Live in Chicago area and have the opportunity to get out and head to a better domicile, but the wife wants to stay, buy an expensive house and doesn’t care about finances. I need a short notice consult with an advisor to give a third party point of view to bring her down to earth. After calculating differences in property and income taxes in IL, I’m looking at wasting over $16,000 ADDITIONAL money over and above an average states taxes per year. With close to 25 years to go, that’s $400,000 gone when I retire - with nothing to show for it.

If anyone has recommendations and contact info, please feel free to send a PM.

Regards

 

You can retire with $400,000 extra or your current wife.

Personal check in my v-file is fine.

 

Is current wife a spendthrift? Divorce and finding someone who shares your money views is well worth it in the long run.
i divorced spendthrift in 2001 and married saver wife in 2005. We’re now multimillionaires in spite of my two furloughs (I married current wife during my first furlough) and ex-wife is so deep in debt she’ll need to declare bankruptcy.

I’ve made a lot of bad decisions in life. Divorcing first wife was one of my smartest decisions. I tried to change my ex but after 14 years of marriage, I finally realized that I was a fool for trying.

 

Andy, sorry for the snarky remark. Too quick on the draw on that one. If you’ve got 25 years left, $400k may not be as big an overall impact as it seems now. I’ve heard current trajectory estimates of $4m-$6m for someone with 25 years left. Lifestyle might be worth the 10%. No one wants to give away money of course.

 

Move to WI, quit paying FIB taxes and keep the wife. Problem solved.

 

No worries.

I tried to change my wife for 14 years and she tried to change me. Spenders and savers just don’t mix; it’s just a recipe for a lot of angst for both parties and the sooner such a relationship ends the better for everyone.

 

Do you have kids? Does she work? If not, by Felicia! That 400k is a low end estimate. Taxes will only go up, and you’ve forgotten the missed opportunity cost of investing that money.

 

I think I need to see what she looks like before rendering an opinion. Where does she fall on the crazy vs hot spectrum?

 

I was thinking this but didn't say it. Well played.

 

The problem isn’t even the current taxes in Illinois, the problem is what is coming. The State is in a death spiral where government employee legacy costs are going skyward as baby boomers retire, causing both increased taxes and decreased services as a greater and greater percentage of the tax base must go to pay the pensions of these retiring government workers who - like everybody else - are themselves splitting to tax havens in Florida if they can and neighboring states if they are too tied to the local area by relatives or spousal jobs.

https://www.illinoispolicy.org/pritzkers-tax-plan-would-worsen-illinois-people-problem/

https://www.governing.com/topics/finance/sl-illinois-sees-population-decline.html


https://wirepoints.org/illinois-shri...ration-part-3/


https://www.illinoispolicy.org/repor...s-in-illinois/


https://www.chicagobusiness.com/html-page/848696

currently, you can be one of the 12.75 million people (and dropping) that will wind up paying that public pension debt of $135- 209 BILLION (and still going up) or you can be one of the ones who gets out early, before property values crater like they did in Detroit, or you can be one of the ones who eventually pays that bill, and trust me, as an airline pilot you will be paying far more than just your own per capita share which would still be a couple hundred thousand dollars a head.

You gotta do what you gotta do, but staying in Illinois is going to cost you AT LEAST a million dollars. Not saying your wife isn’t worth a million dollars mind you, but if she is could you maybe post some pictures...





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