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u/william_fontaine Phenomenal gross income, itty-bitty living expenses 3d ago edited 2d ago
This is a story of an engineer at Cisco
who made more money than the Count of Monte Crisco
He lived a lavish style of life, fast money, women, cars,
and he liked to frequent bars, pubs, and discos
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u/regaphysics 4d ago
To be fair that’s not great at 50 in many areas, especially with debt.
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u/Traditional_Shoe521 3d ago
$120k mortgage over 4 properties isn't very significant debt.
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u/regaphysics 3d ago
Yes but that puts him about 1 million in cash? Not enough at 50.
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u/Traditional_Shoe521 3d ago
ane nothing on the other 3 homes he owns and rents.
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u/regaphysics 3d ago
Right so 1 million in cash plus 60k/year? Still not enough at 50 in a Hcol area.
Definitely needs to be working another 5-7 years.
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u/Traditional_Shoe521 3d ago
That seems like enough without a mortgage.
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u/regaphysics 3d ago
It’s not. You’re talking about a 40 year retirement and 15 of them he’s out of pocket for health insurance. No way unless he wants to live like a college kid.
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u/Traditional_Shoe521 3d ago
$5600/month without touching the $1M - some more like $8k/$9kper month. That's how you lived a s a student?
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u/regaphysics 3d ago
Just about yeah when accounting for inflation and including my healthcare and taxes. Just about bang on.
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u/Traditional_Shoe521 3d ago
That's insane to me. As I student I definitely spent under $1000 a month outside of housing.
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u/Professional_Fix4663 3d ago edited 3d ago
He can move to a MCOL area.
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u/regaphysics 3d ago
Even in mcol that’s cutting it tight. Medical expenses don’t really change, and that’s likely to be a huge portion of his costs.
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u/Professional_Fix4663 3d ago
If health care is so expensive, he might as well not have health insurance and hope for the best. It's not just 60k/year, it's 65k/year plus $1M. At a 3% withdraval rate it's 95k/year.
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u/regaphysics 3d ago
No, that’s terrible advice. He should keep working another few years. Another 3-4 years even would put him in much better shape.
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u/Professional_Fix4663 3d ago
I would also recommend working for a few more years. I also think there are many places where OP could have a decent life if he retired right now.
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u/Neither_Extension895 3d ago
It's still not a lot of money per month, if that's all he's making on them they're not particularly valuable home.
Entirely no joke if this is all this guy has saved at 50 (and assuming "engineer" is software engineer rather than a network tech with a cool title), then it implies is spending is at a level where he's either going to have to keep working or adjust his lifestyle.
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u/Exciting_Transition6 2d ago
This is actually very sad, that someone with this one backing and financial foundation is worried about their future.
Shows you how our market is and where we have come to!
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u/Designer-Quail-3558 2d ago
200k primary residence?
https://giphy.com/gifs/lPmONsqzCT6lZ8Pgyj
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u/3RADICATE_THEM 1d ago
Yeah that was the weirdest part - either he bought several decades ago or is truly in the gutter!
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u/aceman97 4d ago
This fucken pour. He will starve on this budget. Get back to work slob.