Free Ebook.


Enter your email address:

Delivered by FeedBurner

« Six Figure Interviews 4 | Main | Reader Profile: BW »

November 01, 2013

Comments

Feed You can follow this conversation by subscribing to the comment feed for this post.

Hi #11- at what age would you wish to retire?

Nice interview, it looks like you are very disciplined with your spending habits relative to income and will have very secure financial future.

Doing very well!

Very impressive the relationship you have with your daughter as well - how much you are on the same page financially, how she trusts you to manage her business, and you obviously enjoy spending time together travelling. Congratulations on raising her well!

Great story. thx for sharing

Really impressive story. Your daughter is fortunate to have a mother like you, and it sounds like you both 'make it fun' to keep expenses low. Just the process of determining $5,000 in savings for 2012 sounds like a lot of work but an interesting way to spend time together and see how each other analyzes things.

Your daughter's small company also sounds like a great way to minimize taxes, and keep her involved in her future while providing a savings vehicle. Continued success to you both.

That last statement really hit the bull's eye. We don't do well financially because we lie to ourselves. It also touched on the fact that if you have emotional problems, you probably won't do well financially. To paraphrase another PF blogger, Todd Tressider "Financial problems are actually personal problems masquerading as money problems". That's true for most of us, most of the time, I think.

My daughter shares some similarities with you.
She is 53, divorced, and has an investment portfolio of $2.8M which I manage for her. There are two adult sons that sponge off her ex husband (a very wealthy attorney) when they need money.

She is currently happier now than at any time in her life since the marriage was never a good one, especially after the premature death of her 8 year old daughter to a brain stem tumor. She receives $20,000/month in alimony, which is nice but it puts her in the top tax bracket. I have her investments 100% in municipal bonds that currently earn $133K/year in tax free income. All of the income, in addition to some of her alimony gets reinvested and will be her primary source of income when the alimony stops in 4 years.

The turnaround in her life happened thanks to eHarmony.com. On her second date she met a wonderful, recently divorced guy that is an engineering manager at a prominent Silicon Valley company. Her divorce agreement prohibits her from remarrying until the alimony stops so eventually she moved in with him, pays him the same rent she was already paying (about $2,300/month) and now lives in a beautiful 6br, 6ba, luxury home in a gated community. The new guy used to work for the same aerospace company that I did but he was in a different division and we never met. I couldn't have picked a nice guy for her myself. He has three children, the eldest graduated a few years ago and the younger two are at an out of state university.

I really like that you are sharing this information. This Millionaire seem to be living a rich and full life. Not a lavish style and he seems happy. He not spending or losing a lot of money on unnecessary stuff. This makes you look at life a little different.

Another outstanding post in this series. Many compelling things in this particular one, but a basic one that jumped out is saving 30% of an above-average income. Goes to show it takes two parts: focusing on a career and building income, and then making sure you save. Offense and defense.

Woohoo! Lady millionaires represent!

The comments to this entry are closed.

Start a Blog


Disclaimer


  • Any information shared on Free Money Finance does not constitute financial advice. The Website is intended to provide general information only and does not attempt to give you advice that relates to your specific circumstances. You are advised to discuss your specific requirements with an independent financial adviser. Per FTC guidelines, this website may be compensated by companies mentioned through advertising, affiliate programs or otherwise. All posts are © 2005-2012, Free Money Finance.

Stats