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32 Yrs Old
Male
North Carolina
Net Worth: +$800K (Real Estate) + Physical Income $75k=base Pay(I do tons of overtime which 2x my income to $150K) + $6K Passive Monthly Income + Wife Income $65K
My Net Worth Sky Rocket when I decided not to go to College but go into the military and buy distress properties and rent them out (I was Deployed 3x so I had a good start off)
I'm a Correctional lieutenant and SSG in the Army Reserves. So I got 2 Pensions heading my way!
I’m assuming there’s a story of how you got to $1.7M in ~13-15 years with a $150k HH income in your prime earning years.
Not really a "story"...but graduated in 2004 with BS. Masters 2007. First real job in 2004 at 47k. Left job in 2009 at 87k. New job at 110k.10k raises for 5 years in a row. Capped at 150k till now.
Bought home in 2008-2009 for 375k. Paid off in 6 years. Current value around 600k.
Other than that, just maxing out 401ks/iras and getting lucky with investing in large well established companies/ETFs (for the most part. Some mess ups too of course along the way).
Live below our means. (For the most past. My Tesla is my only vice). Save and invest about 4-5k each month after maxing out retirement accounts.
Not really a "story"...but graduated in 2004 with BS. Masters 2007. First real job in 2004 at 47k. Left job in 2009 at 87k. New job at 110k.10k raises for 5 years in a row. Capped at 150k till now.
Bought home in 2008-2009 for 375k. Paid off in 6 years. Current value around 600k.
Other than that, just maxing out 401ks/iras and getting lucky with investing in large well established companies/ETFs (for the most part. Some mess ups too of course along the way).
Live below our means. (For the most past. My Tesla is my only vice). Save and invest about 4-5k each month after maxing out retirement accounts.
I think they are asking how on your post-tax income you can pay off 375k mortgage and put aside 60k a year for retirement/investments. Basically 50% of your income goes to savings and 50% to pay off mortgage.
I think they are asking how on your post-tax income you can pay off 375k mortgage and put aside 60k a year for retirement/investments. Basically 50% of your income goes to savings and 50% to pay off mortgage.
He didn't say he had a $375k mortgage. You don't know what his down payment was.
We paid off $220k ($355K home) in under 4 years. I think for a year we just focused on the mortgage and didn't contribute beyond employer matching on a 401k and no IRA contributions either. Once the mortgage was paid off we maxed out 401k, IRAs (backdoor), sent money to taxable and another $4.5k monthly towards new home. It's amazing what happens to your cash flow once the mortgage is gone.
Not really a "story"...but graduated in 2004 with BS. Masters 2007. First real job in 2004 at 47k. Left job in 2009 at 87k. New job at 110k.10k raises for 5 years in a row. Capped at 150k till now.
Bought home in 2008-2009 for 375k. Paid off in 6 years. Current value around 600k.
Other than that, just maxing out 401ks/iras and getting lucky with investing in large well established companies/ETFs (for the most part. Some mess ups too of course along the way).
Live below our means. (For the most past. My Tesla is my only vice). Save and invest about 4-5k each month after maxing out retirement accounts.
It sounds like your total NW is greater than your total earned income. That’s insanely impressive. Congrats!
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