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I don't even have basic house insurance. It's like another $100/month, and I really don't want it. Since I don't have a traditional mortgage, I'm not required to get one, so I didn't. I trust him enough not to sue me if he gets injured on my property or anything.
And you trust the place won't burn down? Or get broken pipes or anything else? You don't make money by skimping on IMPORTANT things. You're just crossing your fingers, not doing responsible planning.
And you also trust that he is skilled enough to do the repairs needed? I hope no inspections or permits are needed? And yes, you're trusting he won't sue you if he falls off a ladder and breaks his back. The hubris of youth.
Feeding my age 24 pay into the BLS CPI calculator, I get $81,146.22. My business card said "Senior Software Engineer". I was working at a metro-Boston telecom startup. I was getting promotions and raises that far exceeded the inflation rate every year. I was renting a 1 bedroom apartment in Andover, Ma.
At the time, there was no such thing as a 401(k) at any company I worked for. I think I was 30 the first time I had one. I'm one of the late-Boomers who got caught in the gap between defined benefit pensions and 401(k) plans. I never had a company match until I was in my mid-50's. That's how small company high tech always worked.
And you trust the place won't burn down? Or get broken pipes or anything else? You don't make money by skimping on IMPORTANT things. You're just crossing your fingers, not doing responsible planning.
I only really need fire insurance, but $100 is too high. I fully accept the idea that this place will get a few pipes taken out of the walls at some point and broken doors and windows. my hope is that the area will get better, and then I can pour a ton into renovations and either sell or have a rental management company take over.
Last edited by theatomicbomb90; 01-16-2018 at 01:28 PM..
Feeding my age 24 pay into the BLS CPI calculator, I get $81,146.22. My business card said "Senior Software Engineer". I was working at a metro-Boston telecom startup. I was getting promotions and raises that far exceeded the inflation rate every year. I was renting a 1 bedroom apartment in Andover, Ma.
At the time, there was no such thing as a 401(k) at any company I worked for. I think I was 30 the first time I had one. I'm one of the late-Boomers who got caught in the gap between defined benefit pensions and 401(k) plans. I never had a company match until I was in my mid-50's. That's how small company high tech always worked.
Feeding my age 24 pay into the BLS CPI calculator, I get $81,146.22. My business card said "Senior Software Engineer". I was working at a metro-Boston telecom startup. I was getting promotions and raises that far exceeded the inflation rate every year. I was renting a 1 bedroom apartment in Andover, Ma.
This sounds a lot like me at 24. Except I was in NYC, and living in a 3BR with roommates.
None. Any employer I ever had with a pension plan did a vesting schedule on pensions where I never was there long enough to qualify. 10 years of employment was pretty common. You had to work for the company for several years before you could participate in their 401(k) and I was never there long enough for that, either. The tech startups had nothing. Things really changed between 1981 when I entered the labor force and 1988 or 1989 when I had my first 401(k).
Now, you just have to wait, worst case, until the next benefits enrollment period. My last several jobs, 401(k) deduction started day #1.
None. Any employer I ever had with a pension plan did a vesting schedule on pensions where I never was there long enough to qualify. 10 years of employment was pretty common. You had to work for the company for several years before you could participate in their 401(k) and I was never there long enough for that, either. The tech startups had nothing. Things really changed between 1981 when I entered the labor force and 1988 or 1989 when I had my first 401(k).
Now, you just have to wait, worst case, until the next benefits enrollment period. My last several jobs, 401(k) deduction started day #1.
that blows. though you could probably invest better for yourself than with the company 401k. though the tax advantage is nice.
This sounds a lot like me at 24. Except I was in NYC, and living in a 3BR with roommates.
My NYC friends paid huge rent compared to what I was paying in the Boston 'burbs. You needed a comp of about 2x to have parity between housing and state/city tax. I have a friend who went from a Boston tech job to Goldman-Sachs. They doubled his pay and he didn't have any change in standard of living. Taxes and housing ate it all. Back then, you could live in Boston Back Bay comfortably if you maxed out your Social Security contribution. I had lots of friends who did that and reverse-commuted. That's certainly not the case today.
Yeah, like I made great investment decisions at age 25 or 30. There was no internet.
I guess the invest in index funds craze wasn't around then?
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