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Old 11-07-2016, 08:21 AM
 
13,981 posts, read 7,452,675 times
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This has nothing to do with your generation. It's all about your overall lifestyle and level of affluence. If you're in the top 20% to top 30%, you probably have the paid for house, the car for each adult in the household. If you're in the top 5% to 10%, you probably have some expensive adult toys like vacation homes or yachts.

You don't need to be wealthy to own a boat. There are endless used boats out there you can buy for cheap and maintain yourself for minimal money. You can take the same approach with cars.
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Old 11-07-2016, 08:29 AM
 
Location: The analog world
17,086 posts, read 9,891,093 times
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Quote:
Originally Posted by GeoffD View Post
This has nothing to do with your generation. It's all about your overall lifestyle and level of affluence. If you're in the top 20% to top 30%, you probably have the paid for house, the car for each adult in the household. If you're in the top 5% to 10%, you probably have some expensive adult toys like vacation homes or yachts.

You don't need to be wealthy to own a boat. There are endless used boats out there you can buy for cheap and maintain yourself for minimal money. You can take the same approach with cars.
The top 5% nationally is $166k. While a comfortable living, depending on your metro, it's not enough to fund a yacht or vacation home, though you'll probably have a fairly nice car.
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Old 11-07-2016, 08:45 AM
 
Location: Seattle/Dahlonega
547 posts, read 389,145 times
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Baby Boomers! Is your idea of The American Dream the traditional "two cars, boat or RV, house that is paid off, etc"?

No.
Two motorcycles and a house that's paid off.
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Old 11-07-2016, 08:59 AM
 
Location: Western Colorado
11,108 posts, read 12,497,913 times
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MY dream was to retire in one piece. I managed that. Another dream is to have a simple log home in the mountains, maybe some day, but I doubt it.


I don't need STUFF.
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Old 11-07-2016, 09:05 AM
 
Location: Colorado Springs
4,861 posts, read 4,974,759 times
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Quote:
Originally Posted by Serious Conversation View Post
I looked at a new townhome in a mixed development of units for sale and for rent yesterday. The townhome for sale was $99,000 and was a 2 BR/2 BA unit about 1,100 sq ft with a garage.
Wow, that's seriously cheap.

Can you post a link?

That would be an attractive reason for a person to retire to your area.

For me, good reasons to own instead of rent are nobody can raise your rent, you have more privacy, and you can better control the environment wrt noise and air.
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Old 11-07-2016, 09:15 AM
 
Location: Southeast Michigan
1,189 posts, read 978,572 times
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My American Dream is to live comfortably but not in a flashy manner. I want to be able to see the people I love frequently, most of all. Just want to live in a place that I find attractive with my husband and both of us in Good Health! That would be the greatest gift of all.
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Old 11-07-2016, 09:18 AM
 
Location: Tennessee
23,651 posts, read 17,632,423 times
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Quote:
Originally Posted by Vision67 View Post
Wow, that's seriously cheap.

Can you post a link?

That would be an attractive reason for a person to retire to your area.

For me, good reasons to own instead of rent are nobody can raise your rent, you have more privacy, and you can better control the environment wrt noise and air.
I can't find this particular unit on Trulia but it's in Johnson City, TN, which is the most desirable town in the area. This development was only about half built out.

https://www.trulia.com/property/3037...istol-TN-37620

This is another unit I'm looking at in a nearby town - it's only $66k with a garage and is perfectly fine. Kitchen needs updated but it's relatively minor stuff.

It's a good area to retire if you don't mind smaller town but it is isolated from major metros and employment options are not good.
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Old 11-07-2016, 09:28 AM
 
2,376 posts, read 2,398,077 times
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Quote:
Originally Posted by randomparent View Post
The top 5% nationally is $166k. While a comfortable living, depending on your metro, it's not enough to fund a yacht or vacation home, though you'll probably have a fairly nice car.
Is $166K annual income or net worth? If net worth, then I agree, no way to have all those luxuries, but if income (and susained for a period of time), there is the opportunity to increase one's wealth, especially if living frugally in a low cost area.
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Old 11-07-2016, 09:35 AM
 
Location: Forests of Maine
30,705 posts, read 49,503,410 times
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I think is it different for everyone.
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Old 11-07-2016, 09:37 AM
 
Location: Loudon, TN
5,809 posts, read 4,857,183 times
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Quote:
Originally Posted by janedoe1972 View Post
I am a Generation X in a relationship with a Baby Boomer and my idea of The American Dream is so radically different than his. I don't believe you need a boat/RV or even to live in a house to be happy. You like your job, are content with your trailer/condo/apartment, have enough money for bills and savings as well as a little entertainment on the side, and have a family who loves you...THAT is my idea of The American Dream. But that isn't enough for my significant other. He just cannot bring himself to count his blessings and be happy. He says it has nothing to do with me...it is just something he is upset with himself about, that he didn't achieve HIS idea of success. He is even convinced that if we do not live in a house (with a mortgage, not a rental house) by the time our son is in school that other kids will make fun of him.


How in the world would other KINDERGARTEN children know that you have a mortgage, or even what a mortgage is? This is so laughable.

Late boomer here (1959). I think you've got the right idea. Your American Dream sounds pretty much they way I see it. If you are not financially stable (long term jobs, little debt, healthy emergency fund, a future in your current location, and money left over to pay the considerable expenses of home ownership), then you shouldn't buy a house.

Houses are EXPENSIVE! In addition to the mortgage, you have to pay property taxes, homeowners insurance, gas/electric (which will probably be higher than in an apartment), sewer, water, garbage, and any and all possible repairs, routine maintenance, and possibly HOA fees. In addition you would probably need additional furniture/rugs/linens/curtains or blinds/appliances to fill the house, which I assume will be larger than where you are now. You will also need to do a lot of yardwork, or pay someone else to do it. There will be more to clean on a weekly basis if the house is larger. If it's farther from your work, you could have additional commute costs. All this extra money that will go to the house, is money that you will no longer be able to save towards your son's future college education or your eventual retirement. With all these extra expenses a vacation or boat/RV will be even further out of reach.

I'm not trying to depress you or your mate, but getting in over your head debt-wise is foolish. Living below your income means being able to save for your future needs, instead of gratifying his present wants. Maybe if you go over this list of additions to your current expenses with him, he will see the light on the "house issue". It doesn't mean at all that homeownership is not in your future. If, or when, you can absorb these costs, and you'll need to research them to see what they are in your area, then you're ready for homeownership. Nobody wants to be "house-poor", where after all your home expenses are paid, you can't even afford to go to the movies.

It sounds like your man is comparing himself to others, rather than being grateful for the things he has. This is not really a generational thing. Not all, or probably not even most, boomers feel the way he does. It's more about ego and feeling that he is not measuring up to some image he has in his head of what "success" looks like. If he can change that vision of success to be one of gratitude for what he has, and pride in being able to provide a clean/healthy environment for his family and security for their future (in the form of a happy relationship and financial stability), then I think all this ego stuff will drop away.

If you spend a little time on this forum, you will notice a theme...the folks who lived below their means during their employed years will have money saved/invested to live a nice retirement. Those who get in over their heads end up living on Soc Sec alone, or perhaps never being able to retire at all.

Last edited by TheShadow; 11-07-2016 at 10:03 AM..
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