Yup. Our family grew 5 years ago so we needed a bigger house. Well, didn’t “need” but would have to remodel the old to accommodate. We were within our means before moving. Still are in the new house but budget is a lot tighter than it was in the bigger house. Didn’t realize until hindsight that “bigger house, bigger (more expensive) problems” would occur.
We could move again and make a good profit on the house now, but I see it as an asset for future income down the road, although as my parents and aquantisces parents age, I’m learning more and more that at least in the USA, they take everything you’ve worked for away from you once you can slave no more. I’m going to do my best to protect my assets for my family before it comes to that.
Yeah, both are on the list but kids take a lot of time away! We have a hefty life insurance policy right now at least. I know trust needs established for at least 5 years to be considered enforceable.
A retiree couple that scrounged up enough to have ~$50k yearly budget for the remainder of their days falls into your definition of wealthy, and I would argue that doesn’t line up. They are not, in fact, wealthy. The ‘line’ is far less clear than that.
The line is “do you need to work ever to maintain at least the current living standard”. That’s the division between working class and wealthy class.
Not maintaining at least current living standard.
Yup. Our family grew 5 years ago so we needed a bigger house. Well, didn’t “need” but would have to remodel the old to accommodate. We were within our means before moving. Still are in the new house but budget is a lot tighter than it was in the bigger house. Didn’t realize until hindsight that “bigger house, bigger (more expensive) problems” would occur.
We could move again and make a good profit on the house now, but I see it as an asset for future income down the road, although as my parents and aquantisces parents age, I’m learning more and more that at least in the USA, they take everything you’ve worked for away from you once you can slave no more. I’m going to do my best to protect my assets for my family before it comes to that.
Hopefully you at least have a will, but I would urge you to look at establishing a living trust as well.
Yeah, both are on the list but kids take a lot of time away! We have a hefty life insurance policy right now at least. I know trust needs established for at least 5 years to be considered enforceable.
A retiree couple that scrounged up enough to have ~$50k yearly budget for the remainder of their days falls into your definition of wealthy, and I would argue that doesn’t line up. They are not, in fact, wealthy. The ‘line’ is far less clear than that.
So if I was already living in a van I would be wealthy?
When compared to other people living in vans? Absolutely.