All so true ER! CA has become the land of “smoke and mirrors,” and I’m saying that as a native.
That wasn’t really the case when my wife and I grew up here in LJ, but as it’s become more expensive, and competitive, and people have become more and more desperate to “keep up appearances,” it has devolved into that.
What’s sad is that many people will spend everything they make during their best earning years just to exist here, then be left high and dry later in life, when they need financial security. Not a good plan.
People are always astounded when I bring up the topic of “net worth,” it’s like an elephant entered the room.[/quote]
Absolutely true flyer. I’ve seen quite a bit of that in Southern California. San Diego seems to be much more laid back vs. other places like Orange County.
So true about people spending everything just to “exist” here. I’ve seen quite a bit of that as well. They talk about the great weather, the beautiful scenery, the wonderful beaches but they don’t really talk about their relatively low paying jobs with the sunshine tax and their relatively high rental/mortgage payments and high taxes.
I always wondered about how things will end for some. And funny about you mentioning the topic of net worth. I just finished reading, “The Number” by Lee Eisenberg. It was a great and interesting read. (They have it at the San Diego County Library so you don’t even need to pay to read it).
We can all agree to disagree on the smarts of paying off one’s mortgage early. However, I will say that those of you that have done it know how wonderful of a feeling and accomplishment it is. Once you live a totally debt free life including your primary mortgage or even investment property mortgages…. you’ll never again want to get into debt. (Or at least most of the people I know that are in that position tell me they agree with that sensation).
Also, I’ll mention that it’s funny how you get penalized on your FICO if you have no debt. Ironic that if you pay off your house after many years your FICO goes down. Or if you pay cash for your cars your FICO will go down if it’s been many years with no car payment.
My FICO has been over 800 for most of my adult life. I had mortgages before (over 7 years ago), I had car payments before (many years ago). I had LOTS of student loans previously (long since paid off). But after many years they drop off and your FICO score actually goes down if you have no debt. I always thought that was ironic. Oh well… Only in America!
