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Real Estate
Reply to "My aunt started working as a maid at the Watergate after graduating HS & bought a home in Arlington"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]There must have been some pretty well paid maids back in the 70s. Federal minimum wage in 1973 was $1.60/hour and a basic house in Arlington cost at least $40,000. Maybe if you go back to the Roosevelt years it was different but in my lifetime and my parents' lifetimes real estate in the DC area was never really cheap. The people who like to brag about their amazing real estate deals usually bought houses in former no-go zones like Logan Circle.[/quote] People worked multiple jobs back then unlike today’s lazybones. My father in law I recall got married at 21 to a 19 year old. She spoke no English he only HS degree. They moved in as tenant upstairs elderly women with very cheap rent in return fur doing all maint on house, mowing, snow shoveling, groceries and lived in the upstairs for 7 years while saving. He worked two jobs and wife also was a seamstress. After 7 years of saving they bought a house with two “boarders” meaning two guys lived there in bedrooms and meals were included it so between that rent and dads two jobs they were able after six more years take over while house when third kid was burn. Today that starter house is worth $650k they still have it. It is a lot cheaper today. I hardly recall folks having to do what they did. [/quote] The moralizing about laziness is BS.[/quote] True. I recall once in smart money magazine once a milenial complained his mortgage was large and will not have it paid off by retirement and asked for advice how to pay it down. He looked at his expenses and he was spending $200 a month at gun and $200 for lawn service. He quickly said mowing a lawn is same as going to gym. So do mow own lawn that is $200 A month. Guy quickly responded what does $200 A month do plus I go to gym four days a week so can’t quit gym. He responds quit gym that is $200 a month and mow three other peoples lawns for $600 A month. Now you have an extra $1,000 a month to prepay mortgage and your will knock it down really quick, give up Starbucks, iPhone and leasing cars we can knock it out in 7 years. Guy was like really? [/quote]
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