Economic Trampoline
Things just feel like they are coming to an economic head - the tariffs have had time to work their way through the economy, meaning suppliers of product are becoming cognizant of the impact on their costs and are starting to pass them along; markets are bubbly and skittish with retail investors with FOMO on returns hanging onto sector heavy portfolios with brash but, at least historically speaking, not sustainable returns; immigration raids slicing construction unemployment to very low levels (increased costs); college-grads facing 8-10% unemployment; student loans; unaffordable yet still increasing health care costs; inflation; everyday costs like home insurance and car insurance escalating upwards of 25%; house sales slowing; loan defaults rising; a media beating drum of a ‘market bubble’ in AI and tech.
This scenario is taking shape as Catskill Farms gets set to enter the ring for another round of high-stakes Catskills housing speculation, which typically takes av1.5 years to 2 years wash and rinse cycle to buy, design, build and sell cycle. Just bought, or will shortly buy, 3 pieces in narrowsburg, 1 piece in Yulan, 2 pieces in Kerhonkson, 1 piece in Long Eddy/Fremont. Hedging that speculation is several ‘pay as you go’ house construction project - 1 in Catskill, 1 in Kerhonkson, 1 in Bearsville and 2 we are finishing up in New Paltz and Fremont.
We have a half-dozen+ rentals over 3 states with high quality tenants and diverse locales, mortgages I hold from past sales and a few homes that are complete and ready to sell.
So, I’m the Captain, on the bridge, looking for the icebergs I know are out there but with a destination in mind, a puzzle to solve, a Rubics Cube to spin. With a great team that makes it, if not fun, wholly engaging. And it’s not a computer screen - it’s out in the woods, with real people, with real trucks and dogs, fighting, clawing, arguing, and producing something that will be there for a very long time.
I’m in Houston Texas with three teenagers to see the Texans play the Broncos. My friend who runs Fox Sports got us field passes and great seats. We gained an hour by heading West, and it was the ‘set your clocks’ back weekend, so here I am at 4am, feeling like it’s 6. Bunch of people keep coming into the lobby looking for the Starbucks to open since their coffee clock is out of sync with the time change. 7am creeps closer, but slower The 2 hour gain won’t leave much room for the kids to argue about not getting enough sleep since 2 hours were built into their schedule. They Ubered into downtown Houston and last I saw of them on my kid-tracker was entry into a huge arcade, with a flat entrance fee rather than a pay as you go model.
I’ve been in Houston for literally 12 hours, and the mix of people down here is extreme. People from all over, working away. Raj, our Uber driver, from Pakistan, been here 11 years, lives with his cardiologist uncle. Feels poor, vibrant, private equity and immigrant labor, gas drilling, hill-less, flat, rich. The airport is 40 minutes from the Stadium - it’s sprawling. Seems like traffic would be horrible at the wrong times of the day.
I played a lot of baseball in my life, but I don’t watch a lot but I did watch the Dodgers/Bluejays since I kept hearing about absurdly compelling games and late inning heroics. This game did not disappoint - wow, the BlueJays were literally just a few outs in the 9th inning away from ending what Fox Sports cruelly called “Canada Dry” as it surveyed the lack of sports championships across all leagues over the last 30 years. And then some 2-bit 2nd basemen reached low for a sinker and swatted it over the fence to tie the game. The whole game was thrilling and went to 11 innings when another Dodger homer won it for them.
I feel like I’ve been part of a series of thrilling sports games recently - 2 high school football games and now this one. The one this past Friday in Pittston PA the final score was 7-6 after a 4 quarter battle in the trenches and (4) 4th and 1 stops in the Red Zone. Pittston is one of those old Scranton mill towns, with a grass field and a multi-decade sagging economy.
I mentioned a few posts ago that if you don’t mind losing you can actually win a lot. Trump a great example of that - for every win he is experiencing he has a half dozen losses, or as Dylan says the ‘loser now will be later to win’. Many times there are losses that lead up to the win, or sometimes what appears to be a loss just pivots through some sort of macro or micro incident to a win.
I used to lose a lot of small battles that never added up to much but were super frustrating - small claims court cases, unemployment cases, workers comps audits, HOA election drama, and many others - I even got a positive court decision in an HOA case were I represented myself (pro se) against a real attorney. But recently I’ve been tapping the top ring on a whole bunch of typical losers, bringing home one small win after another. It’s possible I’ve cleared my plate of so much interesting distractions like that big wrestling legal matchup a few years ago that I’m able to laser focus on the flood of problems that come my way in a more adjusted focused fashion. If this light-touch steering of the vessel continues to be effective, it should be a fun 24 months. Although calling it light touch is probably hard for anyone to grasp who actually sees the daily effort and intervention.
I always love when a foreign news source picks up a local story - like a new real estate destination. The BBC just did a big story on the Eric Canal. I love these stories because the writer and publication doesn’t assume a lot of information or background knowledge of the reader, so they take their time giving historic context, be in social or economic. Just brought together all the parts and pieces of my Eric Canal education journey over the last year into a readable and full form.
My cell phone voice texting continues to gaslight me - taking my most common text partners and purposely mis-spelling their names - Lysa, Erik, Jon. And this isn’t just a mis-spelling, Iphone tapping on the go - this is someone’s name so if you don’t fix it the recepient will text back with a question on why you are mis-spelling their name so you have to decide to take the tedious time to fix it now, or fix it later. And if this is AI of the future, where a phone can’t figure out the spelling of a name you have spelled 1500 times before, we certainly are in an AI bubble. Though I do like my chatgpt, and it has cut into my use of Google search, and you can how behomoths (Xerox, IBM, Blackberry, Kodak) once ubiquitious fade away.
Just sitting around waiting for my compound interest to do its work.
Autumn Updates
For us long-suffering entrepreneur types, our day to day productivity is typically off the charts. I’m not saying this to brag or boast, but as an observation. As I find myself procrastinating a few things here and there due to some low-simmering depression over the emotionally wrought things in my life currently, the self-critical ‘procrastination’ made me reflect on what my days are really like compared to most people, with top to bottom obligations of some sort and it’s been going on for decades.
I’m helping my son with his grammar last week for a test, and we were studying compound adjectives, and when a hyphen should be used. I’m a big English language geek so I was all in on the request for help, so see above - ‘self-critical’ and ‘emotionally wrought’ - similar but not. Both occurred before the noun they are describing so should get a hyphen, but then, like many times in the English language there is an exception, and in this case the exception is the rule doesn’t apply if one of the adjectives ends in ‘ly’, which it does in this case, hence ‘emotionally wrought’ is sans hyphen. Either of these compounds would not get a hyphen if they come after the noun, mind you, and and ‘self’ and ‘free’ always gets one, before or after a noun - self-expression, free-love, etc… Interesting stuff.
The Milford Boro bell tolls at 5am on a Sunday morning - I can hear it ever so faintly in the quiet morning. It rings hourly, 24/7/365. It does not toll to the count of the hour of the day I don’t believe - just a gong or two at each passing hour of each passing day.
To circle back to the commencing paragraph, to us busy self-employed people, tasks and to-do lists are endless, complex, and typically urgent. You typically build up a muscle to tackle them as they announce themselves, since there is another soon arriving at the station, so not a lot of space to kick the can down the road without it all piling up on you. Which makes some self-observing procrastination stand out like a mutt in a pure-breed dog show- but I think compared to a lot of lives lived, pushing off a task is par for the course, be it a chore, a repair, a will, or self-improvement initiative.
Long and meandering electric line dug up a steep embankment.
I mention it because I’m definitely procrastinating a few things more than I would like - sure I’m working a lot, learning spanish, reading a book a month, working a lot, writing a blog, keeping up my social media, showing up for my son and dog alike and dozens of similar efforts, but I’m not exercising like I’d like to be, not getting my walks and hikes in, haven’t been to my detached residential gym in a few weeks - and for someone who is aware of tasks undone, it just stands out as a symptom of something going on.
But life is chapters and not all chapters of a book can radiate with the bright sunrays of happy endings. I’m just glad I have some money in the bank, because to navigate all the stuff thrown my way recently while being taxed and uncertain financially, might actually be a bridge too far.
I can never see a survey ribbon without some sort of feeling of FOMA of what someone got that I didn't.
I mention a slight case of the blues up top not for concern, sympathy or intervention, but just as some simple self-awareness. It’s very much anti-culture to ride your ups and downs with anything other than a smile and stiff upper lip, but it’s unnecessary. Like is said in therapy and psychological circles, it’s ok not to be ok. The faking it is what gets people into trouble. I also mention it because in my life, career and journey, feeling good, bad or something in between has never been a reason for task deference or avoidance. Shit needs to get done, regardless of what is going on, and it typically needs to be done pretty well, pretty quick, and pretty comprehensively. The ability to compartmentalize and motor on is a critical skill of anyone achieving anything in any professional arena because life will be throwing some distracting stuff your way, and frankly, you need to buck up, stay dialed in, and keep the thing rolling.
That all being said, that all being true without a doubt, that over the years, there has been nothing that has derailed my focus and concentration on the Catskill Farms thing, day in day out. However, that’s not to say that I did it that well, did it with unnecessary brute force and toe-stomping/crushing. Some people with less on the line might be able to even-keel through some of the issue, but for those of us who path is actually defined by identifying, evaluating, addressing and solving real problems in real time, I think most of us could confess to approaches that while may be effective, leave some real collateral damage in its wake.
For me, I’m universally, in all areas I work and play, considered a bit of bi-polar wildman asshole. A fair description. But I’ve also built and have sustained a business that has no local peers. So could it have been done differently? Maybe, but we will never know because no one has succeeded in doing it differently - all we have are once and done johnnies who maybe wanted to be a Catskill Farms-like player, got a house or two or three built and then we never hear from them again as they slink off with dashed dreams, a harrowing few years of effort with little to show for it, and diminished bank account balances. Catskill Farms has over 300 homes dotting the country-side, carpenters with $200k in a 401k, hundreds of people and businesses nursing off our economic development tit, be it towns and their tax revenue, employees with their stability, subcontractors with their quality client, and clients and their families enjoying the fruits of our seriousness.
A lot of the criticism directed towards me is wholly fair but it’s also wholly out of context, like ants judging an elephant. What we do, on a daily basis, year after year, is attack and achieve large-scale goals with gigantic consequences in both success and failure. There is nothing we do that doesn’t have an important impact on someone.
Not sure what my point is other than when you lead from the front, when you never shy from being the point of the spear, when you are always aware of the most pressing problem to solve and personally select that one as your task of the day, that is best done not as a dull, rounded tip, but a sharpened, focused edge of concentration. Construction is a big-boy sport - and it takes a big boy mind-set to meet your goals.
I look out and around survey the battlefield, and I understand better than most that it’s not the superficial headlines or instagram partnerships or false-start collaborations that sustain us, but the real, deep, raw-hide tough relationships that have ridden this bull ride with us for decades -subs, banks, lawyers, surveyors, engineers, employees, - relationships built and sustained by trial by fire, and here’s the real kicker - built and sustained by continuing to get hard shit done day after day for years - paying bills, forging ahead, navigating real problems. There is not a person I work with -from the banker to the client to the vendor- who doesn’t believe I will find a way to solve the problem that prevents me from living up to my word. It’s atypical.
These micro-finance options for consumption are everywhere. I can’t buy anything without some option to ‘split the payment in 4’, like Karma, Affirm, Afterpay, Paypal, and now I think even Venmo the last time I paid someone using that app. It’s scary stuff - I’ve never clicked the button, so I don’t know what the application and approval process looks like, but given the financial illiteracy of most of America, I can see a lot of people getting into a lot of problems with easy micro finance like this. Grocery bills, holidays, travel, gas, back-to-school.
Ever since the death of my friend John, and the devastation he left in his wake with the lack of an estate plan, I’ve been on a mission of sorts to make sure men in my orbit have addressed their estates in a pro-active way. Maybe it’s a will, maybe it’s a trust, maybe it’s life insurance. I’ve now coached close to a dozen colleagues into a roadmap to take care of the details that can leave your legacy of good intact when you pass instead of turning people’s lives upside down taking care of the shit you never had time to. And since I run into and around with a lot of people, the long-term impact of making this a priority for me and my colleagues should be large over time. There is just really no excuse for it, especially some of these small business people, who have small businesses that could be complex to unwind, difficult to sustain, immediately in need of continued cash flow. No quicker way to diminish your life’s work than to leave it in the hands of people unfamiliar with its operations upon your passing. Wills, trusts, and life insurance. It’s not that complicated.
The 6am bell tolls. My good friend and once-upon-time college roommate Justen has a small business named Devotion to Writing, where he systematically, through courses and trips, encourages people to make a habit of writing. I often, in fact it seems always, use the comfort of writing as a recuperative tool in solving riddles of a personal and professional matter.
Business-wise, we are busy. Busier than we have been in years. That actually isn’t quite true - I’ve been busy for the last few years, but it’s been a lot of nonsense of team-rebuilding - a tedious task, an unredeeming task as it went sideways and backwards. But now we are busy in a way I enjoy, and to be honest, deserve. I’m not one to feel ‘deserved’ or ‘entitled’ - I work for what I get - but in this situation, I feel I put in the work, maybe for longer than I should’ve needed to - to get my operations team back in order, so to be firing on all cylinders alongside a full cadre of talented men each day, that feels deserved.
It appears I just booked $5m of building business, plus have at least 5 spec homes planned across 2 counties, plus we have a fully finished house that will be for sale as soon as we get electric to it, and two homes ¾ finished to complete. That gets us through 2026 profitably without a problem - just show up and execute. Considering just 3 months ago, I had slowed my business down to its slowest pace maybe ever because I had just failed so miserably to rebuild my office team after 2 years of effort, this is a pretty grand achievement.
I always like to step outside myself and look at my actions as a manager, in order to disassociate and learn from my efforts - and the big takeaway here is to be careful fixing problems with band-aids and duct-tape and coverup makeup, because the rot you introduce is real and can just prolong the inevitable shakeup. The real problem with my business, and keeping it staffed, is we don’t mess around. I expect a lot, everyday. The consequences of mis-steps are visible and transparent. I expect people to improve, regardless of their current talents - even the great can get greater.
Just bought 5 pieces of land in SuCo for just under $500k, just bought 2 pieces of land in Ulster for just under $200k, have a 4000 sq ft home on 30 acres being built in Kerhonkson, client-based homes going on in North Branch, Catskill, Kerhonkson, Saugerties and Bearsville. There are many things important when you start to move this fast, but primary among them is your attorney, and your finance guy - that’s the oil that keeps the motor humming safely.
Almost two hours of writing. Guess I was feeling peculiar.
Financial Thoughts
The funny thing about grief related to death is it appears you have several rings of fire - you have those with first ring relationships, the partners, children, parents. Then you have the 2nd ring which may not be that impacted by the death directly, but are directly impacted by the concern for those that were impacted directly, which can be as challenging as the primary ring/impact, since you aren’t the one in charge of the journey. The other trick is to remember how long this trip is for those left behind - months barely touch the wound.
I spent my Saturday, at age 55, 2.5 decades into this Catskill Farms project, running around a broad swath of the Catskills helping families envision their upstate future. Milford to Catskill to Woodstock to Mt Tremper to Milford. Right now, it looks as if I’ve booked work through 2026, and when you have that done, then you get to gauge the extent of the peripheral risk you want to take - it’s not ‘house money’ but the risk ratio is much diminished.
We also have time on our side these days - there is a very low risk related to ‘timing’ - if things take a little longer to sell, it’s not killing us, though it does look like I’ll be engaged in a little borrowing to complete these homes for the first time in a few years. I have one house, Ranch 73, that has been sitting complete for nearly 7 months as I wait for electric to the site (which seems to be gaining traction now) - just sitting there, empty, finished, fully funded, nearly 4/5ths of a million dollars. That’s a lot of money to have tied up, but then again it’s sort of nice to have that diversified investment as the frothy stock market is worrisome to anyone with a brain.
Speaking of the stock market, I have what I thought was a conservative allocation into a dividend bearing etf labeled SCHD - it buys and allocates across non-technology sectors with a long history of principal appreciation and strong dividends payouts - a somewhat defensive position since it shies away from the concentrated gains of the Fabulous Seven (meta, amazon, apple, nvidia, microsoft, alphabet, Tesla) - 7 stocks that have led to a 34% concentration of these holdings in the the S&P 500 - 7 stocks make up 34% of an index that is made up of 500 stocks. It’s not the way it’s supposed to be, but the manager of these funds have no choice but to juice their returns with these holdings.
So the SCHD was intended to be defensive and a counter to the concentration mania, but it wasn’t supposed to be a real dog, returning just 2% in a market where the simple S&P returned 15%. It’s the type of return that pushes even conservatively-minded investors to take more risk. The S&P has returned 250% over the last 10 years.
Though, on the other hand, it’s this type of illogic where a broadly diversified portfolio returns nothing is a red flag of tulip mania mentality in the market in general. It’s when conservative investors capitulate and start chasing frothy returns. Just by the nature of my real estate activities, I’m pretty diversified; I’d hate have 90% of my wealth tied up in the stock market, as money managers can’t sit on the sidelines but know they are playing a dangerous game of Russian Roulette, when a lot of people won’t find chairs once the music stops. According to one graph I just reviewed, the other 494 stocks in the S&P 500 returned -2% with earnings down -8% since 2021. Frightening, when you now add in tariffs.
The micro finance hacks I keep seeing are more and more cra-cra - finance your vacation, finance your airbnb, finance your winter gear shopping cart, finance your holidays, finance your gifts - spread the purchase out over 4 easy micro-financed payments. I’ve never done it so I don’t really know the penalties for missing a payment or failing to pay, but I’m sure it’s onerous. One of the concerns is these type of finance arrangements don’t show up in the overall reporting of credit usage by Americans, so the indebtedness of the typical American may be understated- but I wonder how delinquencies get addressed - can you report a bad debt to the credit agencies if you have reported the debt in when it was originated? Probably.
The Chime advertisement I just watched is probably one of the stupidest things I’ve seen in awhile. It’s asking ‘why should i have to wait for my paycheck until the money hits my account on friday?” “Why shouldn’t I have it now?” Umm, it’s called a payroll cycle and if you can’t wait on a payroll cycle, you probably aren’t doing a great job with your money, since now that you’ve accelerated your payday a day or two, that little hack is gone - it’s not like you can accelerate it further - it’s now baked in just like it was, now it’s a Tuesday instead of a Thursday, and I would guess you are paying for the privilege.
With all the stupidity in America and its money, it’s becoming abundantly clear that to stand out, you only have to do a few simple things right - show up, stay off your phone, stay out of debt and have a reasonable attitude. The bar to success has never been lower.
October Upstater
This has been a fascinatingly complex week of leadership running the gamut of pro se representation of a legal complaint I made as a Board of DIrector at our Milford Property Owners Association, I had our annual membership meeting at the Crest HOA- a 12 home project on 200 acres just north of North Branch NY - an HOA I’m the president of until I finish building up there, I had a worker’s unemployment hearing that resulted from two previous denials of benefits to this long-departed employee, I had a long overdue meeting with the local utility company to provide electric to 6 of my homes, and I ran for a position on my condo board in St Petes.
All of these items took a different skill set, but skill set indeed. Some were wins, others were losses, still others (most) will be determined at a later date (court stuff). Once you don’t mind losing, you can actually get a lot of stuff done.
I also found 2 more pieces of land to buy, bringing my buying spree to 7 pieces of land to be discovered, negotiated, contracted, due diligenced and purchased before November 1st. Buying land comes with all sorts of starting guns - surveys, septic engineering, deciding which house to pair with the land, sometimes deciding which client in the queue to pair with the land, meetings, walking the land - dreaming up what could be, at what price, in which house style.
Certain pieces of land clearly yell for a certain house style. Others are more flexible and still others only accommodate a certain house. A lot depends on the grade and topo of the land. Gently sloping is best; a steep slope can be accommodated. Some of the toughest pieces are at first glance the most straight-forward - flat pieces of land look easy, until you try to get gravity fed drainage, or gravity-fed septics, or a walk-out basement - all benefit or even require some sort of sloped land to make everything work right.
What is also a bit counter-intuitiveness is the sense of privacy - heavy wooded and treed parcels don’t necessarily give you the most privacy - especially if it’s a deciduous type of forest. Tree trunks, bare of leaves, don’t create much of a visual screen. What is very useful are small or low hung pines or hemlocks, and even better than that is thick mountain laurel which can create an impenetrable visual screen - sucks to hike in before we clear it out for the house, but after that, provides a lot of privacy for these 4-6 acres homes sites.
Friday night lights.
When I walk onto a piece of land, all my senses are firing imbued with 25 years of evaluating land. Getting out of the car, with my dog, and walking the land. Front to back, side to side, criss-crossed and back again. Looking for deficiencies that can’t be fixed, looking for a neat building site with natural features be a view line, a big rock, a gentle slope. Evaluating the utilities on the road - is there internet, is there even electric. What do the neighbors look like? It would seem having no neighbors on adjacent properties would be optimal, but that’s not always, or even usually the case. I’m ok with the adjacent properties having houses or improvements on them, because then I know what I’m dealing with and can evaluate it in real time - can I see the house, is it kept up, are they weekenders, junky, neat, an asset or liability to what I might do? When it’s a vacant piece of land, you never know what some idiot might come and do too close to your property line. People do not use their brains in this type of work, especially homeowners- they don’t know or maybe care about the impact of their ‘improvements’ on neighboring properties. It’s foremost in my mind, and a lot of times what we do either has no impact on our neighbors or has a positive impact on the value next door with little to no disturbance of the peaceful existence they may have been enjoying.
I’ve now developed over 300 pieces of land - typically one building lots of less than 7 acres with direct road frontage to a town maintained road. That’s the low-risk way to go in this uber-risky business - buy the land, engineer your septic, know your property lines, get a driveway permit, submit your building permit application and get building. As opposed to ‘subdividing’, this is by far the quickest in and out of an investment cycle, with little in your way except your own construction production capacity and skills. Little in the way of municipal interference except building inspections. You are propelled or hemmed in by your own skills and team when you engage in what I do and how I do it. If imitation is a form of flattery, we are being flattered all over the place, with some companies like Western Sullivan Properties - a well-financed group with their hands in a lot of upstate business initiatives - they didn’t even try to conceal or improve on what we do/did - just made a copy of it and went head to head with us.
This will be an interesting story to follow - the Western Sullivan Properties story - because the dollar signs flashing from a few of their successful new build home sales motivated them to take a big swing and they now have 8-10 houses going that will be for sale. I’ll be watching closely for sure since to do such volume they had to compromise on some of the land selections they made since there just isn’t enough of these 1-off pieces I like to find - so they found some views on a big farm - some views that at the same time greatly diminish a sense of privacy, and they are building a bunch of homes within earshot and eyeshot of each other. Me, picking the land and placing the homes is an art - when you bastardize that in order to continue to have land available for your now-efficient construction crews, you can get jammed up, but you can be 5-7 homes into your plan before you realize it. It’s tough to balance - after a lot of blood and sweat and tears you put together a real construction team, and you want to put them to good work and build some houses and take advantage of the team, but at that same time that can inadvertently leave you in front of your skis in a marketplace that can be very unforgiving. I’m sure, since they aren’t original by plan, they saw our Crest project and misconstrued what we did up there - yes, it had some open fields but I spent a lot of time using the terrain, and slopes and hills and grass and large parcels to have the houses play nicely with one another- complement not intrude. A real test of my skills of house placement and privacy tolerances of my clients.
Just read in our local newspaper that our local radio station is closing one office and reducing programming across the board due directly to funding cuts from the Trump Administration. This radio station - Radio Catskill - has been a beating heart, integral part of the Sullivan County vibe for decades - broadcasting from a small studio in Jeffersonville and now a larger one in Liberty. The cultural impacts of these budget cuts on the fiber of small towns is real, and I might be even ok with it if it was being done honestly in an attempt to curtail federal spending, but that isn’t the case, it’s easy to see.
The red hot rental market are not red hot anymore, and I can’t really figure out why. I have a house in Phoenixville - literally one the best small towns in USA - and it’s just sitting there, unable to find a renter even though I lowered the rent to what I thought was a great deal, allowed pets, cleaned it up, etc… My realtor warned me about the softening rental market but I never expected nearly 8 weeks without a qualified applicant. And I have two more in the same area coming on line shortly. This is when you are happy your rentals are fully paid for and you aren't living month to month on the rents, because you could very quickly find yourself in a poor position, especially if you had multiple units like I do. Instead, while a bit frustrating, I look at the situation with an air of curiosity rather than distress. Yes, the money flow decline is a bit disheartening, but I make plenty of money on other streams and whenever I’m paying a bill or not receiving income as expected, I really focus on my 50% tax bracket. It’s a successful psychological trick I use on myself - though trick is a strong word since it’s very real - if I was supposed to receive $5k in rent, it was only going to be in reality $2500.
As I watch my NY529 funding for Lucas creep up and past $400,000 with principal and interest, I’m at an interesting way station of my savings journey, since Lucas won’t need half of that most likely, based on his lack of academic rigor and effort. So It will be there for his kids, x4 since it will have 30 years to grow. So I should stop funding it each month, but it’s such a habit it’s hard to just stop. I think the same will be true when I stop working and begin calculating my retirement spending - it will be hard emotionally to eat into the principal of my savings after spending 30 years building it up, protecting it, growing it, defending it. But unless I’m going to leave Lucas more money than he needs, or plan on giving it to the local dog shelter, I’m going to need to spend it and that will be hard.
