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Old 10-23-2010, 08:53 AM
 
28,900 posts, read 50,281,561 times
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Quote:
Originally Posted by HappyTexan View Post
Many boomers had money plowed into RE. Their home was their retirement money. The stock market was also retirement money.

Both down big time. Not too much "retirement money" left so they have no choice but to work.

I think the ones that can retire early are the ones that lived below their means and invested conservatively compared to others that rode the heights of the stock market. I also think those folks are in the minority which won't help the unemployed youth looking for work.
Yeah. I remember the "real estate is an investment" schtick. I tried to warn people. Any idiot with an IQ higher than a rhesus monkey knows that real estate prices just couldn't rise 10-20% annually for years and NOT have a reckoning. I just don't have any sympathy for the people who bought an overpriced McMansion thinking that would be their security blanket.
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Old 10-23-2010, 09:46 AM
 
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Quote:
Originally Posted by cpg35223 View Post
Yeah. I remember the "real estate is an investment" schtick. I tried to warn people. Any idiot with an IQ higher than a rhesus monkey knows that real estate prices just couldn't rise 10-20% annually for years and NOT have a reckoning. I just don't have any sympathy for the people who bought an overpriced McMansion thinking that would be their security blanket.
And I always wonder about those people, what did they expect to be living in once they flipped their McMansion? Another astronomically priced McMansion?

Selling off a big house at some point in time might be great for a chunk of change but few people that say they will downsize actually do. Now some might be forced into downsizing but few I see voluntarily do so.

I think people need to think about what is important with their house, which to me is about living in one and enjoying it. If in 20 years, adjusted for inflation, I get a chunk of change above what it cost to build, great.
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Old 10-23-2010, 10:32 AM
 
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Yup, I never understood the appeal of a giant house. It just sounds like more work to take care of to me. Same with people with new cars every three years.

We're in a 2BR townhome, and I drive a 13 year old Corolla. Works for me.
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Old 10-23-2010, 03:20 PM
 
Location: Near a river
16,042 posts, read 20,535,432 times
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Quote:
Originally Posted by slackjaw View Post
Yup, I never understood the appeal of a giant house. It just sounds like more work to take care of to me. Same with people with new cars every three years.

We're in a 2BR townhome, and I drive a 13 year old Corolla. Works for me.
I didn't know you're only 46, here I thought I was rapping online with an old geezer my age! And I am guilty of assuming you lived in a McMansion. Mea culpa. You sound like you've got a really good head on your shoulders.

Can I ask, in your general age group, what it looks like in terms of jobs? Are people in their 40s generally fairly secure? You're really not a Boomer, so you don't have to worry probably about being outsourced or eliminated like so many Boomers today. I hope you and the younger set will be able to restore some sanity to this country.
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Old 10-23-2010, 05:16 PM
 
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I'm still some years away from 46, that is just what I run thru simulations for health insurance since that is my projected/desired retirement date. No McMansion for me we're simple living types, if I didn't telecommute (need a home office) we'd probably go 1BR instead of 2.

Jobs are fine for me but I got lucky in ending up in a desirable specialty of a desirable field.
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Old 10-25-2010, 04:26 PM
 
Location: Wherabouts Unknown!
7,810 posts, read 17,874,598 times
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slackjaw wrote:
I never understood the appeal of a giant house. It just sounds like more work to take care of to me. Same with people with new cars every three years.

We're in a 2BR townhome, and I drive a 13 year old Corolla. Works for me.
You're right about the bigger house. I'm now living in a 1950 sf 3br house after liviing for 15 years in a house of 1360 sf. Not only is it more work, it also requires more $$$ to maintain. We don't even use most of the additional 600 sf in this bigger, newer house. What was I thinkin?"

Fortunately, my car, like yours is 13 yrs old with just 70,000 miles on it so it should last for quite a few more years. It was 3 yrs old when I bought it with just 17,000 miles on it, so I got what was essentially a new car at a big discount. I've driven just 53,000 miles during the ten years I've owned it and that included moving from the east coast to western Colorado a few years ago.
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Old 10-25-2010, 04:57 PM
 
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Brother 13 year old car owner! Mine has a little over 100k but I telecommute full time now so probably less that 2k per year now I'm going to try to make 20 years with it. The 70k you have is really low miles for a car that old, that's great.

You know I love about driving a beater? I remember when was newer I wouldn't park next to a piece of junk because I figured they wouldn't care about hitting with door etc. Now I am that piece of junk that people fear, I couldn't care less if I get a minor ding on a door at this point.

Bonus = it is stick shift and a cop once told me those are hardly ever stolen anymore since the younger people who do the stealing usually can't drive stick shift since they are so uncommon now. Not sure if that is true or not but if it is hah.
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Old 10-26-2010, 02:57 PM
 
62,865 posts, read 48,549,956 times
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I would question the whole "boomers won't stop working" thing.

Meaning they don't WANT to stop but look around at them...diabetes, 80lbs overweight and so on and so forth...I am just cautioning that you reach a point sometimes where want and can diverge.
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Old 10-31-2010, 02:39 PM
 
29,597 posts, read 32,622,668 times
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Quote:
Originally Posted by jazzlover View Post
I would add one thing--whatever attributes one can ascribe to the Boomers, a great many of them were failures as parents. They failed because they neglected to teach their children something that a kid usually either learns before he or she hits the school door, or he or she never will--plain ol' good common sense.
I totally agree with this I attibute it to the high divorce rate that began with those just a few years older than the boomers. Also, the whlole "latchkey kid" menatlity that both parents could work and give their kids "stuff" to make up for the parents not being there.

The Boomers (collectively speaking) threw common sense out the window when it came to raising kids, and we are still suffering the consequences of those decisions.
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Old 10-31-2010, 02:42 PM
 
29,597 posts, read 32,622,668 times
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Quote:
Originally Posted by slackjaw View Post
That is indeed one of the biggest challenges in retiring early since one has to pay for private health insurance and there are so many unknowns about what it will cost in the future. I might be ready to retire now and be fairly confident I'll be able to afford rent in Phoenix AZ in five years from now but healthcare? Hell if I know.

To bridge the gap between early retirement and medicare years (65?) many early retirees do a quasi-self-insure by getting extremely high deductible policies, you'd be surprised at how reasonable rates are with a 10k annual deductible. If you are healthy and have enough money it can work, but with anything chronic or even a string of bad luck that would get expensive very quickly.
I totally agree with you on this.

There is a silver lining, though. Most chronic diseases (high blood pressure, heart disease, diabetes, and some cancers etc) are very preventable. If you eat a plant based diet (doesn't need to be completely vegetarian) and stay away from processed foods at least most of the time, your chances of getting said chronic diseases are actually quite low. Problem is, most of us don't do that.
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