I’ve talked to many of the people who rent homes and condos from us both here in San Diego and elsewhere about their lives, and, although they have great jobs, most of them are not in a position to buy homes–would like to–but don’t know if it will ever be possible for them. In addition, they don’t know if they’ll keep their jobs long enough to be able to retire–ever–and on and on.
Other friends who also own lots of rental properties tell me they hear the same things from their tenants–people with great jobs, who can’t get ahead.
When my parents started renting properties out years ago, it seemed people would rent for a shorter period of time, then buy their own homes quite soon thereafter.
“Wealth Gap,” or otherwise, things seem to be getting tougher and tougher out there for more and more people.[/quote]
I think you, flyer, are one of the few people who sorta “gets” it here. It’s not just about spending money and ALL these people pissing their dollars away. Sure, some do, most incomes are just not that high. Also, it’s hard to save with a wife/family. Easy if you are single and can cut everything in your life (I was always the saver myself).
I think the problem with this forum and a lot of people (AN, yes you), is that if you have a great tech job or a very high paying (relative to the general populace) job, you’re really tone-deaf and out of touch with how a lot of people live.
As someone who HAS worked in high tech during the tech boom making well more than 200k+ and having options/perks/you name it…people in silicon valley, here, wealthy people simply don’t “get it”.
Having LEFT hi-tech and worked in other industries, finance, self employed, and seeing how regular schmos live, it’s not as easy to make it big since your job is REALLY not as stable, it’s not as easy to find work (I NEVER WORRIED ABOUT FINDING WORK WHEN I WAS IN TECH). I also got laid off and know of others who got fired and messed with by the company so they couldn’t find easy work afterwards. I also know someone who had 4 jobs in 4 years (CFP) and just can’t find that idea gig…
For people who have it, tech work IS really different than most other jobs (and some others as well).
Is this the fault of the worker? in a way, it is…but the tech industry wasn’t this lucrative say 20 years ago. Also, people working in econ/biz can be laid off and there might not be as much work to be had (traders now I hear)… (think architects also as an example) or even regular engineers not killing it as much I don’t think.
If your job isn’t that stable, you aren’t clearing massive amounts yet and you have a family, it’s a lot tougher…
I saved most of my money when I was single, much harder if you are ramping up young and your job changes a lot or layoffs, etc…
Taxes being more fair (tax all income the same) I think would help a bit (Warren buffet supports this)….[/quote]
Agree 100% with this. This is exactly what I’ve seen.
