Who is unapologetically Rich

[Anonymous]

Anonymous wrote:HHI 275k

No household debt, no credit card debt. Townhouse paid off, have second rentail property. Got in before the market went crazy back in 2001.

No money in 529, plan to pay for childs education via interest earned off investments. Not like you every want to touch the principal.

About 950k networth, but age 33. Could afford all sorts of fancy stuff, but don't need it. I'd prefer to be totally financially independent in a few years (easily doable since our costs for living are about 20k a year). Save 90% post tax income.

We don't spend money as we are in the wealth accumlation phase. My wife would rather get $1,000 in dividends than a purse.

Roll income from rental property into tax advantaged SEP IRA.

The secret? My wife still lives like she did when she was on her PhD stipend. We basically live like the those featured millionare next door book. You'd never know our income/net worth from looking at us.

DH still spends like he is a resident doctor. DH is obsessed with saving. DH pretty much supports us and saves with his $700k+. With my 150k, I max out my 401k and then get to splurge on what I want without feeling guilty. I do like nice purses but they are more like $3-5k and I like to travel in style. DH would be totally happy staying at Hampton inn type places.

[Anonymous]

Anonymous wrote:HHI 275k

No household debt, no credit card debt. Townhouse paid off, have second rentail property. Got in before the market went crazy back in 2001.

No money in 529, plan to pay for childs education via interest earned off investments. Not like you every want to touch the principal.

About 950k networth, but age 33. Could afford all sorts of fancy stuff, but don't need it. I'd prefer to be totally financially independent in a few years (easily doable since our costs for living are about 20k a year). Save 90% post tax income.

We don't spend money as we are in the wealth accumlation phase. My wife would rather get $1,000 in dividends than a purse.

Roll income from rental property into tax advantaged SEP IRA.

The secret? My wife still lives like she did when she was on her PhD stipend. We basically live like the those featured millionare next door book. You'd never know our income/net worth from looking at us.

Is there a goal for all this saving and living like a 25k hhi?

[Anonymous]

Anonymous wrote:

Anonymous wrote:HHI 275k

No household debt, no credit card debt. Townhouse paid off, have second rentail property. Got in before the market went crazy back in 2001.

No money in 529, plan to pay for childs education via interest earned off investments. Not like you every want to touch the principal.

About 950k networth, but age 33. Could afford all sorts of fancy stuff, but don't need it. I'd prefer to be totally financially independent in a few years (easily doable since our costs for living are about 20k a year). Save 90% post tax income.

We don't spend money as we are in the wealth accumlation phase. My wife would rather get $1,000 in dividends than a purse.

Roll income from rental property into tax advantaged SEP IRA.

The secret? My wife still lives like she did when she was on her PhD stipend. We basically live like the those featured millionare next door book. You'd never know our income/net worth from looking at us.

Is there a goal for all this saving and living like a 25k hhi?

I'm not "rich", but I'd say that being content with less (even when you can afford MUCH more) makes people happy.

[Anonymous]

Hmmm. I wonder if there's a connection between spending less money and accumulating more money? Then there's this thing about compounding interest.

[Anonymous]

Anonymous wrote:

Anonymous wrote:HHI 275k

No household debt, no credit card debt. Townhouse paid off, have second rentail property. Got in before the market went crazy back in 2001.

No money in 529, plan to pay for childs education via interest earned off investments. Not like you every want to touch the principal.

About 950k networth, but age 33. Could afford all sorts of fancy stuff, but don't need it. I'd prefer to be totally financially independent in a few years (easily doable since our costs for living are about 20k a year). Save 90% post tax income.

We don't spend money as we are in the wealth accumlation phase. My wife would rather get $1,000 in dividends than a purse.

Roll income from rental property into tax advantaged SEP IRA.

The secret? My wife still lives like she did when she was on her PhD stipend. We basically live like the those featured millionare next door book. You'd never know our income/net worth from looking at us.

Is there a goal for all this saving and living like a 25k hhi?

It's 2014, you're 33, and you "got in before the market went crazy in 2001" -- 13 years ago. The secret? Part of it has to be family money.

Don't believe that you live on $20K a year, either. Property taxes on two properties would be half that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:HHI 275k

No household debt, no credit card debt. Townhouse paid off, have second rentail property. Got in before the market went crazy back in 2001.

No money in 529, plan to pay for childs education via interest earned off investments. Not like you every want to touch the principal.

About 950k networth, but age 33. Could afford all sorts of fancy stuff, but don't need it. I'd prefer to be totally financially independent in a few years (easily doable since our costs for living are about 20k a year). Save 90% post tax income.

We don't spend money as we are in the wealth accumlation phase. My wife would rather get $1,000 in dividends than a purse.

Roll income from rental property into tax advantaged SEP IRA.

The secret? My wife still lives like she did when she was on her PhD stipend. We basically live like the those featured millionare next door book. You'd never know our income/net worth from looking at us.

Is there a goal for all this saving and living like a 25k hhi?

It's 2014, you're 33, and you "got in before the market went crazy in 2001" -- 13 years ago. The secret? Part of it has to be family money.

Don't believe that you live on $20K a year, either. Property taxes on two properties would be half that.

God people like that bore me. Agree that taxes + family money were at work. Wife likely stays at home. Whatever.

[Anonymous]

At 41, we have a net worth approaching 8 figures and live more of an upper middle class lifestyle than 1% lifestyle. House and rental properties paid off and average credit card bill is $4.000/month.

Once second child is in college (about 10 years), we hope to retire and travel the country and Europe - living in cities, towns and villagers for a few months at a time. We would love to live on Cape Cod or the outer banks in the summer, Vermont in fall, St John in winter and spring... mountains of Switzerland, villages in Loire Valley, France,

That lifestyle is why we earn, spend and save what we do.

[Anonymous]

Anonymous wrote:At 41, we have a net worth approaching 8 figures and live more of an upper middle class lifestyle than 1% lifestyle. House and rental properties paid off and average credit card bill is $4.000/month.

Once second child is in college (about 10 years), we hope to retire and travel the country and Europe - living in cities, towns and villagers for a few months at a time. We would love to live on Cape Cod or the outer banks in the summer, Vermont in fall, St John in winter and spring... mountains of Switzerland, villages in Loire Valley, France,

That lifestyle is why we earn, spend and save what we do.

What do are your and/or your spouse's professions?

[Anonymous]

Anonymous wrote:

Anonymous wrote:At 41, we have a net worth approaching 8 figures and live more of an upper middle class lifestyle than 1% lifestyle. House and rental properties paid off and average credit card bill is $4.000/month.

Once second child is in college (about 10 years), we hope to retire and travel the country and Europe - living in cities, towns and villagers for a few months at a time. We would love to live on Cape Cod or the outer banks in the summer, Vermont in fall, St John in winter and spring... mountains of Switzerland, villages in Loire Valley, France,

That lifestyle is why we earn, spend and save what we do.

What do are your and/or your spouse's professions?

I got to the right Nasdaq listed company with stock options at the right time. Spouse is at non-profit.

Both grew up lower class - think free school lunch and such. We strive for personal achievement but are not leaders.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:HHI 275k

No household debt, no credit card debt. Townhouse paid off, have second rentail property. Got in before the market went crazy back in 2001.

No money in 529, plan to pay for childs education via interest earned off investments. Not like you every want to touch the principal.

About 950k networth, but age 33. Could afford all sorts of fancy stuff, but don't need it. I'd prefer to be totally financially independent in a few years (easily doable since our costs for living are about 20k a year). Save 90% post tax income.

We don't spend money as we are in the wealth accumlation phase. My wife would rather get $1,000 in dividends than a purse.

Roll income from rental property into tax advantaged SEP IRA.

The secret? My wife still lives like she did when she was on her PhD stipend. We basically live like the those featured millionare next door book. You'd never know our income/net worth from looking at us.

Is there a goal for all this saving and living like a 25k hhi?

Early retirement, financial independence.
It's 2014, you're 33, and you "got in before the market went crazy in 2001" -- 13 years ago. The secret? Part of it has to be family money.

Don't believe that you live on $20K a year, either. Property taxes on two properties would be half that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:HHI 275k

No household debt, no credit card debt. Townhouse paid off, have second rentail property. Got in before the market went crazy back in 2001.

No money in 529, plan to pay for childs education via interest earned off investments. Not like you every want to touch the principal.

About 950k networth, but age 33. Could afford all sorts of fancy stuff, but don't need it. I'd prefer to be totally financially independent in a few years (easily doable since our costs for living are about 20k a year). Save 90% post tax income.

We don't spend money as we are in the wealth accumlation phase. My wife would rather get $1,000 in dividends than a purse.

Roll income from rental property into tax advantaged SEP IRA.

The secret? My wife still lives like she did when she was on her PhD stipend. We basically live like the those featured millionare next door book. You'd never know our income/net worth from looking at us.

Is there a goal for all this saving and living like a 25k hhi?

Early retirement, financial independence.
It's 2014, you're 33, and you "got in before the market went crazy in 2001" -- 13 years ago. The secret? Part of it has to be family money.

Don't believe that you live on $20K a year, either. Property taxes on two properties would be half that.

Not really, townhouse is 4,200, rental condo is abbut $3,000. I bought my first home at age 21, had roomates until I got married, that paid for the mortagage on that place. Picked up the condo in 2009 during the downturn.
I bought the house as my investments took a bit hit during the 2001 recession. I worked summers in college at paid internships and invested since I was in my early teens. Keep in mind the crazy boom that occured in the late 90's. Friends of mine in college did better on the investing side of things.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:HHI 275k

No household debt, no credit card debt. Townhouse paid off, have second rentail property. Got in before the market went crazy back in 2001.

No money in 529, plan to pay for childs education via interest earned off investments. Not like you every want to touch the principal.

About 950k networth, but age 33. Could afford all sorts of fancy stuff, but don't need it. I'd prefer to be totally financially independent in a few years (easily doable since our costs for living are about 20k a year). Save 90% post tax income.

We don't spend money as we are in the wealth accumlation phase. My wife would rather get $1,000 in dividends than a purse.

Roll income from rental property into tax advantaged SEP IRA.

The secret? My wife still lives like she did when she was on her PhD stipend. We basically live like the those featured millionare next door book. You'd never know our income/net worth from looking at us.

Is there a goal for all this saving and living like a 25k hhi?

Early retirement, financial independence.
It's 2014, you're 33, and you "got in before the market went crazy in 2001" -- 13 years ago. The secret? Part of it has to be family money.

Don't believe that you live on $20K a year, either. Property taxes on two properties would be half that.

Not really, townhouse is 4,200, rental condo is abbut $3,000. I bought my first home at age 21, had roomates until I got married, that paid for the mortagage on that place. Picked up the condo in 2009 during the downturn.
I bought the house as my investments took a bit hit during the 2001 recession. I worked summers in college at paid internships and invested since I was in my early teens. Keep in mind the crazy boom that occured in the late 90's. Friends of mine in college did better on the investing side of things.

Sorry, I still have a hard time believing a 21-year-old could qualify for a mortgage in 2000 without family money.

[Anonymous]

Anonymous wrote:

Sorry, I still have a hard time believing a 21-year-old could qualify for a mortgage in 2000 without family money.

2000 was when mortgage companies were lending to anything that breathed, remember? I believe OP.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Sorry, I still have a hard time believing a 21-year-old could qualify for a mortgage in 2000 without family money.

2000 was when mortgage companies were lending to anything that breathed, remember? I believe OP.

It's not that I don't believe that part, it was that the original post said: "The secret? My wife still lives like she did when she was on her PhD stipend. We basically live like the those featured millionare next door book. You'd never know our income/net worth from looking at us."

My point is, a big part of his "secret" is likely family money. If this person managed to invest enough money as a teenager to buy a house at 21 (!), I'm guessing that he didn't have to pay for school, or a car, or any of the things most people have to pay for when they are getting started. It would be a lot easier to be worth a million bucks at age 33 if you have always been a position to save and invest.

[Anonymous]

Anonymous wrote:

Anonymous wrote:HHI 275k

No household debt, no credit card debt. Townhouse paid off, have second rentail property. Got in before the market went crazy back in 2001.

No money in 529, plan to pay for childs education via interest earned off investments. Not like you every want to touch the principal.

About 950k networth, but age 33. Could afford all sorts of fancy stuff, but don't need it. I'd prefer to be totally financially independent in a few years (easily doable since our costs for living are about 20k a year). Save 90% post tax income.

We don't spend money as we are in the wealth accumlation phase. My wife would rather get $1,000 in dividends than a purse.

Roll income from rental property into tax advantaged SEP IRA.

The secret? My wife still lives like she did when she was on her PhD stipend. We basically live like the those featured millionare next door book. You'd never know our income/net worth from looking at us.

Is there a goal for all this saving and living like a 25k hhi?

Saving for wife #2?