Does any of you travel with luxury watches (100k+?)

If so, how do you declare them?

I am mostly concerned about traveling with my watch to EU/Switzerland/US.

What should I learn to feel comfortable?

I am mid-30's, married with young kids, wife doesn't work, living in Canada (all numbers in post are in CAD).

Background: I started a small business 5-years ago, which has grossed ~$500k/y and have invested retained earnings within the company, which I have invested in public company start-ups. I have been fortunate to exercise ITM options received from public companies totally $2.0M over the past 2-years.

My NW has increased significantly over the last 5-years, from ~$0.4M to $9.5M ($5.8M of which in the last 2-years). Current NW breakdown:

- Home: $4.2M (mortgage free) - forever home, don't plan on upgrading

- Personal Investments: $1.5M ($500k RRSP, $100k TFSA, $900k stocks)

- Company Investments: $3.5M ($500k ETF's, $3.0M stocks)

- Cash: $300k

- No debt, car payments

By the time I am 40, I expect my NW to be ~$20M through the sale of my business and additional investments and options - that is 2x the goal I created for myself 5-years ago.

The more I think about where I'll be in the next few years, the more confused I get about what I want my working life to be like from here on out. Work is my identity, and I love what I do for work, but I am finding that what was once motivated me isn't anymore. I feel like I have no one to talk to bounce ideas off of or share in my success (outside of my wife). I am so busy with work that I have no time to do any research to figure out investment strategies - a lot of the companies I invest in are high risk and I have been focused on taking money off the table and investing in low-risk companies and ETF's, but there's no clear strategy.

Not sure what I'm looking for exactly, but maybe just to hear from someone who has been in a similar position - how did you create new and exciting goals? Who did you lean on to strategize? How did you find purpose?

NW is ~5 million and about to increase due to windfall. Looking for advice on which personal finance app is the most secure. I want to use an app vs excel or Google sheets to track spending and lifestyle creep but I’m concerned about the data sharing. I’ve looked at Monarch but stopped when I saw what the bank shares with Plaid to connect the account.

What are HNWIs using?

Background is I’m in my 40s, young family, and 2x my fatFIRE figure. I spend time between consulting and family currently.

A unique opportunity has presented itself that would be professionally rewarding but would take away from family time and flexibility that I value.

In other words, I would enjoy my days professionally but I may resent it 5yrs later because it took away from the flexibility I had with family. Note, I am talking about a few more weeks of vacation with family a year plus baseball practices and things of that nature.

Has anyone gone back to the game after fatFIRE for professional fulfillment but later resenting or regretted the loss of family time they came to enjoy? Or did you find it was the right call to take the unique shot at a professionally rewarding project?

Happy to answer any questions or provide details you may have left out. I know this sounds like a high class problem, or “can’t lose either way” situation, but nonetheless it is a big decision I am faced with.

ISO for high end induction cooktop with built in vent, with no WiFi. The only two that meet that criteria I’ve been able to find are one by Fisher & Paykel and another by a brand called Bertazzoni. I’ve never heard of Bertazzoni and can’t really find reviews on this cooktop. Does anyone know if this is a good reliable brand? I’m looking for a stove top that is not gonna give me problems and of course is really great for cooking (good low temp/high temp).

So in thinking of my diminished life expectancy compared to souse of same age and soon to be fully RE once they want to finish costing/working full time.

Already FI, and this post isn’t to debate importance of ending their coast as we have increased significantly RE like travel together already reaping RE feeling, plus I RE seven years ago.

Anyway, RE is planned financially balanced with assets SWR without relying on ss but cushion will always be welcome. As far as me dying before my spouse, it is highly likely. The only financial changes from my death, is about $160k-$250k additional death benefit on a small whole life policy we have on me, so negligible in our FI number (very low end of FAT). I believe my early ss of about $2700/mo will be lost as theirs will be higher. So loss of about $34k/yr ss income. Increase household expenses would include relying on my third party service and maintenance providers around the house etc ($15k/yr est). Expense changes+lost income-SWR from insurance listed here totals ~$41k ($8k SWR 4% of $200k insurance gain).

Assuming my spouse stays in the same home, what expense would actually impact the yearly budget to make up the lost income. I can think of reducing travel by 1 person ($15k/yr), reducing health insurance and services by 1 person ($20k/yr), and one vehicle reduction of auto insurance and replacement ($8k/yr). Savings ~$43k listed here.

Any other major items to consider?

Edit: Expenses: I would say a future additional savings would be a down size, no liquid net worth change as it would involve geo cost of living difference, except at least $10k-$15k property tax reduction, and maybe ~5% state tax on capital gains gains savings depending on destination state.

Also, thanks for all the other impact reminders of changing tax brackets, loss of standard deduction, potential SALT changes. At our SWR, I expect $20-$30k hit in taxes going up from death of the spouse unless SALT cap removed which would reduce the hit.

Hello, FatFIRE fam!

As we celebrate Diwali, the festival of lights, I wanted to take a moment to express my gratitude to this community for the invaluable advice, insights, and support that’s been shared here. You've all helped illuminate the path toward financial independence, prosperity, and freedom in countless ways.

In the spirit of Diwali, may the Goddess of Wealth bless each one of you with health, happiness, and abundance. May our journeys continue to flourish, guided by wisdom and generosity.

Thank you, and wishing everyone a joyous and prosperous Diwali! 🪔

If you are in the US or another Halloween-focused place and you truly consider yourself fat, you should absolutely be handing out full-sized candy tonight.

You likely remember what it means to be a kid, and you probably still remember “THAT house” in your neighborhood. YOU now have the power and the means to be “THAT house.” It’s your day to shine and spread happiness in an otherwise very stressful week. Do your past, present, and future self a favor and go get those full-sized and jumbo movie-sized candies to distribute to the kids in your neighborhood tonight.

I don’t care if you do it for fun or flex, but today is your change to truly live fat and make a lot of kids happy in the easiest way possible.

Be a hero today. Hand out those big candies. And have a happy and safe Halloween!!!!

The original deal 2 years ago did not close and was re-traded at the last minute after 3 rounds of redlines on the purchase agreement. It was a brutal blow and took a few months to mentally recover. Combine that with a 400% increase in interest rates, running a tech start up was not a fun gig. However over the past 2 years, we brought a new product to market and it quickly became our hero SKU. We landed several major customers and a marquee distribution deal with a public strategic. A few months into our distribution deal, the strategic approached us about buying us. After a few months of back and forth negotiations, we reached a deal and closed last week. Ended up with close to $10M and still own half the company with tremendous upside for the 2nd bite.

It was a true lesson in entrepreneurship, the highs are high and the lows can be brutally low. Just be a cockroach to fight another day!

Orginal post here: https://www.reddit.com/r/fatFIRE/comments/v7pu54/opportunity_to_cash_out_10m_plus_5m_earnout_in/

I found this forum a while ago and have been learning but I'm confused at what step to take next. I need to find help with taxes and planning. Wife and I have about $5 million net worth, $1 mil income, and retirement is probably 5-15 years off. I've also got upcoming inheritance that will probably start to be transitioned from my family to me in the range of $4-10 million, depending on how things end up. Most of our income is W2 and the rest from vanilla investments. Most of my net worth is in the S&P, Nasdaq and short term bonds. I manage these myself and do not want to give control to a financial advisor.

But I need help in figuring out how to protect my assets, retirement planning, tax planning, etc. My tax guy doesn't tell me anything except save money and keep it in cash because you can't trust the market and that I don't need a trust. I want to hire someone better. I've talked to some tax professionals and have 2 options I'm considering.

First is a at a 300 person firm and charges $2.5k for personal taxes. They also recommended I talk with their fee only financial planner.

and the second is a tax attorney at another firm who is charging $14k a year (up front) and is a bit vague about how they do it but they seem like they can save me money on taxes and help with estate planning, trusts (their idea not mine), and refer me to another fee only financial advisor.

I don't understand what I need or what I'm getting with these two options other than tax filing. Am I smarter to try the tax person at the 300 person firm to start, or is it better just to jump in with a tax attorney? It seems like the tax attorney could set everything I need up, but I've seen some comments which are negative towards complex tax strategies of tax attorneys.

Considering my situation, could anyone please advise which direction they would go if they were me? I don't have a lot of time to interview tax people, and my situation isn't super complex, other than the inheritance potentially. Once I start to receive this property I may start a related business.

Also, if there are other things you can recommend so I can learn about my choices, or good retirement planners, I'm interested. Our net worth is the product of working a lot and living below our means and I haven't thought much about retirement or anything besides growing the net worth number.

I am turning 50 this year and plan to retire by Dec 2025. I need some advice on how to get closer to the retirement plan.

Total NW ~ 9M

Treasuries/HYMM @ 4.5% = 2.4 mil

Large Index ETF = 3.1 mil

Large Tech Stocks= 1.9 mil

Real Estate = 1.6 mil

Retirement/HSA = 2 mil (included) above

Retirement Expenses ~ 365,000 per annum which is equivalent to 475,000 dollars before tax

Family Liability: 50,000

Travel : 100,000

Food, Clothes, Supplies: 60,000

Rent : 60,000

Health + Insurance: 50,000

Phone : 4,000

Car : 3,000

Hobbies + Entertainment: 6,000

Utilities : 2,700

Misc : 30,000

Our situation and assumptions

• We are husband and wife and have no kids.
• We live in a Very High-cost location, and we plan to retire here.
• We have some family liability and must save money for them.
• Travel is the primary reason for retirement and we can’t compromise on the travel budget. We will be traveling very regularly in the first 10 years of retirement.
• We are assuming that Obama Care will not last in near future and hence the health insurance and costs are high.
• In the next one year due to planned compensation, and we will save a million to reach net wealth of 10 mil, in addition, I have a 2 real-estate projects that could yield another million.
• We live in a multifamily house that we own, and our cost of living in that apartment is 30,000 per year after 5% return on the opportunity cost.
• We are building another primary home, the value of the finished home will be 3 mil.  We don’t need the big house if retirement and extensive travel is planned and hence we may sell it after building it for a profit.
• We are concerned about political uncertainty and the future of the economy due to the election results and I think 2025 is a bad time for us to retire due to political and economic uncertainty.
• My total compensation will reduce significantly next year due to the end of the vesting period, and I don’t think the remaining compensation is worth working for.
• We live a simple life. We have lots of hobbies and interests. We do not fly business class and stay in 5 star resorts (except once in a while), we wear simple yet comfortable clothes and shoes.

Holes in the plan and advice needed

1.     We recently sold some assets and are currently sitting on a large amount of cash invested in HYMM accounts and Treasuries @ 4.5 % per annum. Interest rates will fall soon, and the SNP is at an all-time high. I am waiting for a correction to find the next investment opportunity. I know the wisdom of not timing the market, but investing in SNP when it is at its highest and a correction is almost impending, the emotions take over the wisdom.

2.     We can’t afford to live in a 3 million house after retirement that I am building so passionately. The cost of ownership of that house is about 160,000 per annum after taxes and insurance and renting out the second unit.

3.     Our retirement expenses are very high, is there anything that we are missing?

4.     10 million is not enough to retire. 365,000 annual retirement spending after tax deductions is on the borderline of SWR of 4% on 12 mil net wealth. Our net wealth looks better right now since the SNP is all-time high. An all-time high SNP and 2.4 million cash in hand is a hedge for a correction too.

5.     Do I need to change any investments?

6.     I work for a technology company and my wife works for a bank, can we go back to work in 6-7 years again? We won’t have enough money to start a business of our own if we decide to go back to work

Does anyone have experience with using a PSM for the down payment on a home or investment property? I am looking into using some of my company’s private stock(not sure if this is possible) and some publicly traded stock. The total amount of the down payment will be in the range of $100-150k.

PS—any banks that you can recommend for a PSM would be greatly appreciated.

I know we are all freezing our credit (obligatory link to the excellent FatFire Guide To Cybersecurity) but are we also doing this for our children? And did anyone actually succeed in doing it?

I attempted to place a freeze for my teenager. I did succeed in submitting a freeze request with Innovis but trying to do the same with Equifax, Experian and TransUnion is failing. They allow you to do it as a parent for a minor aged 13-, or do it for yourself as an adult 18+, but nothing for those aged 13-18. I tried the online option, the phone option, and the snail mail option. Snail mail came back with "unable to locate credit report" rejection letter which is obviously not of any help; the other options give some variant of "too old for a parent to do this for you" and "too young to do this for yourself" error.

Any ideas or advice? This is very much on my mind today because I have rental properties and I just witnessed yet another tenant use her child's name and social on the rental application. As per usual mom destroyed her own credit/life and is now destroying her children's future. As well as I keep seeing social media posts by young adults whose credit was destroyed by identity theft. Obviously I am not going to do it to my own child but it's really bugging me knowing how much everyone's socials are sold and resold to scammers and how easy it is to figure out that a child "belongs" to a wealthy parent.

Also, just in case this is helpful to others: I've found that a credit freeze does not prevent you from buying/selling real estate, it's a quick process that takes just a few hours to take effect.

34, recently went through a successful IPO that bumped NW up from $1.5 to $3.7M. moved on to another co as an exec and have HHI at $1.7M. Also have options in another pre-IPO startup that could be worth another $1M potentially pre-tax pending liquidity. could also be worth nothing.

spend is $120k/yr.

have a bit of fomo since that stock has run up over 50% since I sold it all and diversified into VOO, but intellectually was trying to minimize risk in one stock, and also figured given current HHI it’s more about locking in on gains now and allowing time and compounding to work and minimizing risk.

current role is super busy - not sure how long I should go for. have two kids under 5 so life is hectic and crazy, but feels like I should stick it out at least for the next couple years to hit my original vest at my current co - which I think should get us to $5-6M NW by 36/37 which I felt like the compounding over the next 7-15 yrs would bring me up to the $10/20M range.

curious what ppl would do in this situation.

Hey Reddit,

I’m hoping for some advice from anyone who’s been in a similar situation or has insight into investment legalities.

Last year, on the advice of a Fidelity employee (let's call him Alex), I invested a pretty significant amount—mid-six figures—in the Fidelity Core Real Estate Fund. At no point did Alex mention that the fund had a lock-in period or discuss the complexities of exiting the fund. Recently, when I wanted to withdraw my funds, I was informed that I couldn’t access them due to this lock-in period.

I reached out to Fidelity, and they’ve now sent a response saying that I electronically signed an agreement back in March 2023, acknowledging that I would be fully responsible for all aspects of the investment, including reviewing all terms and risks independently. They state that Fidelity doesn’t provide advice or guidance on the suitability of Alternative Investments for individual clients.

I realize now that I should have asked more questions to fully understand all the risks. However, I relied heavily on Alex’s advice, and it feels like a major oversight on their part for not disclosing these critical details upfront. I asked Fidelity for proof that Alex actually shared the lock-in and exit details, but they haven’t addressed that request directly. I also mentioned that without a resolution, I’d consider legal action, though I’m not sure what my chances are here.

Has anyone here dealt with a similar issue? Would pursuing legal action make sense, or am I at a dead end because of the signed agreement? Any advice on next steps would be incredibly helpful.

Thanks in advance!

In Chinese culture, a lot of women after giving birth hire 月嫂, which are post-partum full-service nannies. They don’t just care for the mother’s recovery and the newborn, but also cook, clean the house, buy groceries, and are awake at every moment when the mother breastfeeds, especially at night. These services are also accessible to middle-class women, as they are very common.

In the US, it seems very hard to find an American analogue for this position. They either only care for baby, only for mom, or only cook. Is there a reason why this full-service is not as easy to find? It seems most are very strict about their responsibilities being limited. Even post-partum American doulas do not cook three meals a day.

Chinese post partum nannies can also be found in the US, and their services are way cheaper than even an American night nurse. Has anyone had experience with them and compared costs?

Recently hit our most recent target. 43M / 40F - 19M net worth.

Years ago my target was 3M when I had 1M. Then it became 10M when I had 5M. And most recently it was 15M.

At each phase, when I hit the target, it didn’t seem like it was enough. There was always the fear that somehow a market crash could take it all away.

Since then, I’ve been able to reduce single stock exposure and I feel like 3-4% SWR at 19M puts us well above our annual spend of around 500k.

HHI is around 1M. Our jobs aren’t terrible, it’s just that our kids take up a lot of time and energy right now.

So a few questions for those that are wiser and more experienced in the group.

1. Do you pull the cord as soon as you hit your target? Or do you see how you feel for 6 months or a year? I remember reading elsewhere about not making big decisions after a windfall, do we do the same here? It’s not a windfall, but the stock market has done really well for us for the past couple years.

2. Is the current feeling of being busy and overwhelmed with kid stuff temporary? Does it get better when they exit elementary school? Will we get bored then?

3. Do we frame it as a sabbatical for a year? Or should we just plan on not turning back?

4. Anything else we should prepare or do before we pull the cord and say goodbye to our jobs?

Basic question but one I didn't find a good answer to searching existing posts. I read so much about wealth accumulation and asset allocation but not much on how people actually fund their retirement. For those that are mostly equities heavy, do you just sell x% across all your index funds each month to pay for bills? Do you have a set amount each month, so that even if you don't spend it all, you just keep it as cash since you know roughly how much you'll need for the year? As I get closer to FIRE-ing, I'm trying to prepare myself for selling every month instead of buying.

I understand it's much easier if you just have bonds / dividend yielding stocks which cover your expenses so I guess I'm more curious of those of your that aren't covering 100% of your yearly spend with fixed income assets.

Hi,

I don’t know if this is the right forum for this so please do let me know if it’s not.

I (29M) recently inherited a fairly large estate, mostly land/properties estimated at $6 million and liquid assets of about $1.5 million.

I come from a very humble background and was raised by a single mother who worked multiple jobs just to make sure I would never have to go to bed hungry. We came to a country in Europe for political reasons when I was a child. My mother had to restart her life here, never remarried, and was adamant on making sure that I would have a good upbringing and receive proper education. I had a good childhood thanks to her, but the things she went through caused a lot of stress and trauma. She had to be strong and put off dealing with her emotions until recently, and it has affected her greatly so she is not in a good state both physically and mentally, but the latter more so.

The inheritance comes from what you could call symbolically adoptive grandfathers, both brothers without children or close relatives. They meant a lot to us and left their entire estate in my name. We didn’t take their departure from this life lightly, and I still think about them a lot. Ever since they passed on, I have been unable to cope with my emotions and tend to keep my feelings to myself, and I feel lonely and empty inside on most days. There is also an element of guilt mixed in. I keep thinking I shouldn’t have been the one to receive all this. I like to work for my own things. The job I have now is paying good enough for me to sustain myself (and my mother, if needed). In other words, we were already doing OK.

Admittedly, the inheritance did not come as a surprise as they had outlined their plans with their lawyer and mentioned it to me a long time ago, but I never really thought of it after that - I was mostly busy with studies at the time. They got me somewhat involved in their business early and I simply thought of it more as me helping out as they got older. They supported my mother a lot in simple yet meaningful ways, like randomly showing up to her work to drive her home since she has never had a license to drive herself - all her life she has either biked or walked everywhere. Or picking me up from extracurricular activities when I was a kid, unannounced, so that I wouldn’t have to bike home late at night in the snow as other parents were busy with their own kids. I felt I couldn’t say no to helping out whenever they called. How could I?

In retrospect, I realize the preparations for me to take over started when I was much younger. They taught me many things related to their business (which I didn’t understand when I was younger): its history and legacy, financial stuff, tax planning, etc. They also taught me many things you’d expect from a father figure, which I today appreciate greatly.

The eldest brother passed away earlier this year, shortly after his brother, and ever since the funeral I have merely maintained their estate along with the family lawyer and accountant while trying to figure out my emotions and what the future holds. Many of their stuff I have left untouched as I end up thinking about the past too much - it evokes both nostalgia and sadness: documents with their handwriting on, their made-up beds, photos, etc., remain in the same place and shape they left them in.

I realize this can’t go on forever and eventually I have to properly sort things out. I’m wondering if anyone in here has been in a similar situation and, if so, how you dealt with it, especially with your emotions and the aspects of guilt.

Thanks for reading.

Background:

I'm not involved with the following companies and am growing less familiar with management through the various management transitions. Barring a major company-wide liquidity event, it would be hard to exit this position going forward. I'm also of a neutral outlook on the performance of the companies in the future - I'm just not plugged in enough to know much more than the financial statements show. Each position is less than 1% of the shares for each respective company.

I've wanted to sell these positions for years, but have only now been offered bids for my positions. However, in comparing the price offered and the financials, I couldn't help but feel disappointed as internally I valued the positions as slightly higher given the financial statements. I'm going to post what I feel the most salient elelements of the valuation are.

Edit: Table format keeps getting corrupted, so retyping as bullet points: Basically:

• Balance Sheet Equity: 5x offer price.
• Strong Earnings growth for company B (+75%)
• Company A holds a publicly traded company with about $26 of value per share of company A, offer price for company A is only $13.
• P/E of offer is 3.64 for company B, industry average is closer to 9.
• Dividend is growing, payout ratio is 20% and 8% for company A and B.
• Offer price is about 44x dividend.
• Value of positions for company A and B are 13m and 10m respectively at offer.

By numbers, specifically earnings, I would hold this. For company A, there's a strong floor of $26 per share given it holds a large publicly traded company. However, I cannot realize the value of earnings or the publicly traded company. The only way I extract value from this position seems to be via dividends or selling. It would take me about 44 years for the dividends to match the offer price, given that, I'm inclined to take the offer.

The value of this sale is material relative to my current net worth. I can't help but look at the total 23m as $920,000 a year at a 4% withdrawal rate vs. the current dividends of $525,000, vs. the $4.3m in earnings this position supposedly has.

For reference, my current annual expenses are around $120,000 a year, they could go up in the future with a family, but for now, either of those annual numbers would already FIRE me.

What would you do in my spot? Take the offer? Live off the dividends? Or something else?

Does anyone have any idea where I could generate liquidity for my venture portfolio? I have GP and LP investments that are near-maturity, but need quick cash to finance a partner buyout. Any help would be appreciated, I would be open to sale or loan against the assets.

Mentor Monday is your place to discuss relevant early-stage topics, including career advice questions, 'rate my plan' posts, and more numbers-based topics such as 'can I afford XYZ?'. The thread is posted on a once-a-week basis but comments may be left at any time.

In addition to answering questions, more experienced members are also welcome to offer their expertise via a top-level comment. (Eg. "I am a [such and such position] at FAANG / venture capital / biglaw. AMA.")

If a previous top-level comment did not receive a reply then you may try again on subsequent weeks, to a maximum of 3 attempts. However, you should strongly consider re-writing the comment to add additional context or clarity.

As with any information found online, members are always encouraged to view the material on  with healthy (and respectful) skepticism.

If you are unsure of whether your post belongs here or as a distinct post or if you have any other questions, you may ask as a comment or send us a message via modmail.

For those of you whose parents don't have any family nearby + those who are planning to remain childfree into old age, what safeguards do you recommend/have in place to prevent caregivers from scamming the elderly?

I used to naively think that this was a problem money can buy by simply hiring more reputable/expensive caregivers, but from this article, it clearly isn't the case. (TLDR: "caregivers" drained millions of dollars from the bank account of a 91-year old lady with dementia and isolated her from her long-distance relatives - last months of her life ended up in a government-funded nursing home)

I (40s F) am in the process of a divorce. Our assets are around $200M. Our main wealth advisors are a team of 2 men at a large investment bank. We have been their clients for nearly 7 years.

I’m not sure exactly what I’m asking here, but as I have looked back at our finances as part of the divorce process, it seems as if the wealth advisors may have been prioritizing my husband over me in the relationship.

For example - in the 7 years that we’ve been their clients, one of the wealth advisors has never called me and never emailed me. When o looked at my husband’s phone records during our marriage, the wealth advisor had called him multiple times.

I have met the 2 advisors once in 7 years - that was a meeting that I asked to set up to get an overview of our finances. They have never requested a meeting with me. They have met my husband multiple times. I don’t think the other wealth advisor ever contacted me via phone, although I may have forgotten a couple of brief conversations. He had emailed me minimal times, usually only when replying to an email that my husband had cc’d me on.

I didn’t even know that my husband had opened accounts at this bank until they had been open for 2 years. They never contacted me to introduce themselves. The only email I received at the time was an automated email about my new checkbook being shipped. They never set me up for access to the online portal until I asked my husband why he was able to see everything online and I couldn’t. Even after being set up, I am constantly encountering situations where my husband has access to view something and I don’t.

They set up meetings for my husband to meet with their estate planning experts. The estate planning expert did a presentation for my husband. The presentation had my name and my husband’s name on it, but the presentation was only given to my husband. They all had a meeting without me that I didn’t know about, and they never invited me.

My husband and I each have individual accounts with these advisors, and we also have joint accounts. Our joint accounts are now heavily invested in extremely illiquid assets, and I am wondering if this was done intentionally to make it harder for me to have access to cash during and after the divorce.

I guess what I would like to know is - is this typical? Is this unethical? Illegal? Does it go against any industry guidelines? I was told by another friend in the industry that I could make a formal complaint and that would open a formal investigation and go on their permanent records in the industry.

I guess I’m just looking for input from people who have either been the clients in this situation, or who are familiar with how private wealth advisors should be treating clients in this situation. I feel like the situation does warrant a formal complaint, even if it’s only to get the bank to change their policies to prevent this situation for future clients. Thanks for any feedback.

(Sorry for any typos - the app on my iPhone won’t let me scroll up and make edits)

I get about 30-40 k1s each year from various investments and my tax accountant charged me close to 10k this year. Most of the expense is due per k1 charge (he says each k1 takes his time and he is charging for that).
My question is - how many k1s do you get and what's your tax filing fee?

note that I do have a few foreign investments too and that makes thing a bit complicated.

Mid 30s, ~$5 million net worth. Throwaway. I will still be working for a handful of years but very much have a fatfire mindset.

I am looking for books or resources on how to change my thinking around spending money. I am extremely frugal and I feel like I’m getting in my own way of enjoying many experiences. I get stressed about charges on the order of $100, and always choose the cheapest hotels etc. I partially stand by my feelings because I value not being price-gouged, but I may go too far and I feel I need to change my psychology around money and the negative associations I have with spending large amounts. 

Does anyone have recommendations for resources on how to change my approach or thinking to spending money? While I was never poor, I didn’t have much money after graduating college, I formed (good) frugal practices, and now that I have much more money most of my practices and thinkings are the same.

I know that therapy is one option (which I’m exploring), but I also want to take a crack at changing my thinking through reading more about money psychology for someone in my position. I’ve listened to some Ramit Sethi, and he’s had some good ways of thinking, but it hasn’t much changed the guilt I inherently feel.

Thanks so much for any help / advice!!

48, $15M net worth. ~$12M is liquid.  $2.5-3M W2 Income per year. MCOL area. Spouse and 3 kids (1 in college 2 in H.S.). 

My dilemma:  I have been with my current company 10+ years. Nothing wrong, but I am growing bored and not applying myself fully.  Feels like I need a new challenge.  I want to work, but not in a full time corporate role.  I want more flexibility and freedom. Less pay is ok.

Probably need $325k per year to maintain our current lifestyle.

No real debt other than house and rental property.   

Can I walk away? Should I stick it out a few more years to get NW closer to $20M? 
Sometimes feels crazy/risky to leave as so many would kill to be in my position.

Children are expensive so the required NW shifts up when one decides to have kids. Typically on this sub, folks work longer accounting for kids in the future.

How about people who decided against kids, fatfire’d with a childfree lifestyle spend, then had kids? Did you go back to work? Rearrange your spend by shifting discretionary expenses into childcare/education? Move to lower COL?

I’m a SINK who isn’t interested in kids but could be convinced by a convincing partner

Here are my numbers and my dilemma - Constructive advise is welcome

NW~$9.85M

Age 53 (him) 46 (her) and 1 kid who is 8

Investable ~$7.45M ($6.75M equity in index funds between our after tax and IRA accounts, $700k equity in a rental )

Equity in House ~$2.4M ..House worth around $4.1M ..low mortgage rate

From my last post 5 months back on this sub when I was struggling to find a job, I finally took a job that was 30% lower comp and lower on the ladder in a top technology services company. My income has gone down from around $440k to $310k in total comp. My wife continues to work and pull in $350k a year in her role. So total comp is around $650k/year. Our expenses are around $280K/year

It has been 3 months in this job and I am miserable. The work is really hectic ..12+ hours a day and tactical. I had a very tough time landing something but I am having insomnia and it is affecting my health and i am stressed all the time. It is very tactical in nature and was sold to me as something very different than what it really is. I want to quit everyday but I am scared of not finding any other job and how this gig will look on my resume. It is also tough to look for a job when ur on calls the whole day.

What would u do? Quit or Stay? Any suggestions are welcome

49, $25 million net worth, ~$3 million W2 income (varies year to year). LCOL.

Focus for last 30 years has been making smart choices to get here. It's stressful.

I can retire and cover spending with a reasonable withdrawal rate, but I'm bored with the idea of retiring at 49.

Or, I could keep working and start making "bad" choices. Things like buy a Ferrari, get an apartment in Paris or Madrid that I'll visit five weeks a year, use a private jet for personal travel. Thinking "bad"/fun choices that use income but don't risk the principal.

From those that have gone with route, what good "bad choices" have been worth it?