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which is why working in a high cost of living city like ny where wages are 3x the national average can be a good thing .
relocate to cheapsville with that much juicier ss check from the higher wages and you are much further ahead than the locals would be working there all their lives.
throw in selling that nice expensive home and you can go from middle class to wealthy in cheapsville .
which is why working in a high cost of living city like ny where wages are 3x the national average can be a good thing .
relocate to cheapsville with that much juicier ss check from the higher wages and you are much further ahead than the locals would be working there all their lives.
throw in selling that nice expensive home and you can go from middle class to wealthy in cheapsville .
BINGO ! on all three
I utilized all three of them and my retirement on limited income is much better than if I had lived and worked here all my life or if I had retired where I worked at all my life.
you take the tristate area and a 600k plus house that goes up even 3% a year as an average over decades , that is a whole lot more than a local's 150k house going up 3% a year .
so while we all dislike the costs of living in high cost areas it certainly has its benefit when relocating to a cheaper area and locals can rarely compare to the wealth of transplants.
the amount of ss you would get between nyc and a low cost area for performing the same job function is way more . even in PA which was not all that low cost my pay would have been 1/2 if we relocated to where we had a 2nd home .
... so while we all dislike the costs of living in high cost areas it certainly has its benefit when relocating to a cheaper area and locals can rarely compare to the wealth of transplants.
i didn't expect it either , but despite the crashes , recessions and black swans what little money i did manage to save early on and eventually maxing out my 401k after the kids were out grew over the decades to that million . i started saving as a teenager . while it took me until age 50 to hit that first million , having money to invest in bigger real estate deals had us tripling it in about 13 years with the bulk of the taxes on the real estate already taken out and paid . .
but we did not own a house the last 15 years except for a 5 year stint with a 2nd home . so any money we did not tie up in a home was available to us for investing in much more lucrative deals . that let us enter some deals we would have been locked out of had we had the money tied up in a house .
i could never afford nor would i have taken equity loans for the open ended ventures we did so that liquidity we had was a big plus . .
Yeah but I'm 34 so a lot of water has already gone under the bridge. I didn't make much money until age 29, even if I'd saved and invested like a fiend and nothing went wrong through my 20s I'd only be up maybe 25k more than I am now based on what I made.
But I hit the job market the same time as the recession so there wasn't much I could do. At least I was able to manage my student debt situation and set myself up to pay that off when a decent job finally happened.
I simply don't make enough money to set myself up for a million. I need to be saving about double what I do to reach that.
I can't save much more or it will end my marriage. It's already at about 30-35% which is what we worked out to stop fighting about money. But half of that goes toward paying cash for stuff that most people make payments on. Cars, home improvements, etc... At least we stay out of debt.
My best chance is through the house & future houses. Our property value has doubled in 2.5 years, rental value similar. My plan is to keep this house as a rental, rinse and repeat subsequent houses. Could really use a downturn to make the next house easier to afford though.
Many of the places where I have lived have such high COL that trying to survive on SS alone is terribly difficult.
Whereas where we live today, we live among many people who do okay on SS.
Regional COL makes a huge difference.
this is true after you retire or make your money . 400,000 long island baby boomers and millennials said they indend to sell their high value property's , take their big ole ss checks and move .
think about this:when we all bought our first homes in long island they were 30-35k . today those mortgages are retired and the taxes are 12-15k a year . the fact you retired the payments on a 30k mortgage barely covers a utility bill.
today that house is really no more affordable because it is paid for .
any good downturn does not happen in a vacuum . it takes jobs , the economy and pay cuts with it. be careful what you wish for , you may be worse off
My sector is counter-cyclical. We had a windfall of demand during the recession. My wife's job would be the more vulnerable one, although her position would not be the first to go.
A Depression would take everyone in the country out, though, I suppose.
HowTF does a dishwasher get an investor group together?
Local restaurant joke:
Q: What's the difference between a restaurant owner and a sous chef?
A: Access to capital.;
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