I am 36 years old and have been busting it the last few years to put my family in a good position. I finally feel like I'm in a position to do that. Have 3-4x my income in the last 8 years while living beneath our means and want to leverage the position I'm in to grow some serious wealth. Here are my stats:
Cash in hand: $125k
Home Equity: $280,000
Money to put into wealth building: $5k/month
I don't have any money in the market right now because I used about $30k in stocks to buy/sell my first real estate deal which turned into two others which is how I got the $125k cash in hand in about 3 years. Again, I know I'm "behind" by that metric, but I was literally making $30k ten years ago, and we've had four kids with my wife staying at home.
So what would you do to grow your wealth if you were in my situation? My goals (not in order):
Pay for kid's college (4 kids)
$12k/month cash flow by 56
Retire with enough to live comfortably and pay for generations of grandchildren's college
Cash in hand: $125k
Home Equity: $280,000
Money to put into wealth building: $5k/month
I don't have any money in the market right now because I used about $30k in stocks to buy/sell my first real estate deal which turned into two others which is how I got the $125k cash in hand in about 3 years. Again, I know I'm "behind" by that metric, but I was literally making $30k ten years ago, and we've had four kids with my wife staying at home.
So what would you do to grow your wealth if you were in my situation? My goals (not in order):
Pay for kid's college (4 kids)
$12k/month cash flow by 56
Retire with enough to live comfortably and pay for generations of grandchildren's college