I am 32 years old and her is my philosophy. I can tell you that it takes a lot of hard work and a definete financial plan. My boat was the last toy that I bought. I first took care of some other investments that would help to secure my long term future. I have a great deal of equity in my house, we purchased a shore home that is a great investment as it's value appriciates ever year, I currently max out my 401k contribution, as well as make other investments. I can assure you that my current salary is less than what you and your wife make. It is all about priorities. We do not go out to eat, we take one vacation a year and we are very careful with our money. We did use other funds to pay for the boat, proceeds from the sale of my business but we live off of my salary. I agree with what a lot of what has already been said. I can tell you that my philospohy is that I only pay cash for my toys. I built up my business that I started from scratch seven years ago and sold it to a larger competitor two years ago. But in those 5 years or so I worked 7 days per week 18 hours a day from April to September. As my children got older, I have a 5 and 7 year old it became much more important to spend my time and weekends with my family. In my opinion being self employed is what got me to where I am right now. But, there is a lot of blood sweat and tears, and many worries that go into owning your own business. As you can tell by my childrens ages I started my busainess when my wife was pregnant with our first child. I had a very secure job at a large bank but wanted more. Was it a huge risk, yes. If you have a great idea for a new business, see if you can get it started while you have a secure job somewhere else. Work on your business at night until it gets going.