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^ I don't know how you're even trying to compare wants and realities from 20 years ago with today. It is not even just a LI thing. None of what you said is.
As for your kid in daycare, that's why having family around is a positive. Excuse the anecdotal evidence, but there's a lot of examples of it from people I know. NY tends to be a place where many have roots.
Anytime someone starts crying about having only 1 income and struggling when everything costs more (NOT JUST HERE) - yeah - entitled. We "timed it right", OF COURSE, we saved for years at home and progressed naturally - both of us. To want something right away or not working for it is truly what the word means.
The correlation of 20 years ago is in context to timing. That it is all about when you entered the housing market. Yes, there are similar correlations to SOME other metros. But, that doesn't make it any less of a valid point. Your "LI financial experience" and subsequent attitude about the escalating costs is directly impacted by when you bought your first house. If you bought in 7-8 years ago vs. 20 years ago - or even today, right now... your outlook on LI will be shaped by that. This is the entire point and I'm not sure how or why you would disagree with or dismiss it because "it's not only a LI thing". Regardless it is a major problem for LI because it is saddled with carrying all those civil pensioners and unions - again, not a LI only thing, but a HUGE problem for LI's future.
I had family around on LI when I lived there... I still have family there. None of them were in a position to provide me free childcare while my wife and I worked fulltime jobs. Help out here and there... of course. Pick-up and drop-offs, etc. Sure. But both sets of our parents still work - as do our siblings... and cousins... What anecdotal evidence are you going to provide where it is common for LI folks to be sitting around 9-5 Monday through Friday to provide childcare for free? and even at that... I still wouldn't want my infant(s) raised by someone else. I consider that bad parenting, not entitlement.
That's awesome... you saved for "years" and bought a house almost FIVE TIMES your annual income. You have family to help out... best friends to hang out with... great for you. But, coming full circle - do you believe this same opportunity is available to the average young couple today on LI?
I'm glad I didn't have to dump my kids on my parents when they retired.
Easy now with that "entitled" attitude sir... 2 fulltime jobs, a juicy commute, swing by the daycare, and come home to that 40 year old ranch that needs everything updated. What's the problem?!
That's awesome... you saved for "years" and bought a house almost FIVE TIMES your annual income. You have family to help out... best friends to hang out with... great for you. But, coming full circle - do you believe this same opportunity is available to the average young couple today on LI?
We did nothing special to get to that position. We have parents around and we took advantage of being able to stay home for a few years (yup, no quotes) after college and our first full time job. Many people have this same opportunity, but choose to get out because they feel it makes them more independent. Financially it is a terrible choice and parents being parents, should make every effort to help AND EDUCATE their kids in every way.
I have to ask, is anything I've ever said here implausible? Not from what I've seen around me (not just myself).
Not everyone would want to take our path, but again, do NOT cry about it when $N$Y$ doesn't work out for you because you failed to realize it just takes more. Speaking of full circle, we will afford our kids every opportunity to stay just the same, so long as they are working toward a goal.
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Originally Posted by ClarkStreetKid
I'm glad I didn't have to dump my kids on my parents when they retired.
This reminds me of kids who turn 18 and say I'm outta here! I want to be free and independent! Great for you, but completely shortsighted for your financial well-being.
Kids in daycare are known to be more socially adept compared to those raised at home. Ours were raised at home (not free either, mind you) and we can easily compare our kids with those who hadn't been. You may feel guilty about having someone "watch" your kid, but it doesn't really help them like you'd think it would. Not only that, kids should be in pre-school around 3 or 4 to build more social skills. What are you really doing for them at home that's so beneficial? I can't even answer that question having been through it.
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and bought a house almost FIVE TIMES your annual income.
God don't tell me you're a finance person following these BS rules of thumb. Engagement rings, cars, etc. There's being smart with your money and there's blindly following what "experts" say. A family in Missouri could be making $150k and would never think to buy a $500k house so common here because they wouldn't think they'd make it. Give me a break.
I wanted to ask. We have a 5/1 ARM right now (entering our 2nd year in our house soon). How did you like having the ARM? We got an ARM because we wanted to own, but we were thinking of eventually moving out of state in the next few years. Lots of people tried to talk us out of it, but my husband's boss says he likes having it and it has saved him money.
We had a 5/1 ARM too and it worked out great for us - the interest rate when we bought was 7.1% (and that was LOW) when the ARM started adjusting we dropped to about 2%. AND - they calculate your new payment on what you CURRENTLY OWE - not on your ORIGINAL loan amount. It was like we got refinanced every year for year. Honestly it was the only thing that enabled us to keep up with our taxes going up so dramatically so fast.
I might be leery of it because interest rates can only go up, but you can always lock in at some point. Our ARM also couldn't move up more than 2 points every year. If it had moved up while we were there we would have just locked in - it still would have been lower than our original rate.
- SUNY schools naturally have a lot of NY residents. In fact I was on a sports team there and when we graduated, we formed a team back here on the island. The camaraderie was remarkable. But the crew I refer to isn't even from sports.
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I get it - even though I went to a private college upstate, at least 25% of the school was from Long Island. I just don't happen to know anyone who settled on LI except this one friend. And she lives down the street from where she grew up - a lifer. I'm just saying that most people, in their adult life, make friends with people who are that stage of life with them. It sounds like you have it nice, being able to keep up with your college friends and your kids are all the same ages.
Easy now with that "entitled" attitude sir... 2 fulltime jobs, a juicy commute, swing by the daycare, and come home to that 40 year old ranch that needs everything updated. What's the problem?!
Sadly we just had to deal with having two well paying jobs and excellent daycare close to home. Missed out on the joy of a horrible commute. Oh well, we muddled through somehow.
Sadly we just had to deal with having two well paying jobs and excellent daycare close to home. Missed out on the joy of a horrible commute. Oh well, we muddled through somehow.
And that's not possible on LI? The preschool our son goes to is 10 mins away, neither myself nor my wife commute to the city. Not everyone here does the LIRR thing.
And that's not possible on LI? The preschool our son goes to is 10 mins away, neither myself nor my wife commute to the city. Not everyone here does the LIRR thing.
Of course it's possible, you just proved that it is. But, a lot of Long Islanders also go with option two (drop kids off with grand parents and head to work).
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when the ARM started adjusting we dropped to about 2%. AND - they calculate your new payment on what you CURRENTLY OWE - not on your ORIGINAL loan amount. It was like we got refinanced every year for year. Honestly it was the only thing that enabled us to keep up with our taxes going up so dramatically so fast.
