Hit the mark at 28 and have grown every year since (35 now). Like others have said it's not what you make but what you save. My wife and I make 250k+ but with 4 kids I don't feel I'll ever be able to stop working. Save as much as possible before the kids come!!

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Posted by jimbeam

University of LSU

Member since Oct 2011

75703 posts

Posted on 6/5/17 at 10:11 pm to xtrashot

That blows my mind. My parents raised 3 of us; catholic schools, each had a used car for HS/college, lsu tickets, etc on a fraction of that. And I know they're in a good position for retirement

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Posted by birdieman

New Orleans

Member since Dec 2012

1647 posts

Posted on 6/6/17 at 10:59 am to xtrashot

Tell us about your expenses.. We make half what you make and save a lot. Only have a mortgage payment though and only one income so no child care expenses.

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Posted by GenesChin

The Promise Land

Member since Feb 2012

37709 posts

Posted on 6/6/17 at 11:38 am to xtrashot

quote:
My wife and I make 250k+ but with 4 kids I don't feel I'll ever be able to stop working.

What is your expense breakout? Unless you are in an extremely high COL area, someone is spending too much money

quote:
Only have a mortgage payment though and only one income so no child care expenses.

I'm going to guess he is referring to paying for college 4x. If he combines that with say a nice home, new expensive vehicles and the works $250k isn't as much as you'd think

$400k, 30YR Mortgage + Insurance + Taxes: $2250+ (Prob low end)
$35,000 Truck, 60m 0% Loan: $631
$35,000 New Toyota Forerunner 60m 0% loan: $631
College Savings for 8YO complete cost: $500-750/mo

House + Car + College Monthly Cost = $5500 = $2250 + (~$625 x 2) + ($500 x 4)

Doesn't include all the other expensive things in life

This post was edited on 6/6/17 at 11:52 am

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