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I live in L.A., and even though the housing bubble has burst, I still can't afford anything decent in a good area. I've been a renter most of my life (with the exception of a very ill-timed purchase when I was first married), and I'm okay with it. If something breaks, I call the manager to have it fixed. I don't have to worry about a new roof, maintaining the central a/c and heat, etc. The convenience is worth the extra money. At the same time, I'm putting away 10% in my 401(k). Will that be enough to retire on? Probably not; I may have to move elsewhere. For now, though, this works.
I am purchasing my first home and putting 6% away in my 401k. It can be done, it just takes discipline. Renting is better for some where as owning is better for others. I have always dreamed of owing my own home since I was a little kid. I enjoy home improvements, gardening and BBQ's tho, so for someone who like sthose things, renting isn't really ideal. For someone who loves to travel and is never really home, why would you want to worry about maintenance on your spare time?
I am purchasing my first home and putting 6% away in my 401k. It can be done, it just takes discipline. Renting is better for some where as owning is better for others. I have always dreamed of owing my own home since I was a little kid. I enjoy home improvements, gardening and BBQ's tho, so for someone who like sthose things, renting isn't really ideal. For someone who loves to travel and is never really home, why would you want to worry about maintenance on your spare time?
Congrats! I enjoy it too. However, it took several years before I was able to put a decent amount in my 401K. Thank God I worked for a company that offered a pension.
this is what you call life. Doesn't matter if it's a rental or not, doesn't matter if you have one income or two.......you plan for these things...you don't buy a home when you are already living paycheck to paycheck. If you can't afford to pay your savings account first, to build up a emergency fund, then continue to rent until you can.
It does matter if you have one or two incomes in a household. The biggest pay raise for me would be a spouse. Married folks just don't know how good they have it in comparison to single people. It is exhausting being responsible for everything.
It does matter if you have one or two incomes in a household. The biggest pay raise for me would be a spouse. Married folks just don't know how good they have it in comparison to single people. It is exhausting being responsible for everything.
There's economy a scale when both parties are on the same side working together...
My Father said the best thing he ever did was ask Mom to marry him...
Mom's goal was to own a home and she was very creative in achieving her goal... still remember the huge pots of soup she would cook up and then freeze dozens of container for later use...
Dad couldn't qualify for a home loan working in sales... I was just born and Mom was not working... didn't matter, when the Bank learned Mom was a Registered Nurse.
On the flip side... a couple can absolutely destroy each other financially with just a little effort.
It was 60 minutes or 20/20 a few years ago where they were doing an in depth story on successful Americans... almost all tributed their spouse as instrumental to success... nothing like a good first marriage
Last edited by Ultrarunner; 11-06-2010 at 10:15 PM..
i agree on the first marriage part.... try this ,take a photo of all your stuff ,then cut that photo in half...what your looking at is what you will own after that divorce ...ha ha ha
It does matter if you have one or two incomes in a household. The biggest pay raise for me would be a spouse. Married folks just don't know how good they have it in comparison to single people. It is exhausting being responsible for everything.
No, what matters is the amount of the income..not how many ppl have an income.
There is a lot of economy a scale when both parties are on the same team working together...
My Father said the best thing he ever did was ask Mom to marry him...
Mom's goal was to own a home and she was very creative in achieving her goal... still remember the huge pots of soup she would cook up and then freeze dozens of container for later use...
Dad couldn't qualify for a home loan working in sales... I was just born and Mom was not working... didn't matter, when the Bank learned Mom was a Registered Nurse.
On the flip side... a couple can absolutely destroy each other financially with just a little effort.
It was 60 minutes or 20/20 a few years ago where they were doing an in depth story on successful Americans... almost all tributed their spouse as instrumental to success... nothing like a good first marriage
Good post. I especially like the part when your mom used to freeze food to stretch her budget. I remember those days.
No, what matters is the amount of the income..not how many ppl have an income.
Not 100% true... underwriters considered source of Income... if everything is tied to one income... no matter how high, if the worst were to happen the income stream would stop.
People in Commission Sales and Self Employed have traditionally had more difficulties than someone with the identical income not tied to sales...
The fear is also Feast of Famine or Boom or Bust...
i agree on the first marriage part.... try this ,take a photo of all your stuff ,then cut that photo in half...what your looking at is what you will own after that divorce ...ha ha ha
Lol!
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