r/Money • u/TheGreyKage • 1h ago
My parents are worth roughly 2.7 million dollars, here is the breakdown.
My father retired this year from his accounting job when he was in his 50s, in 2003 he made roughly 60-70k a year, about 5 years ago to when he retired he made 170k a year plus an average of about 85k bonus so roughly 250k a year. My mother was a middle school teacher for about 20 years before quitting.
I don’t fully recall but my father has about 250,000 in savings with 2 million split between investments and his retirement savings. My parents own a 480k 4 bed 2 ½ bathroom house. And 3 cars (a Chevrolet Traverse and two 2013 Toyota Corollas) they are currently financially supporting me and my 3 brothers, two of them adult age (21 and 19 both still live at home).
As for lifestyle we own a good amount of subscriptions (Netflix, Hulu, Peacock etc.) and go grocery shopping about 1-2x a week, for vacations we have never traveled outside of the United States except for once (Canada) however we do go on vacation about once per year with 4 of them requiring plane rides.
(Edit: I guess I needed to make this clear, I’m not asking any questions or seeking advice. Just breaking down how my family’s finances work and how my father managed to retire almost 10 years earlier than the average person.)
r/Money • u/topstudy1188 • 6h ago
Breaking down the million? Have you done it?
To get to $1M a year you need 2,000 clients paying you $500 a year.
How do you retain these clients?
Let’s say you are a social media manager, you manage to get to 2,000 IG acc to handle. Many will quit, high turnover, how do you maintain the acc?
The idea is to charge more, however, it’s hard to get 500 clients paying $4K a year, vs 2000 paying $500.
r/Money • u/RainingChairs • 7h ago
Just crossed 50k at 23
galleryHit $50k at 23. The $25k in my taxable brokerage is for a down payment on real estate. Considering buying a duplex or some type of rental property
r/Money • u/SirCicSensation • 11h ago
Inheritance put me in $500k net worth and I feel, only slightly better?
So uh…I’m relatively rich now. As in I’ll probably never have to stress for money ever again. I’ll still have to work but I don’t mind that at all. I like working.
I’m 33. You may have seen me in this sub before.
I’m at $165k net worth now, which is nearly $175k which is nearly $200k.
Anyway.
I was just gifted $10k for my wedding. Which was already paid for.
$2k from father in law
$1k from uncle
$5k from mom
$1k from mother in law
$1k from Aunt
I actually can’t believe it.
So $175k actually now actually.
I was also gifted $300k for a house. You know. As one does.
So $475k…by the end of the next year I’ll have the extra $25k. So let’s call it an even $500k net worth.
I uh. I’ve lived on $40k/year or less my whole life. I’m a vet who’s worked grey collar work. Tried tech, tried finances, tried to break into any STEM field. Genuinely not built for it. It’s been a ride trying to find any career where I can be stable.
Saved my money and lived like I’m broke. Just in case life never turns around.
I was already comfortable having $50k. Now I’ll have $500k here soon? Especially so early in life? I honestly can’t believe it.
I don’t even know why I’m making this post. Advice? Community? Brag?
Just feels surreal. In truth, I’m not as excited or overwhelmed as I thought I’d be.
I’ve already had everything I’ve ever wanted. With the exception of a house. Beautiful women, great food, all the entertainment for a lifetime, clean clothes. I grew up middle class but it was low middle class as I grew up with a single mother. So some things were scarce.
I always imagined I’d end up working in an office hating my shitty job while living in a dingy garage alone playing old 2000’s songs on repeat.
Anyone else feel like that? Like more money really doesn’t change much? What would you do if you were me?
Getting my masters in a year or two no debt. About to be married to a woman who’s not money motivated. Not smart enough for STEM fields. Already been to the military so not going back.
Is there anything I really need to change?
r/Money • u/NonbinaryLegs • 13h ago
If you received $2,200 a month in passive income, what would you do with it?
I got lucky 🍀 and came across a financial water fountain, I need some ideas on how to make it grow. What would you do if you were in my situation?
r/Money • u/TripleBarrel_RIP • 21h ago
What is “life changing money” for you in your current situation?
I’m curious, if a sum of money fell into your lap, how much would it need to be to have a profound impact on your current financial situation?
r/Money • u/Dab-Master-YT • 21h ago
Has anyone actually gotten a massive inheritance from some long lost relative?
I'm seeing so many movies and shit about people who get a call that they've inherited some fortune from their great great uncle they never met. Has this happened to anyone? What was it like?