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Old 10-16-2018, 11:51 AM
 
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Originally Posted by GeoffD View Post
Sure. New grads inside Boston's I-495 belt start at $80K if they're not from a strong school. That's what a new grad Computer Science grad with a 3.0 from a UMass-Lowell or UMass-Boston would make. They're doing room mates for a year or two. An H-1B contractor makes similar money from Tata/Infosys.


Anybody productive is making a heck of a lot more than that after 5 years.


In theory, you could continue that college-style housing, use public transportation, live frugally, and pile up a pretty big pile of money after a decade. Many years ago at my first job out of school, I had a co-worker who did that. Tiny studio apartment furnished like a college kid. Never used the heat. One light bulb. Brown bagged food at work always.
I wonder, do you think people in New England have a more frugal ethic than people in other parts of the country? I'm starting to think that may be true.
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Old 10-16-2018, 05:35 PM
 
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Originally Posted by mysticaltyger View Post
I wonder, do you think people in New England have a more frugal ethic than people in other parts of the country? I'm starting to think that may be true.

It depends on how you count it. Massachusetts ranks dead last when you're counting people with very low savings. Something like 60% have $1,000 or less in savings. On the flip side, Massachusetts is in the top-5 along with Connecticut for IRA/401(k) savings. Huge income and wealth stratification. The haves are accumulating wealth. Most of the people aren't. The top-20% in metro Boston and Fairfield County CT are doing really well. No different from the other high COL places.
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Old 10-16-2018, 08:48 PM
 
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Originally Posted by mysticaltyger View Post
I wonder, do you think people in New England have a more frugal ethic than people in other parts of the country? I'm starting to think that may be true.
Yes, I think that’s true. I’m a native New Englander and kind of stick out like a sore thumb here in the Bay Area. Most people here want to look richer than they are, while I prefer the opposite. Probably not so true in the Boston metro, where there are so many transplants, but in the more rural areas it’s much harder to detect the many millionaires next door.
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Old 10-16-2018, 09:57 PM
 
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Originally Posted by mysticaltyger View Post
I wonder, do you think people in New England have a more frugal ethic than people in other parts of the country? I'm starting to think that may be true.
You might be on to something. I hadn't really thought about it but I too am from the NE and am a frugal fanatic. I enjoy seeing how little I can get by on, to me it's a game. My mother was like that as well.

People from the upper Midwest are of similar mind as well. MN, WI, etc.
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Old 10-16-2018, 11:38 PM
 
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Originally Posted by wheelsup View Post
You might be on to something. I hadn't really thought about it but I too am from the NE and am a frugal fanatic. I enjoy seeing how little I can get by on, to me it's a game. My mother was like that as well.

People from the upper Midwest are of similar mind as well. MN, WI, etc.
To me, less is more - more freedom. I don’t need my possessions owning me, and I’d prefer that people not know I have a sizable net worth. I think it’s a very common New England trait.
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Old 10-17-2018, 12:54 AM
 
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Originally Posted by wheelsup View Post
You might be on to something. I hadn't really thought about it but I too am from the NE and am a frugal fanatic. I enjoy seeing how little I can get by on, to me it's a game. My mother was like that as well.

People from the upper Midwest are of similar mind as well. MN, WI, etc.
Interesting perspectives.

I tend to think people from cold weather climates are just hardier, on average, in most aspects of life--and that includes deferred gratification and saving money.
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Old 10-17-2018, 12:59 AM
 
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Originally Posted by Cabound1 View Post
Yes, I think thatís true. Iím a native New Englander and kind of stick out like a sore thumb here in the Bay Area. Most people here want to look richer than they are, while I prefer the opposite. Probably not so true in the Boston metro, where there are so many transplants, but in the more rural areas itís much harder to detect the many millionaires next door.
The Bay Area is kind of tricky. Some of the people really have it, I think. But of course, many don't. Engineers in Silicon Valley tend to be better than average savers. Other professions, probably not so much.

I generally feel like a frugal weirdo, partly because my income is lowish and partly because I'm frugal. There isn't much of a 40 hour per week, middle skill level job, middle class any more (it's either professional or low paying), and I'm one of the relative few people left who fit that demographic.
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