Hello Everyone,
I wanted to thank everyone for posting in this journal. It has been a great help and comfort. I would like to set some goals for this journal so I can keep myself focused and take intentional steps towards resolving the goals.
The Goal:
I would like to develop a system where my finances are improved/automated so I can maximize my time with my three very young daughters. I hope to improve my health so I can keep up with the children as they grow, and continue to develop alternative income streams if possible.
Personality:
I am a (E/I)NTJ. I think I was born more extroverted, but through the influence of my wife and my career I have become more introverted. I care deeply and I am willing to sacrifice my own needs, wants, and desires for the following; God, Family, Country, and then everything else.
I like knowing what I should do and then executing a plan. For example when I was fresh out of school the economy was crashing so I decided to buy a junked out triplex in the ghetto and fix it up by myself with no experience or money. I lived on rice and beans, worked on that triplex until I was exhausted then went to sleep without any air conditioning. I didn’t mind the work or the ghetto because I knew what I was doing then would set me up for a better future.
Now I am living in the future. I have a wonderful wife and three very young daughters. I could continue to engineer during and do side jobs to make more money, but to me spending time with my family out ranks earning more money. I mean the following verse some it up pretty well.
Mark 8:36
36 For what shall it profit a man, if he shall gain the whole world, and lose his own soul?
My wife who is also an engineer is going to test for her license in fall of 2016. Until my wife passes the exam, I would like to downshift from the accumulation phase to a maximizing my available family time. I have never built a system like this and I am looking forward to working with you to get some confidence in the big life decision.
I plan on posting my present financial information later this week, then update it weekly while implementing tricks and techniques acquired from this site.
Sincerely,
Father Figure
Father Figure's Journal
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Father Figure
- Posts: 8
- Joined: Sun May 03, 2015 8:30 am
Father Figure's Journal
Last edited by Father Figure on Tue May 05, 2015 10:04 pm, edited 2 times in total.
Re: Father Figure's Journal
I have a family of 5 as well.
Re: Father Figure's Journal
Me three (on five).
Re: Father Figure's Journal
Husband, father of one here. How can I help?
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Father Figure
- Posts: 8
- Joined: Sun May 03, 2015 8:30 am
Re: Father Figure's Journal
Hello Everyone,
I said I would update this journal during this week. It is 11:45 p.m. local time and I finally have some time to follow through on my promise. Below is a rough accounting of my assets and liabilities.
Liabilities:
Personal Loan From Parents: $25,000 at 6% interest only
Car Loan on a 2015 Honda Odyssey $24,000 at 1.49% 5 year Term
Car Loan on a 2012 Ford Focus $11,000 at 1.99% 6 year Term
Student Loan $2,000 at 2.28% 10 year Variable
Triplex 1 Mortgage $51,000 at 5.5% 15 year Term
Primary Mortgage $160,000 at 3.75% 30 year Term
Construction Mortgage $230,000 at 6% interest only
Rental Commercial Loan $155,000 at 6% interest only
Loan from retirement account $13,000 at 3.75%
Total Liabilities: $671,000
Assets:
Triplex 1 $160,000
Triplex 2 $115,000
Primary Home $290,000
Single Family Home 1: $130,000
2 Vacant Lots: $70,000
New House under Construction: $315,000
Combined Tax Advantage Retirement Accounts: $108,000
2015 Honda Odyssey: $27,000
2012 Ford Focus: $11,000
1970 Ford Mustang: ?
Liquid Accounts: $20,000
Total Assets: $1,246,000
Tomorrow I’ll post the current cash flow situation.
I said I would update this journal during this week. It is 11:45 p.m. local time and I finally have some time to follow through on my promise. Below is a rough accounting of my assets and liabilities.
Liabilities:
Personal Loan From Parents: $25,000 at 6% interest only
Car Loan on a 2015 Honda Odyssey $24,000 at 1.49% 5 year Term
Car Loan on a 2012 Ford Focus $11,000 at 1.99% 6 year Term
Student Loan $2,000 at 2.28% 10 year Variable
Triplex 1 Mortgage $51,000 at 5.5% 15 year Term
Primary Mortgage $160,000 at 3.75% 30 year Term
Construction Mortgage $230,000 at 6% interest only
Rental Commercial Loan $155,000 at 6% interest only
Loan from retirement account $13,000 at 3.75%
Total Liabilities: $671,000
Assets:
Triplex 1 $160,000
Triplex 2 $115,000
Primary Home $290,000
Single Family Home 1: $130,000
2 Vacant Lots: $70,000
New House under Construction: $315,000
Combined Tax Advantage Retirement Accounts: $108,000
2015 Honda Odyssey: $27,000
2012 Ford Focus: $11,000
1970 Ford Mustang: ?
Liquid Accounts: $20,000
Total Assets: $1,246,000
Tomorrow I’ll post the current cash flow situation.
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Father Figure
- Posts: 8
- Joined: Sun May 03, 2015 8:30 am
Re: Father Figure's Journal
Hello Everyone,
Sorry for the delay in posting this information. We had some family in town this weekend and it made it impossible to focus on the larger picture. I hope you had a good Mother's Day with your family.
Last time I posted an approximate accounting of our assets and liabilities. Now I will give you an approximate estimate of our cash flow.
Income (After taxes, expenses (for rentals), insurance) (Per Month)
Husband Salary: $3,000
Wife Salary: $3,500
Triplex 1: $1,600
Triplex 2: $ 1,200
Single Family House 1: $700
Total Income: $10,000
Expenses:
Primary House Mortgage: $1,200 (30 year 3.75%) (Includes taxes and Insurance)
Triplex 1 Mortgage: $950 (15 year 5.5%) (Includes taxes and Insurance)
Commercial Loan Interest Only: $1850 (6% Includes construction loan, single family house, Triplex 2)
Daycare: $2700 (3 children full time in the best daycare around)
2015 Honda Odyssey Loan: $575 (5 year 1.49%)
2012 Ford Focus Loan: $250 (6 year 1.99%)
Food Ect.: $800
Utility Bills: $350
Gas: $150
Gifts: $200 (averaged throughout the year)
Insurance for cars: $125
General Maintenance: $150
Loan to parents: $150
Total Expenses: $9450
Note: The commercial loan and the loan to parents will need to be repaid on a schedule once the house is complete.
I have spoken to my wife and we have a general goal in mind of where we would like to get to in the short to medium term. I will share our goal the next time I post.
Sorry for the delay in posting this information. We had some family in town this weekend and it made it impossible to focus on the larger picture. I hope you had a good Mother's Day with your family.
Last time I posted an approximate accounting of our assets and liabilities. Now I will give you an approximate estimate of our cash flow.
Income (After taxes, expenses (for rentals), insurance) (Per Month)
Husband Salary: $3,000
Wife Salary: $3,500
Triplex 1: $1,600
Triplex 2: $ 1,200
Single Family House 1: $700
Total Income: $10,000
Expenses:
Primary House Mortgage: $1,200 (30 year 3.75%) (Includes taxes and Insurance)
Triplex 1 Mortgage: $950 (15 year 5.5%) (Includes taxes and Insurance)
Commercial Loan Interest Only: $1850 (6% Includes construction loan, single family house, Triplex 2)
Daycare: $2700 (3 children full time in the best daycare around)
2015 Honda Odyssey Loan: $575 (5 year 1.49%)
2012 Ford Focus Loan: $250 (6 year 1.99%)
Food Ect.: $800
Utility Bills: $350
Gas: $150
Gifts: $200 (averaged throughout the year)
Insurance for cars: $125
General Maintenance: $150
Loan to parents: $150
Total Expenses: $9450
Note: The commercial loan and the loan to parents will need to be repaid on a schedule once the house is complete.
I have spoken to my wife and we have a general goal in mind of where we would like to get to in the short to medium term. I will share our goal the next time I post.
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Father Figure
- Posts: 8
- Joined: Sun May 03, 2015 8:30 am
Re: Father Figure's Journal
Hello Everyone,
My wife values stability and security over other virtues. I am officially requesting your help to move from our current state to a more stable state with less debt.
Tomorrow I will sell Triplex 2 and net around $100,000 which will go to paying down the commercial loan. Within 3 months I would like to have my new house set up. Within 6 months I would like to have my current house rented. Within a year I would like to also sell triplex 1, the classic car, the 2012 ford focus, refinance the construction loan into a long term loan with a fixed rate for a period of time. I will need help evaluating our budget and help with making the more efficient with time. It is my desire to continue to grow our wealth after selling our assets.
We had hoped to make enough "passive" income from rentals to have "f-you" money through cashflow. We had hoped this would allow me more time to spend with my family and perhaps allow me to start my own engineering firm. At the firm I would only work a few projects (to leave amble time for family) to supplement the rental income.
What actually happened is my wife and I worked full time professional jobs and then from time to time I would need to work on the rentals after work. This would leave my wife at home with the three children. This along with the baby waking up often at night has pushed my wife to the edge. Something has to change and this is the solution we came up with, however if you have a better idea I am willing to discuss the idea on this board.
We need to find a new balance to create a stable environment for my wife and my children.
-Father Figure
My wife values stability and security over other virtues. I am officially requesting your help to move from our current state to a more stable state with less debt.
Tomorrow I will sell Triplex 2 and net around $100,000 which will go to paying down the commercial loan. Within 3 months I would like to have my new house set up. Within 6 months I would like to have my current house rented. Within a year I would like to also sell triplex 1, the classic car, the 2012 ford focus, refinance the construction loan into a long term loan with a fixed rate for a period of time. I will need help evaluating our budget and help with making the more efficient with time. It is my desire to continue to grow our wealth after selling our assets.
We had hoped to make enough "passive" income from rentals to have "f-you" money through cashflow. We had hoped this would allow me more time to spend with my family and perhaps allow me to start my own engineering firm. At the firm I would only work a few projects (to leave amble time for family) to supplement the rental income.
What actually happened is my wife and I worked full time professional jobs and then from time to time I would need to work on the rentals after work. This would leave my wife at home with the three children. This along with the baby waking up often at night has pushed my wife to the edge. Something has to change and this is the solution we came up with, however if you have a better idea I am willing to discuss the idea on this board.
We need to find a new balance to create a stable environment for my wife and my children.
-Father Figure
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Father Figure
- Posts: 8
- Joined: Sun May 03, 2015 8:30 am
Re: Father Figure's Journal
I would also like to summon S-Class to this thread. I am curious if he also posts on FW?
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Father Figure
- Posts: 8
- Joined: Sun May 03, 2015 8:30 am
Re: Father Figure's Journal
We have sold Triplex 2. Net $110,000 after closing fees and commissions. All the money went to pay down the commercial loan.
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Father Figure
- Posts: 8
- Joined: Sun May 03, 2015 8:30 am