Ivy League grad, still renting an apt. age 70

[Anonymous]

Biology major, worked in a hospital lab, inherited $600,000 10 years ago and spent the money on life expenses rather than a house. Anyone in similar situations?

[Anonymous]

Age 70 years old? Or is that a typo?

At age 70 it makes sense be downsized and living in an apartment.

[Anonymous]

OP here. Age 70 and same apartment for 25 years. Lived on parents property after college until own apt. 25 years ago.

[Anonymous]

Why buy a house at 60? You'll be downsizing soon anyway? If they like their apartment, why move just before retit?

[Anonymous]

Tens of millions of people all over the country will never be homeowners, including plenty who also got fancy degrees and have had money at some point. Don’t judge yourself for not wanting to take on a house, it can be a huge nightmare at times. Fingers crossed we can continue to afford the rent!

[Anonymous]

Is this you or someone you know? Are you asking for advice or for someone to join you in judging this person?

[Anonymous]

It is I.

[Anonymous]

You spent $600K on life expenses over 10 years? That's $60K a year. A single person could live on that entirely.

[Anonymous]

Nothing wrong with renting, especially at this point. Do you have enough saved for retirement? That’s the only thing that matters at this point.

Really not sure what your alma mater has to do with this.

[Anonymous]

Is this a rent controlled apartment in NYC or elsewhere? Sometimes renting makes sense.

[Anonymous]

The person made a decision to prioritize other things than buying property. That's fine, not everyone needs to buy property.

In terms of finances, goes to show, it's not where you graduated from, but what you do with that degree that matters.

But, if the person is happy with their decision, *shrug* good for them.

[Anonymous]

Anonymous wrote:OP here. Age 70 and same apartment for 25 years. Lived on parents property after college until own apt. 25 years ago.

OP, If you are happy with your financial situation, then I'm not going to judge you, but I'm not sure what you are looking for here? Are you looking for validation of your financial situation?
From my vantage, your parents set you up with an education, with a place to live for 25 years, and with $600k that you have already blown through. I don't know what your life situation has been, but from the outside it looks like you have lived beyond your means and not made wise financial decisions.

[Anonymous]

An Ivy League grad? Oh my god.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP here. Age 70 and same apartment for 25 years. Lived on parents property after college until own apt. 25 years ago.

OP, If you are happy with your financial situation, then I'm not going to judge you, but I'm not sure what you are looking for here? Are you looking for validation of your financial situation?
From my vantage, your parents set you up with an education, with a place to live for 25 years, and with $600k that you have already blown through. I don't know what your life situation has been, but from the outside it looks like you have lived beyond your means and not made wise financial decisions.

+1. Ivy league education =/= high salary. Some ivy grads just spend, spend, spend because they think going to an ivy entitles them to a certain lifestyle, despite not having the money to support it. I know a family, both parents are ivy grads but they're not high earners and neither comes from money. They live way beyond their means with private school for their kid etc. and they have student loans. The wife has a low-paying SJW job that they like to brag about. They're trying to live the trust fund lifestyle without the trust fund.

In this case, OP actually got the inheritance but blew through it with some sort of fuzzy thinking that an ivy degree would make it all ok.

[Anonymous]

Anonymous wrote:Biology major, worked in a hospital lab, inherited $600,000 10 years ago and spent the money on life expenses rather than a house. Anyone in similar situations?

OP what are your expenses? Have you run through the entire $600K?