I wanna be rich (1 Viewer)

[NutterButter]

I plead guilty on the vacations. I'm a life experience guy. I buy 2 year old cars, live in a nice but relatively modest home for my income, etc. But I don't subscribe to not live now so you can do whatever you want when you can't do whatever you want. The family vacations we take every year are some of my best memories and one reason I think our family is so tight. Heading to Cabo for 2 weeks on Saturday.

We're the same way. We bought our house for $170k back in 1994 and paid off the mortgage in 12 years. Lots of baloney sandwiches for lunch and pizza/pasta for dinner. It now worth close to $600k. We have that much in savings and investments too. We live very low key lives, not a lot of stuff. Our weakness is very expensive vacations and lots of wine. Within another 10 years, we will have seen everything we probably will ever want to. We take 3-5 trips a year. After that, our spending will be minimal.

Also, neither of us ever plan on retiring. It's healthy to keep working. We'll just be doing it on our terms.

Good god. We talking 5 flying trips? How many kids you got?

0

One trip will usually be driving. Heading up to Vermont in August. Vegas in a few weeks, South of France in September

DINKs don't count. You guys have it made in the money department.

 

[Politician Spock]

I plead guilty on the vacations. I'm a life experience guy. I buy 2 year old cars, live in a nice but relatively modest home for my income, etc. But I don't subscribe to not live now so you can do whatever you want when you can't do whatever you want. The family vacations we take every year are some of my best memories and one reason I think our family is so tight. Heading to Cabo for 2 weeks on Saturday.

We're the same way. We bought our house for $170k back in 1994 and paid off the mortgage in 12 years. Lots of baloney sandwiches for lunch and pizza/pasta for dinner. It now worth close to $600k. We have that much in savings and investments too. We live very low key lives, not a lot of stuff. Our weakness is very expensive vacations and lots of wine. Within another 10 years, we will have seen everything we probably will ever want to. We take 3-5 trips a year. After that, our spending will be minimal.

Also, neither of us ever plan on retiring. It's healthy to keep working. We'll just be doing it on our terms.

Good god. We talking 5 flying trips? How many kids you got?

0

One trip will usually be driving. Heading up to Vermont in August. Vegas in a few weeks, South of France in September

DINKs don't count. You guys have it made in the money department.

Single income, three kids here.

F'n DINKS!

 

[jamny]

I plead guilty on the vacations. I'm a life experience guy. I buy 2 year old cars, live in a nice but relatively modest home for my income, etc. But I don't subscribe to not live now so you can do whatever you want when you can't do whatever you want. The family vacations we take every year are some of my best memories and one reason I think our family is so tight. Heading to Cabo for 2 weeks on Saturday.

We're the same way. We bought our house for $170k back in 1994 and paid off the mortgage in 12 years. Lots of baloney sandwiches for lunch and pizza/pasta for dinner. It now worth close to $600k. We have that much in savings and investments too. We live very low key lives, not a lot of stuff. Our weakness is very expensive vacations and lots of wine. Within another 10 years, we will have seen everything we probably will ever want to. We take 3-5 trips a year. After that, our spending will be minimal.

Also, neither of us ever plan on retiring. It's healthy to keep working. We'll just be doing it on our terms.

Good god. We talking 5 flying trips? How many kids you got?

0

One trip will usually be driving. Heading up to Vermont in August. Vegas in a few weeks, South of France in September

DINKs don't count. You guys have it made in the money department.

Single income, three kids here.

F'n DINKS!

 

[sublimeone]

Live on 50% of what you make. Invest the rest. This is the quickest way to retire young without having some kind of fortunate break.

Agree.

Otis's problem is that he chooses for good reasons (family) to live in a really expensive area.

That choice is going to turn out to be unbelievably expensive though in the long run with the COL in his area... I'd say it will add a decade or more to his working time.

Similarly even though the midwest is cheap.. i choose to live in Kansas City which while inexpensive, still is a relatively competitive market for dentiteing... whereas I have friends that live in smaller town MIssouri where the dentist density is sparse and the COL is even lower... those guys clean up.. My decision to live near family and in an area with cool stuff to do even in a lower COL area will probably add 10 years to my working time.

It's a lot easier to live on 50% when you make 6 figures though... I can't imagine that would be possible without living at a below poverty level if you're just a regular dude pulling in 50-70K a year.

Yeah, you can't get tunnel vision and forget there are more important things in life than early retirement. You are exactly right though, you can't retire early if you have a family and only make 50-70k per year... but if you can't figure out a way to make more than that you haven't really earned an early retirement.

I am trying to attack the problem from both ends. When my wife and I got married, I was just starting a new business, so money was tight, but we figured out a way to make it without adding much debt. Since then, my income has grown but we have kept our semi-frugal ways. I am hoping we can continue to spend moderately and at the same time I can increase my earnings substantially. Would you ever consider growing your practice?

 

[NutterButter]

I plead guilty on the vacations. I'm a life experience guy. I buy 2 year old cars, live in a nice but relatively modest home for my income, etc. But I don't subscribe to not live now so you can do whatever you want when you can't do whatever you want. The family vacations we take every year are some of my best memories and one reason I think our family is so tight. Heading to Cabo for 2 weeks on Saturday.

We're the same way. We bought our house for $170k back in 1994 and paid off the mortgage in 12 years. Lots of baloney sandwiches for lunch and pizza/pasta for dinner. It now worth close to $600k. We have that much in savings and investments too. We live very low key lives, not a lot of stuff. Our weakness is very expensive vacations and lots of wine. Within another 10 years, we will have seen everything we probably will ever want to. We take 3-5 trips a year. After that, our spending will be minimal.

Also, neither of us ever plan on retiring. It's healthy to keep working. We'll just be doing it on our terms.

Good god. We talking 5 flying trips? How many kids you got?

0

One trip will usually be driving. Heading up to Vermont in August. Vegas in a few weeks, South of France in September

DINKs don't count. You guys have it made in the money department.

Single income, three kids here.

F'n DINKS!

Oof. I don't envy you.

 

[dgreen]

Single income, three kids here.
F'n DINKS!

Me too. Don't you love when DINKs say things to you like, "Stop being so cheap!" "Just buy it." "Don't worry about it." etc

 

[Koya]

I plead guilty on the vacations. I'm a life experience guy. I buy 2 year old cars, live in a nice but relatively modest home for my income, etc. But I don't subscribe to not live now so you can do whatever you want when you can't do whatever you want. The family vacations we take every year are some of my best memories and one reason I think our family is so tight. Heading to Cabo for 2 weeks on Saturday.

We're the same way. We bought our house for $170k back in 1994 and paid off the mortgage in 12 years. Lots of baloney sandwiches for lunch and pizza/pasta for dinner. It now worth close to $600k. We have that much in savings and investments too. We live very low key lives, not a lot of stuff. Our weakness is very expensive vacations and lots of wine. Within another 10 years, we will have seen everything we probably will ever want to. We take 3-5 trips a year. After that, our spending will be minimal.

Also, neither of us ever plan on retiring. It's healthy to keep working. We'll just be doing it on our terms.

Good god. We talking 5 flying trips? How many kids you got?

0

One trip will usually be driving. Heading up to Vermont in August. Vegas in a few weeks, South of France in September

DINKs don't count. You guys have it made in the money department.

Single income, three kids here.

F'n DINKS!

Oof. I don't envy you.

DINK here, unless you count the cat. Negative net worth if you include all of my wive's school debts.

Would be a bit on the plus side on my own (perhaps moreso as she earns less than half that I do but spends as much... oh who's kidding, more than I), but starting a business, failing at a business, then marginally succeeding at the next business before taking on a position that is very back end heavy has put the future at risk, with commensurate reward.

 

[dgreen]

Negative net worth if you include all of my wive's school debts.

Having more than one wife would put even the best of us in major debt.

 

[jamny]

Single income, three kids here.
F'n DINKS!

Me too. Don't you love when DINKs say things to you like, "Stop being so cheap!" "Just buy it." "Don't worry about it." etc

I usually do the opposite, although normally I just don't say anything.

 

[Koya]

Negative net worth if you include all of my wive's school debts.

Having more than one wife would put even the best of us in major debt.

Touché.

 

[Koya]

FWIW, you family folks should thank us DINKS. SOMEone needs to give those cool joints a couple turns on a Wednesday night so you can saunter in once a month to pretend like you still have a life in the two hours before having to take the babysitter home.

 

[dgreen]

Single income, three kids here.
F'n DINKS!

Me too. Don't you love when DINKs say things to you like, "Stop being so cheap!" "Just buy it." "Don't worry about it." etc

I usually do the opposite, although normally I just don't say anything.

Yeah, I'm mostly joking. Most people obviously aren't going to say things like that. But, it's not always obvious to everyone how much difference there is between the two situations.

 

[Buck Bradcanon]

Dentist just got a kid. Give him some time to change his thinking.

Was wondering about this. Do you have a kid now Dentist? One and done?

#badbeat

 

[johnnycakes]

Dentist just got a kid. Give him some time to change his thinking.

Was wondering about this. Do you have a kid now Dentist? One and done?

#badbeat

I've heard they are expensive.

 

[Dentist]

Dentist just got a kid. Give him some time to change his thinking.

Was wondering about this. Do you have a kid now Dentist? One and done?

#badbeat

yup, 1 boy.. and my wife just quit her job to stay home with him

So I went from DINK to SIIK #badbeat

 

[Fennis]

Single income, three kids here.
F'n DINKS!

Me too. Don't you love when DINKs say things to you like, "Stop being so cheap!" "Just buy it." "Don't worry about it." etc

I've posted this before, but it still cracks me up: window sticker

 

[Bob Sacamano]

Single income, three kids here.
F'n DINKS!

Me too. Don't you love when DINKs say things to you like, "Stop being so cheap!" "Just buy it." "Don't worry about it." etc

I've posted this before, but it still cracks me up: window sticker

http://ecx.images-amazon.com/images/I/41UEbkPjX2L.jpg

 

[Otis]

I wear an $80 watch I got off Woot.

Wait, weren't you the one who dropped $100+ on a Pebble? Maybe "forgetting" where your money goes is part of your problem.ETA:

Holy crap. I've never done anything on this Kickstarter before, but I thought this iPhone-linked watch was pretty cool, and plunked down 115 bucks or so to back it and lock up a watch for myself. They had like a hundred grand in backers at that point. Not a big deal I figured.

Otis sporting the white Pebble this morning with the dressed up look

I don't care what Zed thinks, I think it's a pretty cool looking watch.

Casual, different, etc. If I wanted another dressy watch with a black leather band, I have plenty.

Looks like your watch slot might be taking up more than 80 investable dollars.

Sold to COlin

Why do you hate new businesses so much?

 

[Otis]

Maybe you could save some money by skipping lunch?

Already on it. I have a jug of protein powder under my desk. Mix with work-provided milk. Profit.

 

[Otis]

So far I've made money on both of the first two homes I owned;

Counting the money you put into it and transaction costs?

Correct.

To be fair, you are buying the new house in the same general market as other homes. Thus a significant portion/all of the gains you made in those homes is being eaten up in the higher price of the new house versus what it would have cost you 5-10 years ago.

Also, housing has historically been a relatively poor investment when factoring in inflation and all of the costs of ownership. The housing market in the last 10 years (particularly in NY) has been a total anomaly and juiced by government intervention. This isn't sustainable.

Zed, I won't let your eternal gloom and doom spoil my optimism. Go go gadget economy!

 

[Otis]

Live on 50% of what you make. Invest the rest. This is the quickest way to retire young without having some kind of fortunate break.

:subscribe:

 

[tommyGunZ]

Which is totally fine, but does run counter to the ultimate goal, here.

Ultimate goal? Does anyone really believe Oat's ultimate goal is to retire early?

Wasn't he talking about quitting big law and moving to Denver a year ago?

 

[Otis]

Yeah, Otis, I don't think you know where your money is going. First thing would be a 60-day financial tracking. You and your wife only buy things with a credit card for 60 days, and track where every penny goes.

Cool, we've entered the phase of giving Otis advice he will never take. Should be novel.

Pretty much your standard Otis thread

And yet, all these years later, here you guys still are.

 

[NutterButter]

Which is totally fine, but does run counter to the ultimate goal, here.

Ultimate goal? Does anyone really believe Oat's ultimate goal is to retire early?

Wasn't he talking about quitting big law and moving to Denver a year ago?

The big Denver move of 2013.

 

[NutterButter]

Yeah, Otis, I don't think you know where your money is going. First thing would be a 60-day financial tracking. You and your wife only buy things with a credit card for 60 days, and track where every penny goes.

Cool, we've entered the phase of giving Otis advice he will never take. Should be novel.

Pretty much your standard Otis thread

And yet, all these years later, here you guys still are.

What else am I supposed to do at work?

 

[Otis]

Otis, you'll never be rich and retire because no matter what you have you want more. If you got $9m, you'd just want $100m so you could do the things people with $100m do.

Learn to be happy with what you have (which appears to be a lot), and you can quit worrying about all the stupid stuff you worry about.

You're missing the point here. This isn't about stuff. It's about never having to work every again, forever, times infiniti (or at least till I'm dead).

Fair enough. That was harsher than I meant it to be (you got it before my quick edit), but you seem like you're always focused on "next" rather than where you are. That's a hard thing to stop doing.

The problem with Otis and a lot of people especially with money is that there's never an "enough point". They make more money, they find a way to spend more money. There's always some new, more expensive material possession to acquire.

I'm not really a "stuff" guy to be honest. The only car we own is an 8 year old Land Rover with squeaky breaks. I like it and can smoke cigars in it.



My weekend clothes are a t shirt and jeans that are ripped to shreds.

I am wearing the same suit I wore yesterday, mostly because I don't have any other clean suits (and really only have 2-3 other suits that fit me right now anyway, though I admit I just bought a couple new suits online at $400 a pop so I don't have to keep wearing the same clothes).

I have a Macbook that I bought this year, it's pretty nice. Sold off most of my guitars, kept one electric (bought used, $1500) and one acoustic (bought used, $800), along with an amp I got off craigslist for $75 that had been sitting in a guy's garage since the 80s.

I wear an $80 watch I got off Woot.

I drank a can of coors light on the train last night.

Not sure you guys quite get Otis. I do like to gamble a bit, and I do enjoy a decent amount of booze in the household (sometimes we bust through a few bottles of wine at $30 a pop, but I try to keep our daily drinker to $12), but I don't really consider myself a stuff guy. I guess the only "stuff" we can be held accountable for these days is the expensive house we just bought, but that's not really a material possession so much as a place to live forever (and hopefully a good investment).

Don't take this the wrong way, as I'm a stuff guy in many respects. I'm just trying to be objective here. You ARE a "stuff" guy. It's just that the "stuff" has changed over the years. Pretty sure you used to buy (or lease) expensive cars and clothes. Now you buy expensive homes. And the musical instruments don't really help the argument, as you've been buying and selling extremely expensive guitars over the last few years. That's evidence of your affinity for stuff (even if you have a tendency to tire of them and sell them off).

I sold off all those instruments. They were fun. I didn't lose money on them.

Sure, as a younger man I bought expensive cars and the like. (Not so sure about expensive clothes, that wasn't ever my thing). But I grew out of that relatively young. The expensive cars feel like a waste to me these days. I don't own any.

Given the above, not sure how you build a case that I'm a "stuff" guy. But I'm all ears, counselor.

You've got me on the house. My dad's advice was always that buying a good home in a good area is never a bad way to spend money. So far I've made money on both of the first two homes I owned; hoping never to sell the one we are moving into till I'm in the ground.

Also not big vacationers. Haven't done a big vacation in a long long time. Went to Puerto Rico last year on miles.

I plead guilty on the vacations. I'm a life experience guy. I buy 2 year old cars, live in a nice but relatively modest home for my income, etc. But I don't subscribe to not live now so you can do whatever you want when you can't do whatever you want. The family vacations we take every year are some of my best memories and one reason I think our family is so tight. Heading to Cabo for 2 weeks on Saturday.

Forget the vacation part, I haven't had two weeks off in a row in a solid decade. Longer. Is it as awesome as it sounds??

 

[Henry Ford]

If I retired early, I'd just sit at home all day, watch terrible TV and garden. I don't need to travel.

 

[Henry Ford]

Otis, you'll never be rich and retire because no matter what you have you want more. If you got $9m, you'd just want $100m so you could do the things people with $100m do.

Learn to be happy with what you have (which appears to be a lot), and you can quit worrying about all the stupid stuff you worry about.

You're missing the point here. This isn't about stuff. It's about never having to work every again, forever, times infiniti (or at least till I'm dead).

Fair enough. That was harsher than I meant it to be (you got it before my quick edit), but you seem like you're always focused on "next" rather than where you are. That's a hard thing to stop doing.

The problem with Otis and a lot of people especially with money is that there's never an "enough point". They make more money, they find a way to spend more money. There's always some new, more expensive material possession to acquire.

I'm not really a "stuff" guy to be honest. The only car we own is an 8 year old Land Rover with squeaky breaks. I like it and can smoke cigars in it.



My weekend clothes are a t shirt and jeans that are ripped to shreds.

I am wearing the same suit I wore yesterday, mostly because I don't have any other clean suits (and really only have 2-3 other suits that fit me right now anyway, though I admit I just bought a couple new suits online at $400 a pop so I don't have to keep wearing the same clothes).

I have a Macbook that I bought this year, it's pretty nice. Sold off most of my guitars, kept one electric (bought used, $1500) and one acoustic (bought used, $800), along with an amp I got off craigslist for $75 that had been sitting in a guy's garage since the 80s.

I wear an $80 watch I got off Woot.

I drank a can of coors light on the train last night.

Not sure you guys quite get Otis. I do like to gamble a bit, and I do enjoy a decent amount of booze in the household (sometimes we bust through a few bottles of wine at $30 a pop, but I try to keep our daily drinker to $12), but I don't really consider myself a stuff guy. I guess the only "stuff" we can be held accountable for these days is the expensive house we just bought, but that's not really a material possession so much as a place to live forever (and hopefully a good investment).

Don't take this the wrong way, as I'm a stuff guy in many respects. I'm just trying to be objective here. You ARE a "stuff" guy. It's just that the "stuff" has changed over the years. Pretty sure you used to buy (or lease) expensive cars and clothes. Now you buy expensive homes. And the musical instruments don't really help the argument, as you've been buying and selling extremely expensive guitars over the last few years. That's evidence of your affinity for stuff (even if you have a tendency to tire of them and sell them off).

I sold off all those instruments. They were fun. I didn't lose money on them.

Sure, as a younger man I bought expensive cars and the like. (Not so sure about expensive clothes, that wasn't ever my thing). But I grew out of that relatively young. The expensive cars feel like a waste to me these days. I don't own any.

Given the above, not sure how you build a case that I'm a "stuff" guy. But I'm all ears, counselor.

You've got me on the house. My dad's advice was always that buying a good home in a good area is never a bad way to spend money. So far I've made money on both of the first two homes I owned; hoping never to sell the one we are moving into till I'm in the ground.

Also not big vacationers. Haven't done a big vacation in a long long time. Went to Puerto Rico last year on miles.

I plead guilty on the vacations. I'm a life experience guy. I buy 2 year old cars, live in a nice but relatively modest home for my income, etc. But I don't subscribe to not live now so you can do whatever you want when you can't do whatever you want. The family vacations we take every year are some of my best memories and one reason I think our family is so tight. Heading to Cabo for 2 weeks on Saturday.

Forget the vacation part, I haven't had two weeks off in a row in a solid decade. Longer. Is it as awesome as it sounds??

Can you imagine what your office would look like after 2 weeks off?

 

[tommyGunZ]

So far I've made money on both of the first two homes I owned;

Counting the money you put into it and transaction costs?

Correct.

To be fair, you are buying the new house in the same general market as other homes. Thus a significant portion/all of the gains you made in those homes is being eaten up in the higher price of the new house versus what it would have cost you 5-10 years ago.

Also, housing has historically been a relatively poor investment when factoring in inflation and all of the costs of ownership. The housing market in the last 10 years (particularly in NY) has been a total anomaly and juiced by government intervention. This isn't sustainable.

It doesn't matter what housing has done historically if we are talking about Oat's previous transactions - we know the results.

You're way too bearish on housing IMO. We just went through 5-6 years of historically low transactions and building. People's personal balance sheets are not nearly as leveraged as they were back in '06 and '07.

 

[Otis]

Yeah, Otis, I don't think you know where your money is going. First thing would be a 60-day financial tracking. You and your wife only buy things with a credit card for 60 days, and track where every penny goes.

Cool, we've entered the phase of giving Otis advice he will never take. Should be novel.

Pretty much your standard Otis thread

And yet, all these years later, here you guys still are.

What else am I supposed to do at work?

You could start with being less critical and being more helpful in making me rich.

 

[NewlyRetired]

If I retired early, I'd just sit at home all day, watch terrible TV and garden. I don't need to travel.

I read, play video games, watch a ton of tv, walk, cook a lot, do any projects I want at my own speed, pick my daughter up every day from school, or now go biking with her every day in summer. You don't need a ton of money to live a relaxing retirement.

We intend to travel once my daughter goes off to college in a few years, maybe do the see the country thing in a small RV but for now I treasure the simple things in life because of the lack of stress.

 

[Otis]

for the Gunz vs Zed housing debate.

 

[NCCommish]

So far I've made money on both of the first two homes I owned;

Counting the money you put into it and transaction costs?

Correct.

To be fair, you are buying the new house in the same general market as other homes. Thus a significant portion/all of the gains you made in those homes is being eaten up in the higher price of the new house versus what it would have cost you 5-10 years ago.

Also, housing has historically been a relatively poor investment when factoring in inflation and all of the costs of ownership. The housing market in the last 10 years (particularly in NY) has been a total anomaly and juiced by government intervention. This isn't sustainable.

It doesn't matter what housing has done historically if we are talking about Oat's previous transactions - we know the results.

You're way too bearish on housing IMO. We just went through 5-6 years of historically low transactions and building. People's personal balance sheets are not nearly as leveraged as they were back in '06 and '07.

Around here the rental market, both residential and commercial, are white hot. I wish I had had the money to get in when prices were truly depressed 2-3 years ago. By a few bank houses at substantial below value and rent them out. Sell when credit gets easy and the trends reverse again.

 

[Otis]

Seeing the country in a small RV sounds pretty cool actually. I'd wait till my kids were out of the house. But I'd like to do that. Haven't seen much of the country.

I also would like to garden some. Hang out with the kids more. Did I mention the zoo? Online poker. Read for pleasure. That sort of thing. Oh and the zoo. Maybe start a tech or web business of some sort.

 

[NutterButter]

Yeah, Otis, I don't think you know where your money is going. First thing would be a 60-day financial tracking. You and your wife only buy things with a credit card for 60 days, and track where every penny goes.

Cool, we've entered the phase of giving Otis advice he will never take. Should be novel.

Pretty much your standard Otis thread

And yet, all these years later, here you guys still are.

What else am I supposed to do at work?

You could start with being less critical and being more helpful in making me rich.

After all the advice I gave you about moving to Denver and just to have you back out like that. Not going to happen again.

 

[Politician Spock]

Seeing the country in a small RV sounds pretty cool actually. I'd wait till my kids were out of the house. But I'd like to do that. Haven't seen much of the country.

I also would like to garden some. Hang out with the kids more. Did I mention the zoo? Online poker. Read for pleasure. That sort of thing. Oh and the zoo. Maybe start a tech or web business of some sort.

Cloud based zoo?

 

[tommyGunZ]

So far I've made money on both of the first two homes I owned;

Counting the money you put into it and transaction costs?

Correct.

To be fair, you are buying the new house in the same general market as other homes. Thus a significant portion/all of the gains you made in those homes is being eaten up in the higher price of the new house versus what it would have cost you 5-10 years ago.

Also, housing has historically been a relatively poor investment when factoring in inflation and all of the costs of ownership. The housing market in the last 10 years (particularly in NY) has been a total anomaly and juiced by government intervention. This isn't sustainable.

It doesn't matter what housing has done historically if we are talking about Oat's previous transactions - we know the results.

You're way too bearish on housing IMO. We just went through 5-6 years of historically low transactions and building. People's personal balance sheets are not nearly as leveraged as they were back in '06 and '07.

Around here the rental market, both residential and commercial, are white hot. I wish I had had the money to get in when prices were truly depressed 2-3 years ago. By a few bank houses at substantial below value and rent them out. Sell when credit gets easy and the trends reverse again.

Similar here in San Diego - supply is still low (2-3 months) which means continued upward pressure on pricing. I've been surprised at how quickly prices snapped back, but this idea that there is another housing bubble about to burst just doesn't hold water. The folks at Zerohedge will push it, but there isn't the same silly no-doc, nothing down, interest-only nonsense supporting prices now that we had back in '06.

 

[Henry Ford]

If I retired early, I'd just sit at home all day, watch terrible TV and garden. I don't need to travel.

I read, play video games, watch a ton of tv, walk, cook a lot, do any projects I want at my own speed, pick my daughter up every day from school, or now go biking with her every day in summer. You don't need a ton of money to live a relaxing retirement.

We intend to travel once my daughter goes off to college in a few years, maybe do the see the country thing in a small RV but for now I treasure the simple things in life because of the lack of stress.

Yeah, I had a financial disaster some time ago. If I hadn't, I'd probably be retired in 5 years. As it is, I'll finally be able to really start over from scratch by the beginning of next year. Probably not going to be able to truly retire.

 

[Koya]

So far I've made money on both of the first two homes I owned;

Counting the money you put into it and transaction costs?

Correct.

To be fair, you are buying the new house in the same general market as other homes. Thus a significant portion/all of the gains you made in those homes is being eaten up in the higher price of the new house versus what it would have cost you 5-10 years ago.

Also, housing has historically been a relatively poor investment when factoring in inflation and all of the costs of ownership. The housing market in the last 10 years (particularly in NY) has been a total anomaly and juiced by government intervention. This isn't sustainable.

It doesn't matter what housing has done historically if we are talking about Oat's previous transactions - we know the results.

You're way too bearish on housing IMO. We just went through 5-6 years of historically low transactions and building. People's personal balance sheets are not nearly as leveraged as they were back in '06 and '07.

The American dream of homeownership is changing. Partially by preference partially by tremendous debt burdens of the millennial generation exacerbated by the fact this theirs will be the first generation to have less wealth than the previous one.

Furthermore, as this generation has seen their parents get killed by loss of home values in the last decade, the house as investment approach is not a part of adulthood as it had been in the past.

Once again, this is a local / hyper local biz

 

[OC Zed]

Live on 50% of what you make. Invest the rest. This is the quickest way to retire young without having some kind of fortunate break.

:subscribe:

How is the escrow going on the $2mm house?

 

[OC Zed]

So far I've made money on both of the first two homes I owned;

Counting the money you put into it and transaction costs?

Correct.

To be fair, you are buying the new house in the same general market as other homes. Thus a significant portion/all of the gains you made in those homes is being eaten up in the higher price of the new house versus what it would have cost you 5-10 years ago.

Also, housing has historically been a relatively poor investment when factoring in inflation and all of the costs of ownership. The housing market in the last 10 years (particularly in NY) has been a total anomaly and juiced by government intervention. This isn't sustainable.

It doesn't matter what housing has done historically if we are talking about Oat's previous transactions - we know the results.

You're way too bearish on housing IMO. We just went through 5-6 years of historically low transactions and building. People's personal balance sheets are not nearly as leveraged as they were back in '06 and '07.

I won't derail this thread any further than this post, but you have to take a look at where prices have gone in the last 12 months in many markets. The price-to-income and price-to-rent ratios have gotten out of whack again in a number of areas. All this being done under artificially low and subsidized inflation rates too.

 

[wazoo11]

Advocate for the legaization of pot ; start up a pot store.

 

[eoMMan]

$500 HU anyone?

 

[ClownCausedChaos2]

Otis, you'll never be rich and retire because no matter what you have you want more. If you got $9m, you'd just want $100m so you could do the things people with $100m do.

Learn to be happy with what you have (which appears to be a lot), and you can quit worrying about all the stupid stuff you worry about.

You're missing the point here. This isn't about stuff. It's about never having to work every again, forever, times infiniti (or at least till I'm dead).

Dreaming of luxury cars again?

No interest. If I do win the WSOP, I will however buy a restored 1973 Ford Bronco. Love those bad boys.

Check out how you spelled "infinity", bub.

 

[Slapdash]

Yeah, Otis, I don't think you know where your money is going. First thing would be a 60-day financial tracking. You and your wife only buy things with a credit card for 60 days, and track where every penny goes.

Cool, we've entered the phase of giving Otis advice he will never take. Should be novel.

Pretty much your standard Otis thread

And yet, all these years later, here you guys still are.

Yep. You're "fishing" people into mocking you. Sick burn dude.

 

[Dentist]

Forget the vacation part, I haven't had two weeks off in a row in a solid decade. Longer. Is it as awesome as it sounds??

I had one vacation that spread slightly into a second week. Honestly for me it's not so much how long I'm gone.. i almost prefer shorter stretches... just more of them.

I'm not sure if it's awesome... it just wouldn't work for my business

 

[Dentist]

If I retired early, I'd just sit at home all day, watch terrible TV and garden. I don't need to travel.

Man, you can do that with a pretty basement budget.

Might as well just go on welfare and do that

 

[Dentist]

If I retired early, I'd just sit at home all day, watch terrible TV and garden. I don't need to travel.

I read, play video games, watch a ton of tv, walk, cook a lot, do any projects I want at my own speed, pick my daughter up every day from school, or now go biking with her every day in summer.You don't need a ton of money to live a relaxing retirement.

We intend to travel once my daughter goes off to college in a few years, maybe do the see the country thing in a small RV but for now I treasure the simple things in life because of the lack of stress.

these are all cool things.. except the RV.. that doesn't sound good at all.

 

[Dentist]

Seeing the country in a small RV sounds pretty cool actually. I'd wait till my kids were out of the house. But I'd like to do that. Haven't seen much of the country.

I also would like to garden some. Hang out with the kids more. Did I mention the zoo? Online poker. Read for pleasure. That sort of thing. Oh and the zoo. Maybe start a tech or web business of some sort.

RV.. Oats I don't think you'd last a week in an RV... I'm not sure you're "RV park or state park" guy... that's just a way different crowd.. and I'm not delivering offense.. I'm not that guy either... there's just something to be said for driving in a regular auto and staying at halfway decent hotels and not dealing with "RV"

 

[Henry Ford]

If I retired early, I'd just sit at home all day, watch terrible TV and garden. I don't need to travel.

Man, you can do that with a pretty basement budget.

Might as well just go on welfare and do that

I think you overestimate welfare. Or underestimate my mortgage.