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Old 06-06-2008, 07:28 PM   #41
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The way the markets have been lately, won't be retiring any time soon anyway. But I agree, running the numbers helps a lot. Right up until I trip over a pile of toys in the living room.
Kids grow older FAST and pretty soon they won't leave toys on the living room floor. Eventually they won't come out of their bedrooms except to eat, borrow the car, and/or go to the mall with their friends to get something or other pierced.
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Old 06-06-2008, 08:35 PM   #42
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Here's how you can snap out of it....Start making monthly "payments" equal to your current payment plus the PITI on the "new" house. Of course, the "new house" payment will go into your savings account. Do that for about 8 months to simulate having two mortgages while your house is selling. If that doesn't cure you, keep making the "new house" PITI payments a little longer until you snap to.
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Old 06-06-2008, 08:51 PM   #43
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Buckeye what does the last I stand for in Pain in the I you mention?
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Old 06-06-2008, 09:07 PM   #44
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Buckeye what does the last I stand for in Pain in the I you mention?
I'm not Buckeye, but Principal, Interest, Taxes, Insurance (I think)

Almost, but not quite the same as PITA...
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Old 06-06-2008, 09:10 PM   #45
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I personally opted for the smaller house / earlier retirement option. In part, that was a matter of luck. We got out bid on a bigger place a couple of years ago and I'm pretty happy we did. It's really easy to upgrade your lifestyle, it's very hard to go the other way. The bigger house would have meant several more years before we reached the level of financial independence we want and, in the end, FI is our goal . . . not more, or even nicer, stuff.

I've heard it said that the things you own end up owning you. It seems that is never more true then with real estate. Most of my friends have houses that cost 4x-5x what we paid for ours. They're very nice places, and I'm very happy for them. But after I visit I can't help but think how glad I am not to be shackled to their lifestyle.
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Old 06-06-2008, 09:29 PM   #46
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I personally opted for the smaller house / earlier retirement option. In part, that was a matter of luck. We got out bid on a bigger place a couple of years ago and I'm pretty happy we did. It's really easy to upgrade your lifestyle, it's very hard to go the other way. The bigger house would have meant several more years before we reached the level of financial independence we want and, in the end, FI is our goal . . . not more, or even nicer, stuff.

I've heard it said that the things you own end up owning you. It seems that is never more true then with real estate. Most of my friends have houses that cost 4x-5x what we paid for ours. They're very nice places, and I'm very happy for them. But after I visit I can't help but think how glad I am not to be shackled to their lifestyle.
That's so true. It turns out that I can afford a very big house if I want one in the low cost area where I plan to ER. So, I have been thinking and imagining different types of houses and lifestyles.

I love the big old Victorians with all the gingerbread and architectural detail, but I'm just not wanting to do that much renovation and just the updating of electricity alone could be ghastly. I really don't want to spend the rest of my life maintaining (or arranging for the maintenance of) a new McMansion. I don't want to live the yuppie lifestyle, which to me means hinging my self-worth on what other people think about the collection of things that I own.

A simple lifestyle in a home of moderate size sounds much more appealing to me than living in a huge home. Lately I've even been wondering about a smallish condo, since I never use my yard.
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Old 06-06-2008, 10:51 PM   #47
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Kids grow older FAST and pretty soon they won't leave toys on the living room floor. Eventually they won't come out of their bedrooms except to eat, borrow the car, and/or go to the mall with their friends to get something or other pierced.
That is so true. They are grown and on the way out before you know it.
I added a pool and thought they would enjoy it for years. It seems they barely had time to use it and are now off to college. I wouldn't base my decisions on thinking long term about the kids.
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Old 06-07-2008, 06:49 AM   #48
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That is so true. They are grown and on the way out before you know it.
I added a pool and thought they would enjoy it for years. It seems they barely had time to use it and are now off to college. I wouldn't base my decisions on thinking long term about the kids.
We built much bigger than we needed - for the future grandkids - and the pool for the kids, who hardly have a chance to use it before flying the coop. If I had it to do over, everything would be smaller...love the place, but woulda, shoulda dunnit smaller.

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Old 06-07-2008, 08:03 AM   #49
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DW and I both became minimalists when we left our former marriages. Left nearly everything behind and started with a view to avoiding accumulating "stuff".
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Old 06-07-2008, 08:14 AM   #50
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Yes, I have thought often of just going back, renting one of the cool little bungalows downtown and just be the best cycling maniac I could be. Very attractive idea.
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I battle this every 18 months. It just takes running the numbers to snap me out of it, especially the one where it potentially delays retirement.
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Originally Posted by . . . Yrs to Go View Post
I personally opted for the smaller house / earlier retirement option. In part, that was a matter of luck. We got out bid on a bigger place a couple of years ago and I'm pretty happy we did. It's really easy to upgrade your lifestyle, it's very hard to go the other way. The bigger house would have meant several more years before we reached the level of financial independence we want and, in the end, FI is our goal . . . not more, or even nicer, stuff.

I've heard it said that the things you own end up owning you. It seems that is never more true then with real estate. Most of my friends have houses that cost 4x-5x what we paid for ours. They're very nice places, and I'm very happy for them. But after I visit I can't help but think how glad I am not to be shackled to their lifestyle.
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DW and I both became minimalists when we left our former marriages. Left nearly everything behind and started with a view to avoiding accumulating "stuff".
I detect a trend here...

What they said. My primary focus is to get to the FIRE state. Of course, my kid is grown, and no DW. All you need is love! And 4%...
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Old 06-07-2008, 06:06 PM   #51
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Originally Posted by . . . Yrs to Go View Post
I personally opted for the smaller house / earlier retirement option. In part, that was a matter of luck. We got out bid on a bigger place a couple of years ago and I'm pretty happy we did. It's really easy to upgrade your lifestyle, it's very hard to go the other way. The bigger house would have meant several more years before we reached the level of financial independence we want and, in the end, FI is our goal . . . not more, or even nicer, stuff.

I've heard it said that the things you own end up owning you. It seems that is never more true then with real estate. Most of my friends have houses that cost 4x-5x what we paid for ours. They're very nice places, and I'm very happy for them. But after I visit I can't help but think how glad I am not to be shackled to their lifestyle.
Frankly, I don't know how you and Brew do it. Working on Wall Street, you guys must be constantly exposed to the high life.
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Old 06-07-2008, 07:01 PM   #52
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The way the markets have been lately, won't be retiring any time soon anyway. But I agree, running the numbers helps a lot. Right up until I trip over a pile of toys in the living room.
LOL, I threw a FIT the other day because we converted our garage into a playroom SPECIFICALLY to hold all these #%^@ toys - and it's full and I STILL tripped over toys in the living room! DW is so frugal, but has a total blind spot for toys for the kids. We have hundreds of books, doodle pads, tricycles, scooters, blocks of every size, it's out of control! These dang kids don't know how good they have it!

DW came home with ANOTHER tricycle today, "It's pedals are closer and easier to ride, it was only $20!".
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Old 06-08-2008, 12:45 AM   #53
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I am a bottom fisher by inclination, for better or worse. Gawd made me a cheap bastid that loves a bargain investment, and the more everyone is positive that things are terrible, the more I am interested.
Is anyone else tempted to upgrade amidst the wreckage?
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Trends, both upward and downward, tend to go longer and further than we expect. The house bubble went up for a long time and a long way, so now...
We only need a few more pieces of information to arrive at a decision: what prices will these homes be selling for in 2009, 2015, and 2020?

The only housing decisions worth making with kids in mind are schools & neighborhoods. You probably don't really find the "live here for the rest of my life" house until you're an empty nester.

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DW came home with ANOTHER tricycle today, "It's pedals are closer and easier to ride, it was only $20!".
Save those boxes and get ready for the mother of all eBay/Craigslist sales!
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Old 06-08-2008, 01:09 AM   #54
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As for Colorado, I'd say come on out. Denver is my home, and we like to brag about our 300 days of sunshine a year, golf in January, and of course the Rocky Mountains.

We just got back tonight from spreading Mom's ashes on Mt. Evans - a 14,000 foot mountain just an hour west of Denver. What a magical place. We spread the ashes at Summit Lake - elev 12,800 feet - but still 5 miles and about 1500 feet below the summit. Then the clouds descended and left us enveloped in a nice, thick fog. Once, several years ago, we attempted to make it to the summit in similar circumstances, and we found ourselves in clouds so thick you literally couldn't see the end of the hood. We damn near got ourselves in a very precarious situation...

So being a few years older, and hopefully wiser, we decided tonight that only a fool would attempt the summit again when mother nature is yelling "go home!".

We crawled our way back down the mountain.

This is a wonderful place to live. And while I don't know where you call home, I suspect - based on your property tax worries - that it must be one of those high-tax eastern states.

Not such a problem, here.

And we have Mt. Evans for some truly memorable, close-to-home experiences...
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Old 06-08-2008, 06:07 PM   #55
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Tax Bill

"Its the RE taxes that scare the crap out of me." brewer12345

I've been looking at doing a similar deal. Except, I want a place with some kind of rental that goes with it. Small cottage on the property or above the garage.

The rent from that will pay the new property taxes.

b.
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Old 06-08-2008, 07:39 PM   #56
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No. The one we have has three bathrooms. Never buy a house that has more rooms than you want to clean.

Or heat / cool...

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Originally Posted by brewer12345
"Its the RE taxes that scare the crap out of me." brewer12345
Amen... them school taxes keep risin' and those kids still can't read!

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I have a modest house now, and my next one will be smaller but nicer. Large houses don't appeal to me at all, not only the taxes but the utility costs can only get worse. A larger house makes as much sense as a new Hummer-Excursion-Surburban IMO. Fortunately we're all wired differently, good luck with your decision...
The diamond amidst the roughs - quality vs. quantity. I like that. And the bigger house means what about us vis-a-vis our neighbors? We consume more? Need more? Have to be first in line? Sociology has studied this one in great detail.

I dunno, seems where we're at now dictates a more conservative approach as to our consumption. Besides, IMHO, I believe that most of us have been manipulated by the current real estate market by those who profit in the selling. Bigger price, bigger commission. This kind of collusion has been a testament to human nature. Natural selection has calmed this buzz down, though...

Grass is always greener on the other side, eh? Consumerism.

That being said, I find myself in this "relentless pursuit for perfection" (who said that ?) of the great investment type so as to ensure our retirement comfort, health and safety... But is bigger n' better the way to do it?
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Old 06-08-2008, 10:36 PM   #57
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Another Point

Another thought. I forget where you are brewer, but where I am in California if a home owner is over a certain age (50 or 65 can't remember which) you can buy another home that is equal-to or less-than the sale price of your current home and transfer the old taxes to the new home.

Several counties in California will do this for you. Not a bad deal if you can manage to find a house in a county that will accept this.

Besides our Prop 13 tax cap, another reason to buy in sunny California.

boont
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Old 06-09-2008, 05:29 AM   #58
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As for Colorado, I'd say come on out. Denver is my home, and we like to brag about our 300 days of sunshine a year, golf in January, and of course the Rocky Mountains.

We just got back tonight from spreading Mom's ashes on Mt. Evans - a 14,000 foot mountain just an hour west of Denver. What a magical place. We spread the ashes at Summit Lake - elev 12,800 feet - but still 5 miles and about 1500 feet below the summit. Then the clouds descended and left us enveloped in a nice, thick fog. Once, several years ago, we attempted to make it to the summit in similar circumstances, and we found ourselves in clouds so thick you literally couldn't see the end of the hood. We damn near got ourselves in a very precarious situation...

So being a few years older, and hopefully wiser, we decided tonight that only a fool would attempt the summit again when mother nature is yelling "go home!".

We crawled our way back down the mountain.

This is a wonderful place to live. And while I don't know where you call home, I suspect - based on your property tax worries - that it must be one of those high-tax eastern states.

Not such a problem, here.

And we have Mt. Evans for some truly memorable, close-to-home experiences...
Yes, I have ridden up Mt. Evans (only 2/3 of the way) on a bicycle. The guy I rode with at the time is 6'6" and 225 lbs, and it was his idea to climb Mt. Evans and Vail Pass on back to back days. About 2/3 up the way up, the trees disappeared, and the wind picked up, so he decided to call it a day. Yes, I stick by that story.
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