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  1. #51
    Senior Member King sns's Avatar
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    Quote Originally Posted by Magic Poriferan View Post
    Possible and probable are two different things, though.



    Awesome, then we have at least two winners.



    How?



    I'll enjoy the experience I have with that disposable income more than I would throwing it into a big house and a bunch of cars. That is what I will know, what I will experience. Having something to show doesn't particularly concern me.



    What are you suggesting? Are you talking about me eventually flipping my house, selling it off to someone else for higher? Or are you suggesting I actually start investing in other property that I rent to other people, or what?



    If I could find a house as cheap as a two bedroom apartment here that was within reasonable distance of well-paying job opportunity, I'd see no reason not to do that. But it comes down to the amount I'm spending and what I'm earning. The money comes first, so if that arrangement isn't equally thrifty, I'll stick with the smaller place.



    Proud of? Maybe it's something you'd be proud of. I don't really care. It's not appealing enough to me to put on some financial shackles for it.



    I think investment has been presented as a lot better than it actually turns out for a lot of people.

    However, I think the deeper reason for your confusion is that there's a more subjective difference in our desires, and perhaps you are trying to tack it as an objective problem.
    Yea, that post kind of missed the point. Seems like you don't want to have to work 2 jobs and be a slave to financial commitments to retire early and have more freedom later. Or have anything to "show" for your money or "be proud of" for your money. Seems like the opposite effect of what you're going for. It's better to enjoy every day of your life than to enjoy an early retirement with more money and houses.

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  2. #52
    nee andante bechimo's Avatar
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    As a consideration, real estate goes through boom/bust cycles. This last bubble was major considering how much the government got involved with Freddie and Fannie. So, the current real estate market is in its down cycle. If you can afford it within reason, now or actually, a year or two ago, is/was the time to buy. Low prices combined with low mortgage rates is always a good time to buy. But don't expect to flip your home quickly. This is a good principal residence purchase time.

  3. #53
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    Quote Originally Posted by Nerd Girl
    So what, you have more disposable income initially when you rent, but you're obviously not looking at the long-term. You're throwing money away.
    Quote Originally Posted by Magic Poriferan View Post
    How?
    Disposable - "designed for or capable of being thrown away after being used or used up."
    http://dictionary.reference.com/browse/disposable

    Please read my previous post, I stated the 'how'.

    Quote Originally Posted by Magic Poriferan View Post
    I'll enjoy the experience I have with that disposable income more than I would throwing it into a big house and a bunch of cars. That is what I will know, what I will experience. Having something to show doesn't particularly concern me.
    Your approach sounds wise until the part about spending all of your disposable income. If you're apprehensive about aggressive investing, then I'm suggesting you seriously think about putting most of that disposable income in a savings account. 5-10 years from now when you start to change how you look at things like this, you *WILL* be able to buy a small home; assuming you live or move to a lower cost of living area and you're making that 80,000 income you projected in your OP. If there's a will there IS a way!

    Quote Originally Posted by Magic Poriferan View Post
    What are you suggesting? Are you talking about me eventually flipping my house, selling it off to someone else for higher? Or are you suggesting I actually start investing in other property that I rent to other people, or what? If I could find a house as cheap as a two bedroom apartment here that was within reasonable distance of well-paying job opportunity, I'd see no reason not to do that. But it comes down to the amount I'm spending and what I'm earning. The money comes first, so if that arrangement isn't equally thrifty, I'll stick with the smaller place.
    I believe now is still an opportune time to buy rental property. If nothing else, invest in a small home for yourself, if you can afford to do that. I understand that it's not possible for many folks in areas where the cost of living is through the roof. I live in Southeast Texas, so when I initially posted, I lost sight of reality for a moment. I know that in areas like New York and San Francisco it's tough to buy a closet to house all of my shoes for half a million. I'm encouraging those folks that are in those situations to aggressively pay off their credit card debts first and SAVE their disposable income; rather than disposing of it on 'stuff'. Take your disposable income and put it into a savings account for the unknown future. At some point, meet with a financial advisor (which I am not), and start working towards building a foundation for yourself. For those just starting out with a savings account, I think ING Direct (Orange Savings) has one of the highest interest rates right now. That's what I encouraged my younger sisters to do. If you live in a low cost of living area, for around 10,000-15,000 down, you can buy a small home and live in it or rent it out. The rental income is essentially paying your mortgage payment on the property. It's like Lay's potato chips, you buy one, you can't stop at one, it evolves from there and you'll get a little braver. I believe there are areas that are going to skyrocket in our lifetime. This is exactly what happened in areas of California like San Jose, . Homes that people bought for around 100,000 quickly became worth nearly a million.

    Quote Originally Posted by Magic Poriferan View Post
    Proud of? Maybe it's something you'd be proud of. I don't really care. It's not appealing enough to me to put on some financial shackles for it.
    Agreed. Live within your means. Save that disposable income. Do your homework. Invest it when you're ready. Hopefully sooner, rather than later.

    Sorry for the ramble. I'm tired. Stepping down from the soapbox.

    P.S., This post from highlander from another thread is right on...

    Quote Originally Posted by highlander View Post
    Still, the effect of compounding of interest over time is pretty amazing. What you save in your 20s and early 30s has a huge impact on what you end up having 30 or 40 years later even if your compensation is a relatively small number compared to what you make later. I was astonished when I ran the numbers.
    Last edited by A window to the soul; 03-23-2011 at 01:02 PM.

  4. #54
    pathwise dependent FDG's Avatar
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    financial advisor? are you serious? 99% of them are just a scam. Plus, Highlander's post is only valid for his specific post-WWII experience as an american citizen. Plenty of people have their saving erased by war, earthquakes, pillaging, etc. etc., let's not be excessively bourgeios. I don't understand how you can be so certain about financial investments, Nerd Girl. That's not a safe attitude, believe me.
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  5. #55
    No moss growing on me Giggly's Avatar
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    Quote Originally Posted by FDG View Post
    financial advisor? are you serious? 99% of them are just a scam. Plus, Highlander's post is only valid for his specific post-WWII experience as an american citizen. Plenty of people have their saving erased by war, earthquakes, pillaging, etc. etc., let's not be excessively bourgeios. I don't understand how you can be so certain about financial investments, Nerd Girl. That's not a safe attitude, believe me.
    Agreed.

    Nothing is guaranteed. Just ask the people who lost 30 years worth of savings because of Bernie Maddoff.

    Money is just money. It could come or go. Worshiping it in the form of material possessions or worshiping a pile of it sitting in your bank account are just two sides of the same coin.

  6. #56

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    I am all about minimizing the day-to-day expenses that don't matter much to me (larger spaces, newest car rollout, hottest gadgets) to maintain a certain liquidity so that I can pick-up-and-go easier, travel places, and experience fun things.

    The imbalance will probably shift should I get married and have kids since everyone's sanity and home-time investment would need to be considered, but as I am now there is no real need for such unnecessary expenditures.
    "The purpose of life is to be defeated by greater and greater things." - Rainer Maria Rilke

  7. #57
    Starcrossed Seafarer Aquarelle's Avatar
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    They have an 8-bedroom house and 3 vehicles on $80,000-$100,000 a year? Woah. That's about what my husband and I make, combined, and we have a 2-bedroom house and 2 cars. Granted, when we have kids (and we do want to), we'll probably move to a 3 or 4 bedroom house, but I've never seen the point of huge houses. Or extra vehicles. I wish we could just have one car, and we probably could do it if we lived closer to a bus route. But at least both of our cars are fairly small and get decent gas mileage (especially mine). I'm looking to get a new(er) car this coming winter (in prep for kids) and my husband's parents suggested I should get an SUV or truck, because neither my car or my spouse's do well after big snowstorms. But that's like twice a year. I refuse to buy an SUV out of principle. I'll just call in to work those two days a year if I can't get out of my driveway.
    Masquerading as a normal person day after day is exhausting.

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  8. #58
    Starcrossed Seafarer Aquarelle's Avatar
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    Quote Originally Posted by highlander View Post
    There is something to be said for privacy. I've had some very bad neighbors in the past when living in an apartment. One used to do carpentry projects on their porch at 3am. There was another one who was worse - always yelling - and then once when I forgot to turn my alarm clock off and went away for the weekend, they turned off power for the entire building and blamed it on us - saying that we did it!! Even in a house though, there can be problems with noise. Our next door neighbor has a very loud barking dog that drives me up the wall. Then there are the other neighbors who took a trip to Japan and forgot to turn off their outside speakers. After two weeks, I finally walked over there and disconnected the wires in a slight fit of rage.
    I had a neighbor in an apartment building who was an ex-rocker, and who would get high and scream "Love Hurts" and other such songs at the top of his lungs at 3am in the morning. The first time this happened, it woke me up and scared the living sh*t out of me. The second time, I went over to ask him to kindly STHU. He asked me if I wanted to smoke pot with sometime. (I declined.) So yeah, while I loved that apartment aside from that, I think I'll be going with houses from now on.
    Masquerading as a normal person day after day is exhausting.

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  9. #59
    nee andante bechimo's Avatar
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    Quote Originally Posted by Aquarelle99 View Post
    They have an 8-bedroom house and 3 vehicles on $80,000-$100,000 a year? Woah. That's about what my husband and I make, combined, and we have a 2-bedroom house and 2 cars. Granted, when we have kids (and we do want to), we'll probably move to a 3 or 4 bedroom house, but I've never seen the point of huge houses. Or extra vehicles. I wish we could just have one car, and we probably could do it if we lived closer to a bus route. But at least both of our cars are fairly small and get decent gas mileage (especially mine). I'm looking to get a new(er) car this coming winter (in prep for kids) and my husband's parents suggested I should get an SUV or truck, because neither my car or my spouse's do well after big snowstorms. But that's like twice a year. I refuse to buy an SUV out of principle. I'll just call in to work those two days a year if I can't get out of my driveway.
    No, Magic clarified that it's an 8 room home, not an 8 bedroom home. If you consider an average 3 bedroom home, it usually has two bathrooms, kitchen, dining room and livingroom, totalling 8 rooms. He used the number of rooms to create an exaggerated picture of their overextension. Add in that their third vehicle was inherited and you're going to get a snapshot of your average middle class couple with no kids.

  10. #60
    ^He pronks, too! Magic Poriferan's Avatar
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    Quote Originally Posted by Jenaphor View Post
    No, Magic clarified that it's an 8 room home, not an 8 bedroom home. If you consider an average 3 bedroom home, it usually has two bathrooms, kitchen, dining room and livingroom, totalling 8 rooms. He used the number of rooms to create an exaggerated picture of their overextension. Add in that their third vehicle was inherited and you're going to get a snapshot of your average middle class couple with no kids.
    I didn't intentionally exaggerate anything.

    And I know it's the average, and that was part of my point.
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