Student Loan Debt?

[MossRoad]

A significant piece missing from the graphic is failed marriages. Last I knew over 50% of marriages ended in divorce, cutting assets in half.

...

I think that's only for 1st marriages. 2nd and 3rd marriages fail at a much higher rate than 50%.

 

[MossRoad]

Like others have mentioned, living below your means goes a long, long way down the road.

 

[MoKelly]

The millionaire nextdoor book reported a common theme is a good first marriage...

Where did health rank? Should be #1 I would think.

 

[ultrarunner]

Here’s something that most people overlook when it comes to wealth building. The Millionaire Next Door cites that your spouse’s orientation and beliefs toward thrift, consumption, and investing is a significant factor in achieving a high net worth.

These couples spend their time, energy, and money on similar things.

It is very difficult for a married couple to accumulate wealth if one is a spendthrift. A household divided in its financial orientation is unlikely to accumulate significant wealth.

Want to make it worse? Try accumulating wealth when BOTH husband and wife are big spenders! Not going to happen!

 

[ultrarunner]

Seven common denominators among those who successfully built wealth.

1. They live well below their means.
2. They allocate their time, energy, and money efficiently, in ways conducive to building wealth.
3. They believe that financial independence is more important than displaying high social status.
4. Their parents did not provide economic outpatient care.
5. Their adult children are economically self-sufficient.
6. They are proficient in targeting market opportunities.
7. They chose the right occupation

 

[CloverKnollFarms]

Here’s something that most people overlook when it comes to wealth building. The Millionaire Next Door cites that your spouse’s orientation and beliefs toward thrift, consumption, and investing is a significant factor in achieving a high net worth.

These couples spend their time, energy, and money on similar things.

It is very difficult for a married couple to accumulate wealth if one is a spendthrift. A household divided in its financial orientation is unlikely to accumulate significant wealth.

Want to make it worse? Try accumulating wealth when BOTH husband and wife are big spenders! Not going to happen!

My wife is just as thrifty, or moreso, than I. She has been a huge blessing with amassing a sizeable net worth. Without her, it would have been impossible, even though she never really earned a wage during our time together

 

[ultrarunner]

ONE SPOUSE' RULE
Marriage can really benefit your financial life. People who get and stay married tend to be much wealthier than never-married singles, according to research by Jay Zagorsky at Ohio State University. By retirement age, married people have nearly 10 times the financial assets of singles, according to a study by the National Bureau of Economic Research.

But divorce can dramatically shrink your wealth. Zagorsky found that people who split up experience an average wealth drop of 77 percent. So while the uber-rich may be able to divorce and remarry with relative impunity, dividing assets can be wickedly costly for everyone else.

Also of note is wealthy spend less than an hour on screen time... oops... guess that boxes me in with TBN

 

[paulsharvey]

The wealthy people I know, typically, on casually meeting them, you'd never know. They don't buy expensive clothes, most drive nice, but not special trucks, don't take flashy vacations, and many, their home is on the nicer side of average, but they really appear to be typical middle-class people. It's when you find out they have 200 over the road trucks, or 100-200 pieces of heavy equipment, that are paid for, that you realize they are better off. Another minor point, I've noticed, they often have 1 main business, but dabble in others, typically, (mind you, I'm dealing with mostly construction or trucking people) either minor real-estate stuff, or something else. I also will point out, the majority I know, are not college degree folks. Also, I would place the ones I meet, at 40-60 years old. Oh, and of these people, all of them still go to work every day (of coarse that's how I meet them, and that screws the numbers)

Not really on topic, but I would say, they typically are more likely to be religious.

I'm 100% going to admit that I see a small percentage of the US population, and I'm not saying any of this holds true once you leave my small part of the world.

 

[goeduck]

I think that's only for 1st marriages. 2nd and 3rd marriages fail at a much higher rate than 50%.

Wow! I'm glad that I am on my first. All that re-hitching to a new wagon sounds expensive.

 

[Hay Dude]

I work for about 5 100-millionaires. These people have wealth beyond imagination. They have houses in my area that are impressive, but more value in the “dirt” than some Toll Brothers plasticky looking mini mansion. They have extensive farms worth 5-25 million and own additional homes in Paris, New York, The Caribbean, etc.

If you met them, most would not talk or appear overly wealthy. They like to “blend in” with common dirty hands people like me. Once they hire you and trust you, you have something akin to an investment that pays dividends to you every year. They always have work for me. On-going property improvements and farming. Once you get “in” with them, a certain level of almost guaranteed income is acheived.

Stupidly, there’s about 50% of the country that hate the rich and want to tax them out of existence. This is a fools errand. The rich trickle down massive amounts of wealth that the lesser wealthy, like myself, benefit from.

One client I have has 2 FULL TIME groundskeepers. They are treated and paid VERY well. The property owner helped both of them put their kids through college and gives them extremely low interest loans to buy their homes.

The “hollywood” image of rich people is distorted and mostly a fable of greedy rich people. I am here to tell you that in most cases, that is NOT true.

 

[MossRoad]

Here’s something that most people overlook when it comes to wealth building. The Millionaire Next Door cites that your spouse’s orientation and beliefs toward thrift, consumption, and investing is a significant factor in achieving a high net worth.

These couples spend their time, energy, and money on similar things.

It is very difficult for a married couple to accumulate wealth if one is a spendthrift. A household divided in its financial orientation is unlikely to accumulate significant wealth.

Want to make it worse? Try accumulating wealth when BOTH husband and wife are big spenders! Not going to happen!

Pretty true. I'm fortunate to have a spouse that thinks the same way I do about finances.

 

[MossRoad]

Wow! I'm glad that I am on my first. All that re-hitching to a new wagon sounds expensive.

Ya! I've told my wife that if for some reason we'd ever part ways, she could find me living in a shipping container with an orange cat out on our tree farm.

Heck, I might get a 2nd container for a guest room so my kids could visit.

 

[newbury]

Lucky you. Our grade school nuns were animals. They beat the kids pretty much every chance they got. <snip>

I was born and raised in Poughkeepsie, NY until winter in 1st grade. My parents had me in a Catholic school, with overbearing nuns. My distinct memories of my knuckles being whacked hard with a ruler whenever I used my left hand to write are still painful, and that was only kindergarten and half of first grade.
The move to rural, pastoral Underhill, Vt. and a 3 classroom school for all 8 grades was almost traumatic. It took weeks, if not months, to become accustomed to being praised for good work done with either hand. Those nuns had been spinster witches.
On the upside the early education in up to 1st grade held me through the first 3 grades of Vt. schooling.

 

[MossRoad]

I was born and raised in Poughkeepsie, NY until winter in 1st grade. My parents had me in a Catholic school, with overbearing nuns. My distinct memories of my knuckles being whacked hard with a ruler whenever I used my left hand to write are still painful, and that was only kindergarten and half of first grade.
The move to rural, pastoral Underhill, Vt. and a 3 classroom school for all 8 grades was almost traumatic. It took weeks, if not months, to become accustomed to being praised for good work done with either hand. Those nuns had been spinster witches.
On the upside the early education in up to 1st grade held me through the first 3 grades of Vt. schooling.

Yep. Sounds pretty familiar. My mom was left handed and forced to use her right in Catholic school. She went 18 years in the system. Got out with a degree in biology and taught art to grade school kids the rest of her life. She taught art for free at our Catholic school. All 8 grades, twice a week. I remember as a toddler sitting under the desk playing while she taught. I'm fairly certain she taught art for free so the 5 of us kids got a discount for tuition. She stopped volunteering when I graduated 8th grade, got her masters in education, and taught for pay in the local public schools until her passing in 1988. She earned teacher of the year a year before that. I still run into people that remember the impact she and my father had on their lives. Makes me smile.

Anyhow, I am also left handed. My parents specifically instructed the nuns to let me use my left hand. They complied. I'm right-eyed dominant, so I use scissors right handed. They at first tried to force lefty scissors on my for a while. I finally convinced my mom that I'm kinda ambidextrous. She convinced the nuns. They left me alone on that issue.

 

[MossRoad]

Yikes. And your parents thought this was good for you for 12 years???

That's one thing I still struggle with today. Why'd they leave me in that place for 8 years? Several families moved their kids out to a different Catholic school that had a different order of nuns. I wished my folks would have followed their lead.

High school was much different. I thrived mentally. Mostly because there were NO nuns teaching in high school. All lay teachers.

 

[newbury]

All lay teachers.

In this day and age that can mean several things!

 

[MossRoad]

It's one of the reasons I struggled with sending our kids to Catholic schools. However, my wife turned out fine, and I'd been around her church/school for about 15 years before we had school-aged children. I'd gotten to know the teachers through volunteer work before our kids went there. So we sent our kids to her school, and they thrived. They also thrived at the same Catholic high school we both attended. It was college prep. Served them well.