Next steps as income grows

[Anonymous]

Do you have $700k saved for each kid for college/graduate school? Do you have $10-20M saved for yourself for retirement? I’d just put your money in those buckets first, before doing anything else.

[Anonymous]

Anonymous wrote:

Anonymous wrote:1/3 invest, 1/3 save, 1/3 spend. Of after tax dollars.

I find this unrealistic for the vast majority of the population.

What is the difference between invest and save? By save do you mean in the bank? That is nuts. If by save you mean invest, what is invest? Saving 66% of post-tax is done by no one. 25% and you are a rock star.

[Anonymous]

We bought a 2nd home. Yes it is expensive to maintain, but it has appreciated more than 100% in the last decade. And we use it for about 1/3 of the year.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I don't want a complete change of lifestyle, but what changes do you make as your income grows?

I don't need a new house or cars (my Hondas are just fine). We are good about retirement and college savings and will up that. Do the big house projects like the kitchen. It's nice to not worry if the AC or something dies. We have a good financial advisor.

Do you buy investment properties? Some other type of passive income? How passive is that actually, vs something else we need to juggle?

We had been making about 250, and possibly about to get to about 500.

Enjoy life a bit more. Don’t wait until you are old and in poor health.

This. Time to upgrade those Hondas. Nicer cars are... nicer. Also better safety technology.

OP here ... The cars are truly not important to me. We do travel now and will start adding more bucket list type trips to our plan. But I really do enjoy life without a lot of "stuff."

We just increased or 529 contributions and student loans are paid off. We owe money on the house, but crazy low interest rate.

I guess what I'm looking for is help thinking outside the box on investments, like properties or something along those lines.

You are not going to get “outside the box” advice from DCUM. This group of people believes in a very classic and traditional approach. They swear by a classic 9 to 5 W2 job, invest in index funds, wait and retire in your mid 60s.
This is not the place where you are going to find people who are advocating for things like real estate investing or entrepreneurship.
You have to go some place else for outside the box ideas.