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These people will do just fine IF they can maintain decent paying employment for 30-40 years with minimal or no breaks. The problem is, a lot of people don't. Granted, if most people actually did save in the 10-15% range, most would be in a much better position to weather getting booted out of good paying employment in their 50s.
Employers no longer want people that stay for 30 years. Or like my past, companies shut down locations and leave me looking for a new position. Every time it gets harder to find another job. I expect it to be very hard when I am in my 50's.
I have to ask since the national US median wage is 30k are you telling us you only earn 15k per year ?
Also, you managed to buy or get a loan for houses that total 750k in value on that salary ? Are you a student of Carlton Sheets ? I thought all his programs were BS.
The U.S. Census Bureau reported in September 2014 that: U.S. real (inflation adjusted) median household income was $51,939 in 2013 versus $51,758 in 2012, statistically unchanged. In 2013, real median household income was 8.0 percent lower than in 2007, the year before the latest recession.
Median income is roughly $52k. I said they had a $750k value, not that I owed $750k, but yes I was able to get loans. I have always had good credit. I rented one out, which covered the expenses of the one house until I sold it.
being successful at life isn't all that complicated
1) stay groomed
2) don't do drugs/get arrested
3) pay your bills
4) don't buy crap you can't afford
This is really all it takes. I will even add to build wealth..
5) contribute to a retirement account beginning at 18, even if it is a small percentage
6) buy a house, build equity instead of renting
7) never cash out equity of house
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,351 posts, read 8,576,900 times
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Quote:
Originally Posted by LowonLuck
This is really all it takes. I will even add to build wealth..
5) contribute to a retirement account beginning at 18, even if it is a small percentage
6) buy a house, build equity instead of renting
7) never cash out equity of house
I will argue in many cases 6 and 7 are good, but not always. Depends on where you live and what other options you have.
The U.S. Census Bureau reported in September 2014 that: U.S. real (inflation adjusted) median household income was $51,939 in 2013 versus $51,758 in 2012, statistically unchanged. In 2013, real median household income was 8.0 percent lower than in 2007, the year before the latest recession.
Median income is roughly $52k. I said they had a $750k value, not that I owed $750k, but yes I was able to get loans. I have always had good credit. I rented one out, which covered the expenses of the one house until I sold it.
Half the national median wage is different than half of median hh income
It may be for you but not the basis for comparison. Just pointing it out as it was questioned and your response referenced something other than what your original statement said
This is really all it takes. I will even add to build wealth..
5) contribute to a retirement account beginning at 18, even if it is a small percentage
6) buy a house, build equity instead of renting
7) never cash out equity of house
My recommendation to buying a house actually has nothing to do with equity. It has to do with monthly expenses. Come retirement, having a paid off house will help out tremendously. You just have to cover taxes, insurance (if you choose), home repairs. Not having to worry about rent or a mortgage payment would be a great situation to be in.
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