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Who is the wife of a popular youtuber Rich Rebuilds? Rich Rebuild isn’t married yet, but he is dating his girlfriend Leenda Lucia.
Rich Rebuilds is a well-known YouTube channel covering cars and vehicles with over 867,000 followers.
The channel, located in the United States, began broadcasting in 2014.
Rich Rebuilds Wife And Divorce: Is He Married?
Rich Rebuild isn’t married yet, which suggests he doesn’t seem to have a wife.
Rich is dating his girlfriend Leenda Lucia.
However, Rebuilds has not yet officially confirmed its relationship with the public.
Since Rich isn’t married yet, he doesn’t need to get a divorce.
What Is Rich Rebuilds Net Worth?
Rich Rebuild’s net worth is estimated at $1.17 million.
Rich’s annual salary is estimated at $291.86,000.
Rebuilds YouTube channel has over 4.86 million views monthly.
For every thousand video views, monetized YouTube channels make money by displaying ads.
YouTube channels can earn anywhere from $3 to $7 per thousand video views.
If Rich’s net worth falls within this range, Net Worth Spot calculates that he makes $19.46K each month, or $291.86K annually.
How Old Is Rich Rebuilds? Age Revealed
Rich Rebuilds age seems to be in the range of 30-35 years based on his looks.
Rich has not publicly revealed his official age, when and where he was born.
The reporter d not reveal when he celebrates his birthday each year.
Rich’s nationality and ethnic background are not verified for the time being.
There are no shared posts related to his birthday party and wishes on his social media account.
What Is Rich Rebuilds Real Name?
Right now, Rich Rebuild’s real name is what it is i.e. Rich Rebuild.
There is no information that he has names other than Rich.
Looking at the username, it seems that Rich Rebuild is his only name.
Rich is also active on social media sites by the same name, so he probably doesn’t seem to have any other names or nicknames.
tesla story: It sunk, in salt water and my marriage.
[su_youtube url=”https://www.youtube.com/watch?v=mdDowsYuYIY”]
Images related to the topictesla story: It sunk, in salt water and my marriage.
See some more details on the topic Is Rich Rebuilds Married Everything On His Wife Divorce And Net Worth Details here:
Is Rich Rebuilds Married? Everything On His Wife Divorce …
Everything On His Wife Divorce And Net Worth Details. By Sophia … Rich Rebuild is not married yet, but he is dating his girlfriend, Leenda Lucia.
Source: birminghamecho.co.uk
Date Published: 6/6/2022
View: 6732
Is Rich Rebuilds Married? Everything On His … – Halla News
Everything On His Wife Divorce And Net Worth Details … Rich Rebuild is not married yet, but he is dating his girlfriend, Leenda Lucia.
Source: ab.com.tc
Date Published: 3/10/2021
View: 3906
Did Rich get divorced? : r/RichRebuilds – Reddit
I thought Rich was married with ks. The direction the channel has taken just seems kinda awkward to me if he is indeed still married.
Source: www.reddit.com
Date Published: 10/13/2022
View: 448
A millionaire retiree who built most of her wealth after divorce …
Sandy, who’s been divorced three times, eventually reached a $1 million net worth on her own after years of not seeing eye-to-eye with her …
Source: www.businessinsider.com
Date Published: 10/7/2022
View: 5597
A millionaire retiree who built most of her wealth after divorce shares her biggest money regret
Sandy disagreed with her three ex-husbands on financial matters.
The realizations came too late and she had to rebuild her fortune several times.
She eventually reached a net worth of $1 million on her own, but regrets not having talked about money.
Visit Personal Finance Insider for more stories.
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Money can bring people together and tear them apart.
Sandy, who uses a pseudonym online but has been verified by Insiders, knows this firsthand. The mother of two adult sons has been divorced three times. Although Sandy is a diligent saver and taught her children how to manage money from a young age, Sandy had little to offer after the end of each marriage.
“I had three husbands who were happy to spend and didn’t have financial goals and didn’t care about having financial goals,” Sandy, 63, told Insider. “They only wanted what they wanted, when they wanted it. And you’d think I’d learn it after the first or second, but I didn’t.”
She later discovered that the problem was that they didn’t talk openly about money before committing to each other. It’s okay to want different things than your partner, she said, but it’s important to take precautions so you can pursue your own goals as well.
“I think really open, honest conversations about money should be a requirement of getting married or living together … say clearly, ‘This is what I expect, this is what I want,'” Sandy said. “People don’t even realize it until they’re three years old and have a couple of kids and they’re strapped in and suddenly they want very different things long-term and that’s a big barrier.”
Sandy grew up in a generation where men were viewed as financial providers, she said, and often took the lead on money matters in her marriage.
“Even today I have friends who don’t know where their money is. They don’t know which bank they go to,” she said. “If your husband were to die tomorrow, you would have no idea. And it’s like, ‘How can you be like that? This is the 2000s.’ I mean, you’ve met this stuff, it’s affecting your life.”
Sandy now prefers to keep her money separate
In the settlement for her most recent divorce, which took place after the Great Recession, Sandy said she received three residential properties. But it wasn’t the right time to sell the properties if she wanted to make a profit, so she kept the houses and went back to work to pay her bills.
Eventually, the real estate appreciated again and Sandy made enough money to pay off the mortgages and save more for retirement.
She found it easier to build and maintain wealth as a single woman. In late 2019, she retired from her full-time job with a net worth of nearly $1 million, thanks in part to a growing IRA she started at age 30 and the proceeds from the sale of her properties.
Sandy later reconnected with her third ex-husband and they bought a house together, paying for it in cash. Their monthly payment for taxes, insurance and association fees will be halved, but they keep their money separate now.
Deciding whether to manage your money individually or as a couple is a personal decision that no one outside of the relationship — not even a financial advisor — can make for you. But Sandy finally learned her lesson.
“It took me a long time to get here,” she said.
The Family Code Of The Philippines(2)
The Family Code of the Philippines(2)
Art. 117. The following are marital partnership goods:
(1) Titles acquired during marriage at the expense of the common fund through encumbering titles, regardless of whether the acquisition is for the partnership or only for one of the spouses;
(2) Those arising from the work, industry, work, or profession of one or both spouses;
(3) The natural, commercial, or civil crops due or received during the marriage out of the common property, as well as the net crops out of the exclusive property of each spouse;
(4) A spouse’s share in the hidden treasure which the law assigns to the finder or owner of the property on which the treasure is found;
(5) Those acquired through occupations such as fishing or hunting;
(6) Livestock existing at dissolution of partnership exceeding the number of each species brought into the marriage by either spouse; and
(7) Accidental winnings such as winnings from gambling or betting. Losses from this, however, are borne exclusively by the losing spouse. (153a, 154a, 155, 159)
Art. 118. Property purchased on installments paid partly from exclusive funds of one or both spouses and partly from marital funds belongs to the buyer or buyers if the entire property was transferred before the marriage, and to the marital union if this right of ownership was transferred during the marriage. In any event, any amount advanced by the partnership or by one or both spouses will be returned by the owner or owners upon dissolution of the partnership. (s)
Art. 119. When an amount or credit payable within a specified period belongs to one of the spouses, the amounts that may be collected during the marriage in installments or in installments on the principal sum are the exclusive property of the spouse. However, the main interest due during the marriage belongs to the marital cohabitation. (156a, 157a)
Art. 120. Ownership of improvements, whether for purposes of use or embellishment, made to the separate property of the spouses at the expense of the partnership or by the acts or efforts of one or both spouses, belongs to the conjugal partnership or the original owner-spouse , subject to the following rules:
If the costs of the improvement made by the marital union and the resulting increase in value exceed the value of the property at the time of the improvement, the entire property of one of the spouses of the marital union belongs to the marital union against reimbursement from the value of the property of the owner-spouse at the time of the improvement; otherwise the property remains the property of the owner spouse, also subject to reimbursement of the cost of improvement.
In any case, ownership of all property is transferred to the repayment to be made at the time of the dissolution of the marital union. (158a)
Section 4. Burdens and Duties of Marital Partnership
Art. § 121. The marital partnership is liable for:
(1) The maintenance of the spouse, their joint children and the legitimate children of both spouses; however, the maintenance of illegitimate children is governed by the provisions of this maintenance code;
(2) All debts and liabilities incurred during the marriage by the designated spousal administrator for the benefit of the marital gains, or by both spouses, or by either spouse with the consent of the other;
(3) Debts and obligations entered into by one spouse without the consent of the other to the extent that the family might have benefited therefrom;
(4) All taxes, liens, fees and expenses, including major or minor repairs to the marital property;
(5) All taxes and mere maintenance expenses levied during marriage on the separated property of either spouse;
(6) expenses that enable either spouse to begin or complete a career, occupation, or other self-improvement activity;
(7) Premarital debts of a spouse to the extent repaid in favor of the family;
(8) The value of what has been donated or promised by either spouse for the benefit of their joint legitimate children for the sole purpose of beginning or completing a professional or professional course or other self-improvement activity; and
(9) Costs of litigation between the spouses, unless the action proves to be unfounded.
If the marital partnership is not sufficient to cover the above liabilities, the spouses are jointly and severally liable with their assets for the open balance. (161a)
Art. 122. The settlement of personal debts incurred by the husband or wife before or during the marriage are not charged to the community of property unless they accrued to the family.
The fines and monetary compensation imposed on them are also not charged to the company.
However, the settlement of personal debts of both spouses prior to marriage, the fines and compensation imposed on them, and the maintenance of illegitimate children of a spouse may be claimed against the partnership assets under the obligations enumerated above Articles are covered if the bound spouse should not have exclusive assets or if it should not be enough; However, at the time of the dissolution of the partnership, that spouse will be billed for what was paid for the above purpose. (163a)
Art. 123. What is lost during marriage in a game of chance or in bets, sweepstakes or other games of chance permitted or prohibited by law, is borne by the loser and is not charged to the marital union, but to all others. (164a)
Section 5. Administration of Marital Partnership Assets
Art. § 124. Both spouses are jointly entitled to administer and enjoy marital cohabitation. In the event of a disagreement, the husband’s decision shall prevail, subject to the wife’s appeal to the court for proper remedy, which must be taken within five years from the date of the contract to implement that decision.
In the event that one spouse is legally incapacitated or otherwise unable to participate in the administration of the marital property, the other spouse can assume sole administrative powers. These powers do not include any disposition or charge without a court order or the written consent of the other spouse. In the absence of such power of attorney or consent, the disposition or encumbrance is void. However, the transaction is deemed to be an ongoing offer on the part of the consenting spouse and the third party, and may be consummated as a binding contract, upon acceptance by the other spouse or approval by the court, before the offer is withdrawn by either or both providers. (165a)
Art. 125. Neither spouse may donate property without the consent of the other marital partnership. However, each spouse may, without the consent of the other, make modest donations from the marital partnership property for charitable purposes or for family joy or family need. (174a)
Section 6. Dissolution of the Marital Partnership Regime
Art. 126. Marital union ends:
(1) After the death of one of the spouses;
(2) when there is a decree of legal separation;
(3) if the marriage is annulled or annulled; or
(4) In the case of judicial separation of property during the marriage pursuant to Sections 134 to 138. (175a)
Art. 127. The actual separation between husband and wife does not affect the marital union, except that:
(1) A spouse who leaves the marital home or refuses to live in it without good reason is not entitled to maintenance;
(2) If the consent of one spouse to legal transactions of the other spouse is required by law, judicial approval must be obtained in an expedited procedure;
(3) In the absence of sufficient marital cohabitation assets, the total assets of both spouses are jointly and severally liable for the upkeep of the family. Upon request, the spouse present is to be granted the court power of attorney to administer or encumber a specific special fund of the other spouse and to use the fruits or income from it to satisfy his or her share. (178a)
Art. 128. If one spouse abandons the other without good cause or fails to meet his or her obligations to the family, the aggrieved spouse may apply to the court for receivership, judicial separation of property, or authorization of sole administrator of the marital partnership property, subject to precautionary requirements imposed by the court.
The obligations to the family referred to in the preceding paragraph relate to marital, parental or property relationships.
A spouse has left the other when he has left the marital home with no intention of returning. A spouse who has left the marital home for a period of three months, or who has not provided any information about his whereabouts within this period, is prima facie presumed to have no intention of returning to the marital home. (167a, 191a)
Section 7. Liquidation of the Property and Liabilities of the Marital Partnership
Art. 129. The following procedure applies to the dissolution of marital partnership:
(1) An inventory shall be drawn up in which all the assets of the marital cohabitation and the exclusive assets of each spouse are listed separately.
(2) Amounts that the marital partnership advances to settle personal debts and liabilities of a spouse are to be credited to the marital partnership as assets.
(3) Each spouse is to be reimbursed for the use of their exclusive means for the acquisition of assets or the value of their exclusive assets, the property of which the marital community is legally entitled to.
(4) The debts and liabilities of the marital partnership are to be settled from the marital property. In the event of inadequacy of this property, the spouses shall be jointly and severally liable for the unpaid balance with their separate property, in accordance with the provisions of Article 121, paragraph (2).
(5) What remains of the exclusive property of the spouses is thereafter served on each of them.
(6) The loss or deterioration of movable property serving the family belonging to one of the spouses, even as a result of an accidental event, shall be compensated to the spouse from the marital property, unless the owner was from whatever source indemnified, if any.
(7) The net remainder of the marital life partnership property represents the profit, which is to be divided equally between the husband and wife, unless a different ratio or division has been agreed in the marriage contract or a voluntary waiver or forfeiture has taken place of such a share as in provided for in this Code.
(8) The presumed legitimation of the common children is to be served upon division pursuant to Section 51.
(9) In the division of property, the marital home and the property on which it is located, unless the parties have agreed otherwise, are to be awarded to the spouse with whom the majority of the common children wish to remain. Children under the age of seven are considered the mother’s choice unless the court has ruled otherwise. If there is no such majority, the court decides taking into account the best interests of the child. (181a, 182a, 183a, 184a, 185a)
Art. Section 130. If the marriage ends due to death, the assets of the marital partnership are sold in the same estate proceedings.
If court settlement proceedings are not initiated, the surviving spouse must use the marital partnership property in or out of court within six months of the death of the deceased spouse. If no liquidation takes place after the six-month period has expired, any disposition or encumbrance over the marital partnership property of the terminated marriage expires.
If the surviving spouse enters into another marriage without complying with the above requirements, a mandatory regulation of complete separation of property applies to the property relationships of the later marriage. (s)
Art. 131. If the liquidation of the marital partnership property of two or more marriages contracted by the same person before the entry into force of this Law is carried out at the same time, the respective capital, fruits and income of each partnership shall be determined on the basis of such evidence according to the Evidence rules taken into account. If there is any doubt as to which partnership the existing properties belong to, these are divided between the various partnerships in relation to their capital and duration. (189a)
Art. Section 132. The court rules on estate administration shall be observed in the appraisal and sale of marital cohabitation property and other matters not expressly provided for in this Chapter. (187a)
Art. 133. The surviving spouse and children are granted maintenance from the common property during the liquidation of the inventoried property and until the handover of what belongs to them; however, the amount received for maintenance which exceeds the fruits or pensions to which they are entitled is to be deducted from this. (188a)
Chapter 5. Separation of property between spouses and administration of common property by a S
Art. 134. In the absence of an express declaration in the marriage contract, the separation of property between spouses during the
Marriage Marriage during marriage is only permitted by court order. Such a judicial separation of property can take place either voluntarily or for good reason. (190a)
Art. 135. One of the following grounds shall be considered sufficient grounds for judicial separation of property:
(1) that the applicant’s spouse has been sentenced to a criminal offense;
(2) that the applicant’s spouse has been declared absent by a court;
(3) The loss of parental authority of the applicant’s spouse has been determined by a court;
(4) that the applicant’s spouse has deserted him or has failed to fulfill his family responsibilities under Article 101;
(5) that the spouse to whom administrative power was granted in the prenuptial agreements abused that power; and
(6) That the spouses have in fact been separated for at least one year at the time of application and reconciliation is highly unlikely.
In the cases of numbers (1), (2) and (3), the submission of the final judgment against the guilty or absent spouse is sufficient as a basis for issuing the order on the judicial separation of property. (191a)
Art. 136. The spouses may jointly submit to the court a certified application for the voluntary dissolution of the absolute union or the marital union of gains and for the separation of their common property.
All creditors of the absolute community of gains or the marital community of gains as well as the personal creditors of the spouse must be listed in the application and informed of the application. The court takes measures to protect creditors and other beneficiaries. (191a)
Art. 137. After disposition of the separation of property, the absolute acquisition community or the marital community of gains is dissolved in accordance with this law.
While the separation of property proceedings is pending, the inseparable community or the marital partnership must provide for the maintenance of the spouse and their children. (192a)
Art. 138. After the dissolution of the absolute union or marital union, the regulations on the complete separation of property apply. (191a)
Art. 139. The request for separation of property and the final judgment granting it are to be entered in the relevant local civil and property registers. (193a)
Art. 140. Separation of property does not affect the rights previously acquired by creditors. (194a)
Art. 141. The spouses may, in the same proceedings in which the separation of property was decided, apply to the court for an order restoring the property regime existing before the separation of property in one of the following cases:
(1) When the civil prohibition ends;
(2) if the absent spouse reappears;
(3) If the court, after being satisfied that the spouse to whom administrative power was granted in the prenuptial agreements will not abuse that power again, authorizes the restoration of administrative power;
(4) When the spouse who left the marital home without a judgment of separation resumes living with the other;
(5) when parental authority is restored to the previously deprived spouse by a court;
(6) when the spouses who have been effectively separated for at least one year are reconciled and resume living together; or
(7) If, following a joint application by the spouses, the voluntary dissolution of the absolute community of property or of the marital partnership has been determined by a court, they consent to the revival of the earlier property regime. Thereafter, no voluntary separation of property may be granted.
The revival of the former marital property regime is governed by Section 67. (195a)
Art. 142. Administration of all classes of the exclusive property of one spouse may be delegated by the court to the other spouse:
(1) When one spouse becomes the guardian of the other;
(2) when a spouse is declared absent by a court;
(3) when a spouse is sentenced to a civil penalty; or
(4) When a spouse flees from justice or is in hiding as a suspect in criminal proceedings.
If the other spouse is not qualified due to incompetence, conflict of interest or other just cause, the court will appoint an appropriate person to be the administrator. (s)
Chapter 6
regime of separation of property
Art. 143. If the future spouses agree in the marriage contracts that their property relationships during the marriage are subject to the regime of separation of property, the provisions of this chapter apply in addition. (212a)
Art. 144. Segregation of property may refer to present or future ownership, or both. It can be full or partial. In the latter case, the property that has not been separately agreed belongs to the absolute community. (213a)
Art. 145. Each spouse owns, disposes of, owns, administers and enjoys his or her own property without the need for the consent of the other. Each spouse owns all income from their profession, business or trade as well as all natural, commercial or civic fruits that are owed or drawn from their special assets during the marriage. (214a)
Art. 146. Both spouses bear the family expenses in proportion to their incomes or, if these are insufficient or insufficient, to the market value of their separated estates.
However, the spouses’ liabilities to creditors for family expenses are joint and several. (215a)
Chapter 7
Ownership of non-marital unions
Art. 147. When a man and a woman capable of marriage live together solely as husband and wife, without the benefit of marriage or by reason of a null marriage, they are entitled to their wages and salaries in equal parts and to the property owned by both of them by their work or their trade is subject to the regulations on co-ownership.
Unless proven otherwise, property acquired during their coexistence is presumed to have been acquired through common effort, work, or diligence, and belongs to them equally. For the purposes of this article, a party that has not participated in the acquisition of property by the other party shall be deemed to have contributed jointly to its acquisition if the former’s efforts in the care and maintenance of the family and household passed .
Neither of the parties may encumber or dispose of their share of the common property acquired during the cohabitation without the consent of the other until the end of their cohabitation.
If only one of the partners in a void marriage acts in good faith, the bad faith partner’s share of the co-ownership expires in favor of their children. In the event of the loss or renunciation of individual or all joint children or their descendants, each share that becomes free belongs to the respective surviving descendants. In the absence of descendants, that portion belongs to the innocent. The forfeiture occurs in any case with the termination of the cohabitation. (144a)
Art. 148. In cases of cohabitation not covered by the preceding article, only the goods acquired by both parties through their actual joint contribution of money, property or trade are common property in proportion to their respective contributions. Unless proven otherwise, their contributions and corresponding shares are assumed to be equal. The same rule and presumption applies to joint money deposits and credit records.
If one of the parties is validly married to another, his or her share of the co-ownership goes to the inseparable community or civil partnership existing in this valid marriage. If the party acting in bad faith is not validly married to another, his or her marriage shall lapse in accordance with the last paragraph of the preceding article.
The above forfeiture rules also apply in the case of fraudulent intent on the part of both parties. (144a)
TITLE V
THE FAMILY
CHAPTER 1. THE FAMILY AS AN INSTITUTION
Art. 149. The family, as the foundation of the nation, is a fundamental social institution valued and protected by public order. Consequently, family relationships are governed by the law, and no mores, practices, or agreements that destroy the family are recognized or enforced. (216a, 218a)
Art. 50. Family relationships include:
(1) between man and woman;
(2) Between parents and children;
(3) Among brothers and sisters, whether full-blood or half-blood. (217a)
Art. 151. No litigation between members of the same family will prosper unless the verified complaint or petition shows that sincere efforts have been made to reach a compromise but have failed. If it is shown that no such effort was actually made, the same case must be dismissed.
This regulation does not apply to cases that cannot be the subject of a settlement under the Civil Code. (222a)
Chapter 2. The family house
Art. 152. The family home, built jointly by a husband and wife or an unmarried head of household, is the dwelling house in which they and their family live and the land on which it is situated. (223a)
Art. 153. The family home is deemed to be built on a house and land when used as a family residence. From the date of its incorporation and so long as any of its beneficiaries actually resides therein, the family home remains such and is exempt from foreclosure, foreclosure or foreclosure, except as provided below and to the extent permitted by law. (223a)
Art. 154. The beneficiaries of a family home are:
(1) The husband and wife or an unmarried person who is the head of the family; and
(2) Your parents, ancestors, descendants, brothers and sisters, whether married or extramarital, living in the family household and dependent on the legal counsel of the head of the family. (226a)
Art. 155. The family home is exempt from foreclosure, foreclosure or foreclosure except:
(1) for non-payment of taxes;
(2) For debts incurred prior to the construction of the family home;
(3) for mortgaged debts before or after incorporation; and
(4) For debts owed to labourers, mechanics, architects, builders, material workers and others who rendered services or supplied materials in the erection of the building. (243a)
Art. 156. The family home must be part of the property of the absolute community or conjugal community or, with his consent, the exclusive property of one of the two spouses. It can also be built by an unmarried head of family on their own property.
However, a property that is the subject of a conditional installment sale, in which the seller retains title only to ensure payment of the purchase price, can also be considered a family home. (227a, 228a)
Art. 157. The actual value of the family home at the time of its construction shall not exceed the amount of three hundred thousand pesos in urban areas and two hundred thousand pesos in rural areas, or such amounts as may be later determined by law.
If the value of the currency changes after the adoption of this Code, the most favorable value for furnishing a single-family house shall be the basis for valuation in any case.
For purposes of this Article, urban areas are recognized cities and towns whose annual income is at least equal to the statutory income of recognized cities. All others are considered rural areas. (231a)
Art. 158. The family home may be sold, alienated, donated, assigned or encumbered by the owner or owners with the written consent of the constructor, his spouse and a majority of the adult beneficiaries. In the event of a dispute, the court decides. (235a)
Art. 159. The family home survives for a period of ten years, or so long as there is a minor beneficiary, notwithstanding the death of one or both spouses or the unmarried head of the family, and the heirs may divide it only where a court finds compelling reasons to do so. This rule applies regardless of who owns the property or who built the family home. (238a)
Art. 160. If a creditor whose claims are not among those referred to in Article 155 receives a judgment in his favour, and he has reasonable grounds to believe that the family home is actually worth more than the maximum amount set out in Article 157, he may file an application represent the court that issued the judgment on an order ordering the sale of the property subject to enforcement. The court orders this if it finds that the actual value of the family home at the time of its construction exceeds the maximum allowed by law. If the increased actual value exceeds the maximum allowed in Article 157 and results from subsequent voluntary improvements made by the person or persons making up the family home, the owner or owners of the property, or any of the beneficiaries, the same shall apply rule and the same procedure applies.
In the case of a foreclosure sale, no bid below the permissible value for a single-family home will be considered. The proceeds will first be set off against the amount referred to in Article 157 and then against the liabilities arising from the judgment and the costs. Any surplus will be served on the judgment debtor. (247a, 248a)
Art. 161. In order to enjoy the benefits of a family home provided in this chapter, a person may only constitute or be a beneficiary of a family home. (n)
Art. 162. The provisions of this chapter also apply to existing family dwellings, to the extent that they are applicable. (s)
TITLE VI
paternity and descent
CHAPTER 1. LEGITIMATE CHILDREN
Art. 163. The descent of children can be natural or by adoption. Natural descent can be legitimate or illegitimate. (s)
Art. 164. Children conceived or born during the marriage of the parents are legitimate.
Children conceived by the wife’s artificial insemination using the husband’s semen or a donor’s semen or both are also legitimate children of the husband and wife, provided both have authorized or ratified the insemination in writing executed and signed by them before the birth of the child . The certificate is entered in the civil status register together with the child’s birth certificate. (55a, 258a)
Art. 165. Children conceived and born outside of a valid marriage are illegitimate, unless otherwise provided in this Code. (n)
Art. 166. The legitimacy of a child can only be challenged on the following grounds:
(1) That the husband was physically unable to have sexual intercourse with his wife within the first 120 days of the 300 days immediately preceding the birth of the child for the following reasons:
(a) the husband’s physical inability to have sexual intercourse with his wife;
(b) the fact that husband and wife lived apart so that sexual intercourse was not possible; or
(c) serious illness of the husband, which absolutely prevented sexual intercourse;
(2) dass nachgewiesen ist, dass das Kind aus biologischen oder anderen wissenschaftlichen Gründen nicht das Kind des Ehemanns sein konnte, außer in dem in Artikel 164 Absatz 2 vorgesehenen Fall; or
(3) Dass im Falle von Kindern, die durch künstliche Befruchtung gezeugt wurden, die schriftliche Genehmigung oder Ratifizierung eines Elternteils durch Fehler, Betrug, Gewalt, Einschüchterung oder unangemessene Beeinflussung erlangt wurde. (255a)
Art. 167. Das Kind gilt als ehelich, obwohl die Mutter sich gegen seine Ehe erklärt oder als Ehebrecherin verurteilt worden sein kann. (256a)
Art. 168. Wenn die Ehe aufgelöst wird und die Mutter innerhalb von dreihundert Tagen nach einer solchen Auflösung der früheren Ehe eine weitere Ehe geschlossen hat, gelten diese Regeln vorbehaltlich des Gegenbeweises:
(1) Als während der früheren Ehe gezeugt gilt ein Kind, das vor hundertachtzig Tagen nach der Feier der späteren Ehe geboren wurde, wenn es innerhalb von dreihundert Tagen nach der Beendigung der früheren Ehe geboren wird;
(2) Als während dieser Ehe gezeugt gilt ein Kind, das nach 180 Tagen nach der Eheschließung geboren wurde, auch wenn es innerhalb von 300 Tagen nach Beendigung der früheren Ehe geboren wurde. (259a)
Art. 169. Die Ehe- oder Unehelichkeit eines Kindes, das nach dreihundert Tagen nach Beendigung der Ehe geboren wird, ist von dem zu beweisen, der diese Ehe oder Unehelichkeit behauptet. (261a)
Art. § 170. Die Klage auf Anfechtung der Ehe des Kindes ist innerhalb eines Jahres nach Kenntnis der Geburt oder deren Eintragung in das Personenstandsregister zu erheben, wenn der Ehemann oder gegebenenfalls einer seiner Erben in der Stadt oder Gemeinde, in der die Geburt stattgefunden oder registriert wurde.
Wohnen der Ehemann oder ersatzweise alle seine Erben nicht am Geburtsort im Sinne von Absatz 1 oder am Ort der Eintragung, so beträgt die Frist zwei Jahre, wenn sie auf den Philippinen wohnen sollten; und drei Jahre im Ausland. If the birth of the child has been concealed from or was unknown to the husband or his heirs, the period shall be counted from the discovery or knowledge of the birth of the child or of the fact of registration of said birth, whichever is earlier. (263a)
Art. 171. The heirs of the husband may impugn the filiation of the child within the period prescribed in the preceding article only in the following cases:
(1) If the husband should died before the expiration of the period fixed for bringing his action;
(2) If he should die after the filing of the complaint without having desisted therefrom; or
(3) If the child was born after the death of the husband. (262a)
Chapter 2. Proof of Filiation
Art. 172. The filiation of legitimate children is established by any of the following:
(1) The record of birth appearing in the civil register or a final judgment; or
(2) An admission of legitimate filiation in a public document or a private handwritten instrument and signed by the parent concerned.
In the absence of the foregoing evidence, the legitimate filiation shall be roved by:
(1) The open and continuous possession of the status of a legitimate child; or
(2) Any other means allowed by the Rules of Court and special laws. (265a, 266a, 267a)
Art. 173. The action to claim legitimacy may be brought by the child during his or her lifetime and shall be transmitted to the heirs should the child die during minority or in a state of insanity. In these cases, the heirs shall have a period of five years within which to institute the action.
Art. 174. Legitimate children shall have the right:
(1) To bear the surnames of the father and the mother, in conformity with the provisions of the Civil Code on Surnames;
(2) To receive support from their parents, their ascendants, and in proper cases, their brothers and sisters, in conformity with the provisions of this Code on Support; und
(3) To be entitled to the legitimate and other successional rights granted to them by the Civil Code. (264a)
Chapter 3. Illegitimate Children
Art. 175. Illegitimate children may establish their illegitimate filiation in the same way and on the same evidence as legitimate children.
The action must be brought within the same period specified in Article 173, except when the action is based on the second paragraph of Article 172, in which case the action may be brought during the lifetime of the alleged parent. (289a)
Art. 176. Illegitimate children shall use the surname and shall be under the parental authority of their mother, and shall be entitled to support in conformity with this Code. The legitime of each illegitimate child shall consist of one-half of the legitime of a legitimate child. Except for this modification, all other provisions in the Civil Code governing successional rights shall remain in force. (287a)
Chapter 4. Legitimated Children
Art. 177. Only children conceived and born outside of wedlock of parents who, at the time of the conception of the former, were not disqualified by any impediment to marry each other may be legitimated. (269a)
Art. 178. Legitimation shall take place by a subsequent valid marriage between parents. The annulment of a voidable marriage shall not affect the legitimation. (270a)
Art. 179. Legitimated children shall enjoy the same rights as legitimate children. (272a)
Art. 180. The effects of legitimation shall retroact to the time of the child’s birth. (273a)
Art. 181. The legitimation of children who died before the celebration of the marriage shall benefit their descendants. (274)
Art. 182. Legitimation may be impugned only by those who are prejudiced in their rights, within five years from the time their cause of action accrues. (275a)
TITLE VII
ADOPTION
Art. 183. A person of age and in possession of full civil capacity and legal rights may adopt, provided he is in a position to support and care for his children, legitimate or illegitimate, in keeping with the means of the family.
Only minors may be adopted, except in the cases when the adoption of a person of majority age is allowed in this Title.
In addition, the adopter must be at least sixteen years older than the person to be adopted, unless the adopter is the parent by nature of the adopted, or is the spouse of the legitimate parent of the person to be adopted. (27a, E. O. 91 and PD 603)
Art. 184. The following persons may not adopt:
(1) The guardian with respect to the ward prior to the approval of the final accounts rendered upon the termination of their guardianship relation;
(2) Any person who has been convicted of a crime involving moral turpitude;
(3) An alien, except:
(a) A former Filipino citizen who seeks to adopt a relative by consanguinity;
(b) One who seeks to adopt the legitimate child of his or her Filipino spouse; or
(c) One who is married to a Filipino citizen and seeks to adopt jointly with his or her spouse a relative by consanguinity of the latter.
Aliens not included in the foregoing exceptions may adopt Filipino children in accordance with the rules on inter-country adoptions as may be provided by law. (28a, E. O. 91 and PD 603)
Art. 185. Husband and wife must jointly adopt, except in the following cases:
(1) When one spouse seeks to adopt his own illegitimate child; or
(2) When one spouse seeks to adopt the legitimate child of the other. (29a, E. O. 91 and PD 603)
Art. 186. In case husband and wife jointly adopt or one spouse adopts the legitimate child of the other, joint parental authority shall be exercised by the spouses in accordance with this Code. (29a, E. O. and PD 603)
Art. 187. The following may not be adopted:
(1) A person of legal age, unless he or she is a child by nature of the adopter or his or her spouse, or, prior to the adoption, said person has been consistently considered and treated by the adopter as his or her own child during minority.
(2) An alien with whose government the Republic of the Philippines has no diplomatic relations; und
(3) A person who has already been adopted unless such adoption has been previously revoked or rescinded. (30a, E. O. 91 and PD 603)
Art. 188. The written consent of the following to the adoption shall be necessary:
(1) The person to be adopted, if ten years of age or over,
(2) The parents by nature of the child, the legal guardian, or the proper government instrumentality;
(3) The legitimate and adopted children, ten years of age or over, of the adopting parent or parents;
(4) The illegitimate children, ten years of age or over, of the adopting parent, if living with said parent and the latter’s spouse, if any; und
(5) The spouse, if any, of the person adopting or to be adopted. (31a, E. O. 91 and PD 603)
Art. 189. Adoption shall have the following effects:
(1) For civil purposes, the adopted shall be deemed to be a legitimate child of the adopters and both shall acquire the reciprocal rights and obligations arising from the relationship of parent and child, including the right of the adopted to use the surname of the adopters;
(2) The parental authority of the parents by nature over the adopted shall terminate and be vested in the adopters, except that if the adopter is the spouse of the parent by nature of the adopted, parental authority over the adopted shall be exercised jointly by both spouses; und
(3) The adopted shall remain an intestate heir of his parents and other blood relatives. (39(1)a, (3)a, PD 603)
Art. 190. Legal or intestate succession to the estate of the adopted shall be governed by the following rules:
(1) Legitimate and illegitimate children and descendants and the surviving spouse of the adopted shall inherit from the adopted, in accordance with the ordinary rules of legal or intestate succession;
(2) When the parents, legitimate or illegitimate, or the legitimate ascendants of the adopted concur with the adopter, they shall divide the entire estate, one-half to be inherited by the parents or ascendants and the other half, by the adopters;
(3) When the surviving spouse or the illegitimate children of the adopted concur with the adopters, they shall divide the entire estate in equal shares, one-half to be inherited by the spouse or the illegitimate children of the adopted and the other half, by the adopters.
(4) When the adopters concur with the illegitimate children and the surviving spouse of the adopted, they shall divide the entire estate in equal shares, one-third to be inherited by the illegitimate children, one-third by the surviving spouse, and one-third by the adopters;
(5) When only the adopters survive, they shall inherit the entire estate; und
(6) When only collateral blood relatives of the adopted survive, then the ordinary rules of legal or intestate succession shall apply. (39(4)a, PD 603)
Art. 191. If the adopted is a minor or otherwise incapacitated, the adoption may be judicially rescinded upon petition of any person authorized by the court or proper government instrumental acting on his behalf, on the same grounds prescribed for loss or suspension of parental authority. If the adopted is at least eighteen years of age, he may petition for judicial rescission of the adoption on the same grounds prescribed for disinheriting an ascendant. (40a, PD 603)
Art. 192. The adopters may petition the court for the judicial rescission of the adoption in any of the following cases:
(1) If the adopted has committed any act constituting ground for disinheriting a descendant; or
(2) When the adopted has abandoned the home of the adopters during minority for at least one year, or, by some other acts, has definitely repudiated the adoption. (41a, PD 603)
Art. 193. If the adopted minor has not reached the age of majority at the time of the judicial rescission of the adoption, the court in the same proceeding shall reinstate the parental authority of the parents by nature, unless the latter are disqualified or incapacitated, in which case the court shall appoint a guardian over the person and property of the minor. If the adopted person is physically or mentally handicapped, the court shall appoint in the same proceeding a guardian over his person or property or both.
Judicial rescission of the adoption shall extinguish all reciprocal rights and obligations between the adopters and the adopted arising from the relationship of parent and child. The adopted shall likewise lose the right to use the surnames of the adopters and shall resume his surname prior to the adoption.
The court shall accordingly order the amendment of the records in the proper registries. (42a, PD 603)
TITLE VIII
SUPPORT
Art. 194. Support comprises everything indispensable for sustenance, dwelling, clothing, medical attendance, education and transportation, in keeping with the financial capacity of the family.
The education of the person entitled to be supported referred to in the preceding paragraph shall include his schooling or training for some profession, trade or vocation, even beyond the age of majority. Transportation shall include expenses in going to and from school, or to and from place of work. (290a)
Art. 195. Subject to the provisions of the succeeding articles, the following are obliged to support each other to the whole extent set forth in the preceding article:
(1) The spouses;
(2) Legitimate ascendants and descendants;
(3) Parents and their legitimate children and the legitimate and illegitimate children of the latter;
(4) Parents and their illegitimate children and the legitimate and illegitimate children of the latter; und
(5) Legitimate brothers and sisters, whether of full or half-blood (291a)
Art. 196. Brothers and sisters not legitimately related, whether of the full or half-blood, are likewise bound to support each other to the full extent set forth in Article 194, except only when the need for support of the brother or sister, being of age, is due to a cause imputable to the claimant’s fault or negligence. (291a)
Art. 197. In case of legitimate ascendants; descendants, whether legitimate or illegitimate; and brothers and sisters, whether legitimately or illegitimately related, only the separate property of the person obliged to give support shall be answerable provided that in case the obligor has no separate property, the absolute community or the conjugal partnership, if financially capable, shall advance the support, which shall be deducted from the share of the spouse obliged upon the liquidation of the absolute community or of the conjugal partnership. (n)
Art. 198. During the proceedings for legal separation or for annulment of marriage, and for declaration of nullity of marriage, the spouses and their children shall be supported from the properties of the absolute community or the conjugal partnership. After the final judgment granting the petition, the obligation of mutual support between the spouses ceases. However, in case of legal separation, the court may order that the guilty spouse shall give support to the innocent one, specifying the terms of such order. (292a)
Art. 199. Whenever two or more persons are obliged to give support, the liability shall devolve upon the following persons in the order herein provided:
(1) The spouse;
(2) The descendants in the nearest degree;
(3) The ascendants in the nearest degree; und
(4) The brothers and sisters. (294a)
Art. 200. When the obligation to give support falls upon two or more persons, the payment of the same shall be divided between them in proportion to the resources of each.
However, in case of urgent need and by special circumstances, the judge may order only one of them to furnish the support provisionally, without prejudice to his right to claim from the other obligors the share due from them.
When two or more recipients at the same time claim support from one and the same person legally obliged to give it, should the latter not have sufficient means to satisfy all claims, the order established in the preceding article shall be followed, unless the concurrent obligees should be the spouse and a child subject to parental authority, in which case the child shall be preferred. (295a)
Art. 201. The amount of support, in the cases referred to in Articles 195 and 196, shall be in proportion to the resources or means of the giver and to the necessities of the recipient. (296a)
Art. 202. Support in the cases referred to in the preceding article shall be reduced or increased proportionately, according to the reduction or increase of the necessities of the recipient and the resources or means of the person obliged to furnish the same. (297a)
Art. 203. The obligation to give support shall be demandable from the time the person who has a right to receive the same needs it for maintenance, but it shall not be paid except from the date of judicial or extra-judicial demand.
Support pendente lite may be claimed in accordance with the Rules of Court.
Payment shall be made within the first five days of each corresponding month or when the recipient dies, his heirs shall not be obliged to return what he has received in advance. (298a)
Art. 204. The person obliged to give support shall have the option to fulfill the obligation either by paying the allowance fixed, or by receiving and maintaining in the family dwelling the person who has a right to receive support. The latter alternative cannot be availed of in case there is a moral or legal obstacle thereto. (299a)
Art. 205. The right to receive support under this Title as well as any money or property obtained as such support shall not be levied upon on attachment or execution. (302a)
Art. 206. When, without the knowledge of the person obliged to give support, it is given by a stranger, the latter shall have a right to claim the same from the former, unless it appears that he gave it without intention of being reimbursed. (2164a)
Art. 207. When the person obliged to support another unjustly refuses or fails to give support when urgently needed by the latter, any third person may furnish support to the needy individual, with right of reimbursement from the person obliged to give support. This Article shall particularly apply when the father or mother of a child under the age of majority unjustly refuses to support or fails to give support to the child when urgently needed. (2166a)
Art. 208. In case of contractual support or that given by will, the excess in amount beyond that required for legal support shall be subject to levy on attachment or execution.
Furthermore, contractual support shall be subject to adjustment whenever modification is necessary due to changes of circumstances manifestly beyond the contemplation of the parties. (n)
TITLE IX
PARENTAL AUTHORITY
CHAPTER 1. GENERAL PROVISIONS
Art. 209. Pursuant to the natural right and duty of parents over the person and property of their unemancipated children, parental authority and responsibility shall include the caring for and rearing them for civic consciousness and efficiency and the development of their moral, mental and physical character and well-being. (n)
Art. 210. Parental authority and responsibility may not be renounced or transferred except in the cases authorized by law. (313a)
Art. 211. The father and the mother shall jointly exercise parental authority over the persons of their common children. In case of disagreement, the father’s decision shall prevail, unless there is a judicial order to the contrary.
Children shall always observe respect and reverence towards their parents and are obliged to obey them as long as the children are under parental authority. (311a)
Art. 212. In case of absence or death of either parent, the parent present shall continue exercising parental authority. The remarriage of the surviving parent shall not affect the parental authority over the children, unless the court appoints another person to be the guardian of the person or property of the children. (n)
Art. 213. In case of separation of the parents, parental authority shall be exercised by the parent designated by the Court. The Court shall take into account all relevant considerations, especially the choice of the child over seven years of age, unless the parent chosen is unfit. (n)
Art. 214. In case of death, absence or unsuitability of the parents, substitute parental authority shall be exercised by the surviving grandparent. In case several survive, the one designated by the court, taking into account the same consideration mentioned in the preceding article, shall exercise the authority. (355a)
Art. 215. No descendant shall be compelled, in a criminal case, to testify against his parents and grandparents, except when such testimony is indispensable in a crime against the descendant or by one parent against the other. (315a)
Chapter 2. Substitute and Special Parental Authority
Art. 216. In default of parents or a judicially appointed guardian, the following person shall exercise substitute parental authority over the child in the order indicated:
(1) The surviving grandparent, as provided in Art. 214;
(2) The oldest brother or sister, over twenty-one years of age, unless unfit or disqualified; und
(3) The child’s actual custodian, over twenty-one years of age, unless unfit or disqualified.
Whenever the appointment or a judicial guardian over the property of the child becomes necessary, the same order of preference shall be observed. (349a, 351a, 354a)
Art. 217. In case of foundlings, abandoned neglected or abused children and other children similarly situated, parental authority shall be entrusted in summary judicial proceedings to heads of children’s homes, orphanages and similar institutions duly accredited by the proper government agency. (314a)
Art. 218. The school, its administrators and teachers, or the individual, entity or institution engaged in child are shall have special parental authority and responsibility over the minor child while under their supervision, instruction or custody.
Authority and responsibility shall apply to all authorized activities whether inside or outside the premises of the school, entity or institution. (349a)
Art. 129. Those given the authority and responsibility under the preceding Article shall be principally and solidarily liable for damages caused by the acts or omissions of the unemancipated minor. The parents, judicial guardians or the persons exercising substitute parental authority over said minor shall be subsidiarily liable.
The respective liabilities of those referred to in the preceding paragraph shall not apply if it is proved that they exercised the proper diligence required under the particular circumstances.
All other cases not covered by this and the preceding articles shall be governed by the provisions of the Civil Code on quasi-delicts. (n)
How a single mom built her net worth to $750,000 just four years after her divorce
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Before their divorce, Dr. Lakisha L. Simmons hasn’t thought much about her net worth. At 36, the mother-of-two was debt-free but responsible for all household expenses and financial decisions for the first time in her life. “There was a lot on my shoulders,” says Simmons, who was recently recognized as a Financial Hero by Personal Capital for building her net worth to $750,000 in just four years after her divorce. “Divorce is basically like a fresh start. And that’s exactly what I did,” Simmons tells Select. “It was a great burden to carry. Everything was on my shoulders. I knew I had to understand money and learn to really understand it.” Simmons is not alone in her quest to manage her money as a single mom. In a recent Personal Capital study, two-thirds (62%) of single moms said they were unsure about planning for retirement, compared to 40% of the general public. And with record numbers of women retiring from the workforce due to pandemic burnouts and increased childcare responsibilities, the impact of the gender wealth gap is now hitting harder than ever. During her financial journey, Simmons wrote a book, The Likely AchieveHer, and founded BRAVE Consulting, which offers workshops and financial coaching specifically for women of color. Upfront, Nashville-based author and educator Select shares how she amassed a fortune of $750,000.
Find out where you stand
Simmons’ first step in starting over after the divorce was to calculate her net worth. She had no debt after paying off her student loans and had $5,000 in savings. There were also some retirement accounts from previous jobs totaling about $125,000, and she made $35,000 selling her home. Simmons added up the total value of those assets. Everyone’s wealth is different, but it can include the following types of accounts and properties: Cash in bank accounts, such as checking, savings, money market accounts, etc.
Prepaid Debit Cards
CDs and savings bonds
government bonds
health savings accounts
Investment accounts, including 529 college savings plans and individual taxable investment accounts
Retirement accounts, including IRAs, 401(k)s and 403(b)s
Life insurance policies with cash value
Pensions with equity
Vehicles including cars, RVs, motorcycles, boats and helicopters
Real estate, including rentals and primary/residential homes Next, Simmons subtracted her liabilities (aka debts) from the total value of her assets. Typical liabilities can be: Mortgages
Home equity lines of credit or home equity loans
credit card balance
Installment loans, including personal loans, car loans, and student loans
Ask yourself what matters
Before you can create a budget based on your goals, you need to know what goals are really important to you. Simmons knew she wanted to increase her wealth by investing money in her retirement accounts, but she had no interest in other wealth-building methods like real estate. Actually, Simmons didn’t want to be a homeowner at all. “When I looked at my budget, the biggest, most glaring number was my mortgage,” says Simmons. “It was $2,410 a month. I thought, why am I paying $2,400 a month now?” Her 3,000-square-foot, five-bedroom house seemed logical during their marriage, but it was far too big (and expensive) for her and her two young children. Simmons decided to cut their housing costs in half and eliminate the stress of ongoing costs associated with upkeep. She sold her house, put the $35,000 proceeds in the bank, and moved into an affordable apartment with a much lower monthly price (and thankfully, no lawn care or home repair costs).
reduce costs
With the house gone, Simmons refined her budget even more. “It made me more granular,” she says. “I wanted to know every single dollar that was coming in and coming out and keep track of it.” Simmons avoided taking on any new debt, including auto loans. She’s been driving the same car, a 2007 Lexus RX 350, for over 12 years – and she has no plans to switch anytime soon. “It’s still going great,” she says. And with the savings she earns by avoiding a major car payment every two or three years, Simmons travels around neighboring towns with her kids, mostly investing. Motivated by the popular FIRE movement, Simmons learned to live on just $36,000 a year, or just 40% of her net salary. Their spend averages about $2,000 in lean months, but sometimes costs up to $3,000 in heavier months around holidays, birthdays, and vacations. Since her daily expenses are just 40% of her income, Simmons is free to invest the estimated 60% that’s left over each month in the stock market.
Need help cutting costs? Here are our picks for the best budgeting apps to help you cut costs and make savings: Best Free App Overall: Mint
Mint Best App for Serious Budgeters: You Need a Budget (YNAB)
You Need a Budget (YNAB) The best budget app: PocketGuard
PocketGuard Best App for Investors: Personal Capital
Personal Capital Best App for Couples: Honeydue
Maximize retirement investments
Simmons prefers to invest with tax-advantaged investment accounts. As a full professor, her retirement account is a 403(b), as opposed to the traditional 401(k) offered by most employers. The IRS limit for 403(b) contributions is currently $19,500 per year. Simmons contributes the maximum amount each year. She also contributes to a 457(b) account up to the limit of $19,500. “That’s almost $40,000 right at the top,” says Simmons. “I’ve maxed it out for four years.”
Open a brokerage account
With the remaining discretionary income in her budget, Simmons invests in index funds. She has a brokerage account with Vanguard, which she opened in 2017. “My personal strategy is the S&P 500 Index Fund because it gives me diversification. I don’t have to pick individual stocks. I want women to know that the stock market doesn’t have to be scary. Just stay diversified. Just hire and forget – that was the easiest thing for me.” Simmons uses a strategy called dollar cost averaging by putting the same amount of money into her brokerage account each month. However, she also maximizes her contributions by watching the stock market and buying on days when the market is low.
Be open with your children about money
As a single mother, Simmons is a living role model for her young sons. She even prepares them early for their own financial success by talking to them about college, investing, and entrepreneurship. “Kids are expected to either become entrepreneurs or go to college,” says Simmons. To help them prepare for tuition, she opened a UTMA account for each child. On birthdays and Christmas or when their grandparents give them money, the children put half of it aside for the future. “We do the entire stock market index fund for the kids,” says Simmons. “But every once in a while I let them buy a stock of Apple or a stock of Disney.” The most popular way to spend time together is through budget-friendly trips to nearby US cities. “I value time and experiences with my kids,” says Simmons. “We recently took a road trip to Louisville and rented a hotel downtown. We love Embassy Suites because the room includes a hot breakfast and an evening reception with snacks and drinks. The kids love it.” And for budget-friendly activities, the family visits Children’s Museums, where they have a reciprocal membership that grants free or discounted entry to participating museums. “It saves a lot of money because we can go to different museums for free,” says Simmons. “We had fun”
Identify your “financial freedom” number.
More important than deciding a retirement age is choosing a dollar amount that will allow you to live comfortably for the rest of your life. Simmons, who learned to live on $36,000 a year, can now easily calculate what her net worth needs to be for a safe retirement. As a rule of thumb, retirees should not withdraw more than 4% of their investment annually. With $750,000 in the bank, a 4% annual payout would give Simmons an annual budget of $30,000 if she retired today. However, she plans to further increase her net worth to over $800,000 or more before making any decisions about leaving her career. “If I have $900,000, that’s what I need,” says Simmons. “I know I can take 4% of that and have enough.” While a $36,000-a-year budget may sound restrictive to some, it gives Simmons a sense of freedom. “Make sure what you’re spending money on is something you actually enjoy and is sustainable over the long term,” she advises. “It’s all about values”
How to track net worth
Whether you’re retiring early or just have enough money to spend your golden years in style, it’s never too early to start tracking your net worth. Simmons uses the free Personal Capital app. The free investing and budgeting features make tracking net worth easy. Users can view all of their financial data on the app’s dashboard, including all associated assets and liabilities. Personal Capital also offers users free access to its retirement planner tool, which allows them to decide how much they need to retire, at what age they want to stop working, and where they stand compared to their ultimate goal.
Editor’s Note: Any opinion, analysis, review, or recommendation expressed in this article is solely that of the Select editorial team and has not been reviewed, approved, or otherwise endorsed by any third party.
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