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Old 01-16-2017, 11:42 AM
 
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Not too bad. I am still waiting for the McMansion examples that a person can buy making $17 an hour.
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Old 01-16-2017, 12:26 PM
 
Location: Telecommutes from Northern AZ
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My advice, retire abroad. In places like Serbia and Bulgaria you can live very well off 1200 a month, even with private health care. Biggest problem is moving away from family and the initial cost of getting their and sometimes coming back. But well worth a look.
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Old 01-16-2017, 12:29 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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Quote:
Originally Posted by jasperhobbs View Post
Not too bad. I am still waiting for the McMansion examples that a person can buy making $17 an hour.
Pre-2008 'no-doc' loans... millions of them! Lots of investors bought a piece of that nightmare. In-knowingly... especially euro portfolios.
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Old 01-16-2017, 12:40 PM
 
Location: Asheville NC
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Default I live in Asheville

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Originally Posted by LoriNJ View Post
Off-topic, but I can't resist: That IS one butt-ugly house!
You should look at the interior photos. Not my favorite architecture-- but these are green homes-energy and space efficient-quite popular. Look at the kitchen. Look at the neighborhood. Not landscaped well. Asheville real estate is very expensive now. Our home has appreciated 160k in 3 years.
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Old 01-16-2017, 12:43 PM
 
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My parents probably would have fallen into this category. They both worked factory jobs but this was back in the 50s and 60s and I think factory money went further then.
My dad also did plastering and cement work on the side. They didn't get to the US till they were 30 or so. My sister was 3. Lived in a little house flat till I was born so...3? or 4? years saving saving they bought a real flop house, my dad rented out half, we lived in the other half. Saved saved saved, bought a lot and built with my dad doing a lot of the work, hiring guys to help what he could not do.
My parents never took out a loan for anything. Paid for everything cash. Never had a credit card. Fought about money constantly! My mother really had bad PTSD from living under Stalin and WWII and saved every penny and was just emotional. My dad was a saver too but wanted us to have a little more than we did. Like I had one school uniform and my mom just washed that. Hand me down clothes were common then and I wore my sisters.
So in the end they probably saved close to a million and owned their own house, car. They helped me with college with that money and my sister and her kids.
Very very few vacations or "fun".
I'm not sure you can do this today on todays minimum wages. But I think people could do better if they...IDK, my dad could fix and build anything. Some people are still smart like that but fewer. More delayed gratification maybe.
My parents were lucky, their factory jobs had good health insurance and we as a family never had any big catastrophe's that set us back. But they started late too so....
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Old 01-16-2017, 12:44 PM
 
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Originally Posted by infocyde View Post
My advice, retire abroad. In places like Serbia and Bulgaria you can live very well off 1200 a month, even with private health care. Biggest problem is moving away from family and the initial cost of getting their and sometimes coming back. But well worth a look.
I cant get past health care, both as a foreigner how to you afford it and the quality
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Old 01-16-2017, 05:44 PM
 
Location: Forests of Maine
30,671 posts, read 49,423,020 times
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Originally Posted by jm1982 View Post
... There are many parts of the country where one can buy a multi family property like a duplex or 4plex and rent out the other units to pay their mortgage or most of the mortgage.
This can also help them build equity
True. I did it repeatedly; in California, Scotland, Connecticut, and Washington.



Quote:
... I really feel that real estate is a better investment option for low income people to gain wealth versus investing in the stock market.
I agree.

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Old 01-16-2017, 05:52 PM
 
Location: Forests of Maine
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Originally Posted by Serious Conversation View Post
... With that said, people born and raised on the coasts who have never lived in "flyover country" often don't realize how inexpensive many small towns and rural areas are. My ex lived in Anderson, IN - it's about 45-60 minutes from job centers in Indianapolis in bad traffic. It's an old auto town where the manufacturing left, so housing prices are depressed. It's not uncommon at all to find a livable, decent home for $50,000 - $75,000.
That is really inexpensive for "flyover country". Zillow lists homes here in my town on the East Coast with 2 acre lots starting at $25,000.
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Old 01-16-2017, 05:56 PM
 
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Quote:
Originally Posted by jm1982 View Post

It's hard to save money on a low income but definitely not impossible.

I really feel that real estate is a better investment option for low income people to gain wealth versus investing in the stock market.

You don't hear often about people that bought a relatively small amount of stock years ago and now it's worth millions, with real estate it's not that rare someone put a downpayment on a property and now it's worth a lot of money .
I also agree, I've seen low income people work hard to buy real estate, not get rich overnight, but move themselves into middle class lifestyle, some do get wealthy. Then there are those who do nothing but complain it can't be done.

I owe much of my financial success to real estate.
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Old 01-16-2017, 06:02 PM
 
249 posts, read 196,866 times
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Originally Posted by Giesela View Post
I cant get past health care, both as a foreigner how to you afford it and the quality
I agree, I've lived in Mexico and loved it, I never liked or trusted the health care there.

I know there are places around the world that do have good health care. If a retiree wants to move to a foreign country to lower costs, best to scrutinize the health care and language. Not easy to be ill and not fully comprehend the language.

With medicare coverage it seems easier and safer to find a low COL place in the USA.
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