Fishy Fishy wrote:
Flagpole wrote:
Kind of close as of 2003. I don't list all of the newspapers I worked for in that list or some temp jobs as noted, so as of 2003, that's pretty close.
And we are led to believe that despite barely making a living wage through a lifetime of low paying and no paying jobs, coupled with his recent revelation that his wife has only held a full-time job for at max 8 years of her life, he has been able to amass a fortune in the stock market. :)
I (my wife and I) started investing in 1989 when the Dow was at 2,700. She was in graduate school at Stanford, but she received full tuition and a stipend, so basically they paid her to be in that Ph.D. program. This is par for the course for those in a science. My full-time job then was working as a newspaper reporter and food critic during that time. We invested half our salary the first 7 years of our marriage. Student housing on Stanford's campus was cheap. We had one car and no kids. She got all of her college paid for except one year of graduate school getting her second degree, so we didn't have much student loan debt.
When we had our first kid, I was the sole bread winner beginning then and going on for 15 years. During this time we started at 5% investing but quickly got it back up to over 20% of our income as we moved back to Ohio for a lower cost of living and I made more money. We currently invest about 35% of our income (retirement and non-retirement accounts), but we could do more. When she went back to work, we threw money at the house to get it paid off, and then we had two kids in college. We actually don't need to invest at all anymore because we have more than enough for when we retire. We continue to because we don't need the extra now, and we will find fun things to do with even more money later on.
How did we do this? First of all, I was making decent money for Ohio even back in the late 90s. Second of all, we owned used cars and didn't have cable television for years (we now again don't have it because...Netflix). We didn't waste money.
If you take two professional people and invest half their income for the first 7 years of their marriage, that alone brings a decent sum at retirement, but we have done a LOT more than that.
It's not about what you make. It's about what you spend and what you invest.