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Reply to "S/O of dual income HHI thread - what's your net worth compared to your income?"
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[quote=Anonymous]$75K - husband's income, 2 kids (6, 4). I'm 37, DH is 51. $100K in retirement savings, $40K in college savings. We own 5 rental properties which kick off about $6K/month after the mortgages are paid. We use that money exclusively for "business" purposes and almost never touch it for personal use. It's used to pay off any real estate expenses for the month, then use anything left-over to pay down the debts incurred in purchasing the properties (equity line of about $125K). Once that $125K is paid off (in about 3 years), we will start paying off the mortgages one by one. My goal is to have them paid off the day I turn 50! At that point we'll be able to cash-flow college for the boys (and any other kids we hope to acquire in the next few years). :-) Ten years of being a landlord - so far, so good! Lots of work, but I try to keep the end-goal in mind. In the meantime, we eat a lot of beans and rice and drive a 13 year-old car. [/quote]
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