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This interview occurred in September.
My queries are in bold italics, and their answers follow in black.
Let’s begin…
#### OVERVIEW
***What is your age (and your spouse’s, if applicable, and how long have you been married)?***
I turned 60 in July. My wife is a vibrant 52.
We will mark our 25th wedding anniversary this October. It has been a wonderful 25 years with my beloved!
***Do you have children/family (if yes, how old are they)?***
We have twins who are 21 years old. Both are presently attending college. Our son is set to graduate next spring as his major allows him to complete his degree in 3 years.
Our daughter is projected to graduate in Spring 2027. We are pleased that they both selected majors that will lead to in-demand careers and also contribute positively to society.
***Which region of the country do you live in (and is it urban or rural)?***
We reside in the suburbs of a small city located in the Mid-Atlantic part of the U.S.
***What is your current net worth?***
Our net worth is roughly $6,500,000.
***What are the primary assets contributing to your net worth (stocks, real estate, business, home, retirement accounts, etc.) and are there any debts that offset these?***
– Cash (Checking, CD, Savings, and Money Market) = $302,000
– 401K, IRA, and other retirement plans = $3,800,000
– 529 Plans = $122,000
– Taxable Mutual Funds = $1,776,000
– Home (primary residence) = $500,000 (according to Zillow). I think this figure is quite accurate as recent comparable properties in our area sold for that amount.
We have no debts aside from credit cards that we pay off monthly. We haven’t had a mortgage since around 2015.
We overfunded our 529 Plan for my son, as we did not foresee him completing his degree in 3 years. There will be roughly $50,000 left, which he can use for future education.
#### EARN
***What is your profession?***
I hold the position of Director of Project Services at a global EPC (Engineering, Procurement, and Construction) firm.
My wife is the Managing Director of our home.
Throughout the years, she has engaged in part-time jobs related to her teaching expertise. These part-time roles were more about giving her a reason to leave the house rather than generating significant income (I always referred to it as Mocha Money).
***What is your yearly income?***
I transitioned to part-time work (25-30 hours/week) in March of this year. My 2024 salary as a full-time employee was $240,000/year.
Additionally, I was eligible for a bonus of up to 10% of my annual salary.
***Can you share about your income growth over time? What was your starting salary at your first job, how did it increase from there (including what you did to facilitate that growth), and what is your current income?***
– 1979 – I commenced work at 14 years old at a hardware shop. I worked through high school. I started at $2.00/hour and finished at $3.35/hour.
– 1988 – I graduated with a degree in Industrial Engineering. My first job’s annual salary was $27,000/yr ($12.98/hour!)
– 2005 – I surpassed the $100,000/year salary mark.
– 2011 – $145,000/year – accepted the position of department manager.
– 2020 – $180,000/year
– 2022 – $204,000/year
– 2023 – $224,800/year – promoted to my current position.
– 2024 – $240,000/year
***What advice would you give to others aiming to enhance their career-related income?***
Have confidence in yourself and be open to taking risks. I managed small project teams (<4 people), but I was presented with the chance to manage a department of 45 individuals across three offices in three different states.
However, the role necessitated relocation across the country. Accepting this position has been one of the best decisions I’ve made for both my career and my family.
It has truly advanced my career and significantly boosted my income.
I was fortunate to work for a company that provided generous tuition reimbursement without an annual cap on reimbursement.
As a result, I decided to pursue obtaining a master’s