I know why Millenials can't afford houses and pay off their student loans..

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
Much deleted.
Omg, you are so financially ignorant I don't even know where to start, lololol...

Someone living with a 1400 a month mortgage doesn't seem ignorant. Seems like this person made a good decision. I'm sure they also have investments outside of this house!

Just to be clear, my life time earnings are about 2.3 million. My net worth today -- all investments, everything....is 1.4 million. It wasn't luck. It was careful long term planning.

Buying a house was done to lock in expenses, mostly.

Maybe if you had invested elsewhere, you would have made more than $120K/yr.

Invested elsewhere would not have given me higher income. That was from education and my hard work. It averaged 120K, but was much lower earlier, and higher today.
Most people do not make 200K per year right out of school.

The more you keep responding, the more I am positive that you do not understand the concept of opportunity cost.

I think I do understand the concepts. I suspect you don't understand the long term growth concept -- and inflation. Hell, in most millennials life, there has not been significant inflation.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
Much deleted.
Omg, you are so financially ignorant I don't even know where to start, lololol...

Someone living with a 1400 a month mortgage doesn't seem ignorant. Seems like this person made a good decision. I'm sure they also have investments outside of this house!

Just to be clear, my life time earnings are about 2.3 million. My net worth today -- all investments, everything....is 1.4 million. It wasn't luck. It was careful long term planning.

Buying a house was done to lock in expenses, mostly.

Maybe if you had invested elsewhere, you would have made more than $120K/yr.

Invested elsewhere would not have given me higher income. That was from education and my hard work. It averaged 120K, but was much lower earlier, and higher today.
Most people do not make 200K per year right out of school.

The more you keep responding, the more I am positive that you do not understand the concept of opportunity cost.

NP, and the more YOU keep responding the more I am convinced that you are an asshole.

[Anonymous]

The more you talk about opportunity cost, the more I think you live your life leveraged to the teeth.

That's fine when all is well -- you're employed, you're healthy, the market is going up.

What happens when any of those circumstances changes?

[Anonymous]

I just read a post where some one claimed 990% of the value on their property is the lot! Either they have acreage or a real shitshack. I'm imagining an 800 sq ft 2bd 1 bth hoarder house in wesley heights.

[Anonymous]

I am the guy that has the house -- just to be clear, I have been lucky enough to to remain employed since I finished my grad degree (22 years now). I have not been blessed with health.

What I have seen is good economies and bad economies. 1981-1982 was a deep recession, and one that was building for years.

1987, the market dropped 22% in one day. 1991-1992, the dot bomb recession/9-11. And then, the 2007-2009 bear market.

I do not worry about opportunity costs I put in my 12% to 401K, 5% other investments, and paying down the mortgage. If the market tanks, I don't care. I just get more shares with my same money.

I have been working for 22 years in a career I love. I have a lot of professional freedom, and internationally known, and am paid well (in my opinion).

I do not care if others are richer. I am just trying to share the logic in what I have done -- and it has worked (for me).

Oh, I do not drive a luxury car (but a nice subaru). I used to take nice vacations, but that money goes to keeping me alive (I hit the maximum out of pocket each year).

22 years ago, when I started working, I had $1200 to my name and a credit card with a $2500 limit, and a PhD in computational physics.

Today, I am financially comfortable.

My approach will not make you rich, but it will make you comfortable.

[Anonymous]

Anonymous wrote:I just read a post where some one claimed 990% of the value on their property is the lot! Either they have acreage or a real shitshack. I'm imagining an 800 sq ft 2bd 1 bth hoarder house in wesley heights.

I'm imagining a modest house in Franklin Park, McLean.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I just read a post where some one claimed 990% of the value on their property is the lot! Either they have acreage or a real shitshack. I'm imagining an 800 sq ft 2bd 1 bth hoarder house in wesley heights.

I'm imagining a modest house in Franklin Park, McLean.

I meant 90%. -- typo. It is an 1800 sq foot house in in a good neighborhood in Fairfax county.

[Anonymous]

Anonymous wrote:The more you talk about opportunity cost, the more I think you live your life leveraged to the teeth.

That's fine when all is well -- you're employed, you're healthy, the market is going up.

What happens when any of those circumstances changes?

Mortgage = leveraged to the teeth. What's your point again? The point of renting is to allow flexibility in your overhead so that when circumstances change, you're not dealing with foreclosure. Only a dumb Millennial basher would completely mix up the concepts and celebrate the idea of taking on an enormous amount of debt.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
Much deleted.
Omg, you are so financially ignorant I don't even know where to start, lololol...

Someone living with a 1400 a month mortgage doesn't seem ignorant. Seems like this person made a good decision. I'm sure they also have investments outside of this house!

Just to be clear, my life time earnings are about 2.3 million. My net worth today -- all investments, everything....is 1.4 million. It wasn't luck. It was careful long term planning.

Buying a house was done to lock in expenses, mostly.

Maybe if you had invested elsewhere, you would have made more than $120K/yr.

Invested elsewhere would not have given me higher income. That was from education and my hard work. It averaged 120K, but was much lower earlier, and higher today.
Most people do not make 200K per year right out of school.

The more you keep responding, the more I am positive that you do not understand the concept of opportunity cost.

NP, and the more YOU keep responding the more I am convinced that you are an asshole.

Yes, definitely I'm the asshole, not the posters who need to visit an anonymous money and finances forum in order to complain about an entire generation because they are jealous of their lifestyles

[Anonymous]

Anonymous wrote:

Anonymous wrote:The more you talk about opportunity cost, the more I think you live your life leveraged to the teeth.

That's fine when all is well -- you're employed, you're healthy, the market is going up.

What happens when any of those circumstances changes?

Mortgage = leveraged to the teeth. What's your point again? The point of renting is to allow flexibility in your overhead so that when circumstances change, you're not dealing with foreclosure. Only a dumb Millennial basher would completely mix up the concepts and celebrate the idea of taking on an enormous amount of debt.

You've made your point PP (this is NP from above btw).

Not everyone gets a mortgage that leverages themselves to the teeth. My mortgage payments are several hundred LESS than what I was paying in rent. Now I'm getting closer to being able to max out my TSP! It's saving me money, even as I increase my savings and my ability to invest.

Clearly what you are doing is working for you - that's what it needs to do. What I'm doing is working for ME (the person it needs to work for!), and PP with a good job and poor health - sounds like he's very happy with where (s)he is in life as well. Which is excellent.

Now stop telling them they have no idea what they're doing, because you're acting as though you are the ONE person who knows anything about finances. You're not. There are many theories on how to invest, and each person needs to do it in a way that works for them and their willingness to take risks, and there is more than one way to do it "right".

[Anonymous]

Anonymous wrote:

Anonymous wrote:The more you talk about opportunity cost, the more I think you live your life leveraged to the teeth.

That's fine when all is well -- you're employed, you're healthy, the market is going up.

What happens when any of those circumstances changes?

Mortgage = leveraged to the teeth. What's your point again? The point of renting is to allow flexibility in your overhead so that when circumstances change, you're not dealing with foreclosure. Only a dumb Millennial basher would completely mix up the concepts and celebrate the idea of taking on an enormous amount of debt.

Mortgage is definitely a commitment, but it is a secured loan. And there are tax advantages for mortgages -- the interest is deductible. As I have said, the long term paying down the mortgage at the same cost of a rental leads to increased net worth. If you pay rent, nothing comes to you. Granted, your commitment is the duration of the lease. But, of my mortgage payment (instead of rent), now about $500/mo goes to me long term.


I have not bashed millennials. I have not criticized anyones lifestyle. But you seem to need to bash me, calling me stupid and ill informed. I am surprised you have not called me "grandpa"

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The more you talk about opportunity cost, the more I think you live your life leveraged to the teeth.

That's fine when all is well -- you're employed, you're healthy, the market is going up.

What happens when any of those circumstances changes?

Mortgage = leveraged to the teeth. What's your point again? The point of renting is to allow flexibility in your overhead so that when circumstances change, you're not dealing with foreclosure. Only a dumb Millennial basher would completely mix up the concepts and celebrate the idea of taking on an enormous amount of debt.

You've made your point PP (this is NP from above btw).

Not everyone gets a mortgage that leverages themselves to the teeth. My mortgage payments are several hundred LESS than what I was paying in rent. Now I'm getting closer to being able to max out my TSP! It's saving me money, even as I increase my savings and my ability to invest.

Clearly what you are doing is working for you - that's what it needs to do. What I'm doing is working for ME (the person it needs to work for!), and PP with a good job and poor health - sounds like he's very happy with where (s)he is in life as well. Which is excellent.

Now stop telling them they have no idea what they're doing, because you're acting as though you are the ONE person who knows anything about finances. You're not. There are many theories on how to invest, and each person needs to do it in a way that works for them and their willingness to take risks, and there is more than one way to do it "right".

In case you haven't noticed, this is an entire thread making fun of Millennials for not buying houses. Who's the one pretending like there's only one way to spend money? The sweet justice in all of this is that all of you who think your houses are great investments are the ones who will be underwater when Millennials don't buy into the same American housing scam. Your house is only worth what Millennials are willing to pay.

[Anonymous]

Anonymous wrote:I just read a post where some one claimed 990% of the value on their property is the lot! Either they have acreage or a real shitshack. I'm imagining an 800 sq ft 2bd 1 bth hoarder house in wesley heights.

That's pretty much anything in Arlington more than 40 years old.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The more you talk about opportunity cost, the more I think you live your life leveraged to the teeth.

That's fine when all is well -- you're employed, you're healthy, the market is going up.

What happens when any of those circumstances changes?

Mortgage = leveraged to the teeth. What's your point again? The point of renting is to allow flexibility in your overhead so that when circumstances change, you're not dealing with foreclosure. Only a dumb Millennial basher would completely mix up the concepts and celebrate the idea of taking on an enormous amount of debt.

You've made your point PP (this is NP from above btw).

Not everyone gets a mortgage that leverages themselves to the teeth. My mortgage payments are several hundred LESS than what I was paying in rent. Now I'm getting closer to being able to max out my TSP! It's saving me money, even as I increase my savings and my ability to invest.

Clearly what you are doing is working for you - that's what it needs to do. What I'm doing is working for ME (the person it needs to work for!), and PP with a good job and poor health - sounds like he's very happy with where (s)he is in life as well. Which is excellent.

Now stop telling them they have no idea what they're doing, because you're acting as though you are the ONE person who knows anything about finances. You're not. There are many theories on how to invest, and each person needs to do it in a way that works for them and their willingness to take risks, and there is more than one way to do it "right".

In case you haven't noticed, this is an entire thread making fun of Millennials for not buying houses. Who's the one pretending like there's only one way to spend money? The sweet justice in all of this is that all of you who think your houses are great investments are the ones who will be underwater when Millennials don't buy into the same American housing scam. Your house is only worth what Millennials are willing to pay.

You are sure passionate about this! Good luck finding a good deal on rent if millennials can't afford and don't want to buy.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The more you talk about opportunity cost, the more I think you live your life leveraged to the teeth.

That's fine when all is well -- you're employed, you're healthy, the market is going up.

What happens when any of those circumstances changes?

Mortgage = leveraged to the teeth. What's your point again? The point of renting is to allow flexibility in your overhead so that when circumstances change, you're not dealing with foreclosure. Only a dumb Millennial basher would completely mix up the concepts and celebrate the idea of taking on an enormous amount of debt.

Mortgage is definitely a commitment, but it is a secured loan. And there are tax advantages for mortgages -- the interest is deductible. As I have said, the long term paying down the mortgage at the same cost of a rental leads to increased net worth. If you pay rent, nothing comes to you. Granted, your commitment is the duration of the lease. But, of my mortgage payment (instead of rent), now about $500/mo goes to me long term.


I have not bashed millennials. I have not criticized anyones lifestyle. But you seem to need to bash me, calling me stupid and ill informed. I am surprised you have not called me "grandpa"

Again, only if housing prices go up. Which they won't continue to, not if Millennials don't buy houses. So maybe instead of criticizing Millennials for their spending choices, maybe you should think about what you're going to do with the overvalued asset you just poured 20 years of your life into when you can't offload it.