Who here is wealthy?

[SMKR]

Our day care is 2 times our cheap house payment.

one of the main reasons we left the metroplex (Flower Mound) was childcare costs. After #3 started at daycare our monthly child care costs were $3300/month and that was it for us.

[SMKR]

I'm referring to those who have limited liabilities and an abundance of profit generating assets.

Who makes enough on investments(assets) to live without a 9-5.

I would like to hear the stories for those who have escaped out of the rat race, what did you invest in, stocks, businesses, real estate, etc. Care to share your story? I, like the high majority of Americans, have been putting too much money in the liability column and I would like to shift it to the asset column.

<-------------- not financially wealthy.

The people I know that are wealthy are either business owners or inherited their wealth.

[AdamLX]

Lol, everyone here does that...

I assumed everyone maxed by March here.

[slow99]

If someone is maxing the 401k and still looking to put some back, then I'm betting they don't qualify for a ROTH IRA.

[talisman]

If someone is maxing the 401k and still looking to put some back, then I'm betting they don't qualify for a ROTH IRA.

I will see your bet and raise you that they won't be asking for DFWM's advice on the subject of investing as well.

[slow99]

I will see your bet and raise you that they won't be asking for DFWM's advice on the subject of investing as well.

Lolz yeah. Fwiw tee shock, mine goes 401k, Ira, fidelity brokerage account.

[Sleeper]

Mine will be an inherited wealth and even then its not much. Couple mil in land assets. Im trying to add to it buying more land when i can.

All it does now is let me scrape out a small living. Maybe 50k a year.

[War Machine]

all I got to say is CHOOOOOOFUCK'NCHOOOOOOO when the ol ladys parents die.

[Baron Von Crowder]

FWIW, there are a few that I know that are wealthy enough to live a "normal" life on investments and such, but they have no interest in being stagnant and spend their time and money making more.

I doubt I'll ever stop working in one form or another.

[bucky]

The real ballers were all banned...everyone left here are old and broke.

[Y2KSilverGT]

listen t.o slow99 - max your 401k + Roth IRA and let the markets do the heavy lifting for building wealth (ie compound interest)

A good book to read and applies to everyone baller or non-baller is The Richest Man in Babylon

It's your lucky day dfwmustangs here is a free link http://www.ccsales.com/the_richest_man_in_babylon.pdf

You are welcome

[95ragtop]

You just have to find what works for you. I was going to get a fourplex and let the tenants pay the mortgage, but the wife said nope. After I got my house lenders wanted 30% down on an investment property, but since I wasn't making Choo-Choo $$$ yet I just threw it into the stock market. I have looked into small side businesses, but being in the military and moving every several years really screws with that.

If I could live in one place I probably get into car washes, vending machines, laundromats, or storage units.

But since I can't I plan on following something like this in the next several years.

http://www.biggerpockets.com/renewsblog/2012/12/12/make-a-million-dollars/

[Roscoe]

Lolz yeah. Fwiw tee shock, mine goes 401k, Ira, fidelity brokerage account.

The problem with that is you don't want to invest in IRA funds and co-mingle pre/post tax funds, or at least that's my perception.

My IRA is my 401k rollovers and my 401k is current employer. After that it's eTRADE for stocks, physical gold/silver, and fidelity investment account...

I'd probably change that stuff up, but someone never told me a direction...

ROTH eligibility stops at $192k/yr household for 2014...

[SVT Lurch]

You just have to find what works for you. I was going to get a fourplex and let the tenants pay the mortgage, but the wife said nope. After I got my house lenders wanted 30% down on an investment property,

You can do less if you move into one of the units, then it's considered owner-occupied.

[Sgt Beavis]

Its to the point where a stay at home parent will be back imho. Unless there is a way to write it off.

I dont have kids so i dont know wtf you guys go through. I just see dollar signs flying.

Agreed. It is why I'm happy to have my wife at home with our son. She made OK money but a good chunk of that would be gone if we had to use day care. Big bonus for me is that I got a personal assistant out of the deal.

I haven't been employed since 04

That explains..... A LOT.

This. If you haven't maxed out your yearly contributions, don't mess with anything else.

More specifically, maxing out the part that is matched by your employer. I wouldn't put anything more than that into a 401K. I'm happy with the free money but the investment options are way to limited.