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To be fair to the unwashed masses, my friend also had wealthy parents who 100% payed for the college education that got him a good job (so he had zero debt after graduation), plus payed for the new car which lowered his monthly bills.
For some people, no amount of sacrifice will bring in the money needed to save a couple hundred thousand dollars.
Thank you!
I've lead a pretty frugal life. I lived with my parents until I was 26, saving huge chunks of my paychecks, have only had basic cable, still have no smart phone and refuse to, lived in a cheap one-bedroom rental for 6 years, had a low-cost $3000 wedding, have only bought cars used, stick to a tight grocery budget, brown bag lunches and keep dining and shopping to a minimum, dont own anything remotely designer and stay away from credit cards and I know I could have never gotten anywhere near $50,000 in savings, let alone $100,000, unless I stayed at my moms and lived rent free.
I also had to finance my college education, purchase all 4 of my cars, pay for my own wedding, was unemployed for 9 months (of which I was planning a wedding) and also traveled internationally.
But everyone's path is different. I have friends with no savings, even ones that make a lot of money. So while I'd love to have more, I can't feel bad for what I'v done with my meager finances.
I've lead a pretty frugal life. I lived with my parents until I was 26, saving huge chunks of my paychecks, have only had basic cable, still have no smart phone and refuse to, lived in a cheap one-bedroom rental for 6 years, had a low-cost $3000 wedding, have only bought cars used, stick to a tight grocery budget, brown bag lunches and keep dining and shopping to a minimum, dont own anything remotely designer and stay away from credit cards and I know I could have never gotten anywhere near $50,000 in savings, let alone $100,000, unless I stayed at my moms and lived rent free.
I also had to finance my college education, purchase all 4 of my cars, pay for my own wedding, was unemployed for 9 months (of which I was planning a wedding) and also traveled internationally.
But everyone's path is different. I have friends with no savings, even ones that make a lot of money. So while I'd love to have more, I can't feel bad for what I'v done with my meager finances.
A lot of people have touched on this topic but it's important to note that salaries for certain jobs and cost of living do NOT follow the same patterns around the country.
For example, my sister is a physical therapist and they make about the same money in a small town as they would in higher cost of living areas (like where you live). Ditto for my field of work.
I could maybe get 275k for my house right now....but it would be a 500k house in the Chicago burbs where I used to live....and 600+ somewhere on the coasts.
My friend and his wife in California made >100k a year combined and could never have afforded a house. They moved to Indianapolis and bought a nice place easily for 200k.
Best of luck. I guess I'm suggesting that a change of scenery may be required to afford a house.
I've lead a pretty frugal life. I lived with my parents until I was 26, saving huge chunks of my paychecks, have only had basic cable, still have no smart phone and refuse to, lived in a cheap one-bedroom rental for 6 years, had a low-cost $3000 wedding, have only bought cars used, stick to a tight grocery budget, brown bag lunches and keep dining and shopping to a minimum, dont own anything remotely designer and stay away from credit cards and I know I could have never gotten anywhere near $50,000 in savings, let alone $100,000, unless I stayed at my moms and lived rent free.
I also had to finance my college education, purchase all 4 of my cars, pay for my own wedding, was unemployed for 9 months (of which I was planning a wedding) and also traveled internationally.
But everyone's path is different. I have friends with no savings, even ones that make a lot of money. So while I'd love to have more, I can't feel bad for what I'v done with my meager finances.
I saved 80k without my parents help; I actually do not have a relationship with them and cut them out of my life. I was independent since 18 and have lived on my own since 18. My mom is broke and relies on my aunt and uncles to give her charity to feed and clothe her. My father never even payed child support. I received support from no one. I paid for my first car. My parents did not pay for my college. My mother didn't even work for many years and lived off my aunts and uncles etc.
I earned and saved on my own. I was able to save that much because my income was much higher than yours. You are not going to make six figures as a teacher unless you are a professor and have a phD or something. Your mistake was to be a teacher.
My objective has always been to MAKE MONEY; not to help others. I worked in internet advertising to make my six figures. Some may consider it shady (promoting dating sites, diet programs) programs which may not even work... lol . But hey, I made money and that's all that matters to me!
And this thread was not intended to point out flaws in people's savings but to discuss the means in which people were able to afford $400k+ mortgages.
Oh, sorry. I read something about someone saying they were a teacher; I assumed it was you.
I never pointed out any flaws. Obviously someone who wants to be a teacher finds it fulfilling and chose it NOT to become wealthy but for other reasons. It just depends on what is important to you and everyone is different. Nothing wrong with choosing a lower paying career if it makes you happy. It wouldn't make me happy though. (I'm materialistic).
I am not afraid to admit that I'm selfish and don't get a whole lot out of helping folks; so I never chose one of those modest paying careers where you help folks.
I got lucky a couple of times. One was buying a house as the bubble grew and selling before it burst, that was a ridiculous haul for the time and effort I put in upgrading the home...I mean I worked hard and spent a lot of nights laying floor, tearing out the bath, painting, etc, but it was way more than someone should make in less than 2 years on a home. The other time was picking the right job and getting equity in the company...that was lucky. Since those two lucky hits, I just hold a job and try to control my wife's spending, haha.
A combination of selling stock options, inheritance, yearly bonuses, and a high salary that allowed us to save. I wouldn't touch the 401k unless it was an emergency, but I can see why people do.
I got lucky a couple of times. One was buying a house as the bubble grew and selling before it burst, that was a ridiculous haul for the time and effort I put in upgrading the home...I mean I worked hard and spent a lot of nights laying floor, tearing out the bath, painting, etc, but it was way more than someone should make in less than 2 years on a home. The other time was picking the right job and getting equity in the company...that was lucky. Since those two lucky hits, I just hold a job and try to control my wife's spending, haha.
Interesting thread...I have a condo when I bought in 2008 I paid in the $300s for it. I was always married at the time I bought it. I am an engineer and my exhusband is a registered nurse. I'm in California so you know $300s+ condo isn't going to get you much but it's my slice of heaven..lol...My ex and I divorced and I got the condo. I'm able to afford it on my own due to my salary but I decided to get a roommate so I could save money. It has worked for me.
A lot of people here in California won't tell you that they make their payments by having roommates..it's not unusual to see a married couple and a couple of roommates. I see it everyday and not just in my neighborhood..even ritzy areas so that might be one way people are paying these mortgages.
I do hate the fact that what I paid for my condo here, I could have a huge house and some land in my native Tennessee..alas..I wouldn't trade the weather for nothing!
Hard work and elbow grease - unless you inherited it.
For me, I had to go through 12 years of post-high school schooling. From undergrad, to med school, to 4 years of residency. In those 12 years, I've had friends become big shots in their careers, bought a house when I just got out of the dorms in med school, etc.
I suppose after 12 years, I guess I'm supposed to make some money now... all while helping people.
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