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Wealthy People that live in high income areas like ny and cali buy investment properties in other areas of the country
Fixed it for you.
The median household incomes in those places don’t create the excess cash to do a heck of a lot of saving and investing. The best you can do is buy in early and cash out the home equity when you stop working.
I guess the lesson is not to live paycheck to paycheck.
Oh, gee... why didn't anyone think of that??
You think people live paycheck-to-paycheck by CHOICE? If so, you are very sheltered and ignorant to the real world. Try saving money when the minimum rents are well over 60% of your net pay, and then you have to worry about every other monthly bill and expense. Or if you have children to support on one income, and have reached about the top of your personal earning potential. Easy to give advice from the peanut gallery, but when you're actually in these situations, it's much more difficult to escape the cycle. And not everyone has the option of living with family, or a spouse/partner to share expenses, so even us single professionals are struggling here. Guessing you live in a cheaper area, and/or don't pay full rent on your own?
The median household incomes in those places don’t create the excess cash to do a heck of a lot of saving and investing. The best you can do is buy in early and cash out the home equity when you stop working.
I agree with you 100%
Though I would add, people making a 'median' income in HIGH COL cities, are making 10X the median of low COL rural areas.
You think people live paycheck-to-paycheck by CHOICE?
People have been preaching this for decades.
I was doing budget counseling beginning in 1987.
Gain control of your spending. Then you can think about investing.
Most of the people who were sent to me, blew it off.
Since it was my job to preach the message, I tried to live my live by that message. I found that I was able to go from paycheck-to-paycheck, to having investments.
I have raised children.
and it is not all about low or high COL places. I have lived in both.
You think people live paycheck-to-paycheck by CHOICE? If so, you are very sheltered and ignorant to the real world. Try saving money when the minimum rents are well over 60% of your net pay, and then you have to worry about every other monthly bill and expense. Or if you have children to support on one income, and have reached about the top of your personal earning potential. Easy to give advice from the peanut gallery, but when you're actually in these situations, it's much more difficult to escape the cycle. And not everyone has the option of living with family, or a spouse/partner to share expenses, so even us single professionals are struggling here. Guessing you live in a cheaper area, and/or don't pay full rent on your own?
You think people live paycheck-to-paycheck by CHOICE? If so, you are very sheltered and ignorant to the real world. Try saving money when the minimum rents are well over 60% of your net pay, and then you have to worry about every other monthly bill and expense. Or if you have children to support on one income, and have reached about the top of your personal earning potential. Easy to give advice from the peanut gallery, but when you're actually in these situations, it's much more difficult to escape the cycle. And not everyone has the option of living with family, or a spouse/partner to share expenses, so even us single professionals are struggling here. Guessing you live in a cheaper area, and/or don't pay full rent on your own?
Err. Roommates. Live frugally. Focus on improving yourself to increase your income. Don’t reproduce until you have the wealth and income to afford it. Even then, keep saving and investing. If you make the personal choice to reproduce before doing that, why is that our problem?
Though I would add, people making a 'median' income in HIGH COL cities, are making 10X the median of low COL rural areas.
It’s not 10x but it’s significant. Median household income in Norfolk County Ma is about $95k as the highest in metro Boston. I think Loudoun County in DC leads the pack at $125k. The median nationally is now about $60k. Mississippi is bottom of the pack at $42k. Your odds of accumulating wealth in a high COL place are better but not if you spend it all. You have to buy into the housing market and contribute to your retirement.
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