Seeking Financial advise from strangers with toy addictions

[Ladsm]

After barely making it through work layoffs and return to office requests which would have meant moving to another state, I have been thinking about financial freedom.

Im 52 we live in BHC and make really good money, pay a really big alimony bill, a small mortgage, one car lease payment and all the toys are paid for.

The RV, Harley, RZR and boat get used seasonally and are all getting older. Quads have been sitting for years. Original River house down the street from our main house has doubled in price and its paid for and renters are a pain in the AZZ. Current renter is leaving next month.

If I sell it all and take a season off and stay home in the pool for the summer, use the kayaks and bicycles for fun and then I can pay off the Main house and car lease and have ZERO debt. I would max out the 401K and then look to see which toy really gets the most use and buy another newer one cash. Once my daughter is off the medical insurance in a couple years I could take a sabbatical from work and be unemployed and get the Ex off the payroll and not need such a high-end job.

Whats the RDP feedback on simplifying and cashing in for a season??

 

[Singleton]

Have a buddy dealing with this.
His ex took a sabbatical from work (she is a ped dr in SD) and tried to get the alimony removed. Judge told her, you took the sabbatical at will and that does not stop your payments. Alimony and Child Support stayed as is!

 

[zhandfull]

That sounds like a great well thought out plan.

Not sure about selling the river house though. Besides the tax consequences it may make since to keep it. Have it professionally managed. Rental income put towards principal on primary residence.

 

[Cole Trickle]

Cash out hide $$$ once the kid is 18 and head to Thailand and give up the us citizenship and alimony.....lol

I would loose my mind writing a big check forever to support someone that is capable of working. With that said if my wife and i started a business and built a life i have zero issues splitting half and moving on but lifetime alimony is a crime imho.

 

[pronstar]

That sounds like a great well thought out plan.

Not sure about selling the river house though. Besides the tax consequences it may make since to keep it. Have it professionally managed. Rental income put towards principal on primary residence.

Yup, pull the equity out and let the renters make the payments. Not a taxable event.
Lather.
Rinse.
Repeat.
…this is your new ATM

We need to own more things that pay us to own them.

Renters can be a pain, but they’re giving you money so consider it a job.

 

[Ladsm]

That sounds like a great well thought out plan.

Not sure about selling the river house though. Besides the tax consequences it may make since to keep it. Have it professionally managed. Rental income put towards principal on primary residence.

I should have stated I live at the river in BHC, my first house was a small weekend place and we bought a bigger stick built house that has the mortgage when we moved here fulltime during covid.

 

[Gonefishin5555]

After barely making it through work layoffs and return to office requests which would have meant moving to another state, I have been thinking about financial freedom.

Im 52 and make really good money, pay a really big alimony bill, a small mortgage, one car lease payment and all the toys are paid for.

The RV, Harley, RZR and boat get used seasonally and are all getting older. Quads have been sitting for years. Original River house has doubled in price and its paid for and renters are a pain in the AZZ. Current renter is leaving next month.

If I sell it all and take a season off and stay home in the pool for the summer, use the kayaks and bicycles for fun and then I can pay off the Main house and car lease and have ZERO debt. I would max out the 401K and then look to see which toy really gets the most use and buy another newer one cash. Once my daughter is off the medical insurance in a couple years I could take a sabbatical from work and be unemployed and get the Ex off the payroll and not need such a high-end job.

Whats the RDP feedback on simplifying and cashing in for a season??

Get a property manager and keep the house. Sell everything else and do some traveling. The ex I can tell you I'm trying to buy mine out I stopped paying and she took me to court I am trying to negotiate she has lived with BF for 10 years and doesn't work cause she is just plain lazy. Probably best to keep paying.

 

[Ladsm]

Yup, pull the equity out and let the renters make the payments. Not a taxable event.
Lather.
Rinse.
Repeat.
…this is your new ATM

We need to own more things that pay us to own them.

Renters can be a pain, but they’re giving you money so consider it a job.

My wives name is on the original river house and that is her main residence Nowhere does it say you and your spouse have to live in the same house to have 2 main residences.

 

[ChiliPepperGarage]

I've been debt free for over ten years now. I'm 66 and retired. I keep thinking about getting rid of some toys (I did actually sell a few cars recently) but I really like the stuff I have!

I would recommend selling off stuff you don't use much or at all. I would not recommend taking a sabbatical. If you take a year off it will be really hard to get back into work mode. Instead, maybe think about a career change? You're still fairly young so you have a lot of work years ahead still. Lowering your living expenses will greatly reduce your stress level. If you can do something for work that you enjoy more will help your mental state too.

I don't know how you can reduce your alimony payments though. I think you need to speak to a lawyer and a financial planner.

 

[Ladsm]

Get a property manager and keep the house. Sell everything else and do some traveling. The ex I can tell you I'm trying to buy mine out I stopped paying and she took me to court I am trying to negotiate she has lived with BF for 10 years and doesn't work cause she is just plain lazy. Probably best to keep paying.

UGGG, Didnt enjoy hearing that. The other issue is my divorce is pre-2018 so I get to write off the whole amount, If I go back to court I loose the write off capability.

 

[whiteworks]

I think people can create whatever situation they want for themselves, sometimes we create situations we think we want but are not happy with them for whatever reasons after a while. When maintaining obligations we create for ourselves is no long enjoyable or becomes a burden, it might be time to loosen the load. If you feel like your stuff owns you, there are more definitely enjoyable ways to live.

If you get rid of all your shit, you can always get newer better shit, sign right here and put that tie back on

 

[Ace in the Hole]

Have a buddy dealing with this.
His ex took a sabbatical from work (she is a ped dr in SD) and tried to get the alimony removed. Judge told her, you took the sabbatical at will and that does not stop your payments. Alimony and Child Support stayed as is!

intentional underemployment. My stepdaughters father exploits the shit out of this to pay the minimum CS, and absolutely nothing else while being a parasite on the government tit. I finally got mad enough over one of his recent stunts to toss a pile of money at an attorney to run him through a modification hearing...

 

[Ladsm]

intentional underemployment. My stepdaughters father exploits the shit out of this to pay the minimum CS, and absolutely nothing else while being a parasite on the government tit. I finally got mad enough over one of his recent stunts to toss a pile of money at an attorney to run him through a modification hearing...

I paid every dime of CS, paid her college and have never missed a Alimony payment but after almost 10 years she needs to get off the tit.

 

[Singleton]

intentional underemployment. My stepdaughters father exploits the shit out of this to pay the minimum CS, and absolutely nothing else while being a parasite on the government tit. I finally got mad enough over one of his recent stunts to toss a pile of money at an attorney to run him through a modification hearing...

Best thing I did was pay a pile of money to make sure my now wife was not going to pay her ex child support or alimony and the visitation agreement followed the 2-2-5 recommendation and favored our vacation schedule. Best 5 figures I spent!

 

[LargeOrangeFont]

Yup, pull the equity out and let the renters make the payments. Not a taxable event.
Lather.
Rinse.
Repeat.
…this is your new ATM

We need to own more things that pay us to own them.

Renters can be a pain, but they’re giving you money so consider it a job.

This x1000

 

[Marios Metalworks]

I’m just here to nominate @Ladsm for Best Thread Title 2023

 

[Ace in the Hole]

Best thing I did was pay a pile of money to make sure my now wife was not going to pay her ex child support or alimony and the visitation agreement followed the 2-2-5 recommendation and favored our vacation schedule. Best 5 figures I spent!

Interstate, so the arrangement is a bit different for us. Hawaii has a really bizarre child support system in general, it gets expensive every time you want to do anything.

 

[gordon]

Ability to earn is what they told me. Fall off a bicycle pretend to bump your head ability to earn might be a thing of the past. Doesn't hurt to try

 

[BabyRay]

Ability to earn is what they told me. Fall off a bicycle pretend to bump your head ability to earn might be a thing of the past. Doesn't hurt to try

Great idea! All he’d give up is his self-respect.

 

[TCHB]

After barely making it through work layoffs and return to office requests which would have meant moving to another state, I have been thinking about financial freedom.

Im 52 we live in BHC and make really good money, pay a really big alimony bill, a small mortgage, one car lease payment and all the toys are paid for.

The RV, Harley, RZR and boat get used seasonally and are all getting older. Quads have been sitting for years. Original River house down the street from our main house has doubled in price and its paid for and renters are a pain in the AZZ. Current renter is leaving next month.

If I sell it all and take a season off and stay home in the pool for the summer, use the kayaks and bicycles for fun and then I can pay off the Main house and car lease and have ZERO debt. I would max out the 401K and then look to see which toy really gets the most use and buy another newer one cash. Once my daughter is off the medical insurance in a couple years I could take a sabbatical from work and be unemployed and get the Ex off the payroll and not need such a high-end job.

Whats the RDP feedback on simplifying and cashing in for a season??

1. Get rid of the toys and debt!

 

[clarence]

make really good money

Lose the toys if you'd like, but protect this.

Don't let the tail wag the dog.

Making really good money and paying a really big alimony bill is (almost always) far better than making little and paying less.

 

[Track Man]

I hate to say it, but with our new government, they’re gonna make all the younger people work until they die. There will be no such thing as retirement.

 

[BingerFang]

I hate to say it, but with our new government, they’re gonna make all the younger people work until they die. There will be no such thing as retirement.

It’s always been that way for the stupid people.

 

[Jay Dub]

After barely making it through work layoffs and return to office requests which would have meant moving to another state, I have been thinking about financial freedom.

Im 52 we live in BHC and make really good money, pay a really big alimony bill, a small mortgage, one car lease payment and all the toys are paid for.

The RV, Harley, RZR and boat get used seasonally and are all getting older. Quads have been sitting for years. Original River house down the street from our main house has doubled in price and its paid for and renters are a pain in the AZZ. Current renter is leaving next month.

If I sell it all and take a season off and stay home in the pool for the summer, use the kayaks and bicycles for fun and then I can pay off the Main house and car lease and have ZERO debt. I would max out the 401K and then look to see which toy really gets the most use and buy another newer one cash. Once my daughter is off the medical insurance in a couple years I could take a sabbatical from work and be unemployed and get the Ex off the payroll and not need such a high-end job.

Whats the RDP feedback on simplifying and cashing in for a season??

Great title to this thread. I do not know much about Ex-wives and alimony. Don't sell your houses. If you need cash take a home eq. Yes renters can suck. Work also can suck. That why they pay us to do it. Old unused toys, punt. From my experiences, sabbaticals don't really work unless you are ready to retire.

 

[samsah33]

Consider your net worth (the value off your assets minus your debt) and don't get tunnel vision on paying off your debt, especially in an inflationary period. The value of your assets are rising (not as much on the toys tho...), and your debt will continue to be denominated at historical value. Like other have said, keep the assets that are generating cash flow. This assumes your debt has a decent interest rate, eg don't max out your credit cards, but if you have a low fixed rate on your house, then keep that debt. Same with student loans assuming you have a decent fixed rate, then don't be in a hurry to pay that off.

 

[rrrr]

Living debt free and saving money are well worth the sacrifices. Stepping up to make payments on a fifteen year mortgage seems onerous, but saving more than a quarter million dollars in interest payments and receiving the title to your house while you're still young is a powerful incentive.

 

[BingerFang]

Living debt free and saving money are well worth the sacrifices. Stepping up to make payments on a fifteen year mortgage seems onerous, but saving more than a quarter million dollars in interest payments and receiving the title to your house while you're still young is a powerful incentive.

I have a hard time doubling payments when my mortgage rate is 2.875% and my cash in the bank is earning 4%.

 

[pronstar]

I have a hard time doubling payments when my mortgage rate is 2.875% and my cash in the bank is earning 4%.

Plus inflation makes that debt seem ~10% smaller each year…

 

[hallett21]

Sounds like you’re in a great position as is.

Unless selling the toys will give you capital to make a cash earning investment (needs to be over 10% annually to fight inflation) I would keep them.

Rent the home if you relocate. You can always ditch the lease but I doubt that’s a huge burden.

You know all of your toys and their background. Even if you buy new ones used in 5 years at a discount, they will probably need work. People who are giving up their toys don’t typically keep up on the maintenance.

Now if you’re not using them I’d sell to get rid of the maintenance and storage costs

 

[pronstar]

What they call “average” clearly depends on a lot of things LOL

 

[WTR&PWR]

Selling RE is short term fix. Keeping RE is a long term fix. Over and over again.

Do you think you need the money now more than ever? If not, keep the house and pay yourself later.

The more I think I’ll put it off now and pay myself later the more I see the benefits sooner than I expected.

 

[HTTP404]

All I can say is keep living in BHC. That is good on the cost to fun paradigm.

 

[HotRod82]

After barely making it through work layoffs and return to office requests which would have meant moving to another state, I have been thinking about financial freedom.

Im 52 we live in BHC and make really good money, pay a really big alimony bill, a small mortgage, one car lease payment and all the toys are paid for.

The RV, Harley, RZR and boat get used seasonally and are all getting older. Quads have been sitting for years. Original River house down the street from our main house has doubled in price and its paid for and renters are a pain in the AZZ. Current renter is leaving next month.

If I sell it all and take a season off and stay home in the pool for the summer, use the kayaks and bicycles for fun and then I can pay off the Main house and car lease and have ZERO debt. I would max out the 401K and then look to see which toy really gets the most use and buy another newer one cash. Once my daughter is off the medical insurance in a couple years I could take a sabbatical from work and be unemployed and get the Ex off the payroll and not need such a high-end job.

Whats the RDP feedback on simplifying and cashing in for a season??

I've actually pressed the reset button several times over the years. It's nice to take a break from the usual off roading and river scene. The money you save is an added bonus. I found I really enjoyed road tripping to cooler areas of the country and trying new things. Sell it all.....you can always go back.

 

[Orange Juice]

After barely making it through work layoffs and return to office requests which would have meant moving to another state, I have been thinking about financial freedom.

Im 52 we live in BHC and make really good money, pay a really big alimony bill, a small mortgage, one car lease payment and all the toys are paid for.

The RV, Harley, RZR and boat get used seasonally and are all getting older. Quads have been sitting for years. Original River house down the street from our main house has doubled in price and its paid for and renters are a pain in the AZZ. Current renter is leaving next month.

If I sell it all and take a season off and stay home in the pool for the summer, use the kayaks and bicycles for fun and then I can pay off the Main house and car lease and have ZERO debt. I would max out the 401K and then look to see which toy really gets the most use and buy another newer one cash. Once my daughter is off the medical insurance in a couple years I could take a sabbatical from work and be unemployed and get the Ex off the payroll and not need such a high-end job.

Whats the RDP feedback on simplifying and cashing in for a season??

Pay off the house. Hopefully you’ll have enough left over to get the quads running.

 

[Ladsm]

All great advice. We are definitively selling the RV and going to put the Rental house up for sale for top dollar and AirBNB it for the summer unless it sells during the meantime. I think if the 2nd house sells for top dollar that will give me the path to being able to pay off the primary house. At that time I will sell the older toys off and use the Jeep, kayaks, bicycles, drift trikes and simple toys that just sit a collect dust for a while. The more me and the wife talked about it we thought about saving up for a year and buy a 2nd house in a different state so we can get out of AZ occasionally during the summer.

 

[Ladsm]

Pay off the house. Hopefully you’ll have enough left over to get the quads running.

Quads just need a battery, gas tank cleaned out and fresh gas to get going again but will probably add those to the for sale list.