My wife and I live in a Boston suburb. We are in our mid 40s and have no children.
Like millions of Americans, we live in a 4 bedroom home, have one car, and enjoy other simple comforts. Together we make a six-figure income each year. We do have a mortgage but NO other debt. We take vacations from time to time, eat out some times, and do little things to enjoy life, but we do nothing extravagant. She has a few designer handbags but she still buys mostly at Zara and H&M. I buy mostly at Gap.
Our financial goal
We wanted to have $250,000 in liquid assets by the end of 2010 and we did. While we have a lot of equity in our home since we bought it in 2001, with the price fluctuations, we believe that equity in a home is not to be counted upon (accordingly the equity is not added in our calculation). That is why we are more interested in hard cash (it can be invested in many ways).
We know that there are many people who want to be millionaires. We too, but we think that before we get there we have to get to several milestones. That is why our next milestone right now is half a million dollars by 2020 because it seems easier to visualize and plan for.
In this blog (which I started when former president George Bush wanted to privatize Social Security and when that ended, I continued to educate myself on personal finance and now this is what you have), we share our journey to have a safety net of a million bucks eventually. Please join us in learning about our efforts to become rich and hope that you can learn something from us and also share your thoughts.
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