The Recovery and the Ultra Wealthy

[Nords]

Quote:

Originally Posted by justin I want her to work so I can reach FIRE earlier though.

Sounds like she's already reached FIRE! Er, well, as long as you keep working...

[laurence]

DW just mentioned she wants to "explore" the possibility of being a stay at home mom before we have the next kid. And we just broke even on her graduate degree.

We think we are going to start "trying" in two years, so until then, both the FIRE path and the "get ready for one income" path are on the same road. But our household income is almost triple the median, so I too believe this choice is a luxury for the few.

[Texas Proud]

Quote:

Originally Posted by razztazz This means it is NOT very do-able. It is a fringe possibility manageable by only a few. So, then where is the progress of the last 50 years?

Razz,

What I am saying is that it is doable for a lot more people than they think... It is that today's society says we should have this and that etc. etc. which cost a lot of money. You do not have to have them. Why buy your kids a cell phone? Most everybody on this board grew up just fine without owning a cell phone... Why have cable TV at $50 to $100 per month... we only had 3 to 5 channels... Why have an SUV and maybe two other cars, a big boat, a big house, maybe a vacation home or timeshare.. I can go on and on of why people think they have to have two incomes, but most people on this board do not think this way...

I am not saying that you should have a stay at home parent, just that it is a lot more doable than most people think. You might not be able to retire early and money is tight, but it is there.

Texas...

[razztazz]

Quote:

Razz, What I am saying is that it is doable for a lot more people than they think...

OK. THAT I can agree with. Yes, MOST people just sort of bend over and take it without looking at what ELSE could work for them

[moghopper]

Quote:

Originally Posted by Laurence We think we are going to start "trying" in two years

Don't forget to practice.

[laurence]

Quote:

Originally Posted by moghopper Don't forget to practice.

Oh yeah! I've gotten really good at begging!

[brewer12345]

Quote:

Originally Posted by Laurence DW just mentioned she wants to "explore" the possibility of being a stay at home mom before we have the next kid.* And we just broke even on her graduate degree.* We think we are going to start "trying" in two years, so until then, both the FIRE path and the "get ready for one income" path are on the same road.* But our household income is almost triple the median, so I too believe this choice is a luxury for the few.*

Laurence, I don't know how feasible this is for your DW, but when it became clear that my DW was going to be staying home at some point, she set up her own business. She only sees a couple of clients a week and grosses $5 to 7k a year, so this isn't a big money maker at the moment. However, it keeps her options open by keeping her active in her profession and gives her something to put on her resume if she ever needs to do so. Since my DW is more extroverted than I, it also helps her with being social.

[laurence]

Quote:

Originally Posted by brewer12345 Laurence, I don't know how feasible this is for your DW, but when it became clear that my DW was going to be staying home at some point, she set up her own business. She only sees a couple of clients a week and grosses $5 to 7k a year, so this isn't a big money maker at the moment. However, it keeps her options open by keeping her active in her profession and gives her something to put on her resume if she ever needs to do so. Since my DW is more extroverted than I, it also helps her with being social.

On the same page! Her work is often outsourced/consultant, and we are also trying to dip our toe into real estate/rental properties. We are hoping she can do both from home, bring in a similar amount as you mentioned above.

[brewer12345]

Quote:

Originally Posted by Laurence On the same page!* Her work is often outsourced/consultant, and we are also trying to dip our toe into real estate/rental properties.* We are hoping she can do both from home, bring in a similar amount as you mentioned above.

I would probably hold off on the rental properties. The nice thing about consulting is that you can make it go away if you need to. It is considerably harder to make your rental-related tasks go away.

[MRGALT2U]

Quote:

Originally Posted by brewer12345 I would probably hold off on the rental properties.* The nice thing about consulting is that you can make it go away if you need to.* It is considerably harder to make your rental-related tasks go away.

I've done both, and while I agree with the above post, I would still opt
for the rental properties. You don't have to sell your services and you have a lot
more control over the results.

JG