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Old 08-14-2014, 06:30 AM
 
33,046 posts, read 22,143,580 times
Reputation: 8970

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Quote:
Originally Posted by mathjak107 View Post
Renters are not under water at all ,some have better cash flow and higher net worth just because they do rent,self included.

Renters are a mixed group ranging from poor to wealthy and mixed skills,creativity and ability to get ahead.

Some renters like yourself comitt their own financial suicide and then call it murder . Instead of finding a way you will find an excuse.

Underwater = housing debt > your equity.

Renters always have zero equity and owe next month's rent hence underwater.

While there are SOME wealthy renters, they are few in number and proportion; over 90 percent of the wealthy choose to own their home. The vast majority of renters are in the bottom two income quintiles and few are above median income. The few who are above median income tend to be saving up to buy a home, and thus tend to cross over to the dark side of homeownershp. Median net worth of homeowners has been estimated to be 20 to 50 times greater than median net worth of renters.
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Old 08-14-2014, 06:31 AM
 
72,149 posts, read 72,121,987 times
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To be honest if some of the folks here put is much effort into finding a way to help themselves as they do in finding articles about other who are failing or complaining about it they just may be in a better place in life financially.
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Old 08-14-2014, 06:32 AM
 
15,741 posts, read 9,285,946 times
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Quote:
Originally Posted by freemkt View Post
??? Where did you get that idea? I graduated in the top 5 percent of my class (grades and scores.My combined SAT scores were 98th percentile. All I was "handed" was a New York State scholarship - which 15 percent of my graduating class and practically everyone in my homeroom got - which amounted to a measly $100 per year for books (because my dysfunctional family situation rendered me "not needy".

Financial aid includes employment - hardly a handout - under the Work-Study program. I couldn't get Work-Study, so I had to clean toilets to pay for school, and was beaten out for an entry-level IT job by someone with "related" Work-Study experience - who might or might not have had greater financial need than I.

Yes, I could have gotten a two-year degree if I had been willing to stay with the dysfunctional family that made me ineligible for financial aid in the first place.
Why didn't you get Work Study? I did that, and while my job didn't benefit me in any way in my career, working as an usher in the sports stadium meant I saw sporting events and concerts for free.
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Old 08-14-2014, 06:34 AM
 
72,149 posts, read 72,121,987 times
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Quote:
Originally Posted by freemkt View Post
Underwater = housing debt > your equity.

Renters always have zero equity and owe next month's rent hence underwater.

While there are SOME wealthy renters, they are few in number and proportion; over 90 percent of the wealthy choose to own their home. The vast majority of renters are in the bottom two income quintiles and few are above median income. The few who are above median income tend to be saving up to buy a home, and thus tend to cross over to the dark side of homeownershp. Median net worth of homeowners has been estimated to be 20 to 50 times greater than median net worth of renters.
Duh! Homeowners are a wealthier bunch because they had the resources to buy in the first place. They were a wealthier bunch even if they didn't buy a home. That is a purchase people like to make when they have the money.

Bentley owners have many times the wealth of most home owners, and your point?
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Old 08-14-2014, 06:35 AM
 
33,046 posts, read 22,143,580 times
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Quote:
Originally Posted by ringwise View Post
Why have you spent 30 years not taking advantage of the college degree that you have?

I also had student loan payments, and never finished college. I managed to pay mine off fairly quickly, while saving for and attending a trade school.

??? I graduated in the Rust Belt at the bottom of the Carter recession. Terrible time and place to be looking for a job with a liberal arts degree. College degrees without career-related experience have a useful shelf life of five years; by the time the economy had recovered, my degree had become worthless.
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Old 08-14-2014, 06:37 AM
 
72,149 posts, read 72,121,987 times
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Forget about your degree,how about just repost that list of reasons that you never got ahead. That list looked like a grocery list.

All of it was under your control to fix,you chose not to using one excuse or another.
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Old 08-14-2014, 06:40 AM
 
33,046 posts, read 22,143,580 times
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Quote:
Originally Posted by mathjak107 View Post
Duh! Homeowners are a wealthier bunch because they had the resources to buy in the first place. They were a wealthier bunch even if they didn't buy a home.

Bentley owners have many times the wealth of most home owners, and your point?

Merely buying a home in the first place affords you the unearned net worth effect of appreciation; something renters can never enjoy.
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Old 08-14-2014, 06:44 AM
 
33,046 posts, read 22,143,580 times
Reputation: 8970
Quote:
Originally Posted by mathjak107 View Post
Forget about your degree,how about just repost that list of reasons that you never got ahead. That list looked like a grocery list.

All of it was under your control to fix,you chose not to using one excuse or another.

??? Short list. 1, I decided very early - with my first hamburger job - I never wanted to be a fast food manager. 2, dead-end menial jobs do not have advancement paths. 3, couldn't afford to go to law school or return to school to get a marketable skill.
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Old 08-14-2014, 06:44 AM
 
72,149 posts, read 72,121,987 times
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Renters with resources do not need the appreciation of the home they can have other assets insead that appreciate at a far faster rate.

Renters can share an apartment and invest and do very well even if funds are tight. It has to do with the want to do well not the method.

Someone with no money is dead in the water in either case.
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Old 08-14-2014, 06:46 AM
 
29,903 posts, read 34,959,090 times
Reputation: 11807
Quote:
Originally Posted by mathjak107 View Post
To be honest if some of the folks here put is much effort into finding a way to help themselves as they do in finding articles about other who are failing or complaining about it they just may be in a better place in life financially.
Bada Bing!
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