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Old 01-01-2019, 05:00 AM
 
Location: Washington State
18,226 posts, read 9,448,493 times
Reputation: 15532

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Quote:
Originally Posted by wheelsup View Post
Kids are fine to have. You should just wait a little longer to have them and when you do don't go overboard. The days of mom staying home at the age of 20 to have three kids and raise them while the dad goes off to work from 9-5 really are gone. It's not a big deal if you adapt.
Wife and I married young, had kids young, and then had to go to university with kids so we spent the first 10 years or so of our marriage struggling mightily financially. After we graduated and got better jobs, things greatly improved but with 3 kids, mortgage, no investment or money in the bank, we still had no cushion to speak of for quite some time.

We decided to focus on gaining higher income as we didn't want to lower our lifestyle. One breakthrough financially is I began doing consulting work for an international engineering company for 15 years making multiple times what the average American makes which led to saving and then investing most of our income. I retired 3 days ago now 5 years before FRA with 3 paid off houses, 3 paid off cars, and enough of a cushion that I'm not worried about a significant lifestyle cut in retirement.

All this to say, yes we made some poor decisions on getting married young before we had careers and then having kids too early but we focused and bounced back and we made sacrifices along the way to reach our goals. Still, I agree we need to work as a nation on making life easier for the middle class...I do agree with that concept.
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Old 01-01-2019, 05:04 AM
 
Location: Pennsylvania
12,299 posts, read 4,149,872 times
Reputation: 9564
Quote:
Originally Posted by Serious Conversation View Post
The expensive coastal metros absolutely crush middle income people. They are pretty much for the wealthy and subsidized poor in this day and age.
San Francisco and Manhattan (below Harlem) would certainly qualify. Boston as well. I don't know how regular people make it in those areas. You either have to be wealthy, or you have to be willing to share space with multiple numbers of people. Or you're on welfare. San Francisco is called San-Fran-Sicko by radio host Michael Savage and that about sums it up. It's beyond out of control in California. You couldn't pay me any amount of money to live out there.
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Old 01-01-2019, 05:07 AM
 
70,875 posts, read 71,245,628 times
Reputation: 48461
Harlem has been a popular area and is very expensive now . We were just up there doing a photo shoot . We ate lunch in an outdoor cafe . Back in the 1970’s I went to school up there . If you wandered off the beaten path you would take your life in your hands.

If it was in our budget I would love to live up near Central Park . But it is just so costly ..

We own co-ops by the park . They have rent stableized tenants in them . We bought them at break even rents because we figured these boomer would be retiring and with no more pay checks they would not be able to afford to stay . Over the years we were right . They took a lease buy out offer and relocated
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Old 01-01-2019, 05:08 AM
 
Location: Pennsylvania
12,299 posts, read 4,149,872 times
Reputation: 9564
Quote:
Originally Posted by mathjak107 View Post
Harlem has been a popular area and is very expensive now . We were just up there doing a photo shoot . We ate lunch in an outdoor cafe . Back in the 1970ís I went to school up there . If you wandered off the beaten path you would take your life in your hands
Yep - Harlem is indeed in much better condition than it used to be. There are still spots where you shouldn't wander, but it's not like the old days.
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Old 01-01-2019, 05:14 AM
 
70,875 posts, read 71,245,628 times
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We felt pretty comfortable wandering around up there with our expensive cameras but there are still places off the beaten path I would not venture .

Famous chefís have opening restaurants up that way
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Old 01-01-2019, 06:02 AM
 
Location: Tennessee
23,335 posts, read 17,364,497 times
Reputation: 27266
Quote:
Originally Posted by BeerGeek40 View Post
San Francisco and Manhattan (below Harlem) would certainly qualify. Boston as well. I don't know how regular people make it in those areas. You either have to be wealthy, or you have to be willing to share space with multiple numbers of people. Or you're on welfare. San Francisco is called San-Fran-Sicko by radio host Michael Savage and that about sums it up. It's beyond out of control in California. You couldn't pay me any amount of money to live out there.
I used to work in the Indianapolis satellite office of a Boston-based tech company.

My associate level position paid $60,000 in Indianapolis. I had a 2BR apartment (though in an older complex) in the most affluent city in the state. The COLA from Indy to Boston was only 30%, so the salary was $78,000. All of the guys on my team had at least one roommate. One guy was in a house with four other guys, and the rent was still $800 a month.

That lower income went much farther in Indy than the higher income in Boston would.
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Old 01-01-2019, 06:18 AM
 
13,735 posts, read 7,281,857 times
Reputation: 25144
Quote:
Originally Posted by Aredhel View Post
I remember reading that Atlantic article months ago. This man's problem wasn't kids; his problem was that he was a big-time social climber who felt entitled to a certain lifestyle even though he really couldn't afford it, and who put projecting a particular image ahead of achieving financial security. He really has little in common with those much more average American families who are struggling because their wages have stagnated while their cost of living has relentlessly increased. It's offensive for the Atlantic Monthly to use him as an example of a "typical struggling middle-class family."

This pretty much captures it.
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Old 01-01-2019, 06:30 AM
 
13,735 posts, read 7,281,857 times
Reputation: 25144
Quote:
Originally Posted by Serious Conversation View Post
The expensive coastal metros absolutely crush middle income people. They are pretty much for the wealthy and subsidized poor in this day and age.

Which is why you see net outward migration in the high COL places at that kind of income level. Boston. NYC tri-state. DC. Bay Area. Seattle. At $50K to $75K, you can't afford the housing. Boston is certainly like that. Tons of white collar professionals show up every day looking either for trendy city housing or leafy suburbs with top school systems. Between housing costs, car insurance costs, and the 5.05% flat state income tax, it's tough to do it unless you're living in a really sketchy place.
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Old 01-01-2019, 03:45 PM
 
Location: Scottsdale, AZ
7,402 posts, read 4,558,183 times
Reputation: 27087
Quote:
Originally Posted by BeerGeek40 View Post
San Francisco and Manhattan (below Harlem) would certainly qualify. Boston as well. I don't know how regular people make it in those areas.
"Regular people" make it in those areas by having bought in 25 years ago and holding onto the property. (Irregular people use laxatives.)

Quote:
It's beyond out of control in California. You couldn't pay me any amount of money to live out there.

Fortunately there are people willing to pay us an absurd amount of money to live there. How does $6,000/month rent sound? That's what the house two doors down goes for. Bought by Chinese investors and leased to a couple of Stanford MBAs.

I have to decide this year whether to rent out or sell our Silicon Valley house. It won't be pretty if I get it wrong.
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Old 01-01-2019, 04:01 PM
 
Location: Was Midvalley Oregon; Now Eastside Seattle area
3,980 posts, read 1,832,011 times
Reputation: 3035
TT: Congratulations on your retirement.
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