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Old 09-10-2011, 10:22 AM   #41
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gpsparks2: Yes, I'll bump my "roof, roofers, roofing" thread. Thanks for asking.

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Old 09-11-2011, 01:24 PM   #42
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Originally Posted by SLC Tortfeasor View Post
Hmm, it's been almost a year since I last looked at this thread. Since that time, my house has depreciated in value, and still no inflation. Oh well. Maybe some ridiculous emoticon will cheer me up...

Hmmm. I guess not. Maybe I'll check in again in another year.

You're confusing inflation in the price of goods with wage inflation. One doesn't mean the other. If you want to play on inflation, use any savings you have to purchase commodities, precious metals, or metal miners. Use those profits to pay off your home in a few years.
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Old 09-12-2011, 03:33 PM   #43
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Old 09-12-2011, 03:36 PM   #44
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Amethyst: Can you give an update on your roof?
Roofs, Roofers, Roofing - It's All Over My Head
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Old 09-13-2011, 08:33 AM   #45
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SLC Tortfeasor, congratulations on your new home!

Will tell you "hope is not a strategy". I'll pray for your family that Uncle Murphy doesn’t move into one of your guest rooms
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Old 09-13-2011, 08:44 AM   #46
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A beautiful home for a young lovely family. It's all good, SLC. Still, if you can, try to save a little toward ER along the way. Thank you for sharing.
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Old 09-13-2011, 10:58 AM   #47
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And, how about a few pictures of the new home
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Old 09-14-2011, 08:27 PM   #48
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Every now and then, I get tempted to "upgrade" to a big, luxurious house with all the trimmings located in an awesome school district. But I just want to ER too bad to go through with it. I'll stick with my average house, and probably 5-10 times the net worth of my neighbors.

SLC, as long as you have no regrets, who am I to judge? If you do (have regrets), sounds like you bought in a great location, so do forget it is possible to sell a house too if you change your mind.
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Old 10-14-2011, 06:05 AM   #49
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I think this scenario fits a lot of the 20 or 30 somethings that dream of ER. A little bit of life wife comes along and their dreams change.
Fixed?! .

SLC, best of luck to you. Just try to do the best you can, including paying down the mortgage aggressively.
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Old 01-02-2012, 06:14 AM   #50
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Let's see...

Good:
*Wife
*Kid
*Nice Home
*Nice Income

Bad:
*ER not in sight.

So 4 for 5 ain't bad in life, baseball, three point shooting, and many other things.

You are looking good!!
good advice, quality of life is the most important part of our short stay here, I wish I had listened to my own advice! I have plenty money ( not trying to be a dick) to satisfy my life but have sacrificed a lot - money is paper Family is everything.

best wishes my friend - enjoy what you have.
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Old 08-21-2014, 11:26 PM   #51
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Hi all, quick status update:

It's been over 2.5 years since my last post. Since then my kids have both become potty trained, my wife's income has greatly increased, my income has gone down slightly, our monthly expenses have gone up, and we're about to receive a nice, medium-sized inheritance.

"Early retirement" for me now means a couple years earlier early, as opposed to retiring 10 or 15 years early as I used to fantasize. But I feel okay with that, because my new job is so much more enjoyable and lower stress than my old job.

Anyway, just thought I'd check in and give an update. It may be another 2.5 years before I check in again.
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Old 08-26-2014, 09:06 AM   #52
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Thanks for the update, SLC.
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Old 08-26-2014, 10:03 PM   #53
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Ah yes, the old Fork in the road. Everyone needs to make these decisions.
So far I have taken the one less traveled, and am hoping it will make all the difference.
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Old 08-27-2014, 05:33 PM   #54
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I was house poor when I first started out, but over time the payment stays the same and your available cash increases. So while starting young and taking advantage of compounding is a solid path, it is not the only path. Even with house payment being a large portion of your budget, you can still LBYM and save some.

One of the best and biggest bumps in my investments was selling my house and moving to lower COL area. Between the amount of principle paid down and house value increase, I walked out of the sale with a check over $400K. That is after-tax money. You can do the same, just stick to it and save as much as you can.
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Old 08-28-2014, 07:55 AM   #55
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+1 on this. I wouldn't recommend counting on this to a young person looking to buy their first house, but it happened to work for me, too. The original mortgage was definitely more than 2x income at the time, but it has since dropped a ton (comparing original mortgage amount to current income). Some of that improvement was from refinancing to cut the interest rate in half, but most of it was from substantial increases in income.

Quote:
Originally Posted by 38Chevy454 View Post
I was house poor when I first started out, but over time the payment stays the same and your available cash increases. So while starting young and taking advantage of compounding is a solid path, it is not the only path. Even with house payment being a large portion of your budget, you can still LBYM and save some.

One of the best and biggest bumps in my investments was selling my house and moving to lower COL area. Between the amount of principle paid down and house value increase, I walked out of the sale with a check over $400K. That is after-tax money. You can do the same, just stick to it and save as much as you can.
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Old 08-28-2014, 10:34 AM   #56
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So far I have taken the one less traveled, and am hoping it will make all the difference.
I thought that when you come to a fork in the road, you should pick it up.
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Old 09-26-2014, 11:26 AM   #57
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So I haven't posted here in about 2 years. During that time I've gotten married, had a kid, sold a house, bought another house, and in the process completely given up on my ER dream.

The main culprit was the house. Our old house was fun, funky, hip, urban, and generally cool. And very affordable. But it wasn't a satisfactory for our new family for a bunch of reasons (neighborhood, layout, etc.). So we bought a new house with the intention of getting into the best school district, having a big yard for the kid to play in, never having to remodel again, etc. All of that costs a lot of money, so we got the biggest mortgage we possibly could (at least we put down 20%) and bought a ridiculously big, luxurious house on one of the city's most prestigious streets.

So even though I knew better, we are now the classic high-income-yet-cash-strapped young family. Our hope is that our incomes will rise over the years and that we'll "grow into" our new house.

There are lots of stories of young dreamers well on their way to ER success, unfortunately this isn't one of them. But at least we've got an awesome house!!

Just thought I'd share. Good luck to everyone else.

I immediately thought of you after recently singing a PA for a home. When we were looking for a home this summer it seems the price point kept rising ever so slightly until we signed for 377k. My original limit that my wife and I agreed on was 350 and therefore we spent 27k or almost 8% higher than we planned. I guess the trade-off is we get the choice of 2 great school districts, and a completely private and never to be developed wetland of a backyard. Will it set my ER back...probably not.

We ran our budget with the updated housing figure to see how it would affect our as we call it "expendable income". Surprisingly the difference between our limit and the actual paying price is not a huge increase to the monthly payment, but we still feel uneasy. Knowing I am maxing both Roths my 401k, and DH almost maxing her 401k we will still have a bit of expendable income to spare makes us feel a little bit better. We have a few places we can still trim the fat to ensure either a faster ER or at minimmum to stick to the 18year plan.

I didn't sleep right the night I signed this PA...which was strange but probably natural. The second night my anxieties were calmed after re-checking the budget and seing some expendable income. It also allowed me to recognize some further areas me and the DH can save money.
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Old 10-01-2014, 10:12 PM   #58
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Checking in again after another 2.5 year absence
Old 04-20-2017, 06:45 PM   #59
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Checking in again after another 2.5 year absence

Not sure if anyone's interested, but after another 2.5 year absence, I'm back with another status report.

Kids are a little older and doing well. Wife and I are still happy. We've both had small raises.

The inheritance we received was not huge, but it did come at an opportune time and was a huge, undeserved boost to our financial condition. We invested about half of it in a few Vanguard funds, used some to buy our family car, and put the other half of it toward paying down the principal on our mortgage. At the same time, we refinanced from a 30 year to a 15 year loan. Our monthly payments are now much lower and would be sustainable on a single income if necessary. The house which previously was a huge burden will be paid off while our oldest is a sophomore in college. Huzzah!!

One of the really good things about the house we bought is that it truly has afforded us room to grow into it. We have stayed here longer than any previous residence and see no reason to move until we downsize once we're empty nesters.

So, things are looking up. I sleep so much easier now than when I started this thread seven years ago!
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Old 04-20-2017, 07:04 PM   #60
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Thanks for thinking of us and for checking in. It is good to know all is going well for you guys. I suppose at this point getting to ER depends on:
-- Sticking to your savings plan (keep socking it away)
-- How your investments perform
-- How the real estate market in your area does between now and when you decide to sell your home and downsize.

All you can control is the first one, but usually that is enough to get the job done. Best wishes.
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