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Background: I am 47 years old, married, with four children ages 17, 15, 7, and 5. My wife is a stay at home mom. I work as a professor and make about $125k per year.
I was calculating our household net worth after the neighbors recently sold their home, which is comparable to our home. With the crazy housing market and rising stock market, our net worth has now crossed $1 million. I really struggled financially when I was an undergraduate and graduate student but feel more secure now. Our mortgage at 2.1% (fixed) is our only debt. We should have the mortgage paid off in about 7 years. It is a little anti-climatic seeing that second comma on the balance sheet. Having a net worth of $1 million is not much these days, comparatively speaking.
Checking/Emergency Fund/Cash: $85k
House Value: $600k
Mortgage balance: ($125k)
Home Equity: $475k
Investments (Roth IRA-$80k, tax deferred retirement accounts-$339k, 529 accounts-$35k): $454k
Net Worth: $1,014,000
Here is a net worth progression for the last 10 years.
2010: $36,000
2011: $49,000
2012: $74,000
2013: $112,000
2014: $179,000
2015: $200,000
2016: $281,000
2017: $356,000
2018: $433,000
2019: $540,000
2020: $640,000
2021: $1,012,000
Good work mine just crossed $1e6 as well $1,000,426 to be exact according to Person Capital. 40 years old not married and won't be getting married. Getting rich slowly.
Background: I am 47 years old, married, with four children ages 17, 15, 7, and 5. My wife is a stay at home mom. I work as a professor and make about $125k per year.
I was calculating our household net worth after the neighbors recently sold their home, which is comparable to our home. With the crazy housing market and rising stock market, our net worth has now crossed $1 million. I really struggled financially when I was an undergraduate and graduate student but feel more secure now. Our mortgage at 2.1% (fixed) is our only debt. We should have the mortgage paid off in about 7 years. It is a little anti-climatic seeing that second comma on the balance sheet. Having a net worth of $1 million is not much these days, comparatively speaking.
Checking/Emergency Fund/Cash: $85k
House Value: $600k
Mortgage balance: ($125k)
Home Equity: $475k
Investments (Roth IRA-$80k, tax deferred retirement accounts-$339k, 529 accounts-$35k): $454k
Net Worth: $1,014,000
Here is a net worth progression for the last 10 years.
2010: $36,000
2011: $49,000
2012: $74,000
2013: $112,000
2014: $179,000
2015: $200,000
2016: $281,000
2017: $356,000
2018: $433,000
2019: $540,000
2020: $640,000
2021: $1,012,000
Yet Dave Ramsey would congratulate you on a job well done. You are one of the New Millionaires he loves to talk about. Next step is to get those children thru college if they wish. Getting that mortgage paid means you could make your Debt Free scream soon. Watch if your investments double in 7 years. then double again by the time you retire. Never too soon to plan if you have a pension + Social Security you could live on that.
The last step is start to have some fun with your money & time. Be generous.
Background: I am 47 years old, married, with four children ages 17, 15, 7, and 5. My wife is a stay at home mom. I work as a professor and make about $125k per year.
I was calculating our household net worth after the neighbors recently sold their home, which is comparable to our home. With the crazy housing market and rising stock market, our net worth has now crossed $1 million. I really struggled financially when I was an undergraduate and graduate student but feel more secure now. Our mortgage at 2.1% (fixed) is our only debt. We should have the mortgage paid off in about 7 years. It is a little anti-climatic seeing that second comma on the balance sheet. Having a net worth of $1 million is not much these days, comparatively speaking.
Checking/Emergency Fund/Cash: $85k
House Value: $600k
Mortgage balance: ($125k)
Home Equity: $475k
Investments (Roth IRA-$80k, tax deferred retirement accounts-$339k, 529 accounts-$35k): $454k
Net Worth: $1,014,000
Here is a net worth progression for the last 10 years.
2010: $36,000
2011: $49,000
2012: $74,000
2013: $112,000
2014: $179,000
2015: $200,000
2016: $281,000
2017: $356,000
2018: $433,000
2019: $540,000
2020: $640,000
2021: $1,012,000
Good work so far, but with 4 kids and a stay at home wife you could **** thru that money fast for several reasons. Keep up the good work. Put the wife to work.
Good work mine just crossed $1e6 as well $1,000,426 to be exact according to Person Capital. 40 years old not married and won't be getting married. Getting rich slowly.
Background: I am 47 years old, married, with four children ages 17, 15, 7, and 5. My wife is a stay at home mom. I work as a professor and make about $125k per year.
Great job OP! Welcome to the double come club!
Someone mentioned it, but a lot of your net worth is tied up in your home and as such is very illiquid. You may want to diversify some. Do you have a taxable brokerage account? That's an account you can invest and deduct from without penalty at anytime. Some would say you have a lot of cash that's just sitting and not making you much money. Have you considered letting some of that money work for you a little more? As an example, I moved a percentage of my emergency fund to a balanced fund in my brokerage account and that's made 12%ytd versus .5% in Ally.
Quote:
Originally Posted by SuiteLiving
SAHM with 4 kids has a more than full-time job already.
Seriously. My wife is a sahm to 3 kids, homeschools and takes care of the household. It's a full time commitment but that's something we discussed before getting married. It hasn't prevented is from having a 1.7m net worth as well.
It's those 4 kids that will continue to suck you dry. They're all gonna need money for college. Even with scholarships, they'll want cars and living expenses. When your house's value increases, so does the cost of housing for your kids when they go to college.
We crossed the $1m a while back and it took much less time to make the next million, but even with everything paid off and with a real estate portfolio, I've never felt secure and the kids think I'm cheap.
I guess it's all in the mind.
Quote:
Originally Posted by mnlaw1
I really struggled financially when I was an undergraduate and graduate student but feel more secure now.
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