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Cut Your Living Expenses w/o Lowering Your Standard of Living

  1. #121
    Join Date
    Aug 2016
    Location
    Nrw Jersey
    Posts
    1,096
    Quote Originally Posted by mathjak107 View Post
    And that is why they have the problems so many are hitting in retirement . Most desirable areas are going to have faster and higher growing expenses and that makes that paid off mortgage irrelevant in affordability.

    so many retirees surveyed in the tristate area thought they were set by having a paid off mortgage by retirement .



    well all well and good that 30k mortgage you took , was paid off 30 years later but taxes are 12-18k alone today . That mortgage payment down th road wonít cover your utility bill.

    so thinking cost cutting was going to be the answer has now got most moving and not by choice . Many are leaving family and friends .

    so it is not a case of one is easier to do then the other for some , it is the fact if you donít put yourself in the position of cutting costs and being able to grow income you better have a plan B
    Sorry I'm so late replying...just saw this. The last couple of months of 2018 were hell and hectic. My husband had been in and out of the hospital and rehab center which kept me ripping and running. He finally wound up in ICU for 2 weeks on life support and passed away Dec. 23rd. In January I took a nearly 2 week vacation, then had to catch up with things I was too exhausted to get done those months. Anyway, I'm just now starting to catch up on my social networking sites.

    I've been telling people the same kinds of things you speak of in your reply. I'm trying to get my grandchildren ready for financial realities of this life. Been talking to my son for literally decades...now he finally gets it....he'll be 51 in a couple of months. I also have a couple of friends and honorary children who ask for my money advice. I have to laugh when I see those home buying shows and new home owners are so happy saying they finally "own" their home. I think, just miss a payment or two and you'll see that you don't own it. Same for taxes. The average person I know either can't come up with that additional $4,500 a quarter for taxes or it's a real strain with life's other costs. Rents are not that affordable for the average young couple in my area but go a few miles to one of the infamously high cost counties in my state and rents are down right ridiculous; $2,558 for a one bedroom. So I "preach" to the young-uns to start saving at least 20 cents out of every dollar they make because I shudder to think what rents and/or mortgages will be when they get older. For the Gen-X'ers I tell them it's time to step it up and max out their retirement investments to the best of their abilities after saving an adequate emergency fund. Cut out the wants and only do the needs.

  2. #122
    Join Date
    Aug 2015
    Location
    Florida
    Posts
    2,426
    Our kids grew up here in Florida, but are now live about 3000 miles away in the Pacific northwet. They are much more affluent than we are, so it is logical to keep the status quo. We paid cash for our condo and we do not live extravagantly, so there is no reason to change anything. Down the road may be another story.

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