If you are ‘upper class’ how did you make your fortune?

amother

↑ Calendula ↓

Sun, Nov 24 2024, 11:45 am

amother Cream wrote:

SWTSX is the equivalent to VTSAX. I was advised to invest 80% in that and 20% in SWISX (an international Index Fund) The Schwab funds have zero fees FYI

Since I’ve never done this before, what would you advise should be the minimum amount to start off with when investing for the first time?

amother

↑ Babyblue

Sun, Nov 24 2024, 12:00 pm

amother Calendula wrote:

Since I’ve never done this before, what would you advise should be the minimum amount to start off with when investing for the first time?

I’d recommend speaking with someone investing or an investor to see if this is a good place to invest in…

amother

↑ Cream

Sun, Nov 24 2024, 12:15 pm

amother Calendula wrote:

Since I’ve never done this before, what would you advise should be the minimum amount to start off with when investing for the first time?

I spoke to a financial advisor about this. I specifically was asking where to invest a small portion of my weekly income. So this is a weekly investment of lets say $200 and I invest it in the ratio of 80 and 20%

amother

↑ Calendula ↓

Sun, Nov 24 2024, 12:34 pm

amother Yellow wrote:

We have our own business that really took off. We are multi millionaires. Through bitcoin andvother crypto editing to add that we struggled for many years . We didn’t give up to get our own business off the ground.

Are both of you working very hard now or was that only in the beginning?

amother

Wheat

Sun, Nov 24 2024, 12:42 pm

amother Stone wrote:

The first step is financial literacy. Not a little bit. Read lots of books (Or audiobooks or online courses - but not pop stuff or magazines or pop podcasts.) Follow the market even when you have minimal investments so you have a visceral sense of what the up and downs look like. Read the Wall Street journal or Barons. I have some family money but that doesn't last without real financial literacy. My father insisted we all read and have a good understanding of finances and taxes and investment. Of compound interest and the wealth mindset.

I know you're lacking in this from your OP. I'm not trying to sound mean but that is the first step.

If I need baby steps now then what’s step number 1?

amother

↑ Stone ↓

Sun, Nov 24 2024, 12:45 pm

amother Wheat wrote:

If I need baby steps now then what’s step number 1?

There are no baby steps towards wealth. That's what I've been saying over and over. Wealth is acquired through dedication and mindset changes.

There are baby steps towards financial stability but I'm not an expert on that, other people are. Probably a combination of budgeting, saving, and investing in a low fee index fund.

amother

Natural

Sun, Nov 24 2024, 2:13 pm

Serious question:
Does anyone become financially comfortable from their work?
Does anyone have a business where they would be %100 proud of how they treat their employees, of all of their business practices?
Who has a job where they believe everything they say, and where they would be happy to be on the other side of the deal with supplier, customers, workers, etc?

amother

Myrtle

Sun, Nov 24 2024, 2:35 pm

When I got married , my grandfather gave me 100k to buy a house… then we bought another house and another house…
We dont live a crazy rich lifestyle , but we do have some lavish things…like household help or summer home or summer camp for kids. And I do believe in good shoes. However we dont drive the latest style car , and I shop sales for clothing for myself and kids. Would never spend too much money on a bar mitzvah or wedding and my stroller is 2nd hand. And bh we can afford to help some people around us.
It simply goes down to priorities.
I do not look like a ultra rich lady, maybe just an average one and it’s fine to look like that.

amother

↑ Calendula ↓

Sun, Nov 24 2024, 3:28 pm

amother Myrtle wrote:

When I got married , my grandfather gave me 100k to buy a house… then we bought another house and another house…
We dont live a crazy rich lifestyle , but we do have some lavish things…like household help or summer home or summer camp for kids. And I do believe in good shoes. However we dont drive the latest style car , and I shop sales for clothing for myself and kids. Would never spend too much money on a bar mitzvah or wedding and my stroller is 2nd hand. And bh we can afford to help some people around us.
It simply goes down to priorities.
I do not look like an ultra rich lady, maybe just an average one and it’s fine to look like that.

You mean you bought a house with your grandfather’s money for investment or to live in?
How many houses do you have?
How long were you married for?

amother

↑ Dahlia ↓

Sun, Nov 24 2024, 3:48 pm

amother Stone wrote:

Whichever has the lowest fees. With index funds you always go for the lowest fees. That's how index funds work.

Alot of index funds are avail on robinhood....
no fees at all.....
am I missing something?

amother

Cognac

Sun, Nov 24 2024, 3:51 pm

amother Stone wrote:

You sound very arrogant.

amother

Magenta ↓

Sun, Nov 24 2024, 6:29 pm

amother Linen wrote:

We follow Dave Ramsey. My husband will be able to retire and learn by 50 according to our plans and spreadsheets. I’ll continue working a little bit longer and retire after him. We’re not sure yet of what age I’ll retire, too far away to really know. He teaches you how to plan and invest to become a net worth millionaire. We wish we heard of him younger and we’d be there earlier. We both have jobs earning 100k, and we think we’ll be very comfortable in retirement by the numbers.

I sincerely wish you all the very best. Hope you become a gagillionaire tomorrow. But your post makes me want to puke. You realize there is a gd? You got your whole life mapped out like that? So you know exactly how many children and exact spacing? Here’s a thought. Life doesn’t always go the way we plan it. You can certainly do your hishtadlus and hope for the best and that seems reasonable to me. But “my husband will retire at x age and me a few years later” it’s like um what?!!!!!

I developed a disability after a child’s birth and had to stop working. I had paid for disability insurance but didn’t know you had to file while still working so they refused to pay. Thank you hashem that while I made good money my husband bh does very well and so my income was irrelevant.

Again I wish you the best life ever but hearing you talk like that seems off for a frum person.

amother

↑ Khaki ↓

Sun, Nov 24 2024, 6:39 pm

amother Natural wrote:

My relatives are wealthy from their work (mostly attorneys, some business owners and some in real estate) and they are honest good people loved by their colleagues and employees (and relatives)

amother

↑ Khaki ↓

Sun, Nov 24 2024, 6:42 pm

amother Stone wrote:

Strongly disagree

My father in law is wealthy. He has the poorest mindset available. He wears tattered undershirts around the house, only wears nice suits to work. Cheap t shirt during weekends. He drives the same old car that’s over fifteen years old. He couldn’t care less about impressing anyone or “wealth”, he just wants to continue supporting his wife and being able to enjoy life and give to his kids. Humblest guy ever and not at all a “wealth mindset.” It’s only the latest generation that has this “mindset” which I think is not conducive to long term or generational wealth.

amother

Peachpuff ↓

Sun, Nov 24 2024, 6:49 pm

amother Khaki wrote:

My relatives are wealthy from their work (mostly attorneys, some business owners and some in real estate) and they are honest good people loved by their colleagues and employees (and relatives)

I dont know if my vision therapist is wealthy but otherwise I think she'd say yes. She is very good to her employees. Takes the attitude of I want them to stay so I treat them right. She doesn't take insurance so no taivah to scam. She charges what she does and people pay her because she gets results.

I do think things like nursing homes, real estate is very risky ethically.