[USER]

Any recommendations how to assess my FI situation.
1. My parents own a 10 unit apartment complex that I will inherit free and clear once they pass.

They are both 60 and hopefully will be healthy for a long time.

2. 150k checking/HYSA
3. 500k investments (65% S&P500ish, 30% Crypto, 5% gold)
4. Primary residence 800k – mortgage 380k @ 3%

5. Investment property/Airbnb 700k – mortgage 270k @ 3.75% – net Cash flow: 2k per month

Me and wife are 35 with a 2 year old and one baby on the way.

My wife is working part time (15k/yr) without benefits and I bring in 120k.

I’m having some health issues and trying to take it a more slowly.

I’m not sure how though as our benefits are all dependent on me.

I also don’t know how, if at all I should factor in the inheritance as I don’t have any benefit from it for a while.
Any advice is appreciated.

[Rob]

You are more than set for life. No idea how you made it to that level on that income. Congrats. Hope you continue to feel better.

You should have zero financial worries the rest of the days of your life. Enjoy

[Kendra]

I wouldn’t count on any inheritance.
Calculate your current net worth of what you have personally at this moment in time.

Never count on appreciation or inheritance.

There are many part time jobs that provide benefits in some capacity, or you can look into health sharing programs (we have done one with success while we were in between jobs with benefits).

[Ed]

You’re doing great! Just keep doing what you’ve been doing and take time to care for your health.

I’m not sure why you need that much in your HYSA as 6 months salary is the norm, but who am I to to criticize as You’re doing better than most at your age.

The inheritance I wouldn’t count as it may be 30-40 years away, and who knows what will happen in that time with your parents or you.

[Endri]

Why is your YTD growth only 2%, have you been withdrawing? The market is up 25% ytd

[Krystal]

what app are you using to track this if you don’t mind me asking? I’m looking for something to track as well

[Ewa]

In some ways our lives are similar in detail so I can do my best to give advice with a lil more info.

What’s your gross annual spending including rental etc? It’s hard to give advice without that key element.

Can better assess where you’re at with advice with that number.

I personally wouldnt rely on inheritance because you never know what costly health issues might come up for your parents.

Or legal issues. I know odds are it’ll happen but like social security I wouldn’t be confident including it in my FI assessment .

[Joe]

Don’t go off any inheritance, there are too many issues that can arise for good reason that should prevent you for counting on that.

Unless you plan to sell the house and downsize I think you probably should only be using what you have in investments and income from the rental to calculate whatever you are trying to calculate.

[David]

First, we need to know your expenses to tell how close to FI you are. I wouldn’t count on the inheritance yet since you may not receive any of it for another 30 years.

Your FI number is different from your net worth.

You count your liquid net worth that you can use to pay for expenses.

In other words, you wouldn’t count your equity in your real estate unless you are prepared to sell to free up liquidity.

[Robert]

If the investment property is taking too much of your time, energy, or health, it looks like you could sell that and contribute the profit to your retirement.

Doesn’t even have to be right away – although you may not want to get stuck if the market bottoms out.

Even taking your primary residence out of the equation, you’ve got almost a million.

Are you worried about not being able to work at some point due to your health concerns?

[Charlotte]

Never bank on any inheritance. If you receive an inheritance someday just consider that as icing on your cake.

Sounds like you are on a great path to financial independence already, on your own.

Hopefully your health will hold up for you and your family.

[Inna]

I would personally get rid of crypto and gold or reduce both to under 10%. Also, the investment property is not cash flowing enough to justify it IMO.

You’re about to be very busy with two young kiddos so simplify.

[Author]

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