Smarter than an Ivy wrote:
I always enjoy this discussion with Flagpole, the guy who was unable to save any money. I have 3 children, all who were National Merit Finalists. One is out of college and two are currently enrolled. All were state champions and borderline national class track runners. All three chose free educations at average schools rather than full price highly selective colleges. We intend to give the college savings to them. So they will end up with $300k in cash to start life rather than start life with a better looking diploma. My wife and I never earned more than $210k but we accumuated $2.5M in 401k accounts, paid our house off, and had another $900k of assets that the Ivies considered in their calculation. We didn't do anything crazy during our 28 year marriage but we woke up one day with a net worth of $4M. We have started to transfer money to our oldest child and will likely make a house downpayment for her soon. The other 2 both have $30k cars at school and their freinds think they are wealthy. I suspect that many of their struggling freinds have parents who earn more than us.
One bit of advice that a neighbor took from a Princeton advisor was to purchase a more expensive house to hide his net worth. His $350k house was paid off. He sold it and paid cash for a house of $1.2M and his daughter is now attending Princeton for $25k per year.
Ha! I realize you are trolling me, but I'll answer anyway.
Unable to save money? What are you even talking about? Investing in retirement accounts is saving money. We were doing a LOT of that and still were accumulating cash that we needed to get rid of before our oldest went to college, so we paid cash for some expensive home improvements and bought a car and spent some serious coin on some nice vacations leading up to her heading off to college. She could have gone to some state schools for free, but instead she really liked what was offered to her at her top choice, and elite college that we ended up paying just room and board for.
You made more money than I ever did and have a lot less net worth than I do. I'm also retired at age 55. I guess YOU don't know how to save money.