Excited: I have 1.3 million in assets, not inc. real estate!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I figure by using hand me downs or thrift store purchases, we save 1,000/yr for kids' items x 7 years is a big deal. That means if I am at a thrift store and a cute shirt is 5.99...I won't get it. It would have to be a dollar AND we would need it before I'd buy it. I buy the kids' Xmas presents all year round at thrift stores making sure games are complete...sour Xmas may cost 100 total for kids' gifts and others may spend 400. Over a kids'childhood that is close to 6k. So again, those things majorly add up.

An awesome deal - you saved $13K by limiting your kids to the used clothing and toys throughout their entire childhood. If they were dressed nicely and played with the new toys, you would have had only $1.287M in savings! When your kids inherit all this money saved on their clothing and toys, they'll be excited.

Um, not quite. The way I think of it is this: Is my elementary school aged kid going to care if the 500 piece complete puzzle was bought used for $.50 15 years from now or will he be happy his college is paid off? It is not just clothing and toys. It is the cumulative effect of clothing, toys, discounted movie theaters, some coupon usage, buying gifts on sale, etc. that ends up saving thousands and thousands of dollars over the years. You also make it sound like my kids aren't dressed nicely. They are in clean, good condition, name brand clothing and the second another child opens a toy it is used. What the heck does it matter if it is used if it is complete? We are a big game-night family...so instead of $15-$20 for games each time, I get them in perfect, complete condition for $1 or less...and that's a bad because...?? Do you really think my kids give a hoot if it is used or not when we're all together playing?

I also didn't say I'd limit them throughout their "whole childhood". First, I don't see this as "limiting" them in any way whatsoever. (Will they be 'limited' when they have no student loans? When they aren't worried about caring for mom and dad? When they have a large nest egg that will be doled out at certain age-points after mom/dad die?) Second, I did say already that I realize there will be a time they 'have to have' x or y...and I'll deal with that then and am prepared to shell out $100 for a pair of jeans or shoes...but it certainly will be rare and it won't hurt as much because it IS rare.

[Anonymous]

I don't think this thread reflects well on OP at all. I understand the satisfaction of reaching a financial goal, but shouldn't that be enough? Shouldn't you just be happy enough that your kids won't have college debt etc? Do you really need to brag about it on DCUM? Lady, nobody has any idea who you are. You are still going to be scrimping and saving away and not "showing off" and nobody will know or care what you are up to. I'm an extremely thrifty shopper myself, but sometimes I recognize that if you get too extreme, it is a form of greed, to be so gleeful about the money you are saving. Money is a means to an end, not an end unto itself. You could end up like my grandmother, who was a savvy investor and left my father a small fortune when she died, which he subsequently squandered, very very quickly. All her life's work came to nothing. But hey, at least he didn't have debt after college! Don't be that person, OP.

[Anonymous]

Wow. So many strong and varied feelings about money. Proves that we have to talk about it more.

Way to go OP!!! Congrats!

[Anonymous]

Anonymous wrote:I don't think this thread reflects well on OP at all. I understand the satisfaction of reaching a financial goal, but shouldn't that be enough? Shouldn't you just be happy enough that your kids won't have college debt etc? Do you really need to brag about it on DCUM? Lady, nobody has any idea who you are. You are still going to be scrimping and saving away and not "showing off" and nobody will know or care what you are up to. I'm an extremely thrifty shopper myself, but sometimes I recognize that if you get too extreme, it is a form of greed, to be so gleeful about the money you are saving. Money is a means to an end, not an end unto itself. You could end up like my grandmother, who was a savvy investor and left my father a small fortune when she died, which he subsequently squandered, very very quickly. All her life's work came to nothing. But hey, at least he didn't have debt after college! Don't be that person, OP.

Not OP but she won't be that person for many reasons. She isn't too extreme as she spends a lot on vacations she said. She also lives Ina good home, so she isn't depriving herself, she seems more disciplined. I'm fascinated by this, actually. I wouldn't think it could add up, but bit by bit I guess it could. I also don't think your grandmom's life work came to "nothing" because after she did your grandpa spent what was left.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I don't think this thread reflects well on OP at all. I understand the satisfaction of reaching a financial goal, but shouldn't that be enough? Shouldn't you just be happy enough that your kids won't have college debt etc? Do you really need to brag about it on DCUM? Lady, nobody has any idea who you are. You are still going to be scrimping and saving away and not "showing off" and nobody will know or care what you are up to. I'm an extremely thrifty shopper myself, but sometimes I recognize that if you get too extreme, it is a form of greed, to be so gleeful about the money you are saving. Money is a means to an end, not an end unto itself. You could end up like my grandmother, who was a savvy investor and left my father a small fortune when she died, which he subsequently squandered, very very quickly. All her life's work came to nothing. But hey, at least he didn't have debt after college! Don't be that person, OP.

Not OP but she won't be that person for many reasons. She isn't too extreme as she spends a lot on vacations she said. She also lives Ina good home, so she isn't depriving herself, she seems more disciplined. I'm fascinated by this, actually. I wouldn't think it could add up, but bit by bit I guess it could. I also don't think your grandmom's life work came to "nothing" because after she did your grandpa spent what was left.

Nope, he had died years earlier. It did come to nothing, trust me. This is something people need to recognize- it's good to be disciplined, it's good to save, but you can't take it with you when you die. Money means very little. OP could very well be "that person," she's already reached the point where she is overly excited about something not worth being excited about. Irregardless, I'm pretty sure she's a troll, as a similar poster was many months ago.

[Anonymous]

Anonymous wrote: Irregardless, I'm pretty sure she's a troll, as a similar poster was many months ago.

And most likely she is. It is hard to believe that someone who saves every dollar on a child's toy didn't realize she saved a million, until she paid attention and discovered $1.3M. If she were so obsessed with money, she would have kept a daily track of her savings.

[Anonymous]

Anonymous wrote:

Anonymous wrote: Irregardless, I'm pretty sure she's a troll, as a similar poster was many months ago.

And most likely she is. It is hard to believe that someone who saves every dollar on a child's toy didn't realize she saved a million, until she paid attention and discovered $1.3M. If she were so obsessed with money, she would have kept a daily track of her savings.

Not a troll...

And "irregardless" isn't a word.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I don't think this thread reflects well on OP at all. I understand the satisfaction of reaching a financial goal, but shouldn't that be enough? Shouldn't you just be happy enough that your kids won't have college debt etc? Do you really need to brag about it on DCUM? Lady, nobody has any idea who you are. You are still going to be scrimping and saving away and not "showing off" and nobody will know or care what you are up to. I'm an extremely thrifty shopper myself, but sometimes I recognize that if you get too extreme, it is a form of greed, to be so gleeful about the money you are saving. Money is a means to an end, not an end unto itself. You could end up like my grandmother, who was a savvy investor and left my father a small fortune when she died, which he subsequently squandered, very very quickly. All her life's work came to nothing. But hey, at least he didn't have debt after college! Don't be that person, OP.

Not OP but she won't be that person for many reasons. She isn't too extreme as she spends a lot on vacations she said. She also lives Ina good home, so she isn't depriving herself, she seems more disciplined. I'm fascinated by this, actually. I wouldn't think it could add up, but bit by bit I guess it could. I also don't think your grandmom's life work came to "nothing" because after she did your grandpa spent what was left.

Nope, he had died years earlier. It did come to nothing, trust me. This is something people need to recognize- it's good to be disciplined, it's good to save, but you can't take it with you when you die. Money means very little. OP could very well be "that person," she's already reached the point where she is overly excited about something not worth being excited about. Irregardless, I'm pretty sure she's a troll, as a similar poster was many months ago.

You can't take it with you but I watched both grandmothers of mine be dependent on their children and need full time care at a huge cost every day. I would rather sag for THAT rainy day then spend it away....

[Anonymous]

Anonymous wrote:

Anonymous wrote: Irregardless, I'm pretty sure she's a troll, as a similar poster was many months ago.

And most likely she is. It is hard to believe that someone who saves every dollar on a child's toy didn't realize she saved a million, until she paid attention and discovered $1.3M. If she were so obsessed with money, she would have kept a daily track of her savings.

It wasn't that I had zero idea that I had a considerable portfolio...but no, I don't watch the balances every month (got too depressing for many many months there with downward dips).

[Anonymous]

I didn't mind the original post. But the OP has gone on and on here, explaining again and again how great she is. If I were a lawyer I'd probably have a million too. Move on to the next goal and let's hope it's something a bit more nuanced.

[Anonymous]

Anonymous wrote:I didn't mind the original post. But the OP has gone on and on here, explaining again and again how great she is. If I were a lawyer I'd probably have a million too. Move on to the next goal and let's hope it's something a bit more nuanced.

I enjoy info like this, actually. It is from the responses that I may learn a tip or two. I respond also in threads if so done is posting to something I started. Not unusual...and at least I appreciate it. Taking 7 years off and having that amount is, to me, a lot. I'm also interested that someone who makes that amount has no office help....and buys used clothes/toys. Not the same as my neighbor who pays someone to come and do her laundry (just her laundry).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Besides being frugal and saving - how did you do it? What has your income been the last several years (i.e. how much have you needed to save of your income to achieve this)? Very impressive. Lots of property too! Amazing.

Any advice? What happens if you don't have renters for your properties? How does it all work?

I maxed out retirement every year since I was out of college: 401ks, iras, pension and profit sharing. This never changed.

3 properties are vacation homes (no renters). One (commercial) has been rented by the same company since before we bought the building. We only own a sixth of the building. The renters are a large(ish) solid company and just resigned another 10 year lease, the rent for which exceeds the mortgage. Two properties (rentals) have rent that exceed the mortgage and all proceeds are used to pay down the mortgages (extra principal), after about a 5k cushion develops. When vacant, the re rental us swift...but of course causes expenses. The last rental was a great investment. We owe 40k only and it rents for 2100/mo. We pay off a ton monthly (double payments) early to pay this down. All rentals as personally handled because a mgt company charges excessive fees. With a 5k cushion for each propertgy, we have plenty extra if one needs money over another one (I didn't include these funds in my 1.3 million. I think of them more as company funds since we created a bus entity for the rentals...but they are ours, so the do,last could have been included too I guess.

My income for the last few zeros was zero...I was home with kids. Before then it was 200k, of which 45k went off the top to retirement. My income now will be quite low this year...as my youngest was at ho e still until sept.

Please don't discount being frugal. I have not paid a dollar for student loans, credit card interest, late fees to a bank, etc. that counts. I figure by using hand me downs or thrift store purchases, we save 1,000/yr for kids' items x 7 years is a big deal. That means if I am at a thrift store and a cute shirt is 5.99...I won't get it. It would have to be a dollar AND we would need it before I'd buy it. I buy the kids' Xmas presents all year round at thrift stores making sure games are complete...sour Xmas may cost 100 total for kids' gifts and others may spend 400. Over a kids'childhood that is close to 6k. So again, those things majorly add up.

It's very nice that you were thrifty, but I'm more curious on the income side of the equation. B/C around here, your real costs will be housing, housing, and oh yeah, housing. Maybe it could be private school, but that is just a proxy for buying cheaper housing and sending your kids to good school (in some cases).

Even if I saved every penny I earned since college, I would not have $1M. I could have made serious money, but didn't make it a priority till too late b/c I really didn't understand how expensive just living was (I have simple tastes and where I grew up a nice house with a pool in an ok school district was $50k -- didn't really understand the cost of metropolitan areas until got married). Always curious what people do that can be so lucrative you can stay home and return part-time, that is the dream.

Yes, housing is exceedingly high...but we live in a moderate home in Oakton. As I mentioned, I started saving when I was 11 (birthday money) and have been like that every since. I worked as a kid (babysitting, helping someone in an office, etc.) and saved, saved, saved...just how I have always been. If I got a check from my mother in law for mother's day ($100, let's say) which said "massage on me" in the memo line, I'd instead put it into a college 529. As for my job, I'm an attorney by training, but I assist with conflict resolutions in the business setting.

Sorry. Nothing to see here. Another attorney, seems to be the only path to affording to live in DC. How did you manage law school without student loans? Even state schools are quite expensive. Husband is attorney too?

H is not an atty. He is an accountant.

A government or contractor accountant? Those guys good relatively easy money (know someone making $500k ) thanks to the "Accountant Jobs Stimulus", I mean, Sarbanes–Oxley Act

Talk to us when you 'nickel-and-dimed' your way to a million when you are actually living on a nickel, like a teacher or even civil servants who are capped by congress at $155k.

[Anonymous]

Anonymous wrote:I didn't mind the original post. But the OP has gone on and on here, explaining again and again how great she is. If I were a lawyer I'd probably have a million too. Move on to the next goal and let's hope it's something a bit more nuanced.

+1

[Anonymous]

Anonymous wrote:

Anonymous wrote:I didn't mind the original post. But the OP has gone on and on here, explaining again and again how great she is. If I were a lawyer I'd probably have a million too. Move on to the next goal and let's hope it's something a bit more nuanced.

+1

I also agree.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Besides being frugal and saving - how did you do it? What has your income been the last several years (i.e. how much have you needed to save of your income to achieve this)? Very impressive. Lots of property too! Amazing.

Any advice? What happens if you don't have renters for your properties? How does it all work?

I maxed out retirement every year since I was out of college: 401ks, iras, pension and profit sharing. This never changed.

3 properties are vacation homes (no renters). One (commercial) has been rented by the same company since before we bought the building. We only own a sixth of the building. The renters are a large(ish) solid company and just resigned another 10 year lease, the rent for which exceeds the mortgage. Two properties (rentals) have rent that exceed the mortgage and all proceeds are used to pay down the mortgages (extra principal), after about a 5k cushion develops. When vacant, the re rental us swift...but of course causes expenses. The last rental was a great investment. We owe 40k only and it rents for 2100/mo. We pay off a ton monthly (double payments) early to pay this down. All rentals as personally handled because a mgt company charges excessive fees. With a 5k cushion for each propertgy, we have plenty extra if one needs money over another one (I didn't include these funds in my 1.3 million. I think of them more as company funds since we created a bus entity for the rentals...but they are ours, so the do,last could have been included too I guess.

My income for the last few zeros was zero...I was home with kids. Before then it was 200k, of which 45k went off the top to retirement. My income now will be quite low this year...as my youngest was at ho e still until sept.

Please don't discount being frugal. I have not paid a dollar for student loans, credit card interest, late fees to a bank, etc. that counts. I figure by using hand me downs or thrift store purchases, we save 1,000/yr for kids' items x 7 years is a big deal. That means if I am at a thrift store and a cute shirt is 5.99...I won't get it. It would have to be a dollar AND we would need it before I'd buy it. I buy the kids' Xmas presents all year round at thrift stores making sure games are complete...sour Xmas may cost 100 total for kids' gifts and others may spend 400. Over a kids'childhood that is close to 6k. So again, those things majorly add up.

It's very nice that you were thrifty, but I'm more curious on the income side of the equation. B/C around here, your real costs will be housing, housing, and oh yeah, housing. Maybe it could be private school, but that is just a proxy for buying cheaper housing and sending your kids to good school (in some cases).

Even if I saved every penny I earned since college, I would not have $1M. I could have made serious money, but didn't make it a priority till too late b/c I really didn't understand how expensive just living was (I have simple tastes and where I grew up a nice house with a pool in an ok school district was $50k -- didn't really understand the cost of metropolitan areas until got married). Always curious what people do that can be so lucrative you can stay home and return part-time, that is the dream.

Yes, housing is exceedingly high...but we live in a moderate home in Oakton. As I mentioned, I started saving when I was 11 (birthday money) and have been like that every since. I worked as a kid (babysitting, helping someone in an office, etc.) and saved, saved, saved...just how I have always been. If I got a check from my mother in law for mother's day ($100, let's say) which said "massage on me" in the memo line, I'd instead put it into a college 529. As for my job, I'm an attorney by training, but I assist with conflict resolutions in the business setting.

Sorry. Nothing to see here. Another attorney, seems to be the only path to affording to live in DC. How did you manage law school without student loans? Even state schools are quite expensive. Husband is attorney too?

H is not an atty. He is an accountant.

A government or contractor accountant? Those guys good relatively easy money (know someone making $500k ) thanks to the "Accountant Jobs Stimulus", I mean, Sarbanes–Oxley Act

Talk to us when you 'nickel-and-dimed' your way to a million when you are actually living on a nickel, like a teacher or even civil servants who are capped by congress at $155k.

No, private sector. But he has been at the same company a long, long time.