Here's How Much Income You Need to Earn to Truly Build Wealth

[@terrysaunders7107]

You are absolutely right. 16 yrs ago I started my household on 60k and it was financially miserable. It got bad enough to go back to school - which was a different kind of miserable. Yet having enough income to cover everything and have something left over is so less stressful. Took my oldest and some friends to our local amusement park for their 16th birthday and being able to not count the cost was priceless. We haven't hit the 140k mark yet I don't miss out on my kids. 111k is close enough so far.

[@bobb7918]

Zacc is a good advisor. He has a way of laying things out little by little so you don’t feel overwhelmed.

[@Theretirementnerds]

He is fantastic! Thank you for watching!

[@guruthossindarin3563]

Use of the terms offense and defense is throwing me bigtime. I'm too literally minded for that 🤣

[@Theretirementnerds]

Haha! I'll let Zacc know to not think in sports terms :)

[@ph5915]

Hmm. Supposedly I have enough $ in retirement. I am approaching the "target" amount I had in mind about 10 yrs ago with what I thought that magical number would be when I turned 67. I just turned 61. And I was laid off at 55.5 and scrimped off of savings until April '23 when I turned 59.5 and started taking from my IRA. everything is covered, medical, no mortgage, no car payment or other big bills, but I don't feel "well off" at all, and the past couple of years with the inflation, sheesh. I feel like I should move in the near term for some climate change resiliency. But that would mean rent or mortgage again and all the costs of selling my little old townhouse and moving...Ugh. And then in a few years Medicare $$$. There is an area I've been watching videos on in Iloilo City, PH, it's like an "unscale" Business Park that has nice new condo's renting at about $600/mo, it's a walking area, plenty of events and thing to do, shopping, restaurants...Hmmm. Everything in America just seems so gosh darn expensive.

[@Theretirementnerds]

Super expensive. The fact that you are where you need to be is fantastic!

[@ChrisSadowski-pp1np]

Focus on expenses. Don't have A lot of kids and only send them to public schools. Don't be materialistic because of envy of your neighbors, Ecclesiastes 4:4. Avoid divorce all while saving 15 to 20% of your income for retirement.

[@austintehguy]

Disagree hard on not having a lot of kids, especially if you're going to use a biblical reference to support your stance but are directly contradicting another part: Psalm 127:3-5 "Children are a heritage from the LORD, offspring a reward from him. Like arrows in the hands of a warrior are children born in one's youth. Blessed is the man whose quiver is full of them" Sure, if your entire life purpose is financial success and a good retirement, then yeah, kids don't help you out much with that. But I intend to have more kids than most people would call financially reasonable because they are a blessing and fill my life with purpose. Also, public schools are not necessarily cheaper than homeschooling your kids. Probably cheaper than private, but my wife and I are choosing to homeschool at least early on because 1) it's safer, 2) they'll have a personalized experience, and 3) they'll be exposed to the truths of the Bible instead of the corrupt nonsense taught in public schools.

[@ChrisSadowski-pp1np]

@@austintehguy of course homeschooling is cheaper, but my comparison was between public schools versus private schools which can cost at the high school level as much as a public university in a year. As for having a lot of kids, God gave us this thing called free will. The average child from birth till 18 costs about $300,000. God does not expect us to have as many kids as nature allows. There's a study also that shows that a woman is 40%. More likely to have a heart attack if she's had five or more kids in her lifetime.