11-01-2021, 11:30 PM
(11-01-2021, 06:48 PM)ken-do-nim Wrote: When it comes to finding funds to invest, let me ask you some questions:Oh nice! Very detailed response. Unfortunately, most of those questions are a no for me as well. No kids as yet, so that's not currently an expense to worry about. However, I don't see the lifestyle going down any more than it already is. I could cut back on the 401k, but I want to leave that as a last resort. I want to keep that going as a nice supplement if I live to see those times.
1) Can you live more simply? Smaller home, cheaper car, day trips instead of overnights? I've read stories about people who purposefully lived well below their means for 2-3 years in order to kickstart a portfolio.
2) Do you have valuables you can sell?
3) Can you find a higher paying job?
4) Can you / do you want to, lower your retirement savings in order to have money to invest in a taxable account now?
5) Are you saving for your children's college? Can they take out loans instead / pay their own way?
6) Can you do a cash-out refinance on your home?
7) Can you rent out a room in your home?
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My answers to #1-#7 are:
1) Thanks to Covid, a whole bunch of camp & vacation money all went to the brokerage account last year. (I still managed to get out to the Grand Canyon this year)
2) I sold about $1500 worth on eBay last year that all went into the brokerage account.
3) No.
4) I lowered my 401k funding percentage from 12% to 6%.
5) I think I have enough saved for my daughter's college
6) In March I did a cash-out refinance and put $100k into my brokerage account.
7) No, but when the kids no longer need the house, I'll move out and rent it. I expect to make at least $1k in profit each month.
My timeline is 11 years to at least $3 million, hopefully more. Not accounting for taxes on pre-tax accounts, all sources combined I'm a little over half way.
I was able to add some extra funds diring the pandemic, but that was short lived.