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10% down-payment for a first time home purchase is unrealistic in any market where you can't even get a teardown for less than $150k
If an adult in America can't save $15,000 over a period of 5 years, then they need to upgrade their skillset and get a better-paying job or go back to living in their parents' basement.
That's what I did for a while out of HS. I had $20K by the time I was 22 years old.
It has always made me shake my head how many young, stupid kids want out of their parents homes the second they turn 18.
I get it, but I don't always think it's the best thing for all involved.
OTOH, my sister dropped like $30K on her wedding. That, also, made me shake my head (in disgust, to be honest).
Kids in this nation disgust me these days. Having kids out of wedlock, going to college (when that's the last thing they need), moving out of home the second they turn 18. The Wokeism they all now subscribe to. All of it disgusts me.
No one said I was a miser. I paid rent, doctors, food, entertainment, and still saved. I contributed to every single thing you listed up there. Just not a lot.
I'm just saying it can be done.
Guess what? I still hardly ever eat out, or go to the movies. Not my thing. I'm a decent cook, so my money goes to buy kitchen items, extra fridges/freezers, small kitchen appliances, etc.
But AGAIN, the only reason I have all the money to do these things NOW, is due to being frugal in my youth.
My disposable income spending is probably much greater than yours right now. I just spent thousands on new lenses, on a whim, because I really wanted them, while on a trip where we greatly contributed to gas consumption.
You do you, I'll do me.
In the past year we have bought a house, tons of furniture, tons of appliances, a whole garage of small tools, big tools, generators, you name it. Deliveries at our house every single day for like 6 months. What's next? Contractors for some remodeling.
All possible for being financially responsible.
But yeah, tell us we are doing it wrong.
You seem to be under the impression that 1 person with $1000 to spend can replace the economic activity of 10 people with $100.
You living your life that way is fine. A fraction of consumers living that way isn't going to hurt the economy. The problem is you're saying everyone should live that way.
And I'm willing to bet the only reason you're staying this claim is bc your source of income doesn't depend on a vibrant economy to exist. There's whole sectors our economy that would crash if they had to wait until people reached their 30s & 40s to start propping up their local economies.
Location: Live:Downtown Phoenix, AZ/Work:Greater Los Angeles, CA
27,606 posts, read 14,610,214 times
Reputation: 9169
Quote:
Originally Posted by BigCityDreamer
If an adult in America can't save $15,000 over a period of 5 years, then they need to upgrade their skillset and get a better-paying job or go back to living in their parents' basement.
Again, if it were so easy why do 70% of Americans have less than $1k and why do 45% of Americans have nothing?
You seem to be under the impression that 1 person with $1000 to spend can replace the economic activity of 10 people with $100.
You living your life that way is fine. A fraction of consumers living that way isn't going to hurt the economy. The problem is you're saying everyone should live that way.
And I'm willing to bet the only reason you're staying this claim is bc your source of income doesn't depend on a vibrant economy to exist. There's whole sectors our economy that would crash if they had to wait until people reached their 30s & 40s to start propping up their local economies.
Nope, I don't tell anyone how they should live. The claim is most cannot save enough for a house. I demonstrated how one could.
Essentially you are saying that if one has disposable income of 100K in their youth they should spend it.
I am saying I think it is better to save it, buy a house, put it in a 401K. Then you will have 300K of disposable income later in life.
Either way the disposable income goes into the economy. If you are wise with money you will have MORE of it to put in the economy.
I'm not sure how you view that bad for the economy?
Anyway, there are a million choices to make. You just shouldn't complain that you can't spend all your disposable income AND buy a house, or fund your retirement.
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Location: Live:Downtown Phoenix, AZ/Work:Greater Los Angeles, CA
27,606 posts, read 14,610,214 times
Reputation: 9169
Quote:
Originally Posted by Kavalier
That's what I did for a while out of HS. I had $20K by the time I was 22 years old.
It has always made me shake my head how many young, stupid kids want out of their parents homes the second they turn 18.
I get it, but I don't always think it's the best thing for all involved.
OTOH, my sister dropped like $30K on her wedding. That, also, made me shake my head (in disgust, to be honest).
Kids in this nation disgust me these days. Having kids out of wedlock, going to college (when that's the last thing they need), moving out of home the second they turn 18. The Wokeism they all now subscribe to. All of it disgusts me.
$30k is pretty common for a wedding these days, we plan to spend $20k on ours and it's going to be a smaller ceremony
Again, if it were so easy why do 70% of Americans have less than $1k and why do 45% of Americans have nothing?
Bc they're too busy drowning in student loan debt, and scraping by on what's left after they pay for insurance and funding their retirement. Like good Americans.
Again, if it were so easy why do 70% of Americans have less than $1k and why do 45% of Americans have nothing?
Because they argue against saving?
__________________ ____________________________________________
My posts as a Mod will always be in red.
Be sure to review Terms of Service: TOS
And check this out: FAQ
Moderator: Relationships Forum / Hawaii Forum / Dogs / Pets / Current Events
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