U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 11-28-2019, 02:16 PM
 
12,681 posts, read 22,328,469 times
Reputation: 12789

Advertisements

Quote:
Originally Posted by Ruth4Truth View Post
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:

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...
When was this time? Because it seems like every day the large financial news is printing stories about how current and future retirees are destitute without social security.
Reply With Quote Quick reply to this message

 
Old 11-28-2019, 02:22 PM
 
75,670 posts, read 75,072,635 times
Reputation: 52978
Quote:
Originally Posted by wheelsup View Post
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?
Depends if their time can be better spent doing something else more lucrative ..... when I was saving and starting out in life i had lots of things I did for extra money .... i was an hvac tech by day ...at night I did side work for my own little company I started , or played drums doing gigs ....my time was very profitable to me.

My son is now a partner in one of the country’s largest labor law firms .... rather then spend time doing chores and fixing things he sits on the boards of many companies net working and making contacts when he is not doing his daily work.

So the answer is it depends
Reply With Quote Quick reply to this message
 
Old 11-28-2019, 02:29 PM
 
75,670 posts, read 75,072,635 times
Reputation: 52978
When I try to fix things myself it usually cost me double since they have to undo or fix what I attempted
Reply With Quote Quick reply to this message
 
Old 11-28-2019, 02:32 PM
 
7,338 posts, read 4,443,783 times
Reputation: 6667
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.
Agree for the most part. I’m an attorney and I should be working 24/7. The time off I take is time that I’m ignoring things and saving them for later. It’s not the kind of work that you can ignore, it follows you around.

I’d much rather pay someone to do certain things because (1) I’m pretty inept at some things and (2) I don’t want to do it.

I’m happy to do home maintenance, yard work, small diy projects in my house, and I’d certainly hang my own Christmas lights (just did actually). But one thing I hate doing is working on cars. Idk why I just don’t enjoy it. Anything that’s ever wrong with my car (other than basic maintenance or washing) I’m sending out to have a pro do. The converse is also true. I’ve seen my fair share of DIY legal work and attempted legal advice on this and other forums. Most should just hire a lawyer.
Reply With Quote Quick reply to this message
 
Old 11-28-2019, 02:34 PM
 
Location: State of Transition
80,929 posts, read 73,981,605 times
Reputation: 80541
Quote:
Originally Posted by wheelsup View Post
When was this time? Because it seems like every day the large financial news is printing stories about how current and future retirees are destitute without social security.
Yes, exactly. There was the recession and oil embargo of the early 70's, when one cohort of Boomers was graduating from college and trying to enter the job market. Even entry-level jobs were so scarce, that the government reimbursed employers in some way (not sure if it was via tax credits, or how, exactly) for hiring recent grads. Later in the 70's was "stagflation", and double-digit interest rates. There was also a recession in the 80's at some point.

I think there's more awareness now about financial planning for retirement than there used to be, and people are a little more aware of how the stock market can be beneficial in that planning. The obstacle for the current generation of college grads is the college loan burden, which has ballooned as private loan companies have replaced low-interest government loans of earlier eras, and college tuitions have soared.
Reply With Quote Quick reply to this message
 
Old 11-28-2019, 02:37 PM
 
3,009 posts, read 1,968,807 times
Reputation: 6784
Quote:
Originally Posted by wheelsup View Post
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.
There’s also a cost to spending time not driving higher in my career and those returns get amplified as well. I work a lot of hours. My job is never “off”. I’d rather continue honing what I do and push toward the director/vp level than trying to be a jack of all trades and learn how to do a bunch of DIY projects. Do what you do well and fund it all.

The last thing I want to be doing is veering off and learning a bunch of tiny specialties I might use here and there in my very limited free time.
Reply With Quote Quick reply to this message
 
Old 11-28-2019, 06:15 PM
 
Location: Niceville, FL
8,057 posts, read 16,594,284 times
Reputation: 8522
Quote:
Originally Posted by KCZ View Post
"Adulting"???


A fake word used by idiots (millennials mainly), in an attempt to turn the adjective adult into a verb in a feeble attempt to describe if a person is actually an adult or behaves in an adult manner and thus doing the things any responsible adult with an average or above IQ can handle. You cannot "adult" something. It is as bad or worse as the overuse of learnings in the corporate world.
I'm surprised there are people who haven't heard 'adulting' before. My Generation X cohort has been using it for years, mostly in a typically Gen X snarky fashion- 'I adulted today by doing three loads of laundry, setting an appointment for the cat to go to the vet for her shots, and remembering to send a check with my kid to school to pay for their field trip to the alligator farm. I think I'll go have a margherita now.'

Quote:
Originally Posted by Woody01 View Post
Might be much smarter to forego the student loan/college route and just get a good job for $80k or so. Probably end up $$ ahead, plus you have 4-5 more earning years and less stress. When did college become mandatory? Makes me chuckle to hear people whine about paying off student loans when they made the choice to go to college.
And those non-four year degree $80K a year jobs tend to be very hard on the body. I know a guy who teaches welding at the local community college. Yes when you graduate, you'll make $80K a year but it's very physical labor and a high percentage of his graduates are looking for a new career in ten years of less because of injuries and the toll the job takes on their bodies. Heck, he moved over to teaching welding because it was easier on his body than his old welding job had been.
Reply With Quote Quick reply to this message
 
Old 11-28-2019, 06:31 PM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
6,240 posts, read 4,495,718 times
Reputation: 8592
Quote:
Originally Posted by Lowexpectations View Post
How did you come to this conclusion? It seems overly presumptuous



Her blog mentions 401k contributions and the article doesn’t say she spends every dollar. If you asked my wife how she feels about our finances she’d tell you we never have much money and that we live paycheck to paycheck but the realty is our income is accounted for and allocated before we get it so what hits our checking account is a fraction of our “money”



Seems like a string of assumptions being made
No different than all the assumptions you make.

In the article she states how tight it is at the end of the month. Would you presume that she saves a lot of money then? She says it's tight.Do you think that when it's tight there is a lot of money leftover? It doesn't all have to be spent 100% to be tight.

I only read the article. I did not study the blog like you did. I made my conclusions based on the article which is what this thread was about, not her blog.

But since you are the expert on her go ahead and disprove my assumptions or my questions. How could she afford to buy multiple houses? What is she really putting away for saving for her future? A 401K can still be well underfunded. You don't know her numbers any better than I do.
I couldn't care less about asking you or your wife on how you address your financials since the article is not about you. You are making an assumption this person who is making her lifestyle public is accounting for her expenses exactly like you do.
My assumptions are no more incorrect or correct than yours.

Last edited by aslowdodge; 11-28-2019 at 06:40 PM..
Reply With Quote Quick reply to this message
 
Old 11-28-2019, 06:38 PM
 
Location: southern california
57,076 posts, read 76,102,703 times
Reputation: 50119
When you have gotten everything free most off your life a 6 figure salary just does not seem enough if you now have to pay
Reply With Quote Quick reply to this message
 
Old 11-28-2019, 06:42 PM
 
Location: State of Transition
80,929 posts, read 73,981,605 times
Reputation: 80541
Quote:
Originally Posted by Huckleberry3911948 View Post
When you have gotten everything free most off your life a 6 figure salary just does not seem enough if you now have to pay
The question is, why is the Millennial generation (some of them) having a hard time making the transition? Especially with a decent salary?
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top