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Updated over 1 year ago,

User Stats

48
Posts
11
Votes
Asim G.
  • Investor
  • Tracy, CA
11
Votes |
48
Posts

What should my financial plan be for next 10 years.

Asim G.
  • Investor
  • Tracy, CA
Posted

Hello,

I need help with long-term financial strategy questions for me and my family and hope the folks on this forum can help. Here is my financial summary:

* Both me and my wife have W2 incomes (AGI > 400K). Most of the income is from base + cash bonus. There isn't a significant stock component to it.

* 2 kids in elementary school who will be going to college in ~10 years

* We stay in an extremely high-cost-of-living area (think NYC or San Francisco). Current jobs can not be remote. But relocating to another area while maintaining similar incomes might be possible in ~1-2 years. This is something we are working towards.

* Investment strategy so far has been Max out 401Ks ($20,500 each), backdoor ROTHs, diversified index funds/some stocks, and 4%+ CDs or Treasury bonds.

* We have 3 rental properties (2SFR and 1 triplex). Total cashflow from these is ~$1500/month. All of them are on a fixed rate mortgage with 10-20 years remaining.

We are blessed to be in a position of being financially comfortable and have an opportunity to plan for the future.

We need help answering the following questions:

1. Where can we invest to reduce our income tax bill today and have steadier income 5-10 years in the future? Someone suggested looking into multifamily syndication. Is there any other investment or business endeavor that can us achieve our goals?

2. There might be a one-time financial windfall from either of our employers due to an acquisition/IPO. How should we plan for this windfall?

We want to invest today so that today's earnings/savings translate into income when kids are finishing high school or entering college.

I have talked to a couple of CPAs about this and they are only interested in entering my financial information into a software and bill me for filing taxes. The Financial Planners I talk to only want to sell me financial products, which I dont trust.

Both I and my wife figured out rental property investment, house hacking through BP and are looking forward to learning more.

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