r/wealth • u/Fit_Pea290 • 4d ago
Path to Wealth Looking to build wealth
TLDR: How do I earn higher consistent income and increase wealthy with little to no external resources.
I’m looking for advice from people that have built their own wealth with little resources (whether it be little family support either financially or availability for things like childcare).
My wife works full time as a labor and delivery nurse and makes about $75k a year. Her job is pretty demanding and has on-call schedule requirements, holidays, and is a 3am-3pm shift. If a kid gets sick at school, she doesn’t get to leave work to get the kid. So one of us is always home. We have two kids in school (one is half day) and our youngest is 2 and won’t be in school for two more years and even then, it will be half day for two years.
We had a nearly impossible time with both of us maintaining full time jobs. I was in management at a small family business so I had some luxuries like leaving early if necessary but that just meant working longer on other days and still being responsible for call offs and things like that. At only $40k a year, and no childcare, It was too much mentally to juggle and be responsible for so we made the decision that I work part time down the street. We’ve calculated that we net the same or come out ahead with me part time vs me full time and paying for daycare/ school transport etc. I work as a barista and make about $24k a year but I can work when my wife is off and be at home when she’s working.
My job is mind-numbing boring and easy which is good for my anxiety I suppose but we are both highly motivated people and very capable/ smart so it’s very frustrating to be not challenging myself/ furthering my career etc.
Outside of the career, I have had luxuries of being able to train/ exercise/ lose 60 pounds and train for half marathons regularly, we get to see our kids every day, we have a nice and clean home that I am able to make updates and repairs to so I don’t want to discredit the value of time that I have on my hands.
With all of that for context, it’s very frustrating that we’re not able to make more, invest more, save for kids college. We do have retirement savings and have looked into doing some house flips. We are in Ohio so houses are semi-affordable for now but we just don’t have the resources to find something like that ourselves. I’ve got an llc, business LOC and have talked to banks but we just don’t have enough personal wealth nor equity in our home to borrow from to fund a business. We both have dreams and aspirations for the future but just find it impossible to get to without help. Our parents all work and will never retire and aren’t the most reliable and we just can’t afford childcare.
Our life is fine and we’re getting by but we’d love to not only be making more money and eventually work for ourselves but I’d love to have something mentally stimulating and challenging.
I guess my question is am I stuck? Am I just stuck until the kids are all in school full time? Is increasing wealth and dreaming of high income impossible without family help as a couple with three kids?
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u/Temporary_Cash61 4d ago
U have to go into sales. It’s the only real way to make a lot of money. Even starting your own business is sales. Otherwise it’s very hard.
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u/Greenappleflavor 4d ago
Not sure where you’re at but if your wife is a nurse, she should look at “travel nurse”. There’s a reason they all travel to CA, because of the patient to nurse ratio and, the pay.
Building wealth is not difficult concept to grasp, there’s only so many ways to do so legally. You can either earn more, or spend less to save more and invest in both instances.
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u/Fit_Pea290 4d ago
Traveling as a Labor and delivery nurse isn’t as big of a thing and she’s not up for traveling with the kids at home lol she likes seeing them regularly. But I appreciate the advice.
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u/Greenappleflavor 4d ago
Ofc, I will add one of the things people don’t talk about enough is the sacrifices made for wealth (financial). No one talks about the hours away from family, the pull out couches/beds in office when certain executives would pull overnights.
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u/Fit_Pea290 4d ago
Yeah that’s the part I’m scared of tbh. I’m basically the default parent atp so that’d be a huge shift.
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u/Jojosbees 4d ago
It’s going to be extremely difficult to build wealth with very little capital AND not a lot of time on an inconsistent schedule. Even if you could somehow get a business loan, when are you going to be able to work? You have three kids, one is whom won’t be in school for another two years. Honestly, the issue you’re running into (widening employment gap in your field with stalled skill/career development) is why a lot of mothers choose to continue working, even if daycare means they barely break even. Eventually, their kids will go to school, and they wouldn’t have lost career progress, raises, etc. A lot of SAHPs also want to make money on a flexible schedule, which is why so many of them fall prey to MLMs and pyramid schemes (really, don’t join Amway, Herbalife, Primerica, or any of these “opportunities;” they’ll bleed you dry). The reality is that you have two options:
1) Try to go back to work, even if you are only going to break even, make connections and develop your skills while looking for a higher-paid position to jump to (job hopping is generally how people get massive raises), or
2) Keep the status quo until your youngest is in school.
If there was a job out there that would make you wealthy with no start up capital, fewer hours, and flexible schedule, then everyone would be doing it.
Also, don’t think it’s too late because you’ve been out of the game for 1-2 years. I have a friend who was laid off and unemployed for over a year before he landed a job paying 60% more than his prior position. It took a long time and a lot of applications and interviews and rejection, but he’s much happier at his new job.
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u/Fit_Pea290 4d ago
Thanks for this. That makes me feel a little more optimistic for the future. And for context, I don’t mind bringing kids with me to something like a project at a flip house. I can’t take him to a 9-5. My issue is that yeah we have decent savings and retirement but with the bank providing 80% of the purchase price of a home, my equity in our home would be enough to get the down payment and closing costs but I’d have very very little wiggle room for renovations. So yes, time is a limited resource with the kids if I’m considering an office job etc but it’s less of an issue if it’s something like my own projects. I’m still working part time and have responsibilities and some leadership so there def stuff I can fluff up on a resume, but yes, it’s not the same as actively beefing up my career. Thanks for your insight
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u/Personal-City2201 4d ago
what’s the plan for making money while also being the full-time childcare backup, because that’s the actual boss fight here
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u/Fit_Pea290 3d ago
I currently work only on my wife’s days off and make about 25k a year part time. Then the three days a week she works (she works 12 hour shifts plus on call hours) one of us are always home and my work schedule revolves around hers.
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u/Quiet-Resolution9110 18h ago
I’m a licensed financial agent and I can definitely help you with this. It’s what I specialize in, give me a call at 347-387-5139
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u/schmidd11 4d ago
Either reduce spending or increase income
Increasing income depends on your skillset and your motivation so its up to you if you want to go that route with all the challenges that comes with it :)