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flyer
ParticipantThe ones who seem to be gaming the system to their advantage, may or may not last through retirement–only time will tell. A 50+ year old with negative or no net worth is not a pretty picture.
ParticipantUnderstand, SP, but, although I’m far from perfect, I’m still glad I was able to acquire my wealth without compromising what I consider to be ethical. IMO, with regard to some “strategic defaults,” playing the system just because one CAN is pretty lame.
Participant+1 BG and NJ. Very tired of hearing the “victim” stories. IMO, other than for catastrophic reasons, I believe there are very few ethically justifiable reasons to walk on any financial obligation, including a home. I realize it’s legal, and that some consider it very clever, but I still don’t agree.
We’ve seen a few “strategic defaults” over the years, and, in every case, they could have been avoided if the buyer had been more realistic about their true borrowing status from the beginning.
IMO, buying a million dollar home or any home, when you know (and most people do know on the day they sign the documents) that you are unprepared if anything unforseen happens, or things don’t go your way with appreciation, etc., etc., is just plain idiotic.
These are, most likely, the same people who will be whining about not having enough money to retire. With a huge percentage of the country in this category, in the very near future, I fully expect to start hearing more brilliant reasoning like “I didn’t know I was going to get old,” as an excuse for little, if any, retirement planning. Sad.
ParticipantWe happen to have a very large home (mainly because we got a “steal” in RSF many years ago) in which we raised our kids. We all have great memories of everything from birthday and pool parties to graduations, to–you name it–when it comes to our home of 20+ years.
Of course, as many others have mentioned, the lifestyle we gave our kids apart from our home are also memories we cherish, and, IMO, it’s really all about the family, not so much the house–large or small.
For those who still have younger kids going forward, a larger home might be practical, from a multi-generational perspective.
We have friends who have this situation, and have also seen stats that, more than ever, a very large number of families are living under one roof indefinitely–with kids and grandparents–especially in expensive locations. Either that, or many end of up leaving the state for financial reasons.
ParticipantTo the OP:
You have every right to feel however you feel about a certain geographic location for whatever reasons you may have. We all have our preferences with regard to housing, but I’m sorry to hear this experience has cost you time and money.
I’m sure you are young, and, now that you know what you want, and what you don’t want, you’ll recover in time, and all of this will be but a distant memory.
Good Luck!
ParticipantAgree TS. Guess many in our family just feel that’s our “comfort zone,” but it’s definitely not necessary for everyone.
Participant[quote=bearishgurl][quote=flyer]Per the trend of this thread. A stat that still amazes me, is how few people have a million+ in net worth–especially in CA–where the “appearance of wealth” is so highly prized.
As a native, that’s why, IMO, CA tends to be a somewhat of a revolving door–few can sustain it here (in the lifestyle to which they have become accustomed) through retirement.[/quote]
Well, flyer, that depends on the lifestyle to which one has been “accustomed to.” I see PLENTY of retirees who have been “sustaining themselves” in SD County in retirement for decades.
Prop 13 allowed them to stay in their homes (modest or not) and pay just a few hundred annually in property taxes. Defined benefit plans (often 3 or more per hshld), along with SS and savings, have enabled most of them to travel some and assist children or grandchildren with college expenses and buying homes.
Many of them have more than $1M in net worth or even in cash but they don’t need it and will likely never use it all … yes, these people live in ALL areas of SD County.
You must know that you can’t really judge a person by their house, neighborhood or vehicle they drive, especially a senior citizen :)[/quote]
I agree with you BG, many retirees, and those of us who have been here for many years really don’t have many, if any, financial concerns–regardless of where in the city we live–and I definitely wasn’t judging anyone.
Per your examples, my MIL pays less than a thousand a year in property taxes for an ocean view home in Sunset Cliffs, and I could cite many others, just in our family alone.
My point was that most financial professionals suggest that, going forward, a million+, or the equivalent in pensions, etc., as you mentioned, will, most likely be what many will need to comfortably retire in the future.
At this point in time, the stats reveal that only about 5% of the population fall into this category, so that does make one wonder about the “appearance of faux wealth” we see all around us.
ParticipantActually, the lifestyle FlyerInHi described is probably perfect for some people–so, IMO, and as another poster mentioned–no judgement call can really be made on who has a “better life.”
Personally, we’ve lived and visited enough places to know we want our home base to remain in San Diego, with extended travel elsewhere. We have many friends who have purchased properties elsewhere, living in two or more places, and most have ended up coming back home to CA.
They are very glad they kept their homes here–especially as they got older and couldn’t, or did not want to travel as much–so I’ve seen both sides of this equation.
All of us are only here for a relatively short time, so, again, IMO, the main thing is to love life–wherever you choose live!
ParticipantAnother good option for living elsewhere without buying, is having reciprocal relationships with friends and family in other locales.
We seem to have friends/family who have some amazing homes in great locations around the world, and we stay with them for extended periods just about every year. In turn, they know they are more than welcome to stay with us in RSF. In our minds, this is the best of all worlds. This might be something to consider for those who don’t want to make the buying leap.
ParticipantJazzman, I think you truly accomplished all of your goals with the wonderful homes you’ve selected. Many of us who purchased our homes in CA years ago have that same feeling of accomplishment, having acquired what we consider to be “trophy/dream homes,” for, what, today, would be what many are paying for a condo, 20+ miles from the beach.
As you said, what each person requires for “happiness,” is definitely subjective, and that is what makes all of us such interesting individuals:)!
ParticipantTS–you’re right in many ways. I was actually talking about the transplants. It seems many blow in and out with the wind, or they only last here as long as the job lasts.
It’s also true that many of the kids of natives and transplants have had to leave the state for financial reasons also. Most we’ve met who have left, wish they hadn’t.
ParticipantPer the trend of this thread. A stat that still amazes me, is how few people have a million+ in net worth–especially in CA–where the “appearance of wealth” is so highly prized.
As a native, that’s why, IMO, CA tends to be a somewhat of a revolving door–few can sustain it here (in the lifestyle to which they have become accustomed) through retirement.
ParticipantIMHO, housing is, in many ways, about lifestyle preferences. As I’ve mentioned in my previous posts, we absolutely love traveling and living elsewhere, but, since we were fortunate enough to buy properties in San Diego at, (by today’s standards) such reasonable prices, especially in RSF, this will always be our home base.
Also, we want to stay near our grown children (ours all live and work in CA). We also love our extraordinary medical care and all of the other amenities we enjoy here. As you get into your 50’s, as we are, you begin to realize how important these things are.
In Jazzman’s case, especially since he has dual citizenship, his plan seems perfectly suited to his desired lifestyle, and I wish him the very best, and welcome back BG–sounds like you had a great trip!
ParticipantThanks, Flyer. Yes, she is a truly exceptional person, and I feel very lucky to have known her.
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