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Old 03-31-2016, 03:42 PM
 
71,735 posts, read 71,853,273 times
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Quote:
Originally Posted by Robyn55 View Post
If that's a response to unsustainableme - I disagree. I think there's a middle ground. Between either spending or saving obsessively when one is younger.

Also - there are things you can do when you're younger that are difficult or impossible to do when you're older.

OTOH - if unsustainableme doesn't have an emergency fund - well I disagree with that too. I have some people who work for me - like landscape guys - and they can't even afford to buy a new (used!) tire when they need one. That's no way to live either. Especially if you have kids. Robyn
the poster said nothing about middle ground . only neglecting the retirement side . a balance is what you want but there is no mention of balance .
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Old 03-31-2016, 03:53 PM
 
Location: Tennessee
23,614 posts, read 17,598,460 times
Reputation: 27693
Quote:
Originally Posted by Robyn55 View Post
My husband and I moved to Florida in our 20's - a couple of years after we got out of school. We worked pretty hard and did pretty well. Main difference between Florida and up north was - when we got time off - we could usually enjoy it outside. And weren't cooped up in the house due to bad weather a lot of the year.

Note that my husband and I are both lawyers. And moved at a good time. When Florida needed lawyers and the profession was starting to go great guns here. That is not the case today. Also - a lot of Florida has very few well paying jobs. Probably even fewer than in many parts of Tennessee.

As for that laid back Margaritaville lifestyle. Well you used to be able to buy it for the proverbial song. When we moved here. But that was 40+ years ago. Our first apartment - waterfront in a nice part of Miami - cost us about $375 month IIRC. That building went condo a long time ago. And was recently bought in whole by a developer that will tear it down and build a 48 story luxury condo in its place. Where prices will probably start at well over $1 million.

In any event - if you want to do a reality check - go to the Florida forum. Or you can watch this Youtube and spare yourself the sarcasm you'll often find there:

Robyn
One of the big problems I have here in Indiana is that even just mediocre outdoor recreation is a minimum of an hour and a half away. You really can't do anything after work unless it's just walking at the municipal park, etc. During the winter months, it's often too warm to get involved in winter recreation like more northern states, but too cold to golf, boat (if there were any decent lakes within an hour), etc. November-March is basically a washout in terms of outdoor activity, with November and March being toss-ups. March has been good this year, with trees even starting to leaf out, but last year the leaves didn't get on the trees until late May, only to be gone by mid-late October. That just sucks.

FWIW, I've received far more call backs in FL than I have in TN - probably a three to one ratio. FL has multiple large metros, TN really just has one (Nashville) that has any significant employment opportunities at all. Knoxville and Chattanooga are just too small and Memphis is a dump.

While FL is tourism based, much of TN is as well, on a smaller scale. Rural TN is cheap, but the cost of living around Nashville is skyrocketing, and IMO has already eclipsed Tampa and Jacksonville. If you work in something than medical or education, good luck making more than $40,000 outside of Nashville. While FL may not have the job opportunities of the northeast or Pacific coast, it's doing a lot better than most of the rest of the South.

I've seen those Florida forums and they're often a cesspool of pessimism from people with unrealistic expectations, people running from problems that would follow them anywhere, outright trolls, etc. I don't think the reality is nearly as bad as those boards lead you to believe.
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Old 04-01-2016, 06:25 AM
 
Location: Ponte Vedra Beach FL
14,628 posts, read 17,942,381 times
Reputation: 6717
Quote:
Originally Posted by Serious Conversation View Post
One of the big problems I have here in Indiana is that even just mediocre outdoor recreation is a minimum of an hour and a half away. You really can't do anything after work unless it's just walking at the municipal park, etc. During the winter months, it's often too warm to get involved in winter recreation like more northern states, but too cold to golf, boat (if there were any decent lakes within an hour), etc. November-March is basically a washout in terms of outdoor activity, with November and March being toss-ups. March has been good this year, with trees even starting to leaf out, but last year the leaves didn't get on the trees until late May, only to be gone by mid-late October. That just sucks.

FWIW, I've received far more call backs in FL than I have in TN - probably a three to one ratio. FL has multiple large metros, TN really just has one (Nashville) that has any significant employment opportunities at all. Knoxville and Chattanooga are just too small and Memphis is a dump.

While FL is tourism based, much of TN is as well, on a smaller scale. Rural TN is cheap, but the cost of living around Nashville is skyrocketing, and IMO has already eclipsed Tampa and Jacksonville. If you work in something than medical or education, good luck making more than $40,000 outside of Nashville. While FL may not have the job opportunities of the northeast or Pacific coast, it's doing a lot better than most of the rest of the South.

I've seen those Florida forums and they're often a cesspool of pessimism from people with unrealistic expectations, people running from problems that would follow them anywhere, outright trolls, etc. I don't think the reality is nearly as bad as those boards lead you to believe.
Well a decent job in an area with a COL that allows you to live reasonably well on what you're earning is still possible here. At least in NE Florida (where I live). Depending on what you do (e.g., one area that is booming here is the medical sector).

So good luck finding what you're looking for . Robyn
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Old 04-01-2016, 08:31 AM
 
Location: Chicago area
14,419 posts, read 7,934,902 times
Reputation: 53551
Quote:
Originally Posted by Serious Conversation View Post
Personally, I'm doing alright and am able to save/invest about 10% of my income right now. I've seen the duplex idea and think that's great, provided you can afford the duplex to begin with.

I know a few landlords, and all have much better cashflow and easier lifestyles than someone trying to save traditionally, especially in today's tight rental market.


That's awesome We are living off of the cash flow now and it nearly replaces my salary. We never touched that money for over 20 years and it has given us quite a nest egg as well. Those frugal days are still with us even though I can pretty much do whatever I want. (No private jets or high maintenance mansions) but comfortable enough to quit working at 58.

Once you develop that make it grow mind set and pay off your first property, money starts making money faster. Just try to get over that first hurdle. I remember when our net worth was 100k and feeling like I was rich. Now it's just the tip of the ice burg and still growing. Fun Now I just feel like we're upper middle class. Trump is rich, Gates is rich. We're just their chump change.
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Old 04-01-2016, 09:06 AM
 
5 posts, read 2,773 times
Reputation: 18
Quote:
Originally Posted by hey_guy View Post
any objective observer has to be astounded at the level the boomers oversaw dismantling of the social safety net for the next generation, path to the middle class.
Not too objective.

The baby boomer's middle class -- the Working Class, has been astounded at the exponential rise of corruption, as the rich 1% rig the economy to assure their economic superiority well into as many generations into the future as they can manage to secure. That includes us baby boomers, you millenials, and beyond.

They've destroyed the retirement of millions of baby boomers along with making for a terribly bleak future for millenials.

Generally speaking, it is not Us that stole from you. It is the 1% that have stolen from the average person.

Anyone who has resources is a target for the next scheme for the 1% to figure out how to get their hands on it and take it away from you. Because if one of us have a modicum of comfort, they will do what they can to wrest it out of our hands. (Or bank accounts, or retirement funds, etc.)
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Old 04-01-2016, 09:48 AM
 
Location: Tennessee
23,614 posts, read 17,598,460 times
Reputation: 27693
Quote:
Originally Posted by animalcrazy View Post
That's awesome We are living off of the cash flow now and it nearly replaces my salary. We never touched that money for over 20 years and it has given us quite a nest egg as well. Those frugal days are still with us even though I can pretty much do whatever I want. (No private jets or high maintenance mansions) but comfortable enough to quit working at 58.

Once you develop that make it grow mind set and pay off your first property, money starts making money faster. Just try to get over that first hurdle. I remember when our net worth was 100k and feeling like I was rich. Now it's just the tip of the ice burg and still growing. Fun Now I just feel like we're upper middle class. Trump is rich, Gates is rich. We're just their chump change.
The person I mentioned in my other recent thread that runs an eldercare consulting business is also a landlord. I'd say the majority of his income comes from his rentals. He gives a property manager 8% to take care of the screening on tenants, etc. It's basically gravy for him at this point.
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Old 04-01-2016, 11:23 AM
 
3,304 posts, read 1,356,396 times
Reputation: 2818
That number is insane. Everybody is a millionaire. Lol.. Not happening. Baby boomers don't even have that kind of money.
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Old 04-01-2016, 11:24 AM
 
Location: NE Mississippi
13,689 posts, read 8,594,306 times
Reputation: 19944
Quote:
Originally Posted by Serious Conversation View Post
Millennials' new retirement number? $1.8 million (or more!)

I would say the number is closer to being accurate than not, but as a Millennial myself, I simply can't see many people making this target whatsoever.

I'll be 30 next month, single, and make $63k with bonus in a low COL metro. That figure is thirty years of gross wages for me. Most people I know around my age are making less than I am if they live in a cheap area. If I moved to a major coastal metro, I'd need to make about $100k, give or take, to have an equivalent standard of living.

There are plenty of Millennials who are doing well, but as the story goes, many have been burdened by high student debt loads, a poor job market (I was 27 when I got my first professional level job), underemployment, etc.

I just don't see how most Millennials have a prayer of getting even somewhat close to that.
What Millenials need is a plan. But then, everyone needs a plan.

So, ya know what ya gotta do. Are you just going to give up now?
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Old 04-01-2016, 12:53 PM
 
29,788 posts, read 34,889,516 times
Reputation: 11715
Quote:
Originally Posted by nei1 View Post


Not too objective.

The baby boomer's middle class -- the Working Class, has been astounded at the exponential rise of corruption, as the rich 1% rig the economy to assure their economic superiority well into as many generations into the future as they can manage to secure. That includes us baby boomers, you millenials, and beyond.

They've destroyed the retirement of millions of baby boomers along with making for a terribly bleak future for millenials.

Generally speaking, it is not Us that stole from you. It is the 1% that have stolen from the average person.

Anyone who has resources is a target for the next scheme for the 1% to figure out how to get their hands on it and take it away from you. Because if one of us have a modicum of comfort, they will do what they can to wrest it out of our hands. (Or bank accounts, or retirement funds, etc.)
Only if you let them and don't practice fiscal responsibility and prudence overseeing your money. Yes if you want they will allow you to get into debt and begin to devote a large portion of your income to them as debt service. However there are many in the forum especially in the frugal thread who have told them to go to Hades and have secured their income.
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Old 04-01-2016, 12:56 PM
 
Location: Tennessee
23,614 posts, read 17,598,460 times
Reputation: 27693
Quote:
Originally Posted by Listener2307 View Post
What Millenials need is a plan. But then, everyone needs a plan.

So, ya know what ya gotta do. Are you just going to give up now?
I waved the white flag awhile back.
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