Reply to What a self made multiple millionaire would do in your shoes to increase your net worth.

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[quote=Anonymous][quote=Anonymous]Thank you for sharing your knowledge and experience.

Husband earns 115K.  I recently finished an MA and am looking for work in my new field.  We recently relocated and are renting for 2K a month.  Drive one old car, paid for.

We are 40 yrs of age, 2 kids in elementary, 8 and 6 yrs.

We have 140K in a money market, plan to use as house downpayment.  2 529s, Neglected right now at 5K each.

75K in mutual fund.  Husband's TSP around 100K.
17K in an IRA.

No debt.  That's about it.

Would like to plan for retirement, also be very wealthy.  Advice?  Thank you.[/quote]

OP here.  This is easy, but you may not love the answer.  The best thing you can do is buy a multi unit property to live in.  I admit that I know DC the best and at your income you may not be looking in DC (where multi family is more prevalent), but I promise you that if you can find something with a basement rental it will make a huge difference financially.  It will be minimal to start, but as rents rise and your mortgage stays the same you will ultimately have your mortgage vanish.  If you move later in life you will keep the property as a rental.  You can do an FHA loan and put down just 3.5%  You should do this, as the cash is better kept for investing (I try never to part with cash, unless I am almost certain I can get it back quickly).

And a comment about the car.  Drive it until it is dead.  I can think of no greater waste of money.[/quote]

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