Im bowing out

[Deleted member 28227]

I think teaching how to manage money is important, but I don’t think we’re all supposed to be trust fund kids.

Agree ? Lol

Here’s the point, you are in trucking, I assume not with a big company that has a pension plan that you will pay into for 40 years? Social security is not going to cover you from 65/67- death… therefore you need to save. If you are a 1099 earner then IRAs are a important thing for you to understand and utilize.

My point is your parents probably didn’t teach you about them, maybe they did, but they are kinda new so I’m not faulting them.

 

[TOGIE]

I was told you know you are getting old when you start saying “I don’t know how these kids will make it”.

you know you're still young when you're looking at the boomers starting to wonder "boy, i'm not sure how they're gonna make it..."

 

[Nick87]

Agree ? Lol

Here’s the point, you are in trucking, I assume not with a big company that has a pension plan that you will pay into for 40 years? Social security is not going to cover you from 65/67- death… therefore you need to save. If you are a 1099 earner then IRAs are a important thing for you to understand and utilize.

My point is your parents probably didn’t teach you about them, maybe they did, but they are kinda new so I’m not faulting them.

I'm in a union pension plan and ill still need a separate IRA. Just sayin

 

[Nick87]

Agree ? Lol

Here’s the point, you are in trucking, I assume not with a big company that has a pension plan that you will pay into for 40 years? Social security is not going to cover you from 65/67- death… therefore you need to save. If you are a 1099 earner then IRAs are a important thing for you to understand and utilize.

My point is your parents probably didn’t teach you about them, maybe they did, but they are kinda new so I’m not faulting them.

Speaking of which Douglas with this fuel I'm gonna guess your spending an extra $400to 600 a week with fuel costs what they are which we all know is most to all the net profit for that week depending on the week. Ask any owner operators if there budget has changed lately.

 

[DouglasR]

Agree ? Lol

Here’s the point, you are in trucking, I assume not with a big company that has a pension plan that you will pay into for 40 years? Social security is not going to cover you from 65/67- death… therefore you need to save. If you are a 1099 earner then IRAs are a important thing for you to understand and utilize.

My point is your parents probably didn’t teach you about them, maybe they did, but they are kinda new so I’m not faulting them.

couldn’t I just own 1 house, pay it off, invest the rest of my money in well maintained equipment, sell that shit when I turn 65 and fuel boats in ft lauderdale until I die?

 

[DouglasR]

Agree ? Lol

Here’s the point, you are in trucking, I assume not with a big company that has a pension plan that you will pay into for 40 years? Social security is not going to cover you from 65/67- death… therefore you need to save. If you are a 1099 earner then IRAs are a important thing for you to understand and utilize.

My point is your parents probably didn’t teach you about them, maybe they did, but they are kinda new so I’m not faulting them.

Also, you don’t retire from trucking.
Pussy!!!

 

[Deleted member 28227]

I'm in a union pension plan and ill still need a separate IRA. Just sayin

Totally.

 

[DouglasR]

Speaking of which Douglas with this fuel I'm gonna guess your spending an extra $400to 600 a week with fuel costs what they are which we all know is most to all the net profit for that week depending on the week. Ask any owner operators if there budget has changed lately

Fuel surcharges and negotiating.
Get ready to pay more for your rock.

 

[Deleted member 28227]

couldn’t I just own 1 house, pay it off, invest the rest of my money in well maintained equipment, sell that shit when I turn 65 and fuel boats in ft lauderdale until I die?

Also, you don’t retire from trucking.
Pussy!!!

As my wife constantly tells patients most people decline they don’t go from fully functional to dead.

The reality is there probably will be a period in your life where you aren’t able to your current profession and we all need to be prepared for that.

Im not sure the value of equipment, what you can get for it, and your life style post working expenses. If that is the plan I would hedge and still invest.

 

[DouglasR]

As my wife constantly tells patients most people decline they don’t go from fully functional to dead.

The reality is there probably will be a period in your life where you aren’t able to your current profession and we all need to be prepared for that.

Im not sure the value of equipment, what you can get for it, and your life style post working expenses. If that is the plan I would hedge and still invest.

She’s like a 30 year old girl!
I’m not listening to her!

 

[DouglasR]

As my wife constantly tells patients most people decline they don’t go from fully functional to dead.

The reality is there probably will be a period in your life where you aren’t able to your current profession and we all need to be prepared for that.

Im not sure the value of equipment, what you can get for it, and your life style post working expenses. If that is the plan I would hedge and still invest.

And from what I hear, she’s ass deep in debt!
I’m not listening to her!

*im so sorry this New Mexican air gets me all spun up.

 

[Elkmagnet]

5, I had 3 daughters that did the same, they just didn’t hunt all fall like the boys did.

All my kids bought nicer homes at an earlier stage in their lives than I ever did. We live in the smallest house of the whole lot, and it took us longer to get there.

My oldest son is 40 and debt free. He did it buying and managing houses and real estate. I can do it and my kids all did it and telling me you can’t today is only depending on how hard you want to work for it.

I would ask when did they do all of this? What year were the graduations?
2015 = cake walk.
2021 = hot coal walk.
Ymmv

 

[DouglasR]

As my wife constantly tells patients most people decline they don’t go from fully functional to dead.

The reality is there probably will be a period in your life where you aren’t able to your current profession and we all need to be prepared for that.

Im not sure the value of equipment, what you can get for it, and your life style post working expenses. If that is the plan I would hedge and still invest.

How much of them there student loans do you and your wife have left?
If you sold all your shit would you come out on top?

 

[Greggkp]

I know nothing about codes and you have piqued my interest, can you share some examples of what an international code might say v. Local and how that impacts things?

A prime example is the adobe home in which my grandparents lived in northern NM. As you probably know, adobe is made by hand from local dirt, straw and water. The ceiling was made from logs (vigas) overlaid by sticks (latillas) further overlaid by paper and dirt for insulation. It was one of the most comfortable, energy efficient homes I’ve been in.

It could easily have been built by a young family (and friends would have quickened the process) as a starter home. None of that is allowed by the 2021 International Building Code (for more info on the “family“ of International Codes go to iccsafe.org) which are adopted by almost all permitting agencies. To it’s credit, NM adopted an adobe code that allows adobe and rammed earth to construct walls, but all other aspects of the house would likely be governed by the IBC.

Further, the core of that home was 150 years old when they bought it in the late 1960’s. It was still actively occupied when I last saw it 10 years ago. Compare longevity of that to the clapboard sided tract homes being thrown up today under the auspices of the IBC.

I really don’t have the answers to this current situation. I will say that we are governed by many regulations put in place to “make us safe” fearfully allowed by us that reduce our time and money.

 

[Nick87]

Fuel surcharges and negotiating.
Get ready to pay more for your rock.

Get ready to pay more for everything

 

[shrapnel]

I would ask when did they do all of this? What year were the graduations?
2015 = cake walk.
2021 = hot coal walk.
Ymmv

You continue to miss the point of what costs are due to need and want. I have made the point that the problem is when someone wants to start out in a home that most people work their way into, it will choke you.

Where does the need or right of a first home that would cost $600,000.00 fit into the matrix of home ownership that you assume a person has to start at that point?

 

[SAJ-99]

---------------------------------------------------------
Median Price of homes in 1977 ~ $47,750
Adjusted for inflation that would be $229,484.05
Median Price of homes in 2021 - $453,700

Wonder what it would be on Square ft basis? I’m sure the trend would hold, but the discrepancy would narrow.

 

[Sytes]

if you're 16 and working your first job, even at Wendy's making $18/hr you are a lot further away from owning your own home than if you were at 16 in 1977 getting paid minimum wage

I believe your missing an equation that has initially ---> subtly entered and now takes center stage.
2 incomes per household. (Unless your spouse is a $$$ machine: hint, hint Wllm )

At one time, people believed a different family metric than today.

Whereas you suggest 1.21, 2 incomes quickly place perspective for simple Wendy's jobs.
Apply a COLA to various areas and everything makes perfect sense! (Humor)

Side note:
Amazing how much a Wendy's manager makes! Upwards 80k and more in other areas.

If this was already touched on 6 pages earlier - blah.

 

[406dn]

Without a doubt a large reason home costs have risen so much is the trend toward larger homes. The home my parents purchased was maybe, on its best day 1000 sq. ft. Somehow they raised four children in it. We learned to share the bathroom, yada, yada.

I have never chased a large home, by today's standards. Our present home is 1750ish sq. ft. We did spend more to have an acreage to support my horse habit.

But everyone chooses what their path is. A larger home is important to many. I don't second guess their choice, well maybe a little. But others might wonder why I spend so much on horses.

I am reasonably certain that many families' lifestyles are financed with a mountain of debt. Our society has grown quite comfortable with debt financing.

 

[Deleted member 28227]

Wonder what it would be on Square ft basis? I’m sure the trend would hold, but the discrepancy would narrow.

I will do some digging…

Seems likely for rural but I imagine the trend goes the opposite way for urban?