.75% on any other category being the big one. I am curious what your plans for housing are in retirement when presumably you wouldn't be getting the cheap Vegas weekday rates as you do now. Do you still plan to be nomadic?
Could you not have a 4th variable that accounts for inflation? You could then have a column with the total value in today’s money. I usually just adjust my forecast market return by -2% for ease.
Yeah, I know the purchasing power of $700,000 today will be different than in 2040. But the path I take doesn't change how strong or weak the USD becomes.
If you continue to deal, I wonder if you could get some sort of W9 arrangement. No clue about your personal situation but you could in theory, get a solo 401k and put 100% of your earnings into that and only pay self employment tax minus "business" expenses and continue to live off your poker bankroll. Not tax advice or anything like that, just a thought. You may already have something like this in place given that you are essentially self employed.
Good thoughts, but his FICA tax (self-employment tax) would double from the rate he pays as an employee (from 7.65% up to 15.3%). Also, he can already shelter 100% of that employee income using either a traditional or Roth IRA, and may also allow for a Saver's Credit.
In Stage 2? I'm aware Stage 2 is massively dependent on 1 or 2 stocks having that high yield, reliable dividend for a long time. I'm not a fan of the 4% rule though, or any method that means decreasing share quantity. You can outlive your shares.
I used to think dividends were cool, but then I started actually investing. Aside from AT&T dividend stock suck even ATT is too high now and probably about to drop. If you really wanna make money sell options. If you learned properly you’d quit poker…. I did, I make way more money
Careful. Selling options is basically gambling (high reward - high risk), not investing. In addition, there are a multitude of Dividend All-Star mutual funds and low-cost ETFs available to protect against stock-specific risk (such as AT&T alone). Just my opinion, you do what works best for you, since everyone has there own personal risk-tolerance level. 👍🏻
There are plenty of people making $200,000 per year and spending $250,000 per year, owning 3 BMWs that never get driven. Seek them out. I promise I won't stop you.
@@VegasPokerNomad And the parents are doing a huge disservice to their children for allowing that. When I got my first job I was still living with my parents. My dad said to me that he wanted me to max out my retirement and save as much as I could (did NOT have to pay rent). He didn't want to see a new car every year (funny how you mentioned the BMW) or new stereo equipment (I was big into that -but by that time I had everything I needed). It was to be a time to start my life. He was right and it paid off handsomely.
@@VegasPokerNomad ok, then how about about a roth IRA or any tax deferred retirement account. If the money is earmarked for retirement then best to take advantage of the tax deferred (regular) or tax free (roth -take no deduction now) growth and tax free trades and dividends.
@@jonathaningalls1325 It's good for some people. I don't want to be about 45 years old, have enough money to retire, but almost all the money is in an account from which I can't withdraw penalty-free. It defeats the purpose for me. Here are the videos from late 2022, in order of publish date, if you're interested on my perspective. ruclips.net/video/I2x2duI7zO0/видео.html ruclips.net/video/XV6IJF7K5aA/видео.html ruclips.net/video/qr29IzICIoM/видео.html ruclips.net/video/WQkF_Ckyi8c/видео.html ruclips.net/video/8y45MelAh2A/видео.html
Great video. You should learn how to trade from a trading school. I graduated from groktrade and have made a lot of money trading... big reason i play less poker
![Noob To Max With DRAGON REWORK In Blox Fruits [FULL MOVIE]](http://i.ytimg.com/vi/LnBMOinoOvA/mqdefault.jpg)
I just got fired, and I'm 39 years old. Now that I have 425K saved for an early retirement at age 50, 10K in an HSA, and a property that could yield an extra 200K, what possibilities do I have for a steady stream of income?
It’s reasonable to consider getting a financial advisor now, but delaying retirement might be a wiser choice
Is it time for a career shift or should I consolidate my investments into a single account? If I go for the latter, how do I do it right, and what could be the drawbacks? Plus, with a $200K property sale on the horizon, should I combine my investments or diversify them across different markets?
These are crucial questions for a financial planner. I met mine at a NYSE summit, and with her help, my wife and I reallocated our $1.7M portfolio between a traditional IRA and a brokerage account. She’s been making investments with our approval and has helped us recover twice our losses. We’re holding steady and carefully navigating more markets
That’s impressive! My portfolio has been struggling. Who is your advisor?
*June Renae Matthysse* Her performance is consistently impressive, and she’s a real name to know in the industry. Check her out
I also save all my winnings and spend none of them. I invest them and I allow myself to spend the Dividend of a stock or Coupon of a Bond. Also 30% of my poker winnings are in physical Gold and Silver which returned 30% last year.
thanks for the great video! The last 5 years have been great for US stocks. Don't forget to get some international exposure, the US market was flat for the first 10ish years of this century.
I'd like to but they've been making some unnecessary, cumbersome rules for having non-US stocks.
@@VegasPokerNomad maybe a low fee international ETF?
Great video!!! Maybe more of these types of videos once a month (or a few times a year). I know the info is basically the same, but you could talk about your progress towards milestones you're trying to achieve (in percentage form so you don't have to reveal actual numbers if you don't want to).
Possibly. Glad you liked this one.
Love this!
Partly cause I like to be nosey and see how you are going (and compare it against myself), and partly cause I think hearing other people’s plans can only help, when it comes to developing your own plans.
Great that you’re aware of the capital gains tax bill that will be coming if you have a large transfer.
Interested to know what assumption you’ve made between years 5 and 6 that your outside contribution jumps from $4k to $11k.
One item I did find interesting is your analysis on the dividend rate growth, and the contrasting rates between the three options. Historically, I’ve always assumed that different company or fund types will generally maintain a similar dividend rate, and the growth of the dividend comes from the underlying stock price movements, rather than the company specifically electing to increase their dividend percentage. Interesting concept and I’ll have to give it a bit more thought myself.
Anyway, this comment is getting long.
Love what you’re doing, love that you’re willing to share your thoughts and put your plans out there for all to see. Keep it coming!
Glad you liked it so much. Very astute on the external amount increasing. I put this plan in place a few years ago. The increase in that column is dealing + YT leading to more money and more consistent money.
Very interesting video.
interesting, good luck with the accumulation, i hope it's fruitful for you long term.
Banger video
Thanks
My kids told me I'm there portfolio.
One way to mitigate the tax bill would be to hold some assets in a Roth IRA -- however, I know you're opposed to that.
If I had an IRA, I might have enough money to retire at age 45, but most of it is in the IRA. Then to withdraw it, I'd need to pay taxes and a penalty for early withdrawal.
@@VegasPokerNomaddon’t retire at 45. Why so young. Retire at 60. No taxes. No penalties.
I said it before and you said you didn't want to but just a reminder they're are very liveable houses for $40k in detroit by mgm. 3.5% down through fha loan plus closing is less than $5k and your mortgage with property taxes and everything included is less the $400/month.
Do you have a SEP ira?
I did some very similar math when I planned out the wife and I's retirement. I landed on S&P500 ETFs mostly because I get some pretty significant bonuses with Bank of America/Merril for keeping my investments with them rather than vanguard, fidelity, etc. 5.25% credit card rewards on chosen category and 1.75% on any other category being the big one. I am curious what your plans for housing are in retirement when presumably you wouldn't be getting the cheap Vegas weekday rates as you do now. Do you still plan to be nomadic?
Where did the first 80k come from?😊
Savings
Could you not have a 4th variable that accounts for inflation?
You could then have a column with the total value in today’s money.
I usually just adjust my forecast market return by -2% for ease.
Yeah, I know the purchasing power of $700,000 today will be different than in 2040. But the path I take doesn't change how strong or weak the USD becomes.
I would be interesting to hear how much you have saved so far. Totally understand if you don’t want to disclose it of course
Trust funder.. 100%
Poker playing is a lark for this cat..
@@Mile8461ah okay is that also why he plays 200h of $1/2 every month?
My advice would be to include a fully funded Roth IRA using a low-cost Index Fund.
If you continue to deal, I wonder if you could get some sort of W9 arrangement. No clue about your personal situation but you could in theory, get a solo 401k and put 100% of your earnings into that and only pay self employment tax minus "business" expenses and continue to live off your poker bankroll. Not tax advice or anything like that, just a thought. You may already have something like this in place given that you are essentially self employed.
Good thoughts, but his FICA tax (self-employment tax) would double from the rate he pays as an employee (from 7.65% up to 15.3%). Also, he can already shelter 100% of that employee income using either a traditional or Roth IRA, and may also allow for a Saver's Credit.
Comment for the algorithm
Don’t think you should ever fully focus on dividends I’d just repeat your first strategy and look into other ways to make passive income
In Stage 2? I'm aware Stage 2 is massively dependent on 1 or 2 stocks having that high yield, reliable dividend for a long time. I'm not a fan of the 4% rule though, or any method that means decreasing share quantity. You can outlive your shares.
Johnson and Johnson no good after diddy arrest
I used to think dividends were cool, but then I started actually investing. Aside from AT&T dividend stock suck even ATT is too high now and probably about to drop. If you really wanna make money sell options. If you learned properly you’d quit poker…. I did, I make way more money
Careful. Selling options is basically gambling (high reward - high risk), not investing. In addition, there are a multitude of Dividend All-Star mutual funds and low-cost ETFs available to protect against stock-specific risk (such as AT&T alone). Just my opinion, you do what works best for you, since everyone has there own personal risk-tolerance level. 👍🏻
Stage 1: Collect Underpants. Stage 2: ???
Underpants for future deposits.. Sounds shitty
I’ll take the under on 1k views
Just curious, are you ever gonna practice the law?
I don't see it happening.
Am I really taking financial advice from a guy living with his parents?🤪
Yes.
There are plenty of people making $200,000 per year and spending $250,000 per year, owning 3 BMWs that never get driven. Seek them out. I promise I won't stop you.
@@VegasPokerNomad Huh?🤔
@@VegasPokerNomad And the parents are doing a huge disservice to their children for allowing that. When I got my first job I was still living with my parents. My dad said to me that he wanted me to max out my retirement and save as much as I could (did NOT have to pay rent). He didn't want to see a new car every year (funny how you mentioned the BMW) or new stereo equipment (I was big into that -but by that time I had everything I needed). It was to be a time to start my life. He was right and it paid off handsomely.
Im only 30 seconds into this video but god i hope you are going to proceed to let us know you are into crypto in a big way 👌👍🤔
I’m in my 50’s & getting into Bitcoin & crypto was one of the best financial decisions I ever made.
@@prednhl1 *so far
Incredible video! Have you thought of starting a financial channel? So many people could benefit from this type of knowledge.
real poker grinders have no retirement plan beyond hitting a big score in a tournament... come on now.
That's my problem lol. I don't play mtt's.
@@VegasPokerNomad ok, then how about about a roth IRA or any tax deferred retirement account. If the money is earmarked for retirement then best to take advantage of the tax deferred (regular) or tax free (roth -take no deduction now) growth and tax free trades and dividends.
@@jonathaningalls1325 It's good for some people. I don't want to be about 45 years old, have enough money to retire, but almost all the money is in an account from which I can't withdraw penalty-free. It defeats the purpose for me.
Here are the videos from late 2022, in order of publish date, if you're interested on my perspective.
ruclips.net/video/I2x2duI7zO0/видео.html
ruclips.net/video/XV6IJF7K5aA/видео.html
ruclips.net/video/qr29IzICIoM/видео.html
ruclips.net/video/WQkF_Ckyi8c/видео.html
ruclips.net/video/8y45MelAh2A/видео.html
Great video. You should learn how to trade from a trading school. I graduated from groktrade and have made a lot of money trading... big reason i play less poker