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i can't say what is right for you . i can only speak for myself.
from a strictly financial sense it is almost life cycle .
in the beginning buying is good ,since few of us can buy and invest elsewhere.
after a number of years of equity build up ,renting and investing elsewhere can grow way more money.
then by retirement when aggressive investing may wind down buying again may be the best deal and cut some expenses.
following that format our market investments out paced residential real estate here in nyc (not manhattan ) to the point that today after suctracting out years of rent and taxes there is enough left to buy 2 of those homes.
i can't say what is right for you . i can only speak for myself.
from a strictly financial sense it is almost life cycle .
in the beginning buying is good ,since few of us can buy and invest elsewhere.
after a number of years of equity build up ,renting and investing elsewhere can grow way more money.
then by retirement when aggressive investing may wind down buying again may be the best deal and cut some expenses.
following that format our market investments out paced residential real estate here in nyc (not manhattan ) to the point that today after suctracting out years of rent and taxes there is enough left to buy 2 of those homes.
No worries, Thanks for your suggestions. At the end of the day, it is up to me to due the appropriate due diligence on any investment. It doesn't hurt to learn from others on what they have done in the past. To be honest, if I could I would have avoided real estate in NYC but we all need to live somewhere and owning a townhouse was better alternative than an apartment given the price per SQFT and being able to rent part of the property. There definitely a bubble in NYC real estate (mostly in the apartment sector) and anyone who is banking on property appreciation for retirement is taking a very risky gamble.
my best investments were the co-ops we owned and still own by central park. they were golden for us through the years.
i wish i could have had more of the deals we had . being a new yorker you likely know the building we have our investment apartments in. it is the 200 central park south building
quite a well known building because of its design.
And people really need to remember before they think that their house is a tangible thing that it will no longer belong to you if you miss a tax payment. So do you really own it?
We obviously see it all far differently.
My property taxes are paid in conjunction with my mortgage. Many folks are set up this way if they have a mortgage. If they don't have a mortgage/own the home free and clear of debt...the chances of them missing a tax payment are low...and nobody I've ever seen has lost a home by not paying ONE tax payment. Never say never...but from my experience such a claim of loss of ownership for missing "a" tax payment is not the norm.
But hey.....>Anything< you finance technically belongs to the bank until you pay off that responsibility. House...car... whatever. However...I see it this way.....as long as I pay the note, I have CONTROL over what I can do with the house. I can live there... or I can sell it. In that sense, even though the bank >technically< owns the note on it...I have more flexibility than they do in how I manage the home/the finances surrounding the home/what happens with the home. We are about to SELL a home that "we do not own" according to your terminology (I was gonna say logic...but it is no such thing...)
So HOW can we do this...when we don't really "own" it? Will the profit we make from the sale of the house we don't "own" be ours...or will we have to give it to the bank because they "own" the house?
LOL. Seriously? Not tangible? How so? I think my bank account is gonna prove otherwise...even after I pay the bank off and relieve them of "ownership".
Back on topic... roughly 1.1 mil in a 401K. 56 years old. Walking away from the job of 30 years/selling 2 houses I evidently don't own LOL/downsizing into a 3rd property I also don't own/and "retiring" in 3 months...
my best investments were the co-ops we owned and still own by central park. they were golden for us through the years.
i wish i could have had more of the deals we had . being a new yorker you likely know the building we have our investment apartments in. it is the 200 central park south building
quite a well known building because of its design.
Sweet deal and congrats, I wish I could afford Manhattan. Unfortunately, I wasn't able to time the market as I graduated during the financial crisis and when I finally had enough capital, I again have bad timing with the market (real estate boom). At this point, I just hope western queens (LIC and Astoria) becomes an extension of upper east side and property value in the area follows a similar trajectory as western Brooklyn near the waterfront.
I'm 35 and have around $120,000. Husband is 28 and has around $160,000.
Parents are 65 and just retire with maybe $2,500,000 in their accounts. Not too bad given that my parents and I were quite poor until the mid 90s really and my husband grew up in near poverty.
Hi, I'm a female, 45 yrs old here is my data, tell me how I am doing.
600,000 in 401k
192,000 in mutual fund
5,500 in a cd
60,000 liquid which is my emergency fund
80,000 in other investments
I don't own a home and I don't have kids.
= $937,000
No debt at all, live in a house my family owns and pay very little rent
This does not include my partners money who I live with
Last edited by Gigistacie2012; 03-21-2015 at 10:25 AM..
Reason: Adds
Hi, I'm a female, 45 yrs old here is my data, tell me how I am doing.
600,000 in 401k
192,000 in mutual fund
5,500 in a cd
60,000 liquid which is my emergency fund
80,000 in other investments
I don't own a home and I don't have kids.
= $937,000
No debt at all, live in a house my family owns and pay very little rent
This does not include my partners money who I live with
Way behind the power curve. Come back when you have more.
Of course you're doing fine - well ahead of the game... but I think you knew that. Well done. Keep it up!
Way behind the power curve. Come back when you have more.
Of course you're doing fine - well ahead of the game... but I think you knew that. Well done. Keep it up!
You know I'm never sure,im work in NYC and work with some very wearthy people in finance. I'm really an average person but I have saved a lot and having no kids helps. It's not like I never had issues,min my 20s I had about 20,000 in credit card debt. I got out of that thank god, perhaps a mixed blessing as it taught me to never spend what I don't have and to live beneath my means
You know I'm never sure,im work in NYC and work with some very wearthy people in finance. I'm really an average person but I have saved a lot and having no kids helps. It's not like I never had issues,min my 20s I had about 20,000 in credit card debt. I got out of that thank god, perhaps a mixed blessing as it taught me to never spend what I don't have and to live beneath my means
I learned those lessons the hard way as well. i never would have thought I would be where I am today, compared to where I was when I was young and dumb, in my 20's. I learned lessons that I wish I could spare others from learnings the hard way.
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My data, 45 yr old
