50k (+ wife income) with three houses is American dream status. I have to wonder if you came across seed money to invest in down payment for houses. The moral of the second half of your story: make sure the wife you chose doesn't spend beyond her means when you date her. Maybe means find an Asian or jewish wife lol. Seriously though...that's why the man dies earlier than the wife
Just to clarify . . .you make 50k between u and your wife [her business] and 2 rent houses it all comes out to about 50k? otherwise it is a bit disingenuous to say you live well off 50k when you have additional income from other sources. Rocket River
Content is fine! I mean any 20 something year old can live a relatively great lifestyle at $50k a year. We're talking Rich. Not quite Wealthy, but more than well off.
good stuff - although I'd add that "many people equate less stuff with a bad life" We've gotten to the point in society where people want "stuff" more than they want financial security. Or they equate happiness with a lot of material possessions. I've known 4-person families that live on one 40K salary on purpose so that the mom can stay at home with the kids - yet at the same time I've also known a family of four that can't make it on $150K. Its all due to the American consumer spending habits. We consider "wealth with being able to buy a bunch of stuff" whereas those who are truly wealthy often define wealth with having financial security (not lots of stuff) I'm pretty sure that Imma_drummer2k made a big lifestyle change/cut in spending to get where he's at. He did something that most people today don't want to do - he changed his spending habits and put being debt-free ahead of having lots of stuff. He will probably be wealthy someday due to his diligence and saving. And when he is rich..he'll be called "one of those greedy selfish rich people" by many folks who could have easily done the same things he did..and by many of whom that probably actually had a higher income. I'll be debt-free within a year - no car payment, no student loans, no credit card debt - but I drive a 2003 Oldsmobile and my wife drives a 2005 grand caravan. Once we are debt-free, we'll take about 6-8 months and put about 20K in savings for emergencies. I'll be able to go 6-8 months without a job if I had too. We may not have fancy or new cars..but we'll have the financial security that most people (who drive nice cars) don't have. We'll be able to save 15% for retirement, and fully fund 529's for both kids.
Average cost to raise a kid to 18 is $241,080. http://money.cnn.com/2013/08/14/pf/cost-children/index.html I'm not sure how they calculate all that but if you just take that number and divide by 18 and then by 12 to get cost per month it comes out to around $1100 a month.
Lol I did have a lot of seed money. I am a truck driver now but used to be a Petroleum Chemist. I had to change careers as the chemicals and high stress was making me sick. I sold most of what I had and just drove and saved money. After I had maxed out my 401's and the savings account was getting too large and had around 10,000 or more in it I would go and buy acreage someplace. Mostly a bit east of Huntsville. 10 acres here and 8 acres and few others in the 5-10 acre range. Pay cash or as much as possible and pay off the rest fast. I planned on moving up that way and live on one property and sell or rent the others but I lost my mind and married an Asian babe 18 years younger. (Still not sure how after 3 years of saying no and never will marry I ended up doing it) Her uncle and Aunt had a hair cut shop and wanted to build another one. I took 7 months off work and tore down and rebuilt and old house into a business. My wife took it over and built it into a successful business near Kemah. I knew my future was here so I put the land up for sale I had and 2 years ago people wanted to buy. I sold it all and am using that money to do what I do now. I don't put down payments. I or my wife does is find old piece of crap houses and I low ball the sellers badly. If they take the offer I pay cash and use cash to remodel the homes. They are not mansions but are nice livable places. The only criteria I have is I want the houses near the water or close. I know that land or homes near water hold their value and increase always. We have made an agreement to take over the business also last year. We don't pay a mortgage but have an agreement to help out her family financially in Vietnam which we do now anyway. Since all is paid for it makes my salary more worth. The wife saves all her money and we use my money and paycheck to do all this. She did shell out and pay for the house we live in now and is paying for most of the remodeling. I do almost all the remodeling myself. I am able and capable of doing it. I do hire help though as I am getting older. I can do all the work but still have to call an electrician to do some things. My wife is like a black hole for money. What comes to her stays there no matter what. I am proud of her for writing that check to pay for our home. Yes I did have seed money but I feel I earned it honestly. I am one of those that like to work. I have learned to also balance and have a good time. I do like to fish and golf is a passion. I did spurge and bought top of the line electronics like a Big honking TV and stuff to watch my Rockets. I have a nice set up to enjoy my sports. My babe understands and leaves me alone to jump and yell when something good happens. She don't care for sports but understands. I am grateful for this. No one has given me a dime to start out. My father taught me though to work and earn everything or it is meaningless. Maybe that is the difference. As a side. We want a big deck in back. I will buy the materials and build it myself. I have done it before and I know it will look awesome. My best friend I mentioned before is having bids now done on the costs to build his deck that his wife demands. I am shocked at the prices he is receiving. I told him to do it himself but he said he can't but if I were to help him he could. I reminded him that his wife has said that I am not allowed in their house as I am a bad influence. (Also she has made racial derogatory comments about my wife)
It's not about how much you make and spend, it's about how much wealth you can build over time by carefully investing money and not spending lavishly. I think wealth can be built by anyone that averages a reasonable salary (varies by location, but I'd say $60k in Houston) through the course of their career. If you start investing early and get to a point where you are saving a good chunk (25-50%) of your income and eventually living off of the dividends of your investments, you will become wealthy. To the point where you could easily live without a paycheck. This involves a lot of planning and discipline, like not buying a new $30k car every 4 years and buying more house than you can afford. Or racking up any other kind of debt.
YOU make 50k, your wife probably makes at least that much but from how you are saying probably a lot more than you. Your combined income is way higher than 50K, you own multiple houses not because of your 50k, but your combined incomes.
Lol My wife is Asian. She likes to shop but the difference is she will spend a huge amount of time shopping and end up buying a a garment or two that is on sale or the bargain rack for cheap. She saves all her money is known as a tight wad.
Lol Last year our combined income was a tad under 42,000. I know I said I make around 50,000 because that is what I used to average. A couple years ago I started working a lot less and take off a week here and a week there to do our personal building of an empire. (Small one at that) In the future here I am expected to work the same or even less so the income should not raise that much and so the 50,000 a year average will start going downwards. Apologize for not describing our entire life. I am due to start working locally and making a lot less per year but her income is increasing. By the time I retire at 60 (If I do) our income should be more than sufficient to get by well. Of course events may change things but we do save a lot anyway so hopefully my future will stay on course. I was not trying to be disingenuous.
wanted to add that I am in the process of closing on a nice property and my wife is wanting to buy another house with her savings (Of course I will have to do the remodel). Wanted to say this so others will not say I am being dishonest on my finances. We will pay all cash of course.
