Author Topic: Wife and I cleared $1M  (Read 2834 times)

tips^up

  • 5 O'Clock Shadow
  • *
  • Posts: 51
Wife and I cleared $1M
« on: March 08, 2019, 10:39:05 AM »
This is a total braggadocios post, patting myself on the back and sharing my experience.

Age 34, wife 32.  Surprisingly, alarmingly actually, my wife and I combined are a millionaire.  Before marriage, but already seriously dating, we bought a house at the depth of the recession (2013) with an apartment over the garage.  I am a real estate appraiser (Certified General Appraiser, nearly an MAI) by trade.  I am well aware that luck is involved in our situation, but I am tuned in and leapt on a good opportunity at the best possible time.  We lived in the apartment, rented out the front, nearly broke even for $0 mortgage/rent.  This enabled us to save us money quickly. I used some of it to buy a rock attached to precious metals and she let me put it on her finger (modest diamond ring on white gold, we got married).  She's even more frugal than me and has been a positive influence on my spending and savings.

We saved up for another down payment and bought a 2nd house across town, this one with a lockoff downstairs.  Gross cash flow from the 3 total units now matches my work salary.  Net is much much lower with massive mortgages, but in 30 years or however it goes, we'll be set up really well.  We live in an expensive area, near Vail, CO, so home prices are not affordable unless there is renting capabilities, in my opinion.  But rents are very high and home values have climbed big time since purchase.

I've got high interest checking account and savings with CityWide Bank.  401 and 457 through work (diversified Vanguard index funds w low expense ratios).  Just started a Roth IRA (Vanguard) in December when the market was crashing so it already looks really good and I was able to max out $5500 2018 contributions last week, and plan to max out 2019 $6000 too (hopefully).  When I started my job, they offered an HSA and I maxed it out when available.  Its now w Lake Michigan Credit Union and just this week I put it into HSA Investment account (w LMCU), entirely in Vanguard Admiral shares.  Before our wedding, we started a joint Betterment account (post-tax post-tax) to save for the big day.  At the time of the wedding, it was not worth what we put in and my wife said, we'll pay for our frugal day (about $15k) out of savings and let the stock market ride.  I've continued funding it and it is now worth more than we've invested.  Wife has checking, savings, retirement.

Between the 2 properties, I estimate current value of $1.3M.  Outstanding mortgages total $680k.  Equity $600k+.  We do not plan to sell either in the near future.

I put down all my stuff in a spreadsheet in early January, which was nice to get an organized visual of everything going on.  Wife finally did it last night.  Since January (mostly stock market effect on retirement/betterment), personally I'm up $45k.  In 2 months.  That's more than I made for many years and jaw dropping for me personally.  Adding both of our stuff together, plus the RE equity, this month we crested 7 digits.  Unbelievable!  Keep saving, buy assets not liabilities, don't have kids!  Also, my wife is due with first child in July.
« Last Edit: March 08, 2019, 10:42:40 AM by tips^up »

gwhunter

  • 5 O'Clock Shadow
  • *
  • Posts: 20
Re: Wife and I cleared $1M
« Reply #1 on: March 08, 2019, 12:38:18 PM »
Congrats on both milestones! 

TexasRunner

  • Pencil Stache
  • ****
  • Posts: 926
  • Age: 28
  • Location: Somewhere in Tejas
Re: Wife and I cleared $1M
« Reply #2 on: March 08, 2019, 03:16:42 PM »
Keep saving, buy assets not liabilities, don't have kids!  Also, my wife is due with first child in July.

LOLOLOLOLOLOL

Well done!  Its great to have a forum like this that gets it...  When I tell people at work that I'm on track to retire in 13 years (at 40) either their eyes glaze over or they get that "I Call BS" expression on their face.  Its nice to have somewhere to post stuff like this and people 'get it'.

Either way, congrats!

zedpol

  • 5 O'Clock Shadow
  • *
  • Posts: 38
Re: Wife and I cleared $1M
« Reply #3 on: March 10, 2019, 08:52:26 AM »
Keep saving, buy assets not liabilities, don't have kids!  Also, my wife is due with first child in July.

I loled at this.
Well done! Shows you the power of investing.  I find it surprising how much I enjoy hearing about other people's success.  So,  thanks for sharing.  My only caution is to make sure you have plenty of liquidity
.
-z

myemail1045

  • 5 O'Clock Shadow
  • *
  • Posts: 10
Re: Wife and I cleared $1M
« Reply #4 on: March 10, 2019, 01:15:11 PM »
That's a great story. thanks for sharing. Wish you two the best for upcoming years and parenthood.

The Keen Saver

  • 5 O'Clock Shadow
  • *
  • Posts: 17
  • Age: 25
  • Location: Dublin, Ireland
  • Striving for FI, no plans to RE yet.
Re: Wife and I cleared $1M
« Reply #5 on: March 11, 2019, 03:43:39 AM »
Congrats on the achievement. The hard work pays off!

I'm a red panda

  • Walrus Stache
  • *******
  • Posts: 8009
  • Location: United States
Re: Wife and I cleared $1M
« Reply #6 on: March 11, 2019, 07:04:35 AM »
Congratulations!

When we found out we were due with our first, we moved the equivalent of a daycare payment into Vanguard. Just to move it out of the cash flow.  Then, by the time we were ready to pay for daycare, it had been off our radar long enough that we used some different cashflow to pay for daycare and we kept this extra investment.


ny ny

  • 5 O'Clock Shadow
  • *
  • Posts: 7
Re: Wife and I cleared $1M
« Reply #7 on: March 11, 2019, 07:51:49 AM »
That's so awesome, OP!  This is my first post here and it's stories like this that inspired me to join. 

Versatile

  • Stubble
  • **
  • Posts: 125
Re: Wife and I cleared $1M
« Reply #8 on: March 12, 2019, 09:07:02 PM »
Two people sharing the same goals and working hard are exponentially better equipped to accomplish what you two have done as a team.  Excellent job.

And your last line was pretty funny too. ;)

tips^up

  • 5 O'Clock Shadow
  • *
  • Posts: 51
Re: Wife and I cleared $1M
« Reply #9 on: March 13, 2019, 05:18:05 PM »
Thanks all.  Debating whether to start a 529 now or follow this plan:

https://www.biggerpockets.com/blog/stop-contributing-529-plans/