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I don't think that things have changed that much. There will always be people who go from middle class to lower middle class when they retire or even poverty level. Its just that now thery don't have much family to rely on like in the past. Besides too many are paying for their kids until they are in their late 20's. It has turned upside down from the past. Then there are people who made a solid middle class income who did not save much or anything and lived beyond their means.It's never been any different except for the family structure IMO.
Yes and that has had a profound impact. Children cannot afford to provide care for their parents even with two paychecks. It is a national disgrace.
I promise I'm not trying to create a sour note, but it must be pointed out that many people exist wholly on only that.
True.
I have flipped burgers for a living, a couple of times I tossed pizza dough for a living.
Right now our eldest son is flipping burgers for a living. He recently bought his first apartment building, well, three years ago. He has gone from burger-flipping to truck-driving and back to burger-flipping once again. He has been living in the basement, underneath his rental units. Not bad for a kid in his early twenties.
Excellent plan. one supplemental thought: If you can select a second career that includes health care coverage, you will negate the biggest worry for people of retirement age. You can get by on less income from the second career if you don't have to worry about paying $85K cash for a week in the hospital.
GLS..exactly the reason for the 2nd career..health care as I won't be old enough for medicare and costs from my current company are outrageous.
GLS..exactly the reason for the 2nd career..health care as I won't be old enough for medicare and costs from my current company are outrageous.
I'm hesitant to spread my growing paranoia, but my concern is that supplemental income jobs in retirement are going to be increasingly hard to find as the economy sours, especially those with health benefits. There is no need for burger flippers or Wal Mart greeters when there are no customers.
I know you are talking about another career and I hope you make that change smoothly and sucessfully.
I'm hesitant to spread my growing paranoia, but my concern is that supplemental income jobs in retirement are going to be increasingly hard to find as the economy sours, especially those with health benefits. There is no need for burger flippers or Wal Mart greeters when there are no customers.
I know you are talking about another career and I hope you make that change smoothly and sucessfully.
The career I'm thinking about is Education..becoming a Math or Science teacher. I'm an engineer now and would only have to take the teacher's certification courses and pass the state tests. I have all the subject requirements. I've been studying the school districts around me regarding job offerings and there's always openings for middle school/high school math/science teachers.
You seem to have instilled some sound work ethics in him. Good job!
Thank you.
I am excited that someone turning 20 in 2005, working a minimum-wage job was able to purchase an apartment building in Kansas. A building with enough income to cover it's mortgage / taxes / sewage / garbage; while providing it's owner with a home.
When I hear folks complaining about how terrible the American economy is, I must then wonder.
I began collecting MFRs [Multi-Family-Residences] in 1985, when I was in college full-time and tossing pizza dough for a living.
Folks suggest that the economy has changed so much, between 1985 and now, that it is no longer possible to do this process.
but the minimum wage doesn't need to be increased...
wages should receive regular COLAs.
Only if the companies profits go up by the cost of living. Hard for a company to give a COLA if their relative profits don't go up at least accordingly. Thats the problem with stagflation. Profits go down and cost go up for everyone including the company. There is no such thing as a free lunch.
I am excited that someone turning 20 in 2005, working a minimum-wage job was able to purchase an apartment building in Kansas. A building with enough income to cover it's mortgage / taxes / sewage / garbage; while providing it's owner with a home.
When I hear folks complaining about how terrible the American economy is, I must then wonder.
I began collecting MFRs [Multi-Family-Residences] in 1985, when I was in college full-time and tossing pizza dough for a living.
Folks suggest that the economy has changed so much, between 1985 and now, that it is no longer possible to do this process.
But it still worked in 2005.
SF Gate: Multimedia (image) (http://www.sfgate.com/cgi-bin/object/article?f=/c/a/2006/03/26/REGKDHQC001.DTL&o=0 - broken link)
It is a lot easier to buy apartment buildings that pay for themselves in some areas than other areas. I can tell you that the rent here in the Bay Area is NOT anywhere near 6.3 times what it is in the DFW area, more like 2-3 times as much. So maybe the vacancy rate in DFW is supposed to be around 50%?
Probably not, I suspect that after many years of appreciation in real estate here in California, that they price it assuming there will be future appreciation. Even with all the foreclosures here.
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Only if
