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

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[quote=Anonymous]My story is so similar the the OP's, although we don't have quite as much. Mine and my husband's money is combined. We are 46 and 47 and have $1.2 M not including our home (which has equity), includes retirement and savings for college.  When I quit my job to stay home with my kids in 2001 I was making $60K. My husband was making about $80. He now makes $140K and I am a SAHM with a small income doing side jobs (under $5K per year).  So combined we've never made more than about $150K.

I, too, remember getting a passbook account when I was young.  Age 9 maybe?  I put $70 into it, which was money saved up from birthday presents and had been kept in a drawer. I loved to visit the bank and have them stamp the new interest on there (which was quite high!).  I always liked to save my money, too.  My sister was the opposite. Still is!

I am frugal, like the OP, perhaps slightly less.  I shop Thrift stores - probably the same ones.  Unique?  We eat out about once per week. Most books are from the library and thrift stores. My oldest is in 6th grade, and she doesn't like thrift store clothes any more, but we shop sales and discount stores.  She got Uggs at the end of the season last year for 35% off, for example.  My younger two are fine with hand-me-downs. We buy lots of things secondhand - we check Craigslist before the retail stores.

We use coupons, not excessively, maybe between 1-5 each trip to the store.  We go to matinees for movies, use Entertainment book coupons for waterparks.  No frequent stops at Starbucks or ice cream.  We'll buy ice cream at the store with cones and make at home instead.  We're not militant, though and occasionally get coffee out or ice cream or fast food, but it's not a regular occurance.

We go to the beach as soon as school lets out. The hotel we go to doesn't raise their rates until July 4th weekend, so we pay about 2/3rd the "high season" rate. We generally do car trips for vacations. We shop for deals online for hotels.  Stay mid-level - SpringHill Suites, for example.

I believe we grew our wealth little by little.  As I said, I never made more than $60K.  But I did have a good start - no student loans (parents paid for college) and I had a car. I lived with roommates out of college for about 8 years. I was able to send $200 per month to a mutual fund because my rent was cheap and no debt (which I realize not everyone is so fortunate).

I started putting money into my 401K at age 22 with my first job out of college. Maximized it at age 23, I think. I kept track of my balances month to month and had Excel spreadsheets of goals (how much I'd be making, how much I'd have, etc.  Yes, I'm a nerd).

By age 32 I had $70K saved up (outside retirement). My husband had $20K (outside retirement).  We bought an older, small home in Vienna for $300K back in 2000.  We started doing the IRAs too for the max.  Retirement money came off the top.  We never had a strict budget, but a general idea of what we had to spend.

Slowly but surely our nest egg has grown. Consistent contributions has been the key. It's taken out before we miss it, which is also very important.  We just spend what we are left with, after savings.

For us, it was a combination of being fortunate (parents paying for college and buying house at a good time) and consistent savings and living pretty frugally (smaller, older home). Our income is certainly not over the top for the DC area.

I do know you can't take it with you and we try to have fun with our money while we can.  Just bought tickets for Disney in April (using a discount site, of course).  We'll drive down.  With 3 kids airline tix are expensive, and having the car is easier anyway.  That's our story.  Not a lawyer, not BIG income.  A bit of luck and a bit of frugal living and consistent savings.[/quote]

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