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Old 01-31-2016, 09:36 PM
 
1,734 posts, read 1,948,134 times
Reputation: 3901

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Quote:
Originally Posted by Listener2307 View Post
You are special.
You are especially lucky. Of all the houses bought 19 years ago, how many have appreciated the way yours has? What if you didn't need a house in that particular area, at that particular time?

Good Luck. It counts.
Bad Luck. That counts, too.

So stop pounding yourself on the back. You got lucky. It could have gone the other way.
A tad off topic:


You're right about luck. Being a ingineer, I did not used to believe in luck. JimandThom posted about a Canadian engineer-turned-financial advisor, Jim Otar. He has a website. Curious to run this down - how an engineer could attribute to luck what is surely controllable through reason - I looked up his website.

Boy was I EVER ENLIGHTENED. Guy is eloquent, and explains it all. Bottom line: it takes $31 saved to secure every annual $1 you intend to withdraw from your retirement account if you're a conservative investor, to feel safe about it without relying on "luck". Luck turns out to be THE most important factor in investment returns - MORE important than asset allocation.

Luck and I have NOT. BEEN. ON. A. FIRST. NAME. BASIS. ...EVER!

I was calmed with the articles written by another engineer, about how to immunize myself some from "luck". The downside: with that $31:$1 ratio, the sustainable withdrawal rate is 3.2%, in contrast to 4% (per conventional wisdom, Trinity Study). Non financial-market variables include spending crises attributable to divorce or health emergencies

Since Luck is the factor that trumps other financial market variables, I strategize about how to further ingratiate myself with the PTB at work. [Maybe I'll need to be there for a while longer, instead of flouncing off in my early 60s. I'm thinking to shore up my relationships with the PTB].


I'm grateful that I will have CHEAP interests, post-retirement. Takes some of the pressure off.

FWIW.
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Old 01-31-2016, 09:53 PM
 
4,071 posts, read 1,552,805 times
Reputation: 7408
Quote:
Originally Posted by HansProof View Post
Know what I hate, seeing people go on about how poor they are while smoking


Like they might not have a home tomorrow, or food, but apparently that $7 pack was an easy scrape. Then they run themselves into debt with all the circulation/heart/lung problems.

This is more than a little off topic, but smoking is an addiction, stronger in some than others. Some people simply can not quit. So I do not pass judgment on them.


fwiw I am a non-smoker


Mahalo.
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Old 02-01-2016, 04:02 AM
 
12,289 posts, read 15,184,803 times
Reputation: 8100
Quote:
Originally Posted by HansProof View Post
Know what I hate, seeing people go on about how poor they are while smoking


Like they might not have a home tomorrow, or food, but apparently that $7 pack was an easy scrape. Then they run themselves into debt with all the circulation/heart/lung problems.
At least by cutting their lives short they will greatly reduce their retirement costs.
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Old 02-01-2016, 06:21 AM
 
Location: New Jersey
12,764 posts, read 7,819,307 times
Reputation: 13083
Quote:
Originally Posted by jane_sm1th73 View Post

What can I say. I am ALWAYS on the hunt to save a buck. Call me uber-frugal. I think about re-using coffee filters.
LOL, for quite a few years I re-used vacuum bags, two, sometimes three times.
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Old 02-01-2016, 06:51 AM
 
Location: SW Florida
9,744 posts, read 7,025,154 times
Reputation: 14219
Quote:
Originally Posted by Linda_d View Post
She owned a double-wide mobile home in a park in California that she couldn't sell in 2008 because of the increase in lot rent and the poor economy. Since she already owned the RV (which she is still paying on), she had been planning on traveling in it for a while. She could have stayed where she was but chose not to.

The problem isn't her choice because she's not complaining; the problem is that the article's author used her as an example of a senior so impoverished by the Great Recession that she's forced to work low paying part-time jobs to make ends meet when she's not that at all.

Exactly. The article says she walked away from the doublewide because of the increased lot rent, and she said she couldn't sell it, also because of that increased lot rent. Wonder what might have happened had she tried to sell it?
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Old 02-01-2016, 06:54 AM
 
Location: SW Florida
9,744 posts, read 7,025,154 times
Reputation: 14219
Quote:
Originally Posted by Hoot N Annie View Post
This is more than a little off topic, but smoking is an addiction, stronger in some than others. Some people simply can not quit. So I do not pass judgment on them.


fwiw I am a non-smoker


Mahalo.
I can't even begin to count the number of people I know who once were chain smokers and quit. If the motivation is there, they can quit. I have no sympathy for those who won't even try. Cigarettes are $7 a pack now??????? That would be enough motivation for me to quit if I smoked.
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Old 02-01-2016, 06:56 AM
 
Location: Los Angeles area
14,018 posts, read 17,726,438 times
Reputation: 32304
Quote:
Originally Posted by Hoot N Annie View Post
This is more than a little off topic, but smoking is an addiction, stronger in some than others. Some people simply can not quit. So I do not pass judgment on them.
fwiw I am a non-smoker......................
Anyone can quit, but it is very difficult for some. The ones who claim they cannot quit lack sufficient motivation. Some people are very self-indulgent and cannot stand very much discomfort. There is lots of professional help out there for those who want to quit.

Quote:
Originally Posted by pvande55 View Post
At least by cutting their lives short they will greatly reduce their retirement costs.
True that, but in the meantime they increase the tax burden for the rest of us. At least in most cases, as for every smoker who simply drops dead of a heart attack, there are plenty who required prolongued and expensive care for lung cancer or other smoking-related cancers.
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Old 02-01-2016, 07:03 AM
NCN
 
Location: NC/SC Border Patrol
21,135 posts, read 21,875,914 times
Reputation: 23217
I finally read the article. Lot's of credit card debt and she buys a meal for double digits. I guess I will never understand people. My daughter worked in the emergency room for a while and said the people with the $60 acrylic nails were the ones who wanted the free aspirin. Facing reality and being able to manage money should never be taken for granted.
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Old 02-01-2016, 07:10 AM
 
13,314 posts, read 25,546,272 times
Reputation: 20481
I should be in a comfortable position when I retire as I hope in spring of 2018. I have an old-fashioned company pension at a job I've come and gone from four times over the years- until I figured out the pension thing. If someone wrote an article on how I've lived with my finances over the years (and spent/changed jobs/moved/etc) they would certainly smack their heads. However, around age 48 I got a clue and went back to the pension job for the last time and now at 62, am looking at a pretty OK future. I am planning to move across country at least in small part because of the real estate taxes here but I built my own house in 2001 and spared little expense, so won't have a big windfall (partly because I can't stand to try and gouge the market, and am planning to sell at a decent price to a guy I know who really wants it). I also never married with an eye to security, as I never had much of an eye for it! Never found the right company and have said to a wild friend, we weren't willing to compromise in marriage (she had many options) so at least for me, I have to compromise and work for it. Always said I'd rather work on my feet than on my back- and enjoy men for their company, not their wallets.

Any article examining my past would certainly have found me careless. Now, I have always worked at least full time and went back to school three times around getting jobs. More free-wheeling friends think I'm a wage grind slave and maybe I am, but that's how I "planned," and it seems to be coming to a good transition to retirement.

If I had one-tenth of the money I spent in restaurants and bookstores in my earlier years... Sure wouldn't want to see an examination of my past if I ended up broke.
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Old 02-01-2016, 08:18 AM
 
Location: Land of Free Johnson-Weld-2016
6,473 posts, read 13,943,434 times
Reputation: 6436
As far as the older people in trouble today...the ones I know who are in trouble were optimistic with housing. One couple bought a McMansion and got foreclosed on. One couple and a single took on new 30 year mortgages in their 50s. I'm not sure what people in other parts of the country did, but it seems weird to think that you want to pay for a house into your 80s.

But it seems like none of them planned to do this? In two cases, the plan was to have the house appreciate and then be able to sell it. Of course prices went down, and now they are stuck. You can't just bet on housing prices going up unless you buy in a prime affluent area....and even then...

One couple had a job loss and medical issues coupled with a new mortgage. Luckily they are back on track. They had paid off their main house, so this may have put them in a better position financially.
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