George and Wendy Cicotte
Ages: George 39, Wendy 33
Occupations: Benefits lawyer and homemaker
Salary: George made $175,000 in 2006
Retirement accounts - IRA and 401(k): $263,000
Bank savings: $15,000
Home equity: $90,000
Getting on track to becoming a millionaire is a great feat. Getting there with a family of seven children is a testament to serious planning and determination, and George and Wendy Cicotte of Kennewick, Washington are on the way to making it happen. The Cicottes have seven kids ranging from 4 months (not pictured) to 15 years old, and they expect to have at least one child in college every year from 2009 to 2029.
Despite the expense of raising children, the couple is on track to beat the millionaire mark, thanks to George’s thriving law firm and a dedication to regularly socking away money. George owns his own practice in Kennewick. Last year he earned $175,000, of which the couple put $25,000 into their 401(k) and IRA accounts. The Cicottes expect their investments to appreciate at 9 percent annually, which would put them over $4 million by the time George retires.
Coming out of college and graduate school, the couple was saddled with big student loan debt. George says they owed $13,000 from their undergraduate education and $30,000 from his law school, all of which they’ve paid off. Their mortgage is their only other debt, and they expect to pay off the $100,000 balance in seven years. The Cicottes say their Mormon faith has been instrumental in keeping them disciplined financially–the tenets of the religion encourage the minimizing of debt.
You could say it’s easy to become a millionaire on a salary of $175,000 per year, but then you have to consider education costs for seven kids. The Cicottes believe that a combination of affordable schools and income from their kids will reduce the financial dent. “We believe that if the kids have to contribute a portion of their tuition, they’ll appreciate their schooling more,” George says. But he admits that his lack of a tax-advantaged 529 college savings account is a potential hole in his financial planning.
The couple took a big risk when George launched his solo practice five years ago, but they took steps to protect themselves. They saved up enough money for a whole year, anticipating that they’d have to live off savings. George’s business did better than expected, however, and money was not as much of a concern.
The Cicottes plan on drawing $200,000 per year from their retirement funds starting in 2027 when George turns 60. They want to increase it to 5 percent per year after that. George would also like an extended vacation before he turns 60–a six-month sabbatical where he could hand over the reins at work. “I’d love to travel someplace cool, or hike the Appalachian Trail as a family,” he says.
Our expert’s take:
The Cicotte family is on a path to very healthy retirement savings, said Frank C. Boucher, president of Boucher Financial Planning Services. But the need for college tuition for their seven children is coming up, even if the kids pay for the bulk of the balance. “If he’s going to do his college funding on a pay-as-you-go basis, he may not be able to maintain the contribution level that he’s currently using for his 401(k) and IRA,” said Boucher.
Expenses are likely to drop a lot, however, once the kids cycle out of the house and complete college, so George could eventually put away even more income.
Cicotte currently invests the bulk of his retirement savings in a target mutual fund designed for people retiring in 2045. He chose the fund because its allocation is more aggressive than one designed for people leaving the workforce in 2035. But Boucher said that, at George’s age, the family would be better served by a slightly more conservative fund. “If he really wants to put his investments on cruise control, he should go with a 2035 fund–it’s going to be less volatile,” said Boucher.
Even the sabbatical is a realistic goal, given what George has earned so far, but he’s going to have to put away about half a year’s salary–or $80,000–to do it with complete confidence, Boucher said.
The family’s emergency fund–$15,000 in a savings account– should be larger, Boucher said. He recommended having $50,000 on hand in case anything happened to George’s income.
Overall, Boucher said this benefits lawyer and his family are on a very good path: “He’s done a very good job in planning his savings and can really have the best of both worlds in paying for his kids’ expenses as well as his retirement.”
–By Rob Kelley, CNNMoney.com staff writer
Are you a millionaire in the making? Tell us why at millionaire@cnnmoney.com
A nice article for a beautiful family! Annual compound interest and rate of return on investment are the secrets to building wealth. No matter how much you earn, you must have to live on less than you make. When you are in debt or on credit, you are making the banks wealthy because compound interest works for them. If you keep money for yourself, you have the money work for you. It is that simple.
Clearly you would have more money to work with if your income is higher, but your success still depends on the real dollars you have left to save and to invest. You can find in the news many high income earners go bankrupt. So having high income alone is not the answer. Keep on saving and investing. At age 48/46 and as first generation immigrants, my wife and I just reached the first million dollar mark but our combined income is lower than this family’s. We can tribute our results to good books and inspiration like these articles. We pay attention to what’s really important in building wealth and learn from positive successful people. Money does magically accumulate when you pay attention!
Very interesting comments; CNN should be congratulated for posting so many of them. At the age of 30, I had a net worth of about $500, but no debt and a M.A. and J.D. earned via a combo of night jobs and the G.I. Bill.
Why do people assume college cost must be paid by the parents? Most of the stories of these MITM all had college tuition debt. And yet, they are doing great. Can’t we assume the same of their kids. Meaning any children who wants a college education must pay for it out of their own pocket. So this couple with 7 kids is doing just fine.
I am inspired by this article. I think this family has done a good job and has given me some great ideas.
A lot of comments say that these articles should focus on “middle income” families. However, these articles are titled “Millionaires in the Making,” and I think the focus on higher income couples just shows how hard it is for a $75K income family to make it to millionaire status.
In fact, without the aid of home equity, I think it’s very difficult to get to $1 million if your household income is less than $100K. Yes, it’s possible, but most couples starting out are saving for a house, paying for kids, etc., and we all know the penalty for not starting investing early.
Having said all that, there must be families on their way to $1 million making less than $100K per year. These are the stories that I’d like to hear.
Wilson:
Re: “try profiling people who start their own businesses or something to that effect.”
Isn’t owning your own law firm kind of the same as owning your own business?
I agree with Mark. I love these Millionaires in the Making articles. I always take at least one thing away from each one.
I also have learned over the years its never about how much you make, its all about what you do with what you make. I live in the Boston area and I am a single parent with 2 kids. One of mines is heading to a private college in the Fall. I know all about the high cost of housing and all the challenges with being a single parent that do not receive child support from the other parent. Despite it all I still find a way to live in a house, max out my 401k and make regular contributions to my ING account and to my Sharebuilder account. I vacation in nice places, my children have everything they need and most of the things they want and I’m not a successful attorney or doctor making a large salary.
Its all about making conscious choices about what you want out of life and spending, or rather using, your money in a way that is consistent with your choices.
Wow, lots of negativity in the comment section! I wanted to infuse some good cheer. I think these “Millionaires in the Making” articles are fantastic. The journalists do a wonderful job picking people from all walks of life. I’ve read about older couples, younger couples, single moms, large families, those with modest incomes, and those with big incomes who like to live large. Every single article has taught me something. Keep up the good work!!
I think the family above has a very cute picture! I also suspect the wife’s financial planning has a big effect on their ability to budget and save. I just got married and I notice that married people live more cheaply than singles, by the way.
At any rate, The Millionaire in the Making articles make me (and apparently other commenters) feel guilty. How about some more “wow what a financial screwup” articles like the one about the ppl who live paycheck to paycheck on 150K per year? I love those 
I see skeptics regarding the hopes to earn 9%/year on investments. Anyone that doesn’t think that is possible should either hire a financial advisor instead of taking care of their own investments or fire the one they currently use. Simply dumping money into the Vanguard S&P 500 index fund (or any other S&P index fund) with low fees will accomplish this feat (see historical performance). Willing to do some homework? You should be able to make substantially more…
Christine, keep in mind that they have 7 kids. $175,000 salary is not extravagant with 7 children. So I think a story of a family with a $175,000 income with 7 kids is just as impressive as a family with 2 kids making, say, $75,000 a year.
I live in MA in I do financial planning as a profession. I come across couples making $120-$150K regulary. They are living comfortable but cannot put away $50K ($25 into both 401k and IRA) yearly.
The people who do not think he can take $200,000 a year with 5% inflation each year are correct. His $4,000,000 retirement savings will be worth about $2,000,000 when you take out taxes, which will clearly be going up soon.
529 Plans are a decent form of college savings but not the best. They reduce the amount of financial aid the child/family is eligible for. Many people do not realize whole life insurance is a nice way to save for college. It is not reported as an asset on financial aid forms and if the kids don’t go to college there is no penalty for removing the money for non-education related expenses.
They have had people in this column that make average salaries, and single people, too. I have been reading this for years. If you want to do it, you can.
I think that they’re amazing, even with the high salary, considering that they have all those kids.
Why so much hate everyone? Lets not get so envious of a person who has risen to such success. I think Christine and Wilson need to go back and read the previous Millionaires In The Making articles before they start the bashing. (I.E. Jeanette Courts- Single Parent) Past articles are posted right next to the picture. Great job on all your success Cicotte family.
After the last few days in the stock market, his IRA is probably down to $240,000 and his home equity is probably down to $70,000 the way housing is going now.
I agree with Bob from Kansas City. No sense pointing out the obvious. You would have to be financialy careless not to one day be a millionaire with that kind of income at that young of an age. How about posting an article that applies to us average income folks doing what we can every month who hope to retire in their 60’s with an average income ($60k in todays dollars). I’m not knocking the Cicitte’s. They’ve done well for themselve and should be rewarded. However, few of us can relate to that kind of income. I can only dream of making $175K wondering how I can possibly become a millionaire in the next 20-25 years. I think most people will agree when I say “Lets get back to reality”!
Let’s see:
7 kiddies
4 years of college
avg predicted cost of college per year: $15,000 (conservative #)
7 x 4 x 15,000 = $420,000
Conclusion: George better get a second job or win the lottery if they plan to retire as mentioned.
It is funny that some of the bloggers are looking for people who are “single”, have “regular incomes” or are “entrepreneurs” to be profiled. The truth is if more subjects that fit these profiles submit themselves to be the subject of millionaires in the making then maybe one day we will read their story. Any takers?
I agree, the only outstanding part of this millionare in the making is the number of kids involved. So many they are not all pictured. But I agree, theres nothing here other than the suprise success of his own practice, but even if he did not go off on his own, I bet they would still make it with ease.
I think it’s great that this family is getting ahead financially, but how about profiling someone with a regular income?
How about one of the nurses who helped deliver one of their children?
How about the electrician who did the wiring in their home?
How about the auto mechanic who fixed one of their cars?
I’d be willing to bet that George makes more money than all three of these people combined. How about profiling a member of the working class who is on track to acquire a seven figure net worth? Wouldn’t that be a success story ?
Seems like alot of whining going on here. I am single, 51 years old and achieved millionaire status nearly 3 years ago by sensibly saving and investing. My salary during my working career has been decent - but not great and nowhere near the 175K the lawyer in the article makes.
I agree with above comments that they need to start presenting people with incomes under $75,000, 2 kids, in an AVERAGE housing market.
I also don’t understand even putting home equity into the equation. Only way to get at that is to sell and move to a cheaper place. If you tap it in a loan, you have to pay it back and it becomes another expense.
How about people giving credit where credit is due for once. These people have SEVEN children, S-e-v-e-n. Even at $175,000 a year the daunting cost of living of having 7 children can exhaust peoples ability to put any money away at all. Sounds to me like a serious case of jealousy at other peoples success. Oh and to the people who say “How about some people who dont make 200k in these articles” Go back in the archives, there are plenty of examples of people from many walks of life. Kudos to you and your family Cicottes and I wish you the best.
My wife and I have a very good 6 figure salary as well as most of the families/couples featured in these articles. These articles should focus more heavily on the average American household which is well below $100,000 per year. Let’s face it, most American households don’t employ financial planners. They need all the education this country can give them. It is in this country’s best interest to make retirement planning as much as a priority as health care. What do you think will happen if only 1% of the retirement population is financial secure. You’re sorely mistaken if you think the wonderful nest egg you’ve spent your entire life building will be all yours. Your nest egg will fund the retirement of the millions of people who didn’t plan or didn’t care.
With seven kid’s and only having $15,000 in savings seems rather foolish. They difently need to add Substantially more to their savings, plus not having a 529 plan established for the kids college expenses in also foolish.
They should continue to pay off their mortgage, however I would problably not be as aggressive paying that down and concentrate on establishing a bigger savings cushion and establishing a 529 plan.
Obviously being an attorney and having his won practice becoming a millionaire is a given.
I think they’re doing well. They do have 7 kids after all. I wouldn’t be surprised if they’re paying for private school as well.
$63,000 is not “big loan debt.” Try graduating from a private university and a private law school. $130,000 is big loan debt!
I agree with the semtiments of the other observers. He makes plenty now, but lawyer’s practices can be variable, very variable. That said, I wish him the best, but 7 kids and associated expenses wil make an early retirement goal difficult. Profiles of people that make in the top 5% of earners make for “fun” reading; however, not very applicable to most of us. Best of luck.
Get real…they should be saving a hell of a lot more on that salary. I am 31 years old, single, and make 70K a year as a scientist (with the occasional 5K bonus a year). I started saving and investing seriously near the end of 2001. I have maxed out my roth ira and 401K contribution for the last 4 years. I have $120K in my 401k, $20K in Roth ira, $57K in a brokerage account and $45K in a savings account….grand total $242K. I have 0 debt and pay the full balance on my credit card every month. I’d have a lot more if I wasn’t so conservative with the amount I have in my savings account.
I didn’t get here through over-inflated home equity (I rent in an expensive apt complex) or through the latest stock market craze. And before you ask, I don’t live like a miser…I go on vacation every year, eat out 5 days a week, attend professional sporting events, have all the latest electronic gadgets and go out with friends almost every weekend. HOWEVER, saving, investing, and spending my money wisely are at the top of my list…for example, I don’t buy the flashiest, most expensive car (it’s a freaking car that will die in 4-6 years so what’s the point!!!)…I also spend at least 5 hrs a week researching investments and keeping up on the financial news.
If I can do it you all should have no excuse! Oh yeah, you’d rather whine and sit in front of a tv instead of taking responsibility for your financial future. You’re probably the same people who will read this and think it’s not possible. Get a clue.
What a handsome family! You know, to make a mill takes some smart choices, like an occupation that thru hard work can get you a high salary. That’s as much a part of the plan as smart investing. More so. Bully for them. By the way, they’re Mormon, so they’re probably giving away at least 10 percent of their gross income. Insult to injury, isn’t it, as we look at a family living the dream. Keep it up!
I challenge CNNMoney.com to explore financial planning for those of us without six-digit salaries. I make $50,000 and my other half makes $35,000. We have about $50,000 in debt due to college loans, credit cards and a daughter in college. None of these articles tell how people make these changes other than increasing their savings rate from 10 to 20 percent which is easy to do when they have no other expenses other than a mortgage. A financial planner will not even talk to us without $10,000 to invest - and that hasn’t happened in 20 years of saving. Everytime we get some money, the car breaks down, someone gets sick or someone has a birthday.
i think people are to negative this land is full of oppurtunities and it is the easiest place in the world to become a millionaire
George and Wendy are doing great. Even with the many children that they have they have been able to keep saving and have a very good retirement to look forward too. Having their children help pay for their college expenses will help both George and Wendy and their children. Good job in doing what you have already done. Good luck for the future!
I, too, agree that this is not a fair representation of the “average” worker. I would hope that CNN would showcase “average” workers with “average” incomes. I do not want to learn how to make something from nothing, but would like some information on how I could actually achieve financial peace on my salary.
4 steps to becoming a millionaire regardless of what you earn.
1. Earn all you can
2. Take no debt other than student loans and a home mortgage
3. become the anti-consumer, buying nothing new except food, underwear, and personal toiletries.
4. have the self confidence and self esteem to spend only on experiences, not stuff
In Maine, we have to live this way otherwise the government taxes us into oblivion.
Can we please have an article that the average investor can relate to? How about a couple making 75000, with two kids, average medical bills, average real estate, etc.. Get real, or get off-line…Go to MySpace to dream and brag.
It is interesting to see all the negative comments! I would bet that every single person that has made a negative comment is someone that has no savings, no retirement, no financial plan, and hopes that they will stumble upon a lottery ticket or plans to work the rest of their lives. This family is in a better situation than 95 percent of America. Maybe we should be more focused on how horrible America is preparing for the future rather than critizising someone that is doing extremely well.
Starting with $263,000 and adding $25,000 a year for 21 years and earning 9% will put them about a million dollars short of the predicted 4 million plus they are expecting. It also doesn’t factor in inflation.
Why are they paying off their mortgage? Mortgage debt it the most tax deductible and beneficial, especially considering a self employed individual such as Cicotte. I have to concur with some of the previous statements that a 9% of course is idealistic thinking. Regardless, good luck to them.
The thing that struck me is that the planner didn’t realize that there are likely going to be several more children. They are mormon and Wendy is only 33. Heck, they could end up with 3 more children! And I totally agree with Katy that the last sentence puts the whole thing on the husband without giving any credit to the wife for obviously having done one of the hardest jobs in the world times 7.
The person who said saving 14.2% per year isn’t much is obviously in a low tax bracket. My husband and I take home only 54 cents out of every dollar we make. I’d say saving 14.5 of gross, when you only net 54% of gross to start with, is great.
Let’s see, $200,000 a year in retirement over a 25 year retirement is $5,000,000.
Current savings is $263,000, annual contribution is $25,000 and a guaranteed return of 9% a year means they will have $7.9 million at retirement.
If nothing goes wrong, if they always get 9% return a year, if they keep saving $25,000 a year for retirement and they pay little to no taxes, they are all set.
“This article characterizes (see quotation below) the success as largely the husband’s. As a female attorney, I’m well aware that my spouse plays a large role in our financial management. Please acknowledge this role more clearly in the future.”
Well, HE IS the one making the money…he might as well have been making 30K a year and I wonder if any financial management skills will help make the family hit the million $ mark any time soon on 30K/annum. Give the man his well deserved credit.
Use the story as an inspiration not as a comparison. For those who think saving 14.5% of your pre-tax income is not doing a good job then give it a try.
For single people and those who do not make as much you too can accomplish much with persistence and sacrifice.
I am amazed by Andre and others like her that they can’t celebrate the accomplishments of a family like this. Lets examine them. First, they put themselves through school (see student loans). Second, they are saving money despite having 5 kids. That is no small feat. Third, despite my reservations with their religion, almost anyone would agree that it is a good strategy to limit your debt. Fourth, 9% returns in the stock market almost tracks the historical return. Simply investing in an ETF or Index Fund would get you this return. Finally, their goals are very doable. His salary will likely increse significantly after a few years on his own. At that point, he can add associates to increase leverage.
Most importantly, the jealous individual on this board are sickening. Shoot for the stars, don’t just piss and moan because people have more or are smarter with their money than you
I would like atleast 1 or 2 of these articles to be on couples or individuals who are on their way to be millionaires and live in an expensive location like Boston or NYC. Almost all of these articles are about people who live in locations where a house costs only 200,000 and not 400,000!
Congrats George and Wendy.
Unlike soooo many others, you at least have a plan. Stick to it !!
Randy Landress - Covington, Ga.
I started out as a single mother at 23 and purchased my first home at 29. Soon after that married and we purchased a larger home, keeping my condo as a rental investment. Initially we were earning a combined income of 60K and struggled making the payments that life brings with it. The properties now are valued at over 750K and mortgages less than 200K and with 250K in retirement and income of 120K I can sit back and clearly see the millionaire mark at 43 years old and with a grown son still living at home.. I am proud and amazed of what can be done when you start out with so little…
I think the fact that George and Wendy have no money set aside for college and having at least two teenagers at home, who I would assume plan to continue their education, will slow down their progress tremendously. Their income will not allow for much financial aid, so it could really hurt his goal of retiring at age 60; at least to be able to draw down $200k per year.
I don’t understand why planners never seem to factor in a paid off mortgage as part of college planning and/or retirment. If they pay off their mortgage in 7 years, the principal reduction alone will average $14,000/yr. That is like getting a tax free raise, and is a nice addition to a college fund or retirement account.
Let’s face it… By the time the 200k compounds to a million, today’s millionaires will have tens or hundreds of millions… Its a never ending game of catch-up. Most of the “growth” is just price inflation hidden by bogus statistics, “historical averages”, etc. Ordinary folks should just forget the dream of becoming rich - the economic reality is that not everyone CAN be rich - and just find a job you love to do, and keep doing it until you drop.
Wow. NOTHING but people wallowing in self pity with these postings. Who are any of you to say George “can’t” live off of $200k a year. Who are you to say that 14% is just a nickle and a dime off of gross? Who are you to say that one of his kids is a future felon? Who are you to say that the great American Dream is, in fact, going to be their reality?
I started my retirement savings straight away at the ripe age of 21. Not going into specifics, one 401(k) plan is giving me an annual return of 20% - needless to say it’s 100% diverse equity (if there ever was such a thing). My wife and I put away 15% per year and by my calculations will have approximately anywhere from $5 to $9 million waiting for us to tap when we retire at age 55. That does NOT include pensions, IRA’s, social security, or anything else. Just the 401(k).
Annual compound interest is a blessing in disguise. Some of you have missed it and I wonder if that’s the crowd who cry over this article the loudest? Clearly George has not.
The timing of when someone becomes a millionaire is a key factor. For example, if George becomes a millionaire at age 65 which is 26 years form now, that 1 million is practically equivalent to 360k as of today assuming a 4% inflation. Do you think a 65 yr old person will be thrilled to rely on 360k for retirement? Also, making 175k a year is just decent considering his current age and time spent in education.
A salary of $175K seems like a lot, but to single-handedly support a family of 7 in a high-cost area, it may be a stertch.
In some areas with overinflated housing markets, even that very high salary doesn’t go far. At current borrowing rates for a prime 30-year fixed, most people could afford to buy a house that is 2.5-3X their salary. High debt loads will diminish this capacity to borrow.
That gives a range of at most $437K-$525K. Not even enough to a buy a house in many parts of California, Washington DC, Boston, New York, etc. On the other hand, that range buys a MANSION in the Midwest.
But I too would like to see a “millionaire in the making” article about a single person making far less than $100K. Stories about affluent couples who save more than I make in a year don’t do me any good…
I earn 57k annully am 45 married with 3 kids and have ammassed 210k in 401k/IRA and paid off my house 6 years ago (160k equity)and have 175k in CD’s. The trick is no debt (car credit cards) and saving.
Why is everyone disparaging this couple for doing well and trying to achieve their retirement and sabbatical dreams. So what if George makes good money? He paid for school with the help of loans and had dilligently been paying them back. He has launched a successful practice and is earning a nice sum of money. Last year he saved nearly 20% of his income. Good for him. If others followed this disciplinary approach instead of falling into the buy now/save later trap they could be on the way to financial freedom as well. I wish George and Wendy continued prosperity and good health.
Actually, CNN did feature a single mom w/ a kid. I think this adds additional burden than just a single person as “Wilson, New York NY” posted.
http://millionaires.blogs.cnnmoney.com/2007/05/18/jeanette-courts/
She pulls in $90+k in DC. So, that’s not a whole lot. Also the $190k equity, I believe is on paper. When come time to sell, you might not see that $190k like a lot of home sellers in San Fran for example.
7 kids and 1 adult mouth to feed, I think the husband has to work for many many more years to come. If the triving law business takes a hit, the wife will have to start looking for a job, though it is cheaper for her to stay at home and than to hire nanies, babysitters, daycare etc.
Good luck!
The one thing this family has going for them is the fact that they live in Washington State.
Good luck reaching your goal of $4M with 7 children while only making $175K in the Tri-State area!
The other tidbit I find interesting is their classification of their student loan debt as large. I graduated from law school 4 years ago and 40K is on the very low end of the debt spectrum. I realize 40K was more 10 years ago, but I still would not consider it large student debt for an individual who has obtained a professional degree.
This article characterizes (see quotation below) the success as largely the husband’s. As a female attorney, I’m well aware that my spouse plays a large role in our financial management. Please acknowledge this role more clearly in the future.”
2 points:
1) YOUR spouse plays a large role in YOUR financial management. Why do you assume every couple wants to or does play an equal role in the management of their finances.
2) The statement you have a problem with is a quote from their expert, why should it be edited to appease the hyper-sensitive?
1) They expect to have $4 million by 2027. The amount they could safely withdraw would be $160K per year (4% of 4 million), not $200K per year.
2) By 2027, $160K will be worth approximately $87K.
3) They are currently living on $150K per year (last year he made $175K and saved $25K).
4) This couple will have to cut their expenses in HALF in retirement if they expect to be able to live off their interest. Yes, there’s social security, but that won’t kick in for several years after his planned retirement at age 60. Besides, social security will be in real trouble in 30 years and people on the high end of the income scale will probably not receive all the benefits they’re counting on.
Conclusion: These folks better start investing more than 14.5% of their income, or they could be in trouble in 20 years.
Its interesting to see so much negativity in the comments.
I guess nobody likes to see other people’s success but their own.
Good for the Cicotte family that Wendy can stay home and George has such a well paying job.
I think that they really need to step back and look at things from a different perspective. Paying for all 7 children’s college expenses is not necessary. They will appreciate there education and money much more if they need to pay for things on there own. I am all for helping kids get through college, my grandfather was a huge help, but George and Wendy need to put themselves first. A good idea might be to pay for there Junior and Senior year and help each child out until then.
I agree with Christine. When are they going to do a story about an “average” family. Show me a family with two kids making less that $100K living in California and how they manage to be millionairs in the making.
My question is who will be paying for all those future weddings,i see four girls in the photo! That will certainly put a dent in your savings.
As usual the articles start with someone making a salary that other people would kill for. What about the average American making less than 30,000 a year. How are we going to retire and pay for health insurance, medicine and even food to live off of. let’s see an article about the average person.
all the negative talk sums up the average American….They hate to see someone doing better than they are.
Congrats to George and his family.
To all you negative posters, last time I checked; no one is stoping any of you from going to law school and starting your own practice but your negative attitude.
In regards to the comment on how “Millionaires in the Making” articles are crap, I offer one possible answer. The reason that they profile married couples with relatively decent incomes, and who own homes in an over inflated housing market is because those are the ones on route to being millionaires. Not to discredit young, single people, but it’s highly unlikely for someone that makes relatively low income, renting an apartment, with financial planning to reach the million dollar mark.
I’m not sure I understand the negative tone of some of the other comments. While the incomes of those covered in this piece may be higher than average, I think the goal and discipline of those profiled in these pieces are admirable. The same approach can be taken by a single person making a more modest income with a target of say $500,000.
I must be missing something - He make s $175K a year so he’s probably taking home about $10K a month after taxes. He has $100K mortgage he’s paying off over 7 years - so what’s that about $1,500 per month. $2K goes to savings. Where is the other $6,500 going - there is no childcare expense and utilities and food can’t be that high. Why aren’t they saving more?
These numbers don’t add up for me. Also, these articles need to start addressing catastrophic healthcare costs. That’s the reality of retirement. My parents are retired (84 and 76 years old) and have mounting credit card debt because of prescriptions and rising medical bills - despite having a health insurance plan. And it’s only going to get worse.
Will there ever be a story about a millionaire in the making making an average salary? Combined, my husband and I don’t make $175,000–heck, we don’t even make $100,000, and we have two kids, so how is this article supposed to bring hope to people like us?
They are well on their way now and I wish them well but how about when the realities of life strike ? Retiring at 60 on 200000 dollars a year is still a dream even in their case and that is assuming that life will not throw any curves along the way (good luck on that! ) and with seven children that is also assuming that they will all turn out to be productive and trouble free citizens .I predict that Wendy WILL eventually go back to work.
As for their money,maybe they should give some of us tips on how to consistently get 9% a year returns since they are soooooooooooo conviced that,that is what they’ll get.They have a good plan but it is only a plan.Let’s be realistic!
It would be nice to see one of these stories from the middle class. Every millionaire in the making story is always someone who makes a fortune.
Is paying off low-interest student loans a financial priority? The oppurtunity cost of such a move can be drastic for someone so young. Properly invested, the $45k could create a sizable investment vehicle that would help out against the anticipated college expenses.
This article characterizes (see quotation below) the success as largely the husband’s. As a female attorney, I’m well aware that my spouse plays a large role in our financial management. Please acknowledge this role more clearly in the future.
“Overall, Boucher said this benefits lawyer and his family are on a very good path: ‘He’s done a very good job in planning his savings and can really have the best of both worlds in paying for his kids’ expenses as well as his retirement.’”
Next time they will have someone making 250k a year and we’ll all be astonished that miraculously they may one day be a millionaire. The wonders of being frugal and compound interest are truly amazing.
I congratulate George on his well earned success in law and owning his own law practice. Kudos to him and his family.
However, even with seven kids how could they NOT make millionaire status? Seriously, out of $175K they only saved $25K?!? By my calculations that’s only 14.2% of their gross income. Forgive me for saying it, but that is not exactly setting the world on fire.
Assuming George’s income will continue to rise as his practice grows and with a mortgage of only $100K it will scarcely take someone with the investing prowess of Warren Buffet to reach the seven figure mark.
I don’t mean in any fashion to disparage George or his family. They should be congratulated for all they’ve accomplished and I wish George and his family many more years of success and happines, but for them to make millionaire status is hardly news worthy. They should be able to accomplish that feat many times over… and I hope they do!!
these millionaire in the making articles are crap. they usually start with a “couple” never a single person, and they have high paying professions and a large amount of home equity from an overinflated housing market. try profiling people who start their own businesses or something to thqat effect. This just promotes the usuall save to you die and hope to get 8 percent a year.
It is naive for these folks to assume 9% annual growth in their savings…they should see if their numbers still work using a 6% growth rate.
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I enjoy these articles. My wife and are on our way to a Mil as well. An improvement to this series would be to dispense with the Comments section. There for too many negatives. I believe those who are critial are jelous or manufacture excuses as to way they cannot do it.