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Old 10-12-2018, 08:40 AM
 
4,919 posts, read 2,673,042 times
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There is an argument to be made against home ownership... In today’s economy / job market you are at a distinct advantage to be nimble/mobile to accept any and all job opportunities that make sense. Those that are tied to a house or a specific area are at a disadvantage when it comes to career development.

With that said nobody in their 30’s is going to permanently retire using this strategy as their incomes/savings will not offset the COL in most of these desirable areas.
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Old 10-12-2018, 11:23 AM
 
Location: El Pueblo de Nuestra Señora la Reina de los Ángeles del Río Porciúncula
14,518 posts, read 15,207,386 times
Reputation: 10360
Quote:
Originally Posted by GeoffD View Post
That kind of depends on the sector. With all the product development I've done in startups, there's no way you'd let a grunt or an intern near the crown jewels. Your A players write all of the mission critical code. In metro Boston, you won't find many making less than $150K and $200K+ is pretty common these days. In the Bay Area, bump that comp another 30% for the insane cost of living. You let the grunts, H-1Bs, and interns do the meatball stuff like web pages and QA.
I agree. I was an A-list hardware/software/firmware consultant, and I was most often called in to fix broken projects coded by the H-1Bs. In the final years of my career there were increasing numbers of Chinese H-1Bs who coded IMO very strangely, but they were such nice people to work with that my work friends were nearly 50% Chinese. I'm sad that now no longer in the business I've lost contact with them all.

Coding is not any impressive job, unless a person is being self-deprecating to be humorous. I've referred to myself as the meat interface between a monitor and keyboard.

In any case the couple we've been discussing have impressed me. The only thing I disagree with is that with a few more year they could be really wealthy. I consider $1M to be well off, but it takes $5M-$10M to reach my standard for really wealthy. I think they should have waited until 35-40.

Keep in mind that with accelerating medical advances, many young people today can expect to live well past 100. In fact the most important factors in "Is it time for me to retire yet" are 1.) how much do you have, and 2.) how long does it have to last? ... I'm assuming that many of us will be satisfied to see our wealth dissipate as we near our last years, that's just natural. If you have only a year left to live, maybe $100K would be enough to last the rest of your life.

Quote:
Originally Posted by SWFL_Native View Post
With that said nobody in their 30’s is going to permanently retire using this strategy as their incomes/savings will not offset the COL in most of these desirable areas.
That's what I have been thinking too, you have to take inflation and COL into account, and I wonder if these FIRE people are taking that into account.

For example, I'm paying maybe $120/month for my cell/data plan with shared data for my phone and tablet. How could I have known 30 years ago that I would need this when cellphones had not yet been invented?

We should assume there will be new high tech things that are as mandatory as cellphones are today. Maybe in 25 years it will be food printers or take-out food delivered by drones.
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Old 10-12-2018, 01:56 PM
 
1,933 posts, read 1,324,799 times
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I wonder how much this Toronto couple are paying for rent. $1400 for a 200 square foot apartment https://ca.yahoo.com/finance/news/to...192700728.html listed today.
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Old 10-12-2018, 03:00 PM
 
Location: El Pueblo de Nuestra Señora la Reina de los Ángeles del Río Porciúncula
14,518 posts, read 15,207,386 times
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200 square feet for an apartment? My bedroom is bigger than that, and I'm not including my bathroom with its walk-in wardrobe.

I thought they were traveling. I was wondering if they're staying in hostels.
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Old 10-12-2018, 03:42 PM
 
Location: Lower East Side, NYC
2,121 posts, read 1,373,125 times
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I like small apartments, I live in 250 sq ft lol. I could go smaller but rent stabilization is too nice.
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Old 10-12-2018, 05:00 PM
 
764 posts, read 679,520 times
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If all they have is 1 million between the two of them...I hope they are living frugal, because they'll run out of money with bad spending habits.
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Old 10-12-2018, 07:47 PM
 
25,959 posts, read 28,364,698 times
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Quote:
Originally Posted by Lovehound View Post
Keep in mind that with accelerating medical advances, many young people today can expect to live well past 100.
I don't know where people get this from. Life expectancy in the U.S. has stalled and has slowed down in a lot of other developed countries as well.

Sure, it's theoretically possible for people to live longer. Much of that has relatively little to do with medical technology. Most of the stuff that helps people live a long time is based on lifestyle issues. Most people know what to do. They just don't want to do it and/or our current environment works against living a healthy lifestyle (i.e. driving everywhere instead of walking/biking, processed junk food prevalance, etc.).

Dan Buettner pretty much decoded it all in his Blue Zones books. I hope people change their behavior for the better, but outside a few pockets of improvement, it's not looking good at the moment.



https://www.youtube.com/watch?v=so_1etvOJiw&t=46s
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Old 10-12-2018, 07:49 PM
 
25,959 posts, read 28,364,698 times
Reputation: 24609
Quote:
Originally Posted by TAZORAC View Post
If all they have is 1 million between the two of them...I hope they are living frugal, because they'll run out of money with bad spending habits.
They don't have bad spending habits. They are up to $1.2 million now.
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Old 10-12-2018, 07:59 PM
 
Location: El Pueblo de Nuestra Señora la Reina de los Ángeles del Río Porciúncula
14,518 posts, read 15,207,386 times
Reputation: 10360
Please spare me the YouTubes if you are directing comments to me. I don't work in video mode because they limit my thinking to video speed. I prefer text where I can speed read it, and anyway my hearing is compromised due to target shooting in my teens.

Any YouTube as a reply to me is wasted effort. However others may enjoy.

I do enjoy YouTube and VEVO music videos.

I can't respond to posts with YouTube content.
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Old 10-12-2018, 08:24 PM
 
25,959 posts, read 28,364,698 times
Reputation: 24609
Quote:
Originally Posted by Stockyman View Post
I wonder how much this Toronto couple are paying for rent. $1400 for a 200 square foot apartment https://ca.yahoo.com/finance/news/to...192700728.html listed today.
Once again, if you bothered to read the blog, you would know they left Toronto when they retired.
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