Sorry but don't buy it, how did you accumulate that kind of money?
What is hard to believe? Many people have a net worth much higher than mine. I worked, saved, and invested. Would be a lot more but I was in graduate school for 3 years and just started making six figures starting late 2023. I'm mid 30s, for whatever that's worth.
Also, people asking about $700 for rent, yeah, I know, that's why I've been renting this place for so long. Most places around here are roughly twice that. I shopped around a lot when I first started looking for an apartment years ago, and this place was the roughly equivalent to the cheapest even though it's not a bad place, just simple. Everything works. It's clean. It's small ish but not tiny. I had a roommate most of the years I lived here until the past couple years. That $700 does not include electricity or rent, so with those it's more like $800, but still. It's a small-ish college town. There are deals on apartments and similar spaces if one is willing to hunt for them.
I have a net worth of about $350k, and I live in a two bedroom apartment that costs $700/month. Is that weird? Also, I make a little over $100k/year. It's just me, no wife or kids, so I haven't really seen the need to live in a big house. I think most people assume I'm poor when they see where I live, even though the place is clean and tidy and a fine living space. It's just small compared to a house, and most people seem to think owning a home is everyone's number 1 priority. Just not sure how uncommon people like me are.
Where do you live and pay $700 for a 2bdr? If you make $100K with only $700 in rent/housing with no wife or kids or other huge debt (student loans) then you are doing very well and have plenty saved up to buy a house when you are ready.
I have a net worth of about $350k, and I live in a two bedroom apartment that costs $700/month. Is that weird? Also, I make a little over $100k/year. It's just me, no wife or kids, so I haven't really seen the need to live in a big house. I think most people assume I'm poor when they see where I live, even though the place is clean and tidy and a fine living space. It's just small compared to a house, and most people seem to think owning a home is everyone's number 1 priority. Just not sure how uncommon people like me are.
I have a net worth of about $350k, and I live in a two bedroom apartment that costs $700/month. Is that weird? Also, I make a little over $100k/year. It's just me, no wife or kids, so I haven't really seen the need to live in a big house. I think most people assume I'm poor when they see where I live, even though the place is clean and tidy and a fine living space. It's just small compared to a house, and most people seem to think owning a home is everyone's number 1 priority. Just not sure how uncommon people like me are.
It sounds like you are not very ambitious. Content with the mediocrity of your life. Frozen. I remember when I was making 100k a year and living in an apartment. That happened for about two years but then I got married, bought a house, started a family, started making $200k a year and built myself a better life. The phase of life you are in is fine but its not the end goal of your life. Its preparing for something which should be much more meaningful than whatever it is you are up to now. Hopefully you are not like 30 or 35 years old. If you are 24, you are ahead of where I was at that age.
I am 35 and am in a similar situation but I also live car-free in an urban downtown area. It is great because not having a house or a car is a great filter against all the superficial people who do look down on people who don't have those things against wasting my valuable time and energy.
I live in a 1-bedroom 1,000 square foot apartment with the grocery store across the street. I built a lifestyle where I shop for fresh groceries everyday without having to look at the prices. I also sleep as much as I want, 9-10 hours a night, nap as needed, can train 100 miles a week, and fit remote work around my hobbies (instead of fitting hobbies around my work). I have no desire to be tied down to a house, own property, etc.
This to me is the true American dream. Not owning property means I can leave tomorrow without any commitments. I've had a stock portfolio since 2009 at the bottom of the great recession. Nothing sexy, just long-term compounding interest in blue chip stock indices.
Lots of people who are into the club scene or who believe in grinding 24/7 to buy cars, houses, girls, etc. hate me; and others who subscribe to that lifestyle I think are jealous.
I don't attribute my success to any big secrets. I am conscious enough to know that it was a mix of skill, consistency, AND luck to get to where I'm at.
I think the ability to focus without distractions for 4 to 6 hours a day and eliminate distractions against AI, doomscrolling, social media, gossip, tv, etc. will increasingly separate the winners and losers in society.
Your identity is formed around your hobbies which I think can be assumed to be running. You are 35. If you are a competitive runner, those days will soon come to an end. They could end tomorrow with an injury. This is why it is not wise to form your life around a hobby. Hobbies are great but they compliment a more fundamental understanding of your self which must be defined by those immutable characteristics which make up who we are from birth to death. Our family. Our community. If you are lucky, your religion. Your race. Your sex. This is a more mature understanding of identity than what is popular today which likes to imagine you can take off and put on any identity you desire. You value over everything else having a freedom from all responsibilities. Obligations. Commitments. The result is loneliness. The result is that you are not part of any community. Community is defined by being obliged to one another. You think you are "winning" but I assure you, you are not.
Whenever it comes to financial decisions I'm pretty much in the camp of whatever makes you the happiest. Many people make the mistake of chasing large homes, expensive cars, social/golf clubs etc. thinking it leads to happiness. On the other end of the spectrum are people that will deny themselves any personal pleasure out of the belief that monetary security (money in the bank) will also relieve all stress and thus the only route to happiness. Both are fools errands in my mind.
So if a small apartment at this station in life helps you to remain happy with daily life, good on you. But I'd caution that being able to say "net worth" by looking at numbers on bank/investment accounts isn't salvation in itself. We deserve to enjoy our efforts on this stupid rock while we're here.
I have a net worth of about $350k, and I live in a two bedroom apartment that costs $700/month. Is that weird? Also, I make a little over $100k/year. It's just me, no wife or kids, so I haven't really seen the need to live in a big house. I think most people assume I'm poor when they see where I live, even though the place is clean and tidy and a fine living space. It's just small compared to a house, and most people seem to think owning a home is everyone's number 1 priority. Just not sure how uncommon people like me are.
The bigger the house the more stuff you buy. You don’t own things, they own you.
$388/month won't even cover your homeowner's insurance and property taxes associated with a mortgage let alone principal and interest. component of a mortgage.
Yes it does. My house cost $89k in 2013 and I put $40k down. My insurance is cheap... Biggest monthly cost is probably taxes honestly.
I remember back in the day when I was in a similar position as you. Although my net worth was lower as I had a large monthly expense to cover condom purchases because I was getting so much @$$.
$388/month won't even cover your homeowner's insurance and property taxes associated with a mortgage let alone principal and interest. component of a mortgage.
Yes it does. My house cost $89k in 2013 and I put $40k down. My insurance is cheap... Biggest monthly cost is probably taxes honestly.
No one sells a house in a desirable market for that much anymore. The starting price today is no less than double that much.
$89K today will get you an old falling-apart shack caliber house in a run down city, or a slightly nicer (probably still old and needing extensive repairs) home in a smaller town no one's really interested in.
Feel free to find and show us some Zillow/Redfin listings if you think this is wrong. We can compare and give notes on their viability and caveats.
Yes it does. My house cost $89k in 2013 and I put $40k down. My insurance is cheap... Biggest monthly cost is probably taxes honestly.
No one sells a house in a desirable market for that much anymore. The starting price today is no less than double that much.
$89K today will get you an old falling-apart shack caliber house in a run down city, or a slightly nicer (probably still old and needing extensive repairs) home in a smaller town no one's really interested in.
Feel free to find and show us some Zillow/Redfin listings if you think this is wrong. We can compare and give notes on their viability and caveats.
He probably lives in the middle of nowhere. Even that is a better option than living a renters life in some city, accumulating very little wealth and living transiently. Owning property, real estate, is a man building his kingdom. Owning space on this planet which he can call his own. Some people get to own property in Manhattan, some get to own it in rural Tennessee and many don't get to own it at all. I would suggest to all the people who fall into the third category, to humble yourself enough to know that you cannot really "live" in these areas you think you deserve. You just live on a plantation for the wealthy person who actually owns the land.
Yes it does. My house cost $89k in 2013 and I put $40k down. My insurance is cheap... Biggest monthly cost is probably taxes honestly.
No one sells a house in a desirable market for that much anymore. The starting price today is no less than double that much.
$89K today will get you an old falling-apart shack caliber house in a run down city, or a slightly nicer (probably still old and needing extensive repairs) home in a smaller town no one's really interested in.
Feel free to find and show us some Zillow/Redfin listings if you think this is wrong. We can compare and give notes on their viability and caveats.
Not everyone is buying a house in 2024, obviously millions of people owned a house prior to say, 2019. Mind blowing stuff, I know.....
$388/month won't even cover your homeowner's insurance and property taxes associated with a mortgage let alone principal and interest. component of a mortgage.
Yes it does. My house cost $89k in 2013 and I put $40k down. My insurance is cheap... Biggest monthly cost is probably taxes honestly.
Even if you are telling the truth, probably less than 1% of the population has bought a HOUSE for under $100k in the last 11 years. I just checked my area which has a population of about 60,000 people and is a pretty affordable area compared to a lot of the country, and the only properties under $100k are trailers and lots.
Yes it does. My house cost $89k in 2013 and I put $40k down. My insurance is cheap... Biggest monthly cost is probably taxes honestly.
Even if you are telling the truth, probably less than 1% of the population has bought a HOUSE for under $100k in the last 11 years. I just checked my area which has a population of about 60,000 people and is a pretty affordable area compared to a lot of the country, and the only properties under $100k are trailers and lots.
I understand you're trying to wrap your head around this but your analysis is just not very comprehensive. We are in a MCOL city in a 1175 sq ft home that's in a nice neighborhood. Nowhere near a trailer park. All the houses around me had a similar value 10-15 years ago. I have no reason to make this up. Our house is worth a meager 250k today (Zillow estimate) but we also printed twice as much money since then.