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Though more of a millennial, I sometimes ponder DD's lifestyle and wonder how they do it...A 3000+ sf house, new cars, gym memberships, coffee and wine subscriptions, meals out, travel...it just seems to be ordinary life for her and DSIL. Their standards and expectations are so different from what I knew growing up that it boggles my mind. But...it's her life not mine.
Ramit Sethi always bangs the drum that home ownership is not for everyone and it shouldn't even be the symbol of the American Dream. Even he rents (right, IL? I think he's alluded to that). He always points out that the mortgage/taxes/insurance are only part of the expense of home ownership and if you really break it down, it's often not the "investment" people say it is. He said he got rich in part because he took the money that otherwise would have gone to home maintenance, invested it and he's come out ahead of the game--according to him at least.Quote:
Originally Posted by iris lilies
I think Ramit still rents but he’s in one of those very high cost-of-living places in California. Sure he doesn’t want to spend money on home maintenance and he himself doesn’t know how to do it anyway, besides, he’s gotta use that money on his Brunello Cucinelli sweaters at $3,000 each.Quote:
Originally Posted by catherine
Over the past 40 years, as investments, my stock market portfolio has massively outperformed residential real estate performance. I think “your home as an investment” is for people happy with low returns.
I've been through my home ownership story once, but I rented until I was almost 50 and found it totally satisfactory. It might be just right especially for young people who don't want to be tied down with home ownership chores. There are calculators out there to compare renting vs. owning financially. Mortgage payments are sort of like forced savings to build up equity, but it also has the black hole of interest expenses. There are other ways to save or invest without interest expenses.
I don't have a lot to add to this discussion. I've been a homeowner and have never benefited much from it. I'm a happy renter now in a 55+ neighborhood in the best home I've had for a long time. Saving the money I'd pay in taxes and maintenance and repairs.
That said, I think this young people doomed perspective plays exactly and entirely into their victim mindset...so tiresome.
okay-----Looka this(see photo)---Son of one of the richest men in the world---a dead member o' the mop-topped foursome---and the kid can't even afford a decent haircut and a shave! Plus, he's got them Dollar-store eyeglasses! Ha. But yeah---bet he's anxiously waiting for madadme Oh No ta kick. Then, he'll have some bucks. But he prolly don't go out in pubbblic looking the way he does, unless it's skid row. . Nope.Attachment 6667