AgsMyDude said:

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Kansas Kid said:

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AgsMyDude said:

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45M here bringing in $600k

My wife is a SAHM to our 3 kids (13, 9, 8). Her OFs brings in ~$300K

The kids each run their own businesses and bring in a combined $750k that they see none of until 18.

We're worth ~11.5M today.

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Your kids are total slackers. You need to crack the whip on them a lot harder.

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You're right. The goal is they bring in $1M by EOY or they'll start being "home schooled"

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I assume you meant to add $1M EACH. Combined that is only a 33% increase which is totally unacceptable.

Brian Earl Spilner said:

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I'm in software/IT, have been working for 11 years, and am barely on track to hit $500k this year.

But when I consider where I was when I started (making $23.50/hour, with over $40k in student debt), I'm pretty happy with the progress I've made.

Paid my loans down aggressively until I managed to wipe them out in 2019, then paid $10k cash to buy out my leased car in early 2020 to kill all debt.

After that I was able to max out 401k, Roth, HSA, and throw in some mega backdoor Roth contributions. (Didn't even open my 401k until 2019 since I was only ever a contractor before that. Biggest mistake I've made in my financial journey.)

The vast majority of my net worth has come in the last couple years, and I feel like I'm finally seeing that early work start to pay off. I'm definitely behind where I'd like to be for my age (35), but trying to make up for it with the mega backdoor contributions.

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Too bad you did the right thing and paid off your student debt rather than waiting for interest waivers and debt forgiveness. The best return asset you could have had is leaving that debt in place and taking that money and putting into other investments. Thanks for doing the honorable thing.

Debt forgiveness.

Brian Earl Spilner said:

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I'm in software/IT, have been working for 11 years, and am barely on track to hit $500k this year.

But when I consider where I was when I started (making $23.50/hour, with over $40k in student debt), I'm pretty happy with the progress I've made.

Paid my loans down aggressively until I managed to wipe them out in 2019, then paid $10k cash to buy out my leased car in early 2020 to kill all debt.

After that I was able to max out 401k, Roth, HSA, and throw in some mega backdoor Roth contributions. (Didn't even open my 401k until 2019 since I was only ever a contractor before that. Biggest mistake I've made in my financial journey.)

The vast majority of my net worth has come in the last couple years, and I feel like I'm finally seeing that early work start to pay off. I'm definitely behind where I'd like to be for my age (35), but trying to make up for it with the mega backdoor contributions.

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wife and I were similar. Wife paid her way though most of her undergrad and all of her grad school.. we didn't have that paid off until she finished at age 30in 2010. I was a fortunate one to have A&M paid for (except for the last handful of classes)

I started tracking our net worth at that age.. we were an impressive $50k! I had a 401k for just a few years at that point. Then wife had one ffrom like 2012-2014.
Then we cashed out her TRS about age 35 after moving to CO. With her TRS and rollover and my rollover I put it all in stocks and mutual funds, and since then ~10 years ago, that's when all the growth really happened.

Little by little, it doubled, doubles again, doubles again and again... Investments alone today are hovering $1m.

Then we got lucky and bought a house in CO in 2012, paid mid $300k for it, it's $800+ today.

RangerRick9211 said:

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Hot take is to **** on people for not really being "wealthy" on the site you're paying to gen business. I don't need to be a billionaire to tell you that's bad business and simple poor taste.

Do you. I'm enjoying the show!

Edit: Seriously, it took me under a minute in your post history and your sponsor linked website to find you IRL, JP. Again, get a sock. I mean that sincerely. You'll never have my business, you're a bit of a dick, but it's the internet and that shouldn't impact you IRL. But seriously, you're on a sponsored account. What do you gain in this thread?

Edit on the edit: I actually read your TexAgs linked sponsored profile and I also went to GBC for almost 8 years before we left town. We were also comm leaders and I remain friends with West. What is you doing, dude? That's my point on posting this **** from a sponsor account that directly links to your face, name and your kids names. Come on.

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Had to stop by to say this part of the thread reminds me a bit of the ecoZapp gem a few years back, just to a much lesser intense degree

Nanoparticles!

Kansas Kid said:

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EvenPar said:

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You're thinking is right on! Too many pages in that code and I don't have time to learn it all.

My tax accountant and asset attorney work well together on my behalf in offsetting the majority of that burden through credits and various other vehicles, thankfully.

Lots of great discussion here. I'm impressed by those having success in their 20s and early 30s, wish I had that maturity in back in my 20s! Congrats!

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I have to admit that I have come to hate single member S corps. I am dealing with an estate in the family with one and the heirs get a step up in basis of the stock but not the individual assets within the company. Unfortunately, the only way to sell the company was to sell individual assets and pay the capital gains and worse, depreciation recapture which is at the max ordinary tax rate for an estate. The heirs will end up with a large long term capital loss but with no guarantee they can use the benefit of it. If it was an LLC, everything would have been liquidated with minimal or no tax to be paid.

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There are a couple easy transaction structures that solve this problem. I have used both for clients. One requires a little more work on the calculations, but also generally gets a bigger benefit to the buyer (increasing purchase price). The other involves a couple new entities be created.

Will try to get this thread back on track.

Just wanted to say I stumbled across this thread ten years ago at 25 making 41K and in debt.

Officially a millionaire by net worth , however not liquid. (10% there). Lots of great advice if you can wade through the millionaires pointing at one another on who's money making ability was better.

Things that made significant differences:
1) made the conscious decision to educate myself on financial responsibility. I came from paycheck to paycheck family and was taught none of the basic lessons.
2) Worked my ass off to create opportunities for promotion and got rid of all debt besides mortgage.
3) Waited for the right opportunities, not the fastest quick pay raise.
4) Investing both passive and active (Shoutout to OA on the latter)

Currently 35, will have my best year ever this year. Wife is SAHM with 3 daughters . When she goes back to work in a few years, we will be able to invest her entire salary, so living within means is a big one as well.

Appreciate everyone honest feedback on the thread so far. Many ideas I've used, some I'm not well versed enough on yet to utilize.

My goal in the next 5 years is to stash enough capital away to start my own thing doing what I do now. Not for the cash even, just the freedom to align with partners that make sense to me compared to someone's set format.


and for fun.... porta pottys. I also want take a serious look at getting into porta pottys on the side. Those things are cash cows from some of the acquaintances I have talked to about it.

Incredible job. Going from $0 (or negative) to 1M in ten years is amazing. Doing it while having 3 kids and a SAHM is extraordinary. Whatever you're doing keep doing it because that's an average of $100k per year!

To echo a poster above - a lot of diligence, some sacrifices, good decisions, and hard work.

I've bragged on my wife before on this board, but I don't think her contributions to reaching our net worth goals can be overstated. We've been committed to our goals and our decision-making as a team. We're both bought in to our vision and support each other. She brings a lot to the table in helping keep our costs as a family down. We're equals with different responsibilities.

If I didn't know better I'd think you were talking about my wife. I could not have done it without her. I know it's been stated before on this very thread, but one cannot underestimate how important choosing the right spouse is. In my opinion, it's the most important decision one can make when it comes to gaining wealth.

why can't it hardly ever be I married my wife and her substantial assets and income pushed our net worth over 7 figures?

EliteZags said:

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why can't it hardly ever be I married my wife and her substantial assets and income pushed our net worth over 7 figures?

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[raises hand]

My wife and I were DINKs most of our marriage. She always made more money than me and that gap only grew over time because she found herself in the executive ranks (not Baylor) the last few years she was in corporate. Never bothered me that she made more because she deserved it. We know several couples whose relationship went south when the woman made more money than the man. Many dudes simply can't handle it.

Anyway, we have since swapped roles. I'm now the bread winner and as she puts it she's my "pit crew". IOW, she's now a retired SAHW at 48. Having said that, she is actively working on launching her own independent consulting gig this year although she only plans to do that part-time. Her resume can't be matched by many so she has some good upside potential with what she is planning to do. Hopefully, it's successful because I plan on retiring again by 53 assuming our government doesn't destroy everything.

I think it's interesting how common it is for those saying they've experienced financial success (by their own definitions) the theme is a great wife, that often stays at home, and is a huge partner in achieving those goals

I actually think this sort of partnership is the most important part of the picture.

Speaking as the single mom who has done it without a partner, I think the more important quality is that both people have the same respect and appreciation for money and savings - regardless if both partners work or one stays home.

I realized early on that my son's dad and I were NOT on the same page when it came to money. So, I decided early on that we were not going to co-mingle funds. Fast forward 20 years, and the only things he's owned are a bunch of cars, trucks, motorcycles, and an RV. His mom passed away earlier this year, and he did inherit her house and property, but it's in rural MS and in bad shape. He's mot contributing to our son's college expenses - no one helped him, and he put it all on credit cards, so he just doesn't see the need to help. There were many times he struggled to pay the $504 in child support he owed.

He grew up in a family and area of the country where you spend what you earn and there is no reason to save. Retirement is social security and/or disability and Medicaid.

I mistakenly thought my good habits would rub off on him. Thankfully, I realized my mistake pretty early on.

Congrats. You did it in a way that was a lot harder than for most of us. I agree with the vast majority of what you said. You need partners that are aligned if you are going to have financial success and that alignment can't be to spend it like it is on fire.