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That's my point. If I wanted to, I could afford a million dollar home, prob about $1.2-1.3 with the equity we have in our current home and my income. And, if the past 2 years had never happened, that's probably what we'd be doing, "moving on up" as the case may be.
But things have changed, and now I am devoted to living our current lifestyle and not striving for more or better. The goal now is to pay the house off and be able to retire and afford our current standard of living without having to work or downsize. It's not as luxurious or glamorous as what I initially set out to achieve, but it will suffice and is more realistic with our current situation.
Believe me, luxury is over-rated. In fact, I feel very uncomfortable when it is around me. That's in spite of being able to afford more of it.
Life is about health and family and self-satisfaction and security of those things....and, of course, the security of land or home ownership or other guarantee of physical roof over your head.
We bought a 1100 sf 1953 ranch house in Gulf Coast Florida and are as happy as can be in that house. If I had the choice to trade it in for 2X the size and more luxe...I wouldn't do it.
Simplicity is it's own reward....and, IMHO, much more of a reward than excess.
When we were in our working years and earning more and more, most ALL of our peers kept moving up. We didn't. We added onto the house for kid #3 and did a complete top to bottom remodel. We stayed there 26 years and I never had a speck of jealously about the McMansions down the street.
I can't say I like those "tiny houses", but I can say a well laid out 1000-1200 square feet is more than enough for a couple...1600 if you really want to go luxe. We are even able to entertain friends and family easily in both places (1100 and 1600) overnight or longer..and with plenty of privacy.
In short you are making a good move (or lack of) IMHO.
If I didn't hustle, I would never have moved like I did.
The $1,000 could give him financial security. It would be savings for me. For another person, it might not be very significant.
I was referring to your neighbor, you said he works part time. Why should we subsidize his part time work? I had kids, no help from anybody and my husband and I work more than 40 hours each per week and more if it needs be.
Some people will blow the money, especially at first, but I think you'll see far more responsible use where it "tops people off" than you might initially believe.
Like the guy I mentioned in the OP, that $1,000/month would take him from working poor to having a bit of extra.
I do think MOST people will "blow" a windfall, especially if they know it's not a one-time thing - you don't have to be poor to do that! If the windfall comes with some education then I think it will have much better impact - but the program should not be evaluated and judged too soon as a way to discard it before it gets a fair chance.
There are always bigger cats in the jungle. I am but a mere house cat who is thankful to have a nice home, great health and glass or two of milk...err.... Bailey's on occasion.
We're in the 88-90 percentile for our age and net worth yet we don't feel as if we've done that well. It only hits home when I go back to wear I grew up and realize that at least compared to those there, we've traveled more frequently and further and achieved more than most.
Sure, our home is nothing fancy, lots of people live in much nicer homes. Our cars are older, mine is a 2015 and my wife's is a 2013. Lots of people have nicer homes. But, our stuff is paid for, we had no serious wind falls or inheritances and we've supported my wife's parents since 2002. I shudder when I consider that amount, easily over $250,000 US but I also realize that while it was extremely tough at times, we really don't miss it now.
My wife loves me as much as I love her. She doesn't complain when I travel off to see friends, family or some adventure knowing that I have more vacation that her. She supports my need to challenge myself knowing that without proper preparation, I'm at risk. She recognizes that I am always prepared and has learned to live with the risk knowing that it would kill me to be caged, metaphorically speaking. Our health is excellent and we're working to maintain, if not improve that. Without love and health, all the money in the world doesn't matter.
How else do I know we've made it? I suppose when a large bill hits from where ever and I shrug my shoulders and say, no problem. We've been blessed but we also worked to put ourselves in this exact position.
Living well within your means is the key. I managed happily and didn't touch my social security until 70. I never expected to own a showplace house or drive a new car or travel the world...but I did a little bit of those things more as a treat than a lifestyle.
When I see old people working as store greeters and realize I don't have to do that.
Perhaps they don’t “have” to do it either, they just want to keep busy. My next door neighbor did it. She lived in a paid for home worth a couple mil, and had a ton of money in the bank. She got bored.... just sitting at home.
My Uncle was bored when he retired from farming at 68. So at 70 he went to work as a cook full-time at Dennys. He was still there 10 years later. His much younger wife got ill and he had to quit to take her for treatments. He always said if my aunt wouldn't have gotten sick he would have stayed until he was 90. He loved interacting with people. He died 2 years ago at 101. Never spent the night in the hospital until the month before he died of heart failure.
Didn't have to work but he sure enjoyed it and looked forward to it everyday. The owner still talks to me about my Uncle when I got in there.
Actually, it was my Son who made it hit home for me. He was living in San Diego and I was visiting one time and having lunch with him and a friend of his. I offhandedly mentioned that if he stayed living there, I might "drop a hundred grand on a boat to park in San Diego harbor for when I come to visit". After his friend left, my Son scolded me severely. "Dad, you just can't talk like that. Most people can't just buy a $ 100,000 boat for when they come to visit". My first thought was, "They can't ?" So I started doing some math on how much "good jobs" pay and then I was like, "Oops, now I get it". I've never made a comment like that since.
Are we supposed to believe that you were clueless that most people are not dropping $100k on a boat? This from the same person who goes to Bob's Discount Furniture for the free ice cream?
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