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slum lording
Old 06-02-2006, 11:07 AM   #1
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slum lording

Hello all.

Introduction about myself:

I am from Ottawa, Canada, 32 yrs old, DW is 31 and new baby boy - 4months

Our single 4b home is paid off. We own 6 rental units with great tenants and will be completed paid off in 5yrs or 4 if we make aggressive payment. I am in the process of buy a fixer upper triplex.

My wife is on mat leave but I don't think she is going back to work - maybe part time for the social interaction with adults. We are financially fine if she dicided not to go back to work but if she works for two more years our rental property would have less mortgage balance.


I am gald that I found this site. I have not told many people of my situtation because many cannot relate. I felt alone, thinking I was the only one wanting to retire early and be be FI by 35yrs old and have the option to RE. I will likely not stop working but will find a job that would allow me to work less.

Being the oldest of 7 children and an immigrate to Canada, I have always been good with my money and knew the difference betweeen needs and wants. I can live below my means but a the same time I have enjoyed my life. I have travelled to USA (Florida, NYC, LA, Las Vesga), Hong Kong, China, and this summer our family is going to Europe. My wife and son are staying for 5 and I am staying for 3 weeks.

My problem is I have a wife who likes to spend money. She wants to enjoy the "good life". There is nothing wrong with it, but it does not make me any happier. I am a simple guy with simple needs. I do it for my wife - but she said it show when I am not enjoying myself. I tell her that it should not about spend money to enjoy life.

Anyways, I am looking forward to hear your comments and stories. This forum has really motivate me to aim for FIRE.







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Re: slum lording
Old 06-02-2006, 11:40 AM   #2
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Re: slum lording

Welcome to the board, VT. Sounds like you guys are practically FI already...
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Re: slum lording
Old 06-02-2006, 11:51 AM   #3
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Re: slum lording

That's an outstanding job for a 32 year old... especially if your Mrs has a fondness for the spending.

Welcome.
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Re: slum lording
Old 06-02-2006, 12:13 PM   #4
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Re: slum lording

Welcome VT...Very Impressive job!

I remember back to when I was 32.....

$60k in debt.
$1k in savings (on a good day)
2 kids
1 working wife who could not understand money did not grow on trees.
Worked for megacorp 60+ hours a week.
Had 2 weeks of vacation that we used to see family 800 miles away.
No portfolio, no assets other than the heavily mortgaged house and cars. (one was a Pinto )...
You get the picture. :P

I am doing much better now.


You have done very well and should be proud of what you have accomplished.

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Re: slum lording
Old 06-03-2006, 03:33 AM   #5
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Re: slum lording

Quote:
Originally Posted by vt74
My problem is I have a wife who likes to spend money.* She wants to enjoy the "good life".* There is nothing wrong with it, but it does not make me any happier.
you two are still very young and so you have time for your wife's attitude towards money to mature.

i have an older cousin whose wife loves spending. he is in his 70s & will be working until he drops.

my sil started off as a spender. i backed off my ol'man's invitation to come into the family biz partly because i saw that my brother was going to need that cash both for kids and to satisfy his wife's very poor spending habits.

sil was not raised in a monied family and had little understanding of how to handle money or even what it is for. i remember being stunned one day, early on, when she said to me, "if you ever drop by and i'm not home just come to the mall; we'll be there."

on another day i said to her, "if you don't learn to control your spending, all the merchants in town will have all your money and you'll be left with none."

it took a number of years and maybe a few years off my brother's life but she has learned to become much more responsible in her attitudes towards money. though there's still a bit of the old sil hanging on.

my brother at 52 works to get her to understand how badly he wants to retire. about a year ago she said "how can he give up the company if it is still making money." (as if it was making money by magic.)

finally, now that my brother is stressed to the max between paying three kids thru college, keeping her happy in their minimansion, lots of really nice vacations, caring for our dieing mom, finally she's starting to get it. "oh, it's when you work the company that it makes money." you have to work this thing?

the other day i was chatting with sil and i could finally sense her capitulating, that she would not work my brother to death but be satisfied with simply being financially independent. there are worse things in life ya know.
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Re: slum lording
Old 06-03-2006, 06:49 AM   #6
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Re: slum lording

I am the same age. I have most of my house paid for. And one rental that I still owe a good amount on. I am always amazed how terrific my rental does compared to my other investments. I think I might want to buy anouther piece of real estate. Although I have been thinking about some commercial real estate.

Here in Colorado my Douplex cost me $220k.

How did you accumulate so much property?

What do you look for in a property?

How much does each one cost, and how much to you put down?

Last night I was doing some math and I found that my $220k rental peals off the same amount of spendable income as $450k with 4% consuption. With that kind of return I want more.

Rodger
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Re: slum lording
Old 06-04-2006, 05:56 PM   #7
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Re: slum lording

Quote:
Originally Posted by vt74
My problem is I have a wife who likes to spend money.* She wants to enjoy the "good life".* There is nothing wrong with it, but it does not make me any happier. I am a simple guy with simple needs. I do it for my wife - but she said it show when I am not enjoying myself. I tell her that it should not about spend money to enjoy life.
Dear VT,

You have Problem #4 on the list of the 10 largest problems with women. Better to have than #s 1 through 3.*

Does she especially like shoes?

Your friend,
Ha
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Re: slum lording
Old 06-04-2006, 06:54 PM   #8
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Re: slum lording

vt,
Welcome to the board. It sounds like you guys are making terrific progress.
My wife spends money on things I'd never buy (if Mr Longaberger or his kin should one day step in front of my car, I won't be responsible for my actions), but it is really small potatoes, so it hasn't been an issue for us. It is something we joke about, and also lets me buy a frivolous thing now and then without feeling too bad. I'm lucky in that she has always been willing to up the savings rate when my pay increased, and neither of us ever wished we were saving less. It sounds like you guys are doing well: While her fondnesss for spending may be setting you back compared to what "could be," you are still on track.
If this is a source of friction for you guys, it might be useful to have the discussion one time concerning how much you'll save each month (or how much you'll pump into the rental business, or even what the monthly spending budget will be). This is your chance to put everything on the table and to make your best case for attaining FI and an ER that will allow you to spend more time together while you are still young. Then, if she agrees to this, don't say a word if she spends every dime up to the limit you've agreed upon. You concentrate on growing the rest. Provided you both respect the agreement, this could help assure that each purchase or purchasing decision doesn't become a source of friction between you--or worse, a source of pent-up resentment.

But, hey, what do I know . . .

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Re: slum lording
Old 06-05-2006, 10:37 AM   #9
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Re: slum lording

You have Problem #4 on the list of the 10 largest problems with women. Better to have than #s 1 through 3.

Does she especially like shoes?

What is #1 to 3 - I would bet she haves them.

She buys shoes and never wear bc she does not have an outfit to match. She buy purses bc it was a "must have" item and now she would not use it bc it is not appealing.
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Re: slum lording
Old 06-05-2006, 10:56 AM   #10
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Re: slum lording

Here in Colorado my Douplex cost me $220k.
Duplex in Ottawa can cost $220 K and more.

How did you accumulate so much property?
I paid off my house first at age 29.

What do you look for in a property?
My first property is a triplex. It was on the market for over a year. The listing agent wanted $210 and it needed TLC. I made an offer for $120K and after a few months and negotation we settle for $138 k. Now I am making $2090/month. I spent no more than 3K on renovation but I spent many hours working. My realestate agent said that I can have it on the market for $240K. I have no intention of selling because it is a cash cow and in a good location. It is very easy to rent out. I have had for 2. 5 years and I have only had two vacant months (1 apartment at a time). Last 6 months I spent 2 hrs on it.

My hobbie is to view a lot of properties. I never like properties that are in "move in condition" because the seller has spent money on it and would like to get it back and plus some. I buy properties that needs TLC - only because I good with my hands.

Another example. I purchase a semi-detached home for $80K with a closing date of two weeks (Oct. 15, 2004). I have spent about 2K and the tenant (by the way the best tenant so far) hinted that she wanted to buy the place. I figured I can get $180K but would settle for $160K.



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Re: slum lording
Old 06-05-2006, 11:05 AM   #11
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Re: slum lording

It sounds like you guys are doing well: While her fondnesss for spending may be setting you back compared to what "could be," you are still on track.

I believe her spend is on the higher end but I don't think it is ridiculously bad and it could be worst. I think my comfort level for spending is way less than her. But I cannot compare since I am a guy. She said that I owe for life for carry the baby. I guess I will have to except it because I want her to be happy. If I have a happy wife - I will have a happy life.
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