Posted by: Bennedict August 28, 2022
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Well meraj,
Thanks for the explanation. Usually people are engaged in some frivolous chat here in Sajha, but good to hear out some insights from people who know what they are talking about.
I was of idea that houses are so cheap in Texas, that people in MA can easily afford them there, buy businesses like gas stations, stores etc. and make an easy move out there, but maybe not.
You said there is 50K per year of saving in 401k then, I believe your maximum investment whatever is already taken care of, then it is understandable you are not seeing money stay in your case even with 300K earning together. I can foresee a comfortable retirement coming up when children are all grown up and move out of the house. And I assume, you have a house bought, then we cannot forget the equity that is building up too right? And once kids grow up, your expense will go away but yes then when they start going college, your another nightmare will start most probably unless they get a full ride through their college. So you have money building up in the form of invisible asset. I take it as a good thing, because with visible asset, we have inclinations to misuse, which in your case is unlikely to happen.
I recommend you and Bhari to follow this guy, Dave Ramsey. Most likely you know about him. I do not agree with him all the time, but his ideas to save money are worth following and giving a listen. I used to listen to him ("Save that every dollar" the name of the program) while I was in college on a radio, then I traced him back much later again and found him on Youtube. He is still at his mission to help people manage their money. Basically what he says is we live like the poorest people on earth, start living on rice and beans, no night outs, pay everything by cash, throw away all the credit cards, etc. His baby steps to build wealth are something to look out for. He is a staunch Christian so talks about giving all the money back to the community once we build it, which I am not sure about. Sometimes he goes off the tangent talking about politics and rich states, poor states, lottery and what not. Just now he expressed his strong displeasure on how Biden cancelled the $10,000 to $20,000 student loan starting next year. One thing he does commendable is he keeps talking about he instilled these values in his children to not be dependent on his money he built, but go out and make your own money yourself. This thing I do not know, if we as Nepalese can really implement like him.
Still try listening his ranting and all sorts of people calling up with all sorts of weird, bizarre scenarios they are stuck in. A lot of times I had found myself eyes rolling...lol.
https://youtu.be/w_RKtck8XCA