If I had bought amazon stock 2001 or Netflix, or even apple when iphone come out, I'd have the house. Ofcourse I had the $3000-$5000 it would've taken to make it happen, and it wasn't even that I wouldn't have picked out those stocks.
It was several other things- thought the stocks are only for the rich and wasn't really sure where to go to buy them. No Schwab on every corner asking to open an account like banks did with checking and savings accounts. When I finally opened an account after reading Kiplinger, I bought SCHD I think or one of their ETFs. While it was lovely, it did not match my risk tolerance at all. I put in the $3000 and would have like to take some crazy chance.I was willing to lose it all in and individual stock since my risk tolerance is very high. SCHD is for those who are putting $3000 in every year for the next 30 years, and I wasn't going to do that.
Fast forward 12 years, I'm willing to take some risk again with $6000 this time and Fidelity puts me into another fund in Roth IRA. Their Idea of " I'm willing to lose the money" is
90% stock/10% bond I believe. My idea was some upcoming awesome company, but since I've never invested in individual stocks I didn't even know how to do it. Luckily i had more money to invest this time, like $90k after selling a condo.
I get laid off in March 2020 and look around on youtube to kill time, and get those youtubers talking about individual stocks. I see the market go down and right up. A lot of the youtubers were talking about Tesla. Tesla wasn't my first buy; Baba was. I knew somehow that I need to diversify though. Had never bought an individual stock, but somehow I knew to diversify. So I did. I bought everything in sight- MSFT, Tesla, FB, BABA, Nokia, Qualcomm, Novavax, Zoom- and many more. Ended up selling most of them for profit and going almost all Tesla before split.
Now I even own Bitcoin and Etherum. Long story short, I might have the money to buy the house soon.
Not buying though. Bad time to buy a house while account growing $30-$50k a month. I don't mind a pullback.
How could I be so far removed from stock market from 1997-2020? I was a foreign student with no rights to work; then came 2 economic downturns when I had no money to invest, and then I got into etf's which grew really slowly. Etfs would have been fine if I had had a regular job with 401k that invests in ETF, but I never had a job with 401k.I was a waitress my whole life- very removed from stock market and finance, though I budgeted and read many finance books. All books talk about 8-10% year and being frugal. Not one said that a stock can go from $7 to $550. Would have gotten my attention in a minute. Want to know a joke? Netflix went from $7 a month to $10 for subscription. I was 'fighting the company' and I cancelled the subscription. Had i stayed in, I would have had better chances of noticing that this company was going somewhere. When I got out, I also forgot about Netflix even as blockbuster closed.
I ended up taking money out of Roth and putting that also into Tesla. Should have never been in there after I said I "was willing to lose it".
If all goes well, I can afford the house in 5 years.Yes, the 1.2-2 million house.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think the OP you are referring to is Asian. It is very common for Asian parents (especially ones that are still in Asia) to pay for huge downpayment or buying outright. I know one Chinese colleague, she and her husband bought a $2.2m townhouse in Georgetown at 28. It was paid entirely by the parents.

But do keep in mind, they have to take care the parents after they retire. No senior living community, which is considered a shame. I'm not sure I would trade parents help for that.

No, no and no. Please stop with the cultural assumptions.

I am curious about whether this is a person who is progressive or not. Because the anti-racist education that is on the rise is *entirely* predicated on making these types of assumptions.

It is also anti-factual. Reality is that many Asian families do have these kind of expectations. Not all, of course, but many do. I don’t know why we are now not allowed to acknowledge facts because we don’t approve.

The majority of Asians are not rich nor have even close to this amount of money. The majority of people in this country will are not millionaires and will never be millionaires.

Never and our combined hhi is 800k+

We do own a few properties, all investments.

37.

We bought a $600k home when we were 30/31. We ended up selling it for more than $1.2M when we were 39/40. At some point it’s value went over $1.2, but not sure when exactly.

29.

Bought first place for 700k at 24 with parents providing down payment and co-signing. It appreciated rapidly, sold it five years later for close to 1M. Parents took back their portion, we took the 300K appreciation and put it into a 1.2M house.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think the OP you are referring to is Asian. It is very common for Asian parents (especially ones that are still in Asia) to pay for huge downpayment or buying outright. I know one Chinese colleague, she and her husband bought a $2.2m townhouse in Georgetown at 28. It was paid entirely by the parents.

But do keep in mind, they have to take care the parents after they retire. No senior living community, which is considered a shame. I'm not sure I would trade parents help for that.

No, no and no. Please stop with the cultural assumptions.

I am curious about whether this is a person who is progressive or not. Because the anti-racist education that is on the rise is *entirely* predicated on making these types of assumptions.

It is also anti-factual. Reality is that many Asian families do have these kind of expectations. Not all, of course, but many do. I don’t know why we are now not allowed to acknowledge facts because we don’t approve.

I mean, it would help if you provided a source. Maybe you have one but I think most Americans have ideas of cultural expectations based on their narrow experiences with that culture. The vast majority of Asians cannot help their children buy a home in the US. Obviously that’s going to play out differently when we look at Asians who were able to immigrate to the US, but that in and of itself says nothing about “Asian expectations.” And remember “Asia” is not just Singapore. It’s like people watch crazy rich Asians, read the joy luck club, have a few Chinese acquaintances, and think they know what Asia is like.

Plus, around half of Americans get help with their home purchases. So if it’s a cultural thing, Americans have that in common with “Asians.”

(Sorry for all the scare quotes but I swear people forget that India and the Philippines and other countries with vastly diverse cultures are part of Asia.)

Shoot here is the link. https://www.usatoday.com/story/money/2021/02/03/homes-near-me-52-first-time-buyers-get-help-family-friends/4364255001/

I will never ever buy a home that’s that expensive. (We bought one for 910 and I cringe when I think of the money we are spending on it (opportunity cost, home maintenance, renovations that are necessary). We are definitely getting a smaller place when the kids leave home.)

To purchase the home for 910 we that we had to have family help to the tune of 30K because for various reasons our 401K couldn’t be used for the purpose of reserves. Age 36.

32

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think the OP you are referring to is Asian. It is very common for Asian parents (especially ones that are still in Asia) to pay for huge downpayment or buying outright. I know one Chinese colleague, she and her husband bought a $2.2m townhouse in Georgetown at 28. It was paid entirely by the parents.

But do keep in mind, they have to take care the parents after they retire. No senior living community, which is considered a shame. I'm not sure I would trade parents help for that.

No, no and no. Please stop with the cultural assumptions.

I am curious about whether this is a person who is progressive or not. Because the anti-racist education that is on the rise is *entirely* predicated on making these types of assumptions.

It is also anti-factual. Reality is that many Asian families do have these kind of expectations. Not all, of course, but many do. I don’t know why we are now not allowed to acknowledge facts because we don’t approve.

I mean, it would help if you provided a source. Maybe you have one but I think most Americans have ideas of cultural expectations based on their narrow experiences with that culture. The vast majority of Asians cannot help their children buy a home in the US. Obviously that’s going to play out differently when we look at Asians who were able to immigrate to the US, but that in and of itself says nothing about “Asian expectations.” And remember “Asia” is not just Singapore. It’s like people watch crazy rich Asians, read the joy luck club, have a few Chinese acquaintances, and think they know what Asia is like.

Plus, around half of Americans get help with their home purchases. So if it’s a cultural thing, Americans have that in common with “Asians.”

(Sorry for all the scare quotes but I swear people forget that India and the Philippines and other countries with vastly diverse cultures are part of Asia.)

Anonymous wrote:I was a little bit shock to see someone on the forum buying a $1.4m house at 28. We couldn’t afford a $1.2m until 40!

Oh my gosh! The shock!! Believe it or not the majority of people ( in US and the world) will never be able to afford a 1.2 million dollar home. You are really deep in the bubble of privilege.

Late 30s

Living on a farm sounds like my version of hell, but you do you. You seem lovely, by the way.

Anonymous wrote:Dead.

We could but who wants to? I own a paid off 20 acre profitable farm with a lovely 3800 sf house. I would poke my eye out with a stick before spending a million+ on a suburban McMansion or urban shack.

No need to be rude. Other people have different needs/wants.

With our recently bought weekend/vacation home we are at $1.2 million total @ 42 years old. Primary residence was $700k and getaway home was $500k.