Home prices falling? (Phoenix, Mesa, Chandler: 2015, rental, hotel)
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The $2,000 is a rarity, in this case Hotel Del Coronado for an oceanfront suite on the hottest week (July 4th) when everyone in the world was ready for a vacation. I think it was $1,800 plus taxes and fees and I said "do it". Still, I don't skimp on things like that and I definitely don't stay at Best Western motels in crime ridden areas like I was raised. I try to tell my kids these things are expensive and you'll need to work hard and get an education or you won't be able to do these things with your kids.
Ah, okay! That makes sense. I love Hotel Del. We were there for Father's Day back in 2019. It was an amazing trip. We stayed in a one-bedroom, tho, in the "new" building. About $500 a night. Plus those lovely taxes. I'd always wanted to stay at Hotel Del and it was a dream come true. Gary Sinise even did a Father's Day concert on the beach. What a magnificent place!!!!! I could totally see doing the $1,800 a night if the budget allowed and it was a must-do kind of trip, and you needed a suite.
I tell our youngest son that ALL THE TIME. (Older two are stepkids, I don't try so hard to modify them!) But I tell him that you won't get to live in a house like this, drive a car like this, travel to places like this, etc., if you don't get a good education and work hard. I grew up with very little and I appreciate the good things. Kids today? Not so much. I feel like I can talk and talk, but it doesn't sink in.
You are correct. But I see how you carefully framed your statement with the phrase with words "I'm learning
and "begins to matter less". As in, it still matters even when it shouldn't. The desire to have more never goes away! If you don't believe me, just roll in a stunning model home or classic home (pick your flavor) or even go to a Barrett Jackson and you will get what I mean. Therefore, the definition of having it in check really is about balance and self-control. I think I have that down pat. But no matter how much people pretend they are not bothered by where they are in life, they have to push it out and self-reflect. Guilty as charged.
Yes. Learning to have it matter less. That's key. I'm 53. It's a constant battle. But I also admit to myself that I like very nice things, and I've worked hard in life to achieve it. Take me to a fancy model home, tho, and I'm drooling. And soon looking at new houses to buy!
This resonates with me. We are extremely lucky to have worked hard and saved a ton to have financial freedom. Even though we have luxury homes and fancy exotic cars (all of which are appreciating in value), I still am too cheap to buy the latest iPhone or stay at an ocean front hotel room. We stay at a hotel / airbnb a few blocks away from the ocean and enjoy the walk to the ocean vs paying a ton more just to stay right by the ocean. The cheapskate nature in me just can't justify spending that much money personally on a few nights stay vs buying things that increase in value over time. Pre-Covid I traveled business / first class all the time, stayed at the Ritz and other fancy hotels, and never felt it was worth the money that my business paid. I probably have spent close to $2 million in travel expenses over the last 15 years and feel that I prefer a modest hotel and a quiet location more than the premium luxury experience of a top tier hotel.
I've been fortunate to stay at places like the Montage Resort, Ritz-Carlton Laguna Niguel, Terranea Resort, Grand Wailea in Maui, etc, thanks to my business, I never felt it worth the money for the cost incurred. Recently we did a vacation to Disneyland, and instead of staying at the Disney Grand Californian, we stayed at the Fairfield Inn across the street from Disney and walked to and from the parks. I gave the family the option to pay $1k+ per night at the Disney Grand Californian, then showed them options like the Fairfield Inn across the street for a lot less, and let them decide. They made me proud by saying they'd rather save the money and stay at the Fairfield Inn and just walk to Disney, that the money they save can be put towards investing and education instead.
You're a blend of my husband and myself. I have traveled so much on business and stayed in the top resorts in the world, all on the company dollar (I was at a Ritz or a Four Seasons in Orange County about 20 years ago and given a free upgrade to a massive suite with wrap-around deck and French doors I flung open to enjoy the ocean sounds! Can't remember which hotel, tho. It was 10-20 minutes to Costa Mesa, I do remember that.)
But yes, I've traveled to so many places for work that I have learned what I like and what I don't like. And places I'm very glad that the company or resort paid for because I would have never wanted to spend my own money on it! I've learned that I really like lovely 4-star and 5-star hotels and I'm willing to pay $400 to $500 a night for a really nice room once I'm on vacation proper. But we took a road trip this summer in my husband's Tesla, and we stayed in Holiday Inn Express hotels much of the way from Kentucky to California because they had Tesla Superchargers. And we were only in the hotels for sleeping. Once we got to our destination, we stayed in a lovely inn in Yountville, an Airbnb in Lake Tahoe, and a gorgeous resort in Vail. We did opt for a charming French inn in Yountville (Maison Fleurie, for anyone interested: https://www.maisonfleurienapa.com) that was "only" $400 a night including taxes, as opposed to $1,000 a night for the Bardessono literally across the street. We loved our hotel and it backed up to Bouchon, was a block from The French Laundry, etc. That said, we didn't spend $2,000 on dinner at the French Laundry. We opted for the Bouchon Bistro and Ad Hoc and Bistro Jeanty. That's part of what I've learned from my travels. Dinner isn't worth $1,000. We will pay $200 to $300 for a wonderful meal with wine every night on vacation, if we choose, or splurge on $250 a person dinners for special occasions (turned out those weren't worth it tho!) But $1,000 a person? No way, never.
My husband is the cheapskate, lol. Not really, he LOVES nice things, too. But he keeps my spending in check and he's the saver in our family. He makes sure 10% of our incomes are saved for retirement, etc., etc. I've found that works well in a marriage - at least one person who keeps an eye on the bottom line. He would never say I couldn't spend XYZ or buy XYZ since I make a significant income, but we do discuss our expenditures and he reminds me, much like you do your family, of what the various options are. We stay in the $400 hotel and have a $200 dinner and spend $500 on wine purchases on a given day in Napa, and we still come out ahead of where we'd been if we had opted for the fancier yet not really much nicer hotel.
I've learned that I really like lovely 4-star and 5-star hotels and I'm willing to pay $400 to $500 a night for a really nice room once I'm on vacation proper.
So long as I am using points (I rack up >>1M points a year) I don't mind splurging. If I spend $400-$500 for a night with my money, I could never enjoy it because it would be in the back of my mind constantly. The same with dinner. $200 per person is fine. Any more $$'s and I just cannot fully enjoy it. My personal cap is around $300/night at a hotel. I think we paid around $650 / night with points in Whistler (ski in and ski out). Normally, the most I spend with points is around $4xx. So I search for value. I've never stayed at a Ritz.
Heck, I couldn't stomach the price of drinks at the Hotel del Coronado outside deck. Again, I pretended I was enjoying myself. But it just doesn't sit well with me. No matter how much I have in the bank. I'm too cheap.
Ironic, is it not? Having a laugh at myself while reading some of the expenditures. Retired firefighter building a retirement home in the foothills of the Santa Ritas. Life is good to me...
Yeah I'm a little worried my kids will be spoiled. I grew up taking road trip type vacations, staying in cheap "motels" with no amenities and that's if it was a lucky year we actually took a vacation. Now we're staying in $2,000/night suites that have to have oceanfront views, taking multiple vacations a year to great places and not flying coach. It's something that I'm doing for myself now that I'm in a better financial situation than my parents but I realize my kids are in for a rude awakening when they get older. Still, we realize we are "small potatoes", I don't compare myself to others, I just want to make sure I have enough to retire early and keep the same lifestyle and that's that. You won't see me working at 65 trying to collect every last dime I can, let others win that competition as long as I have enough
I think it's a fine balance when it comes to the kids. I have the same fear myself. But I try to check that by making sure our kids have a lot of chores and we just don't buy them things whenever they ask for it. You want something - work for it. Sure, we take them on nice vacations and they probably do think this is "the norm," but I'm always trying to tell them that the reason we are able to do these things is because dad has worked long and hard to get here. Hell, I started working at a pizza joint when I was 14. I wanted a specific first car and I was willing to work for it ('93 Ford Thunderbird Super Coupe).
So long as I am using points (I rack up >>1M points a year) I don't mind splurging. If I spend $400-$500 for a night with my money, I could never enjoy it because it would be in the back of my mind constantly. The same with dinner. $200 per person is fine. Any more $$'s and I just cannot fully enjoy it. My personal cap is around $300/night at a hotel. I think we paid around $650 / night with points in Whistler (ski in and ski out). Normally, the most I spend with points is around $4xx. So I search for value. I've never stayed at a Ritz.
Heck, I couldn't stomach the price of drinks at the Hotel del Coronado outside deck. Again, I pretended I was enjoying myself. But it just doesn't sit well with me. No matter how much I have in the bank. I'm too cheap.
I've been to an upscale restaurant where the bill was $75 for a plate of spaghetti. And there wasn't even enough on the plate to fill me. It's only air travel that I will spend extra money to be comfortable. A 3-4 star hotel is fine. Rent a car? Economy is fine.
I've never had expensive taste. Probably because most of my life I didn't have much money.
Years ago when I was living in Japan I was seeing this Chinese woman and when her mother visited she wanted the three of us to have dinner. Lady friend picked the restaurant and I think I ended up paying 600-700 for the dinner/drinks.
While teaching college kids overseas (ESL) I would sometimes be asked about an international marriage. (I believe in Japan 50% end up in divorce.) Yes I told them there can be problems esp. if ability to communicate is limited/ (My J-wife is fluent in English.)
But marriage is a marriage no matter no matter the country and if the couple isn't on the same page before their wedding vows there can be problems. And money often plays a major role.
My father was spot on when he told my brother the woman he planned to marry had champagne taste while he had a beer income. Now, their marriage has lasted but my mother mentioned the digs his wife would make over the years. Slight putdowns reminding him he never brought home enough bacon. Not that he couldn't support his family but that his income isn't anywhere near what many in his neighborhood (90272) earn. I've always felt my brother had it harder keeping up with the Jones than I did living in a foreign country esp. with a wife accustomed to wealth.
Side note: Birthday parties remember? Mother bakes a cake for their child and the kids in the neighborhood or school come over. Well in 90272 a kids birthday party takes on a whole new meaning. Clowns and a magician are brought in. Parents are invited as well. It's a catered affair with food and booze for the adults. I spent time talking with a couple who live up the street. The husband had recently inked a 25 million dollar deal with Dreamworks.
God only knows what my brother and his wife spent putting on that birthday spectacle.
This resonates with me. We are extremely lucky to have worked hard and saved a ton to have financial freedom. Even though we have luxury homes and fancy exotic cars (all of which are appreciating in value), I still am too cheap to buy the latest iPhone or stay at an ocean front hotel room. We stay at a hotel / airbnb a few blocks away from the ocean and enjoy the walk to the ocean vs paying a ton more just to stay right by the ocean. The cheapskate nature in me just can't justify spending that much money personally on a few nights stay vs buying things that increase in value over time. Pre-Covid I traveled business / first class all the time, stayed at the Ritz and other fancy hotels, and never felt it was worth the money that my business paid. I probably have spent close to $2 million in travel expenses over the last 15 years and feel that I prefer a modest hotel and a quiet location more than the premium luxury experience of a top tier hotel.
I've been fortunate to stay at places like the Montage Resort, Ritz-Carlton Laguna Niguel, Terranea Resort, Grand Wailea in Maui, etc, thanks to my business, I never felt it worth the money for the cost incurred. Recently we did a vacation to Disneyland, and instead of staying at the Disney Grand Californian, we stayed at the Fairfield Inn across the street from Disney and walked to and from the parks. I gave the family the option to pay $1k+ per night at the Disney Grand Californian, then showed them options like the Fairfield Inn across the street for a lot less, and let them decide. They made me proud by saying they'd rather save the money and stay at the Fairfield Inn and just walk to Disney, that the money they save can be put towards investing and education instead.
There will always be people far wealthier than me, but I am not concerned about that at all. I focus on making sure the kids understand how lucky we are and to never take anything for granted. They get zero allowance and have to work for any money they want to spend. They are learning the value of money and making me proud not to waste money willy nilly.
With regards to home prices...I'm a little concerned about affordability of the homes now for the average folk, but I am not sure if it will crash, as Phoenix is still the cheapest west coast city and so close to so many amenities like Vegas, LA, San Diego, Sedona, Flagstaff, Grand Canyon, etc.
Everyone has their own things they like. I've learned that not everything in life has to be a business transaction or investment. As long as I am on track to meet my financial goals by the desired age, I don't mind "wasting" money on experiences (or cars). The minute that spending starts adding years to my retirement age is the minute I would stop.
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Therefore, the definition of having it in check really is about balance and self-control. I think I have that down pat. But no matter how much people pretend they are not bothered by where they are in life, they have to push it out and self-reflect. Guilty as charged.
Here is Zac Brown's couple million dollar TREE house! 
I bet you want to set down your PBR and have some fine scotch at his treehouse bar. 
