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flyer
ParticipantMy brother and his family live in Wailea, so we usually stay with them a couple of times a year, but always manage to get over to Kapalua. Enjoy your trip!
ParticipantThat should be an interesting sale to watch, TS. Kapalua is our favorite place in Maui.
ParticipantAs many of you who have commented, I’ve had friends who have lived and/or worked in Latin American countries. Several loved it and stayed, most returned to the US.
Even though there are many truly beautiful and inexpensive locales from which to choose, unless it was a matter of necessity, I can’t imagine trading our lives here for a life south of the border.
IMHO, living with millions of dollars in those countries doesn’t offer a lifestyle that would interest me–especially when you factor in all of the extreme negative aspects.
In fact, since we purchased our home in RSF and our investment properties so long ago, it’s really more cost-efficient for us to stay in the US during our retirement years.
May 4, 2013 at 5:00 AM in reply to: Why it no longer makes sense for young people to pay off their mortgage early #761787ParticipantInteresting analysis, and I’m sure there are pros and cons to both perspectives. I’ll leave that dissertation to the other financial experts on this board.
As someone who is now in their 50’s, I agree that young people should pursue whatever path leads them to complete financial independence at least by the time they are 50. That is the path my wife and I pursued, and it has worked out well. We have encouraged our children to do the same.
IMO, in today’s extremely volatile economy, it would seem to be even more important for young people to plan their finances well, since now, more than ever, employers seem to be replacing older workers with a newer model–unless, of course, you have union protection–and that is an entirely different conversation.
Making a lot of money is not nearly as difficult as sustaining it for the duration of your lifetime. I can’t tell you how many people I have known who “used to be millionaires.”
ParticipantAs a long-time real estate investor, I agree with the comments concerning holding all of the property you possibly can on an indefinite basis.
Although we’re in our 50’s, we started investing in San Diego and elsewhere almost 30 years ago, and, although there have been ups and downs, we hung in there.
Like many real estate investors, we eventually want to be able to turn everything over to our kids, and, IMO, that is why much of the “trophy real-estate” in places like San Diego rarely goes on the market for anything other than a stratospheric price. Of course, there will always be a few exceptions.
In my circle of people who have lived here for many years, it has been handed down from one generation to the next, and I think that will continue here, and in many locations going forward.
ParticipantGood points, BG.
I realize this thread is about student loan issues, about which I’ve already commented, but your point about employers hiring younger vs. older workers is also interesting.
Most of my pilot friends were able to retire, semi-retire, take on new ventures in their 50’s, or all of the above–as I have. Since airline positions have union protection, most any pilot who chooses to, can continue working until they are 65 without concern of age discrimination–and many do–because of their incredibly high earnings.
For friends in other fields (especially those without union protection), who have found themselves unemployed, and/or without retirement funding in their late 40’s or 50’s+ it has been a completely different story, and many have found themselves permanently unemployed–after losing “the” job.
I think that trend will continue, unabated, going forward, since many of the most in-demand careers today require fresh new talent, with fresh new skills–at least from the employer’s point of view.
This trend does not bode well for younger workers, and I think many will find themselves in a very precarious situation when they reach a certain age–just as those who have come before them have.
My advice would be to make sure you are financially prepared for retirement by the time you hit 50–whether you continue working or not–because who knows what might happen after that–and it’s always better to be safe than sorry!
ParticipantI do agree with ER with regard to student loans having their place, when used judiciously by individuals who have a clear life path in mind, but, as BG has mentioned, many do not, and it really seems to be a waste of time and money for everyone involved. So, as in all things, there are two sides to every story.
My kids are in their 20’s, and chose to leave San Diego by virtue of their careers–two are in Los Angeles, and have careers on the corporate side of the entertainment (TV and films) business, and my daughter is an MD in the Bay Area.
My kids pretty much followed through on what they set out to do, but, as I mentioned in my previous post, I can’t even count the number of their friends who, after attending college (some extremely expensive), complained about not being able to find jobs/careers like their parents had in San Diego.
Consequently, they were unable to build lives here, and, either had to stay with their parents indefinitely, or move elsewhere. In a city like this, young people quickly find out establishing a successful life on their own is far more difficult than they ever imagined.
ParticipantI’m very glad to read the comments of others who feel the same as I do about young people pursuing dead-end degrees while racking up hundreds of thousands in debt.
We were fortunate enough to be able to take care of our own and our kid’s educational needs without incurring debt, but we made it very clear that they had to have viable career goals in mind.
I can’t tell you how many friends, family, neighbors, etc., I have talked to, who are in complete denial about their kid’s future–especially those who would like to see their children be able to continue to work and live in San Diego after graduating from college.
As we’ve discussed in other threads, at best, San Diego is a tough nut to crack when it comes to career level jobs, and will be almost impossible for new grads who have not majored in very specific fields.
I realize many will want, and will need to leave to find jobs, but I’m talking about those who would like to stay, and build lives here.
Personally, I have no idea of what people are thinking with regard to incurring excessive student loan debt, with no clear application in real life. It seems like they are on a train they can’t get off of, and they just don’t know how to stop it. Sadly, it won’t have a happy ending.
ParticipantAgree BG and ER.
I was actually commenting about over zealous real estate investment apart from purchasing a primary residence–especially if it involves stretching resources far beyond a realistic level.
I absolutely agree that anyone who has the means (long-term) should consider buying sooner rather than later–especially in CA.
ParticipantAgree CAR and SK, that with the ever-changing dynamics, people, especially those who have purchased in recent years, should be extremely wary of considering real estate a “sure thing,” when it comes to their long-term financial solvency.
As a lifetime real estate investor, it’s clear to me that, some elements point to a continuing escalation, many do not, and only time will tell.
In the meantime, I think it’s very important to have diverse financial resources accumulated for retirement (and lots of them–if you want to survive) other than property. At least, that’s been my plan.
ParticipantOh, I see–very nice of them–your family, that is. Still glad to know it all worked out for you!
ParticipantEverything you mentioned is so true, ER. Even going back in time–pre-Qualcomm, Biotech, etc., etc.–the job market here was always dicey. As a native, it’s been interesting to see how things have not really changed that much over time.
Other than real estate investments, made over a long period of time, no one in our family or extended family has ever been dependent upon this economy for creating wealth–(jobs and businesses were not restricted to San Diego)–and that is perhaps why just about everyone in our families have been able to stay and enjoy great lifestyles here for so many years.
It truly is a wonderful place to live–if you can afford it–and that is the key factor many should consider when moving here.
ParticipantWOW! What a story, FG. You certainly hit the
jackpot–both in getting your offer accepted, and in the gracious behavior of the sellers. No doubt something you and your family will remember for all of your lives!Congrats!
ParticipantPersonally, I wouldn’t purchase a home within earshot of 56–but I know many people do–so, as others have said, it all boils down to your tolerance for the inevitable noise situation. Have also heard SR-56 may be widened at some point, only adding to the noise factor.
Also agree with ER with regard to not overextending yourself. I’m a native, and the job market here has always been very different from most any other area. As he said, it seems to be fairly difficult for many people to replace a high-paying job here should it be lost. As an airline pilot, my job has never been dependent upon the state of the San Diego economy, but, from friends, I understand it can be somewhat volatile.
Having lived, and having investment property in areas like CV, etc., I’ve always been amazed at how the majority of the residents in locations like this seem to perpetually stay the same age over a period of many years.
IMO, this points to the fact that there is quite a bit of turnover, and that many residents may not be able to stay and retire in San Diego (should they choose to.) Just an observation.
At any rate, I do wish you the best in your decision, and hope you find a great home for you and your family!
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