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Reply to "Great aticle on how middle class is struggling and not saving enough"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I didn't really feel anything reading this article except - this guy got to make great life decisions. His wife didn't get to work so his children had a full time parent (highly educated at that - huge opportunity cost but awesome for the kids and him). He got to work in the profession he wanted. He got to live in highly desirable places. He got to provide his children with the 1% of education - even advanced degrees. On a more basic level - his children had food, shelter, clothing, loving parents, hot water etc. It appears that no one in his nuclear family has had any type of heath crisis. What more did he expect out of life? A huge pile of money? He could have had that too. And can still have that - both him and his wife and work really hard for the next decade and stockpile money for retirement and be pretty comfortable. He is nothing like the working poor. Nothing.[/quote] :roll: Did we read the same article? He doesn't sent have $400 to spare in an emergency. I would call that pretty dire actually.[/quote] But he does. The house he lives in is a 4bd on 1.5acres - it's a few blocks from the beach. He paid $791K for it in 1999, and it's worth minimally $1.4M. His annual property taxes are $10,000. Another 4bd a few houses down was on the market for $2.5M. He simply doesn't want to give anything up. Buy a one bedroom condo for $250,000 - rent the house for $50K a summer season or just sell it and sit on $700K in appreciation (assuming he hasn't cash out refi to shit). He may be illiquid in this asset but there's no way he owns this place and doesn't even have $400. If that's true, he's a genuine fool. [/quote]
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