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Old 11-28-2019, 12:16 PM
 
882 posts, read 262,798 times
Reputation: 668

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Quote:
Originally Posted by Ruth4Truth View Post
Thanks. I was looking to compare her location/rent on a national level, i.e. is she in one of the highest-rent areas (Seattle, SF Bay Area, NYC), or elsewhere. Not sure how Brooklyn stacks up with national averages.
NYC COL is high across the board. Brooklyn is where people who can't afford to live in the middle of the action move to. NYC has a very good (albeit aging and showing signs) public transportation system that allows people to live far from midtown at much cheaper rent and still work in "the city".
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Old 11-28-2019, 12:16 PM
 
Location: State of Transition
90,753 posts, read 86,935,037 times
Reputation: 97675
Quote:
Originally Posted by ChessieMom View Post
From the article:

I feel like I’m living paycheck to paycheck, and have been for forever...

I don’t live in a fancy high-rise, I don’t take vacations, I don’t shop at Bloomingdales — I shop at freaking Forever21. But somehow, here I am.


That sounds like whining to me.
Yes; I noticed that, too; why is she shopping at all? She should have her wardrobe already set up; work clothes (if there is such a thing anymore), leisure clothes, winter, summer, etc., done! Shopping for entertainment is an indulgence many people can't afford, and don't expect to.
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Old 11-28-2019, 12:19 PM
 
23,168 posts, read 17,175,082 times
Reputation: 18342
Quote:
Originally Posted by ChessieMom View Post
I didn’t misquote anything.
If that’s the case you have a very liberal application of the term “whining”
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Old 11-28-2019, 12:32 PM
 
13,816 posts, read 24,731,225 times
Reputation: 14178
Quote:
Originally Posted by Thatsright19 View Post
DIY is over rated. It goes against the basics of Specialization of labor and opportunity cost.

You make enough money at what you’re good at to buy your time back. You need time off to recharge and be good at what you do. I put up my own Xmas lights, but I wouldn’t wash my car or do an oil change. We occasionally pay to have our grocery shopping done. It makes it easier to relax on Sunday and do meal prep for the week. As soon as I’m promoted again, I’m paying for home cleaning. I’d rather have my Saturday.

If I wanted extra money, I’d take clients on the side and do what I do. I wouldn’t sit around trying to save by learning how to fix my central air unit or car. Let the professionals do what they do. I’ll focus on making money doing what I do well, and pay for them to do it. The opportunity cost is too high trying to learn 20 different professions.
Not really. It saves a ton of money especially over time. Maybe it's why you feel you are still struggling a bit and that living costs are high - because you are paying others to do work for you.

That's fine to do but that has a cost as well, amplified early on due to compounding.

I had a neighbor pay a plumber $100 to replace their flapper valve...I was speechless but whatever.
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Old 11-28-2019, 12:35 PM
 
13,816 posts, read 24,731,225 times
Reputation: 14178
Quote:
Originally Posted by aslowdodge View Post
Yes the article is misleading. While the attorney spends everything she makes and has a good life, I wonder what her investment for the future is if any. At 100k and that young age I wonder how she got a few extra houses. Also she might be getting a positive cash flow from the rentals but not revealing that it help support her somewhat lavish lifestyle.
I think she makes way more than 100k.

She is the type of person that screams "look at me" and really is flaunting through the article. She thrives on the attention. It's interesting as the other person profiled wanted to remain anonymous. Two very different personalities.
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Old 11-28-2019, 12:38 PM
 
91,830 posts, read 89,186,143 times
Reputation: 66412
Quote:
Originally Posted by Thatsright19 View Post
DIY is over rated. It goes against the basics of Specialization of labor and opportunity cost.

You make enough money at what you’re good at to buy your time back. You need time off to recharge and be good at what you do. I put up my own Xmas lights, but I wouldn’t wash my car or do an oil change. We occasionally pay to have our grocery shopping done. It makes it easier to relax on Sunday and do meal prep for the week. As soon as I’m promoted again, I’m paying for home cleaning. I’d rather have my Saturday.

If I wanted extra money, I’d take clients on the side and do what I do. I wouldn’t sit around trying to save by learning how to fix my central air unit or car. Let the professionals do what they do. I’ll focus on making money doing what I do well, and pay for them to do it. The opportunity cost is too high trying to learn 20 different professions.
I don’t do anything anymore I don’t want to if I can pay to have it done .... our building has full time maintenance people , the dealer handles the car and I have zero chores living in a high rise ...our days are filled with all the stuff we want to do.

I hate stuff like working on a house or mowing the lawn ,etc .... the only thing I still do is work on my kids ac units since I was an hvac tech
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Old 11-28-2019, 12:44 PM
 
13,816 posts, read 24,731,225 times
Reputation: 14178
Quote:
Originally Posted by mathjak107 View Post
I don’t do anything anymore I don’t want to if I can pay to have it done .... our building has full time maintenance people , the dealer handles the car and I have zero chores living in a high rise ...our days are filled with all the stuff we want to do.

I hate stuff like working on a house or mowing the lawn ,etc .... the only thing I still do is work on my kids ac units since I was an hvac tech
I think you make great points as a retired person with many millions in the bank. I myself have started to back off somewhat now in my later 30's.

Do you feel your advice is pertinent to those only starting to save?
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Old 11-28-2019, 12:46 PM
 
7,157 posts, read 4,558,878 times
Reputation: 12694
People always cite these variables in absolutes. I especially find it comical for anyone to draw a conclusion of outcome based upon income. Income is an input but it certainly does not determine and output or outcome. To say a “millenial” make $100k+ and draw a conclusion is highly naive and is binary thinking of simpletons.

The most important of any financial discussion is one’s understanding of consumption, COL, savings habits, and asset allocation strategy. I don’t care if you’re making $50k or $500k the same principles always scale with income.

If Tyson can **** away $100M and yet a family of 4 can thrive on a $50k salary the dispersion of outcomes is always based upon these principles.
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Old 11-28-2019, 12:56 PM
 
Location: on the wind
15,179 posts, read 8,713,974 times
Reputation: 49515
Honey, go ahead and whimper. You have options a lot of other people don't. Pick better ones. And while you're at it, don't fall back on the latest buzzwords-of-the-moment (adulting...gad). Just makes you look stupid.

Last edited by Parnassia; 11-28-2019 at 01:06 PM..
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Old 11-28-2019, 01:09 PM
 
Location: State of Transition
90,753 posts, read 86,935,037 times
Reputation: 97675
Quote:
Originally Posted by SWFL_Native View Post
People always cite these variables in absolutes. I especially find it comical for anyone to draw a conclusion of outcome based upon income. Income is an input but it certainly does not determine and output or outcome. To say a “millenial” make $100k+ and draw a conclusion is highly naive and is binary thinking of simpletons.

The most important of any financial discussion is one’s understanding of consumption, COL, savings habits, and asset allocation strategy. I don’t care if you’re making $50k or $500k the same principles always scale with income.

If Tyson can **** away $100M and yet a family of 4 can thrive on a $50k salary the dispersion of outcomes is always based upon these principles.
This is why the first thing I wanted to determine, is what type of rental market is the graphic designer in. The way the OP was set up, it sounded like the lawyer with the multiple DC properties, and the graphic designer, were the same person.

Here's the crux of the matter, from the article:

Quote:
“This generation doesn’t just want to save for the future, they want to enjoy their lifestyle today.”
So they want their cake, now, and to eat it too, and are finding that hard to juggle on $100K or thereabouts. Well, duh. Priorities, people, priorities!

But at least they are concerned with saving for the future; there was a time, when people in their 20's and into their 30's didn't do that, and left the creation of a retirement account for later. Some didn't make enough when starting out, to be able to put anything away for retirement. And let's not forget about their college loan debt...
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