U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New York > New York City
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 07-25-2019, 01:39 AM
 
72,149 posts, read 72,121,987 times
Reputation: 49667

Advertisements

Quote:
Originally Posted by NJ Brazen_3133 View Post
Even at $70K-100K if they have been spending all that time in NYC, how much can they have saved up? That is like 90s family average salary meant for 90s priced homes.
well i was in that range for most of my working years and just contributing to my 401k for decades was over 7 figures . so it isn't what you make but what you spend vs save. like i said most youngin's buy a co-op with a little money down since they are way cheaper then a home ... then they eventually move on .. that is what we did .. our first place was a kew garden hills co-op , it wasn't until years later when the co-op craze took place that we were able to get a single family home

Last edited by mathjak107; 07-25-2019 at 02:26 AM..
Reply With Quote Quick reply to this message

 
Old 07-25-2019, 08:39 AM
 
Location: Middle of the Pacific Ocean
11,856 posts, read 6,357,932 times
Reputation: 11679
Quote:
Originally Posted by manimgarbage View Post
Bubbles gonna pop sooner or later. Gonna be 2007 all over again. Personally I can't wait. Foreign investment cough cough I mean foreign laundering cough is gonna dry up sooner or later. That's the only thing keeping this current bubble alive.
That had a negligible impact on housing prices in my area.
Reply With Quote Quick reply to this message
 
Old 07-25-2019, 08:59 AM
 
3,547 posts, read 3,381,416 times
Reputation: 2592
Quote:
Originally Posted by mathjak107 View Post
well i was in that range for most of my working years and just contributing to my 401k for decades was over 7 figures . so it isn't what you make but what you spend vs save. like i said most youngin's buy a co-op with a little money down since they are way cheaper then a home ... then they eventually move on .. that is what we did .. our first place was a kew garden hills co-op , it wasn't until years later when the co-op craze took place that we were able to get a single family home



now back to rental in a poor house somewhere in the outskirts of queens? what happened to your homeownership? poor money management skills?
Reply With Quote Quick reply to this message
 
Old 07-25-2019, 09:31 AM
 
Location: Brooklyn, New York
3,766 posts, read 3,871,842 times
Reputation: 3583
Quote:
Originally Posted by leoliu View Post
now back to rental in a poor house somewhere in the outskirts of queens? what happened to your homeownership? poor money management skills?
As far as I know most of his equity is in the stock market now. It is cheaper to rent than own if you can use that $ to invest at higher returns elsewhere.
Reply With Quote Quick reply to this message
 
Old 07-25-2019, 10:00 AM
 
3,547 posts, read 3,381,416 times
Reputation: 2592
Quote:
Originally Posted by Gantz View Post
As far as I know most of his equity is in the stock market now. It is cheaper to rent than own if you can use that $ to invest at higher returns elsewhere.

it is much harder for a house to go up in a smoke than for the equity market, imho...even if it happens to your house, your insurance will pay for the loss. but you cannot insure your asset in the equity market. mr mathjack is probably playing with fire by putting his house $$ into the equity market. not recommended as a safeplay at his stage in life.
Reply With Quote Quick reply to this message
 
Old 07-25-2019, 10:48 AM
 
Location: Lower East Side, NYC
2,145 posts, read 1,406,941 times
Reputation: 1552
Quote:
Originally Posted by leoliu View Post
now back to rental in a poor house somewhere in the outskirts of queens? what happened to your homeownership? poor money management skills?
Homeownership isn't an end all beat all. I have trouble measuring price after mortgage plus the property tax/maintenance. The tax changes really exasperated the math for me with the loss of the personal exemption.

I think at this point it's a lifestyle choice, probably as it should be.
Reply With Quote Quick reply to this message
 
Old 07-25-2019, 10:51 AM
 
72,149 posts, read 72,121,987 times
Reputation: 49667
Quote:
Originally Posted by leoliu View Post
now back to rental in a poor house somewhere in the outskirts of queens? what happened to your homeownership? poor money management skills?
Hardly the case ....we rent because I took the money I once had tied up in a home and bought a share in a fabulous real estate business which we have been liquidating for years reaping huge profits ... I like renting with zero headaches ,, we have a pool and tennis courts , in a good area and I really have no desire to buy anything at this point
Reply With Quote Quick reply to this message
 
Old 07-25-2019, 10:53 AM
 
72,149 posts, read 72,121,987 times
Reputation: 49667
Quote:
Originally Posted by leoliu View Post
it is much harder for a house to go up in a smoke than for the equity market, imho...even if it happens to your house, your insurance will pay for the loss. but you cannot insure your asset in the equity market. mr mathjack is probably playing with fire by putting his house $$ into the equity market. not recommended as a safeplay at his stage in life.
I suggest you start learning about investing for and in retirement rather then spending your time commenting on things you apparently have little knowledge in
Reply With Quote Quick reply to this message
 
Old 07-25-2019, 12:23 PM
 
3,547 posts, read 3,381,416 times
Reputation: 2592
Quote:
Originally Posted by mathjak107 View Post
Hardly the case ....we rent because I took the money I once had tied up in a home and bought a share in a fabulous real estate business which we have been liquidating for years reaping huge profits ... I like renting with zero headaches ,, we have a pool and tennis courts , in a good area and I really have no desire to buy anything at this point



as long as your money is placed in a safe business, I am happy for you......gambling in the equity market is not for retired folks as my investment guide books always warn against.
Reply With Quote Quick reply to this message
 
Old 07-25-2019, 12:28 PM
 
72,149 posts, read 72,121,987 times
Reputation: 49667
Gambling is not investiging , speculating is not investing . Learn the differences .

A 50/50 mix of diversified equity funds and bonds is ideal for retirement as is anything from 40-60% equities... at a 4% inflation adjusted draw rate anything less in equities is to risky and 100% fixed income has failed to last so many retirement cycles already it is unsafe at 4% draw rates .

Don’t learn from myth and old wives tales . There is enough information out there to learn instead of parroting what you think is the case .

Any book that says retirees should avoid equities is nonsense and you should throw it away as it couldn’t be more wrong
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply

Quick Reply
Message:




Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New York > New York City
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top