Ivy League grad, still renting an apt. age 70

[Anonymous]

You're 70, and you're asking an anonymous forum what they think about your life?

The apartment is not the problem, OP - it's you being insecure that's the problem. And likely you have other issues as well: anxiety, OCD, high-functioning autism... otherwise you wouldn't be on here wondering in the first place.

[Anonymous]

Anonymous wrote:

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?

In the world of trust funds $600K isn’t exactly going to get you off the hook on retirement savings or even a SFH in this area.

[Anonymous]

I’d guess there’s some mental illness or addiction involved.

[Anonymous]

Are you setting up a dating profile or checking in on financial wellness? What is the question?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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?

In the world of trust funds $600K isn’t exactly going to get you off the hook on retirement savings or even a SFH in this area.

??????? In what world is $600K not enough to buy a home outright? You could easily buy a single family house for $600K today, and 10 years ago it was even easier. I bought my house nine years ago for $650K. We looked at many houses for under $600K. OP has been living in an apartment this whole time, he or she could have also easily bought a nice condo for $200-300K and invested the rest of the inheritance.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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?

In the world of trust funds $600K isn’t exactly going to get you off the hook on retirement savings or even a SFH in this area.

??????? In what world is $600K not enough to buy a home outright? You could easily buy a single family house for $600K today, and 10 years ago it was even easier. I bought my house nine years ago for $650K. We looked at many houses for under $600K. OP has been living in an apartment this whole time, he or she could have also easily bought a nice condo for $200-300K and invested the rest of the inheritance.

I assume OP lives in NYC given that he is a long term renter, and don't think you can get a nice condo for $300k there. Maybe for the $600k.

[Anonymous]

OP here. I live in New England. The apartment is three blocks from my parents old house. I am single, no children. My only sister is divorced and struggled to raise two kids and I helped her. She inherited same amount plus a life estate (her sons will inherit) on the house she lives in now. She was SAHM and used a lot of her money to give private school and college degrees. She worries about her own retirement so I have helped along the years, seeing that she is my only family.

[Anonymous]

Cambridge? I have met a number of individuals in similar situations
when living and working at Ivy League institutions. My ex might end up in your situation exactly. People have all sorts of ideas about what ivy league grads do. And they forget when you went, it was still finishing school for the wealthy and well connected. I hope you are happy that you helped your sister and her children. I am sure her kids are better off because you were there to help.

[Anonymous]

Anonymous wrote:OP here. I live in New England. The apartment is three blocks from my parents old house. I am single, no children. My only sister is divorced and struggled to raise two kids and I helped her. She inherited same amount plus a life estate (her sons will inherit) on the house she lives in now. She was SAHM and used a lot of her money to give private school and college degrees. She worries about her own retirement so I have helped along the years, seeing that she is my only family.

That's kind of you, OP.
I don't think it matters whether or not you own a home, especially at this stage of life. A home can be a lot to maintain.
The goal should be to have enough for retirement.

[Anonymous]

Anyone in a similar situation???

I hope not.

[Anonymous]

Your inclusion of the superfluous fact that you went to an Ivy indicates you think you are somehow special (smart, etc.) and should not be in this situation. This is a good occasion for reflection and an opportunity to understand that no one gives a shit about that bullshit. Perhaps it was your upbringing, as you indicated your sister also cannot pay her bills and yet prioritized private schools for her kids. Sorry to be harsh, but if you delude yourself into believing that unimportant things are actually important, life will ultimately have to disabuse you of your delusions.

[Anonymous]

Why are you staying in New England? Go south, to a 55+ community. Why continue the rat race in a HCOL area when you could still work and rent somewhere less expensive?

[Anonymous]

Anonymous wrote:OP here. I live in New England. The apartment is three blocks from my parents old house. I am single, no children. My only sister is divorced and struggled to raise two kids and I helped her. She inherited same amount plus a life estate (her sons will inherit) on the house she lives in now. She was SAHM and used a lot of her money to give private school and college degrees. She worries about her own retirement so I have helped along the years, seeing that she is my only family.

Whole situation sounds like a shabby genteel mess. You were all over privileged and failed to launch.

[Anonymous]

As this story shows, you can’t eat prestige.

OP, what is your actual income and net worth after this lifetime of renting and family enmeshment/suckling at the teat instead of making your own money?

[Anonymous]

I’m still working and receive social security I guess my net worth depends on if you calculate GE pre or post split. No, seriously, I have very little saved but I know if things get really bad my sister and nephews can take me in.