There is nuance to everything and heavily career dependent on both parties.
millionaires
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Last: 22 min ago by MAS444
Wife was a teacher. Her main objective in life was raising kids. We decided early on her income didn't exist, we only lived off of mine. She took 10 years off from teaching, we lived nicely on my salary. Now that she is back working full time, we're still only living on mine. It makes maxing Roths, hsa, and 401/403 every year a lot easier.
Wife and I have both discussed one of us staying home with the kids but it's not a slam dunk for us finacially, she actually makes more than I do. We are mid-late 30s with a 3 year old and hoping for one more.
She makes 260k/year and I make 200k. I don't think either of us would be able to fully supplement the other's salary if one stops working. We are hoping that in ~10 years we can scale back to part-time work.
She makes 260k/year and I make 200k. I don't think either of us would be able to fully supplement the other's salary if one stops working. We are hoping that in ~10 years we can scale back to part-time work.
Never thought I'd make it here, but did a calculation (including home) and we are $1.01M, 36, married, 2 kids
2012 - Graduated A&M and started big boy job which got my 401k started (no where near maxing it)
2012-2018 - Paid my college debt, paid my wife's college debt, paid for a wedding, and paid off 2 cars
2019-2026 - Got a new job with significant pay increase and really started dumping cash into retirement, investing, and savings
Could have reached it much sooner, but that post grad era had a lot of debt to payoff. Wife and I come from no family wealth, so we're definitely proud. I'm in a job where layoffs are now common, so hopefully I can last here long enough to get some more buffer built in lol.
This thread was literally started shortly after I graduated college, so seeing these strategies really planted a good seed back then.
2012 - Graduated A&M and started big boy job which got my 401k started (no where near maxing it)
2012-2018 - Paid my college debt, paid my wife's college debt, paid for a wedding, and paid off 2 cars
2019-2026 - Got a new job with significant pay increase and really started dumping cash into retirement, investing, and savings
Could have reached it much sooner, but that post grad era had a lot of debt to payoff. Wife and I come from no family wealth, so we're definitely proud. I'm in a job where layoffs are now common, so hopefully I can last here long enough to get some more buffer built in lol.
This thread was literally started shortly after I graduated college, so seeing these strategies really planted a good seed back then.
sherminator said:
Wife and I have both discussed one of us staying home with the kids but it's not a slam dunk for us finacially, she actually makes more than I do. We are mid-late 30s with a 3 year old and hoping for one more.
She makes 260k/year and I make 200k. I don't think either of us would be able to fully supplement the other's salary if one stops working. We are hoping that in ~10 years we can scale back to part-time work.
How much do you spend per year? Ultimately what it comes down to. But yes, that would be tough to give up either of those.
Someone else on this thread has said it a couple times, and I agree, my wife staying home I believe has allowed me to pursue and focus on work more than if she didn't which in turn has helped me out on the $ side. We also had kids very early so when we decided for her to stay home she wasn't giving up some high paying career. No doubt she would be making pretty solid money now but I wouldn't trade it knowing how things have played out now. Having both spouses in corp. America with young kids is a grind I don't miss.
Not saying it can't work, but of the four couples I know of where the husband decided to stay home with kids, all four ended up divorcing within a decade. I'm sure there are success stories, but I think it is a challenging dynamic.
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sherminator said:
Wife and I have both discussed one of us staying home with the kids but it's not a slam dunk for us finacially, she actually makes more than I do. We are mid-late 30s with a 3 year old and hoping for one more.
She makes 260k/year and I make 200k. I don't think either of us would be able to fully supplement the other's salary if one stops working. We are hoping that in ~10 years we can scale back to part-time work.
Mid 30s combined...my wife and i never made what you made. Hell...mid 40's...combined...we barely make what YOU make. How much are you spending and on what???
sherminator said:
Wife and I have both discussed one of us staying home with the kids but it's not a slam dunk for us finacially, she actually makes more than I do. We are mid-late 30s with a 3 year old and hoping for one more.
She makes 260k/year and I make 200k. I don't think either of us would be able to fully supplement the other's salary if one stops working. We are hoping that in ~10 years we can scale back to part-time work.
Wow, that's a tough decision. I just have step-kids, but I can tell you from what little experience I have that staying home with teenagers is not going to be the same as with young kids. The lone remaining teenager we have barely comes out of his room without being asked to do so.
If your wife goes part time, y'all should be able to make that work with the money y'all make. Just food for thought. But you guys are crushing it - I understand why that's so tough.
Update to my earlier posts: Finally received all my inheritance after mom's passing. I decided to consolidate all my asset management under a single roof with one guy to review and manage everything. Plus, I don't just have a retirement account now - lots of real estate, bank stocks etc. We had seven different advisors on different accounts. The financial advisor has a very impressive pedigree and is with a great full-service firm. I will still have a small "play" account I manage but I have neither the time nor experience to balance all the various assets and adequately plan for the future. I need a comprehensive estate and retirement plan going forward.
I've had more time to think about it since receiving a larger than expected inheritance, and the truth is neither my wife nor I would be happy retiring now. We both have interesting jobs we enjoy, and we'd go nuts staying at home. My wife is definitely a workaholic and loves her job. She is the pediatric program manager for an entire hospital system. I'm 55 and I plan to work to 60 and then reassess. I could retire now but I'd be so bored I'd probably drink myself to death. I think I get why my law partners are in their 70s and still working although they are absolutely loaded.
I have the experience necessary (28 years in litigation) where I could become a mediator/arbitrator. Less stressful mediations/arbitrations would be a good "retirement plan' down the road to keep me busy on an ad hoc basis and still make a little money on the side. I do need to take more vacations now, though.
El Chupacabra said:sherminator said:
Wife and I have both discussed one of us staying home with the kids but it's not a slam dunk for us finacially, she actually makes more than I do. We are mid-late 30s with a 3 year old and hoping for one more.
She makes 260k/year and I make 200k. I don't think either of us would be able to fully supplement the other's salary if one stops working. We are hoping that in ~10 years we can scale back to part-time work.
Mid 30s combined...my wife and i never made what you made. Hell...mid 40's...combined...we barely make what YOU make. How much are you spending and on what???
We can live on just my salary. Most of my wife's salary goes into our brokerage account.
GeorgiAg said:sherminator said:
It's Wife and I have both discussed one of us staying home with the kids but it's not a slam dunk for us finacially, she actually makes more than I do. We are mid-late 30s with a 3 year old and hoping for one more.
She makes 260k/year and I make 200k. I don't think either of us would be able to fully supplement the other's salary if one stops working. We are hoping that in ~10 years we can scale back to part-time work.
Wow, that's a tough decision. I just have step-kids, but I can tell you from what little experience I have that staying home with teenagers is not going to be the same as with young kids. The lone remaining teenager we have barely comes out of his room without being asked to do so.
If your wife goes part time, y'all should be able to make that work with the money y'all make. Just food for thought. But you guys are crushing it - I understand why that's so tough.
Update to my earlier posts: Finally received all my inheritance after mom's passing. I decided to consolidate all my asset management under a single roof with one guy to review and manage everything. Plus, I don't just have a retirement account now - lots of real estate, bank stocks etc. We had seven different advisors on different accounts. The financial advisor has a very impressive pedigree and is with a great full-service firm. I will still have a small "play" account I manage but I have neither the time nor experience to balance all the various assets and adequately plan for the future. I need a comprehensive estate and retirement plan going forward.
I've had more time to think about it since receiving a larger than expected inheritance, and the truth is neither my wife nor I would be happy retiring now. We both have interesting jobs we enjoy, and we'd go nuts staying at home. My wife is definitely a workaholic and loves her job. She is the pediatric program manager for an entire hospital system. I'm 55 and I plan to work to 60 and then reassess. I could retire now but I'd be so bored I'd probably drink myself to death. I think I get why my law partners are in their 70s and still working although they are absolutely loaded.
I have the experience necessary (28 years in litigation) where I could become a mediator/arbitrator. Less stressful mediations/arbitrations would be a good "retirement plan' down the road to keep me busy on an ad hoc basis and still make a little money on the side. I do need to take more vacations now, though.
Yeah, the older kids not being as needy of parents makes sense. It's tough, feel like there is no right/wrong answer.
BIMS O1 said:
Not saying it can't work, but of the four couples I know of where the husband decided to stay home with kids, all four ended up divorcing within a decade. I'm sure there are success stories, but I think it is a challenging dynamic.
I'm a little surprised to hear this. I actually have quite a few friends where the husband either opted to stay home, or at least let his career take a backseat to the wife's (ie, wife's career dictated relocations), and they (seem to be) the happiest couples I know. No divorces at all. Granted, you never really know what goes on in a relationship, but the ones I know seem to make it work. I probably know at least 6-10 couples who have this dynamic, a couple even where the wife has held a CEO title.
Age/demographic would be born in the late 70s to mid-80s (so 40-50 at this point).
As you would expect, it puts the same pressure on the wife as it would the husband - main source of income, health insurance, etc. Whenever I mention retirement to one of them, I get the "I can never retire" response.
GeorgiAg said:sherminator said:
Wife and I have both discussed one of us staying home with the kids but it's not a slam dunk for us finacially, she actually makes more than I do. We are mid-late 30s with a 3 year old and hoping for one more.
She makes 260k/year and I make 200k. I don't think either of us would be able to fully supplement the other's salary if one stops working. We are hoping that in ~10 years we can scale back to part-time work.
Wow, that's a tough decision. I just have step-kids, but I can tell you from what little experience I have that staying home with teenagers is not going to be the same as with young kids. The lone remaining teenager we have barely comes out of his room without being asked to do so.
If your wife goes part time, y'all should be able to make that work with the money y'all make. Just food for thought. But you guys are crushing it - I understand why that's so tough.
Update to my earlier posts: Finally received all my inheritance after mom's passing. I decided to consolidate all my asset management under a single roof with one guy to review and manage everything. Plus, I don't just have a retirement account now - lots of real estate, bank stocks etc. We had seven different advisors on different accounts. The financial advisor has a very impressive pedigree and is with a great full-service firm. I will still have a small "play" account I manage but I have neither the time nor experience to balance all the various assets and adequately plan for the future. I need a comprehensive estate and retirement plan going forward.
I've had more time to think about it since receiving a larger than expected inheritance, and the truth is neither my wife nor I would be happy retiring now. We both have interesting jobs we enjoy, and we'd go nuts staying at home. My wife is definitely a workaholic and loves her job. She is the pediatric program manager for an entire hospital system. I'm 55 and I plan to work to 60 and then reassess. I could retire now but I'd be so bored I'd probably drink myself to death. I think I get why my law partners are in their 70s and still working although they are absolutely loaded.
I have the experience necessary (28 years in litigation) where I could become a mediator/arbitrator. Less stressful mediations/arbitrations would be a good "retirement plan' down the road to keep me busy on an ad hoc basis and still make a little money on the side. I do need to take more vacations now, though.
Absolutely great for you for taking the time to think through this and settle on something that works for yall.
Was able to produce at a higher rate this year and effectively doubled my variable comp.
41, closing in on $11.5mm. Think I have till 45 and gonna run down $20mm bf exit. Very lucky to have great coworkers and a wife that can man the fort with all the hours I'm gone/working
41, closing in on $11.5mm. Think I have till 45 and gonna run down $20mm bf exit. Very lucky to have great coworkers and a wife that can man the fort with all the hours I'm gone/working
Cyp0111 said:
Was able to produce at a higher rate this year and effectively doubled my variable comp.
41, closing in on $11.5mm. Think I have till 45 and gonna run down $20mm bf exit. Very lucky to have great coworkers and a wife that can man the fort with all the hours I'm gone/working
Sounds like you need to invite me to your suite at Kyle Field for some games.
This should kick off the annual net worth measuring contest with the leader effectively in the clubhouse.
There's money, and there's Texags money………
If you're not posting from a private plane, what's the point?
AW 1880 said:
This should kick off the annual net worth measuring contest with the leader effectively in the clubhouse.
We are $11.6M. Conveniently.
About $1.2 million between liquid/retirement assets and house.
I'm a multi-trillionaire in Iran
EliteZags said:
I'm a multi-trillionaire in Iran
So is your nemesis in Iraq, EliteZigs
He got in on the gwot Iraqi denar gold rush.
Vae Victis
Out of curiosity, I just looked at numbers for U.S. household net worth, and it would appear the last Federal Reserve data was surveyed in 2022 and released in 2023. The numbers are ridiculously skewed, much more than I would have ever thought. I'm sure it's been posted here elsewhere, but:
The average household net worth was over $1 million, yet the median net worth was less than a fifth of that - $192,000. The people at the very top skew the results that much.
Similarly, top 1% at the time of that survey was defined as a household net worth of at least $11.6 - $13.7 million. The average of the top 1%, however, was $26 - $31 million of net worth.
Households headed by a college graduate have a 4X higher household net worth than those headed by a high school graduate. ROI studies show that graduates of Texas A&M are 28% higher than national undergraduate averages, based on low cost of education and higher starting and mid career salaries.
I guess TexAgs rich IS a real thing.
The average household net worth was over $1 million, yet the median net worth was less than a fifth of that - $192,000. The people at the very top skew the results that much.
Similarly, top 1% at the time of that survey was defined as a household net worth of at least $11.6 - $13.7 million. The average of the top 1%, however, was $26 - $31 million of net worth.
Households headed by a college graduate have a 4X higher household net worth than those headed by a high school graduate. ROI studies show that graduates of Texas A&M are 28% higher than national undergraduate averages, based on low cost of education and higher starting and mid career salaries.
I guess TexAgs rich IS a real thing.
Households headed by a college graduate have a 4X higher household net worth than those headed by a high school graduate. ROI studies show that graduates of Texas A&M are 28% higher than national undergraduate averages, based on low cost of education and higher starting and mid career salaries. Further studies show that posters on the B&I board of Texags, particularly those who post on the millionaires thread, are 99% richer than the average aggie.
Updated it for you.
Updated it for you.
He Who Shall Be Unnamed said:
Out of curiosity, I just looked at numbers for U.S. household net worth, and it would appear the last Federal Reserve data was surveyed in 2022 and released in 2023. The numbers are ridiculously skewed, much more than I would have ever thought. I'm sure it's been posted here elsewhere, but:
The average household net worth was over $1 million, yet the median net worth was less than a fifth of that - $192,000. The people at the very top skew the results that much.
Similarly, top 1% at the time of that survey was defined as a household net worth of at least $11.6 - $13.7 million. The average of the top 1%, however, was $26 - $31 million of net worth.
Households headed by a college graduate have a 4X higher household net worth than those headed by a high school graduate. ROI studies show that graduates of Texas A&M are 28% higher than national undergraduate averages, based on low cost of education and higher starting and mid career salaries.
I guess TexAgs rich IS a real thing.
Two things:
1. Cyp0111 - you should be ashamed of yourself. HOARDING all that wealth. Give it to Mamdami, AOC and Bernie Sanders (and GeorgiAg) immediately for the greater good. If you exclude real estate from the net worth calculation, I don't have half of that.
2. Gig 'em. Ags are good people.
cgh1999 said:
Households headed by a college graduate have a 4X higher household net worth than those headed by a high school graduate. ROI studies show that graduates of Texas A&M are 28% higher than national undergraduate averages, based on low cost of education and higher starting and mid career salaries. Further studies show that posters on the B&I board of Texags, particularly those who post on the millionaires thread, are 99% richer than the average aggie.
Updated it for you.
Start a LOLpoors thread. Then we can have a **** measuring contest on who is the most broke and invests the worst.
Edit: Nevermind. We already have the WWR thread.
cgh1999 said:
Households headed by a college graduate have a 4X higher household net worth than those headed by a high school graduate. ROI studies show that graduates of Texas A&M are 28% higher than national undergraduate averages, based on low cost of education and higher starting and mid career salaries. Further studies show that posters on the B&I board of Texags, particularly those who post on the millionaires thread, are 99% richer than the average aggie.
Updated it for you.
This is another reason why we need to have a separate thread or up the threshold for this one...which should be $5M minimum. Would clear out a lot of the riff raff on here.
At minimum it should be $2M+ for married folks.
Or at least $1.433MM which is an inflation adjusted basis from the original post.
AW 1880 said:
This should kick off the annual net worth measuring contest with the leader effectively in the clubhouse.
He's not even close
f burg ag said:AW 1880 said:
This should kick off the annual net worth measuring contest with the leader effectively in the clubhouse.
He's not even close
Gauntlet thrown down!
Cyp0111 said:
Was able to produce at a higher rate this year and effectively doubled my variable comp.
41, closing in on $11.5mm. Think I have till 45 and gonna run down $20mm bf exit. Very lucky to have great coworkers and a wife that can man the fort with all the hours I'm gone/working
What degree path lead you to this point? Obviously, there's a lot more to than just your major, but curious.
Finance, I'm happy to have an offline discussion on ultimate career path if something you're interested in
I thought as much and appreciate your response. I unfortunately had to Q drop FINC 341 honors not once, but twice. Maybe I can steer my children in that direction though...my first grader can solve equations I couldn't grasp as a fifth grader.
El Chupacabra said:
Wife was a teacher. Her main objective in life was raising kids. We decided early on her income didn't exist, we only lived off of mine. She took 10 years off from teaching, we lived nicely on my salary. Now that she is back working full time, we're still only living on mine. It makes maxing Roths, hsa, and 401/403 every year a lot easier.
My wife was a teacher as well. When we started planning to have children, she asked if she had to go back to work after the baby was born or could she stay at home. I told her that was her decision, and I will figure out how to make either work. She wanted to stay at home. I started cutting expenses once I was told the game plan.
To make it all work, we decided to take part of every check the year prior to her being pregnant, and put it in savings. It started at $22.22 from the first check, and each check we increased it by $22.22. All of the last check went into savings. We weaned ourselves off her salaray Then, the next year when we had our first child (April birth) we put all of her checks into savings. Once the account accumulated $500 or $1,000, I would buy a CD at Benjamin Frankin Savings, interest rates were in the 12% to 17% range or so. Then, as they matured, typically one every month, we might take part of it to spend, and part would go into savings and then another CD would be bought when we had enough. Since we were used to living on just my income (a whopping $33,000 a year, lol) we often just let them automatically renew. As I recall, those CDs lasted just over 5 years.
She stayed at home until our third child went to first grade, so she was out of teaching around 14 or 15 years and then went back.
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