Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
A lot of people are saying that living at home with their parents post-graduation was a good financial decision. I wonder what kind of financial impact that had on the parents?
Depends on whether the kids participated in expenses. If they didn't pay anything, then the parents would continue to have food and utility expenses (maybe others, but those would be significant), but in some cases, the kids contribute by paying rent or paying some of the utilities, or buying the groceries, or something. In those cases, the parents might actually save money also.
D.O.D./Librarian/Vacation Agent (Personal Business) job in my hometown - total $103K annually
Owning 4 Rentals (in the process of closing on another) total $6k per month
Living with my parent in their 2100 sq ft house paying utility bills. I've been here for about 2 months now and my parents like it. Call me spoiled but the best financial decision I ever made moving back in with my parents. I'll reach my monthly savings of $15k in no time. I'll guess my net worth is a little over 500k
Its all about cash flow with me
The goal is 45 years of age $15k, at 50 years of age $20K
Wow. Good Job. Barring inheritance , you are probably the richest 29 y/o I know. Your annual income is good but would not explain your net worth entirely. Can you tell me how you built up such a solid net worth at such a young age. You are essentially a millennial 1 percenter.
I lived at home for a few years, maybe 3, and was expected to pay utilities, buy my own food, do own laundry, pay my own bills, etc. Just didn't have to pay rent. I don't think I cost hardly much even in terms of wear and tear like a renter would. And it gave me a huge boost financially when I was just starting out. I'm in my mid-30s and if my parents lived nearby and I didn't have to pay rent I'd be tempted to move in again
I have a BIL who lived with his parents until he retired, nope, didn't pay rent, food, utilities and when he retired (his mother passed) and his dad is in bad physical health he moved over two hours away.
Wow. Good Job. Barring inheritance , you are probably the richest 29 y/o I know. Your annual income is good but would not explain your net worth entirely. Can you tell me how you built up such a solid net worth at such a young age. You are essentially a millennial 1 percenter.
You can PM me if you want. Thnx.
I'm not him, but how it might be possible:
Several years in military, did 1 or 2 deployments and banked the money - that could be anywhere from 30-75K bank. Invested that. Had military pay for college by getting as many credits as possible during service and then GI bill paying for college afterward. Made contacts with civilian contractors, transitioned to a DOD job in Washington D.C. area after honorable discharge paying in the 60-75K range to start, going up from there. Lives below means entire time.
I knew a handful of guys when I was in the military that maxed out everything they could in terms of what the gov't would pay - they always ate in the base dining facility, lived on base housing or took their housing allowance and lived well below means. Literally they spent almost nothing on themselves other than purely discretionary spending on entertainment - and that they were frugal on.
They volunteered for every deployment possible where saving 30-50K in a year is relatively easy depending on your rank. Some of these guys would volunteer for back-to-back 9 or 12 month tours - your pay is tax-free in that context AND you get hardship duty/combat zone pay. After a 5-7 years of war, 2-3 trips to Iraq or Afghanistan, these guys had something like $200-300K in the bank.
And then they went to work for civilian contractors or DOD civilian making double what they made in the service.
Where that doesn't fit with Mr.910nc's story is the wife and 2 kids. Living that kind of mercenary life was not friendly to relationships; those guys were never married. I'd also like to know where he got the capital to buy 4 rentals while in his 20s. That would have required at least 25-35K each for the down payment. Since he's making $6K per year on them, it suggests to me they're paid off - where did that capital come from?
My guess would be a moderate-sized inheritance or some other kind of windfall. There's no other way a person in his or her 20s can save up that kind of money unless he or she had some kind of exceptional skills that command a high salary. By "high" I mean high for a young person - 50% above median income so 75K+ more or less depending on CoL.
Last edited by redguard57; 12-15-2015 at 01:34 PM..
All of your assets (cash, stocks, bonds, land, ira etc.) minus all of your liabilities (cc debt, mortgage, loans, etc). Lets hear where you stand as of right now! You can ballpark it.
Oh yeah, include your age, single or married, and your profession.
57. Single (divorced twice), software engineer
I'm split roughly 50/50 between real estate and investable assets. I'm trying to double the investable assets over the next 8 years.
I'm split roughly 50/50 between real estate and investable assets. I'm trying to double the investable assets over the next 8 years.
Ballpark:
Pretty much the same here: 50/50 real estate, investment accounts=about a million.
Mid-30's, married, 4 kids
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
You can ballpark it.
