Reply to Secrets of rich people

Forum Index » Money and Finances

Reply to "Secrets of rich people"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous]What do you consider "rich"?[/quote]

It's a function of age. For a married couple, Invested assets of $2.0M by 40. $4M by 50.[/quote]

We will be close to that by the time I am 40 (although husband is 5 years older so we won't hit before he is there).

The key for us has been:

-Both spouses work in well paying (although not absurdly high paying) jobs.  Our HHI has been around 500K for the last 5 years or so (I am 33 - both lawyers although neither of us work in big law anymore).

-We don't spend an outrageous amount on childcare just because we can - daycare has been great for our DD and it's well over half what a nanny would have cost us.  I see this too with private v. public, especially for elementary school.  If your kid is neurotypical and you live in a decent district, private elementary is a crazy waste of money (in my opinion) unless you are incredibly wealthy. Some argument can be made for middle and high school, but two kids of K-5 private is a half million right there.  :shock:

-Moved to a lower cost of living area than DC (but still a city - think Denver, Austin, Raleigh, Portland, Seattle) but kept the same income and actually made more. I realize not an option for everyone depending on your field.

-Max retirement and all other tax advantage vehicles.

-Throw the rest into retirement/the market and let it sit. Don't try to game the market.

[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics