Search found 488 matches

by Sam1
Sun Feb 09, 2020 10:12 pm
Forum: Personal Finance (Not Investing)
Topic: Buying a home first time - need sanity check
Replies: 16
Views: 1961

Re: Buying a home first time - need sanity check

I’d try to hold off one more year. I understand the desire to own your own home as you’re now a family. It sounds like you’re doing all the right things financially. For now, I’d stay put and have the second kid. Does your wife have any paid parental leave? That’s something to consider. I think havi...
by Sam1
Sun Feb 09, 2020 9:10 pm
Forum: Personal Finance (Not Investing)
Topic: Am I crazy to consider quitting my job?
Replies: 128
Views: 14070

Re: Am I crazy to consider quitting my job?

The point made above about federal insurance is not to be overlooked! Does your spouse know about this? The ability to buy federal insurance at age (54?) is a huge benefit and could be a big deal for your spouse if he ever wants to strike out on his own or retire early. Just go and read what some pe...
by Sam1
Sun Feb 09, 2020 9:08 pm
Forum: Personal Finance (Not Investing)
Topic: Am I crazy to consider quitting my job?
Replies: 128
Views: 14070

Re: Am I crazy to consider quitting my job?

My perspective: There is NOTHING more important than loving parents raising their children and teaching the family values that are important to the parents. That means if you can spend time with them showing you care, you value their activities by being there, you are there for the bumps and bruise...
by Sam1
Sun Feb 09, 2020 9:06 pm
Forum: Personal Finance (Not Investing)
Topic: Am I crazy to consider quitting my job?
Replies: 128
Views: 14070

Re: Am I crazy to consider quitting my job?

I left the workforce over two decades ago to be a stay-at-home parent. And I've never returned. Over the years, I've thought about returning to work occasionally--for about 30 seconds, but there is always something that needs to be done at home, and now I'm basically retirement age. For us, me leav...
by Sam1
Sun Feb 09, 2020 8:26 pm
Forum: Personal Finance (Not Investing)
Topic: Am I crazy to consider quitting my job?
Replies: 128
Views: 14070

Re: Am I crazy to consider quitting my job?

My perspective: There is NOTHING more important than loving parents raising their children and teaching the family values that are important to the parents. That means if you can spend time with them showing you care, you value their activities by being there, you are there for the bumps and bruise...
by Sam1
Fri Feb 07, 2020 1:52 pm
Forum: Personal Finance (Not Investing)
Topic: How to save BIG in a HCOLA
Replies: 64
Views: 5150

Re: How to save BIG in a HCOLA

Is your job close to the metro? Northern Virginia is VERY expensive right now. Chances are your wife’s job will be in DC. I’d consider renting a two bedroom in DC near the metro. Only have one car. Send your children to Wilson High School. That’s how you’ll save money. If you want to live in norther...
by Sam1
Tue Feb 04, 2020 11:11 am
Forum: Personal Finance (Not Investing)
Topic: Struggling with deciding whether to buy a house in DC or keep on renting
Replies: 67
Views: 2941

Re: Struggling with deciding whether to buy a house in DC or keep on renting

Thank you all for a very lively discussion :P I got exactly what I came here for which is a diversity of perspectives. The key takeaway for me is to lean towards buy for various reasons Sam1 and others covered but also to be patient and try to get a good deal as suggested by KlangFool. This range o...
by Sam1
Mon Feb 03, 2020 11:33 am
Forum: Personal Finance (Not Investing)
Topic: Struggling with deciding whether to buy a house in DC or keep on renting
Replies: 67
Views: 2941

Re: Struggling with deciding whether to buy a house in DC or keep on renting

I don’t understand why you’re convinced I’m spending MORE money to buy than to rent. A similar home in my neighbor will rent for $6-7k per month. My mortgage is $3,500. My take home pay is close to $20k per month not including bonuses or stock. I can easily afford to live in my home and invest heav...
by Sam1
Mon Feb 03, 2020 9:26 am
Forum: Personal Finance (Not Investing)
Topic: Struggling with deciding whether to buy a house in DC or keep on renting
Replies: 67
Views: 2941

Re: Struggling with deciding whether to buy a house in DC or keep on renting

Makes sense. I'll run your rule of thumb and I'll also use the NYT calc with 0% appreciation assumption It doesn’t make any sense to assume 0 percent appreciation. If you assume 0 percent home price appreciation then you should also choose around 1-2 percent stock market appreciation for the downpa...
by Sam1
Mon Feb 03, 2020 9:20 am
Forum: Personal Finance (Not Investing)
Topic: Struggling with deciding whether to buy a house in DC or keep on renting
Replies: 67
Views: 2941

Re: Struggling with deciding whether to buy a house in DC or keep on renting

Makes sense. I'll run your rule of thumb and I'll also use the NYT calc with 0% appreciation assumption It doesn’t make any sense to assume 0 percent appreciation. If you assume 0 percent home price appreciation then you should also choose around 1-2 percent stock market appreciation for the downpa...
by Sam1
Sun Feb 02, 2020 11:14 pm
Forum: Personal Finance (Not Investing)
Topic: Struggling with deciding whether to buy a house in DC or keep on renting
Replies: 67
Views: 2941

Re: Struggling with deciding whether to buy a house in DC or keep on renting

Also have you faced rent increases frequently? Many people on here who rent seem to rarely face rent increases. You may be in that category. I always had landlords increasing my rent! It really added up over the years. I love having a fixed mortgage payment. Maybe you could look at renting a place ...
by Sam1
Sun Feb 02, 2020 11:07 pm
Forum: Personal Finance (Not Investing)
Topic: Struggling with deciding whether to buy a house in DC or keep on renting
Replies: 67
Views: 2941

Re: Struggling with deciding whether to buy a house in DC or keep on renting

That calculator is useless because you can assume an appreciation of X% to justify buying any house. Please note that my rule of thumb assumes 0% appreciation. The purchase decision is purely based on imputed rent. Makes sense. I'll run your rule of thumb and I'll also use the NYT calc with 0% appr...
by Sam1
Sun Feb 02, 2020 11:00 pm
Forum: Personal Finance (Not Investing)
Topic: Struggling with deciding whether to buy a house in DC or keep on renting
Replies: 67
Views: 2941

Re: Struggling with deciding whether to buy a house in DC or keep on renting

It doesn’t make any sense to assume 0 percent appreciation. Especially if you plan on staying in a home for say, 20 years. If you assume 0 percent home price appreciation then you should also choose around 1-2 percent stock market appreciation for the downpayment funds using the calculator. Both ar...
by Sam1
Sun Feb 02, 2020 10:56 pm
Forum: Personal Finance (Not Investing)
Topic: Struggling with deciding whether to buy a house in DC or keep on renting
Replies: 67
Views: 2941

Re: Struggling with deciding whether to buy a house in DC or keep on renting

You must care a lot about bathrooms. Going from 1,000 square feet to almost 3,000 square feet (2,000 in the non rental portion) would be a huge upgrade for most people! There is going to be something kind of wrong with every home at this price point in DC. Just like there is something wrong with yo...
by Sam1
Sun Feb 02, 2020 10:46 pm
Forum: Personal Finance (Not Investing)
Topic: Struggling with deciding whether to buy a house in DC or keep on renting
Replies: 67
Views: 2941

Re: Struggling with deciding whether to buy a house in DC or keep on renting

That calculator is useless because you can assume an appreciation of X% to justify buying any house. Please note that my rule of thumb assumes 0% appreciation. The purchase decision is purely based on imputed rent. Makes sense. I'll run your rule of thumb and I'll also use the NYT calc with 0% appr...
by Sam1
Sun Feb 02, 2020 10:44 pm
Forum: Personal Finance (Not Investing)
Topic: Struggling with deciding whether to buy a house in DC or keep on renting
Replies: 67
Views: 2941

Re: Struggling with deciding whether to buy a house in DC or keep on renting

Keep renting. The math is simple. It is cheaper to rent versus buying by a mile. KlangFool Is it cheaper to rent when the rent is $5k versus a $1.2 million dollar home where they can rent out the basement unit? I’m not so sure. Seems to me the monthly payment would be pretty similar and they’d be p...
by Sam1
Sun Feb 02, 2020 10:39 pm
Forum: Personal Finance (Not Investing)
Topic: Struggling with deciding whether to buy a house in DC or keep on renting
Replies: 67
Views: 2941

Re: Struggling with deciding whether to buy a house in DC or keep on renting

I’d consider an area like Glover Park. You’ll be able to find a decent home for $1.2 million with a lot more space than an apartment that rents for $5k per month. One spouse already works from home. The other should be able to deal with a bus commute to Dupont. Other options are biking or driving. ...
by Sam1
Sun Feb 02, 2020 10:35 pm
Forum: Personal Finance (Not Investing)
Topic: Struggling with deciding whether to buy a house in DC or keep on renting
Replies: 67
Views: 2941

Re: Struggling with deciding whether to buy a house in DC or keep on renting

They can spend a million and find a home within WALKING distance of DuPont that offers way more space than they have now. Like this. https://www.redfin.com/DC/Washington/2449-Tunlaw-Rd-NW-20007/home/9933448?utm_source=ios_share&utm_medium=share&utm_campaign=copy_link&utm_nooverride=1&utm_content=li...
by Sam1
Sun Feb 02, 2020 10:28 pm
Forum: Personal Finance (Not Investing)
Topic: Struggling with deciding whether to buy a house in DC or keep on renting
Replies: 67
Views: 2941

Re: Struggling with deciding whether to buy a house in DC or keep on renting

They can spend a million and find a home within WALKING distance of DuPont that offers way more space than they have now. Like this. https://www.redfin.com/DC/Washington/2449-Tunlaw-Rd-NW-20007/home/9933448?utm_source=ios_share&utm_medium=share&utm_campaign=copy_link&utm_nooverride=1&utm_content=li...
by Sam1
Sun Feb 02, 2020 10:27 pm
Forum: Personal Finance (Not Investing)
Topic: Struggling with deciding whether to buy a house in DC or keep on renting
Replies: 67
Views: 2941

Re: Struggling with deciding whether to buy a house in DC or keep on renting

If Bethesda is the furthest you'll go then yeah you probably won't see any price relief, and as Klang says it probably makes sense to keep renting. If you're willing to go out to Rockville or beyond it may be a different story as prices drop. Rockville!!?!?!?! Such an extreme suggestion. They can s...
by Sam1
Sun Feb 02, 2020 10:24 pm
Forum: Personal Finance (Not Investing)
Topic: Struggling with deciding whether to buy a house in DC or keep on renting
Replies: 67
Views: 2941

Re: Struggling with deciding whether to buy a house in DC or keep on renting

We have looked into Bethesda as the farthest we would go. We'd like to stay closer to the city as we enjoy the walkability and lifestyle. We are blessed to be able to afford our rent and living in a HCOL area. my main dilemma is whether it's "better" to rent or buy as both options are doable. I ult...
by Sam1
Sun Feb 02, 2020 10:21 pm
Forum: Personal Finance (Not Investing)
Topic: Struggling with deciding whether to buy a house in DC or keep on renting
Replies: 67
Views: 2941

Re: Struggling with deciding whether to buy a house in DC or keep on renting

If Bethesda is the furthest you'll go then yeah you probably won't see any price relief, and as Klang says it probably makes sense to keep renting. If you're willing to go out to Rockville or beyond it may be a different story as prices drop. Rockville!!?!?!?! Such an extreme suggestion. They can s...
by Sam1
Sun Feb 02, 2020 10:20 pm
Forum: Personal Finance (Not Investing)
Topic: Struggling with deciding whether to buy a house in DC or keep on renting
Replies: 67
Views: 2941

Re: Struggling with deciding whether to buy a house in DC or keep on renting

Keep renting. The math is simple. It is cheaper to rent versus buying by a mile. KlangFool Is it cheaper to rent when the rent is $5k versus a $1.2 million dollar home where they can rent out the basement unit? I’m not so sure. Seems to me the monthly payment would be pretty similar and they’d be p...
by Sam1
Sun Feb 02, 2020 10:17 pm
Forum: Personal Finance (Not Investing)
Topic: Struggling with deciding whether to buy a house in DC or keep on renting
Replies: 67
Views: 2941

Re: Struggling with deciding whether to buy a house in DC or keep on renting

I’d consider an area like Glover Park. You’ll be able to find a decent home for $1.2 million with a lot more space than an apartment that rents for $5k per month. One spouse already works from home. The other should be able to deal with a bus commute to Dupont. Other options are biking or driving. I...
by Sam1
Wed Jan 08, 2020 6:17 am
Forum: Personal Finance (Not Investing)
Topic: Living in a HCOL and making a middle class salary is a struggle
Replies: 340
Views: 20550

Re: Living in a HCOL and making a middle class salary is a struggle

AlphaLess wrote:
Wed Jan 08, 2020 1:36 am
batpot wrote:
Tue Jan 07, 2020 4:27 pm
How much of a "fixer upper" are you talking? It's within your budget.
Also, have you looked at costs of day care?

And I hate to break it to you, but $230k is far from middle class.
Median household income in the US is around $60k.
But not in Westchester county.
It’s $94k.
by Sam1
Wed Jan 08, 2020 6:16 am
Forum: Personal Finance (Not Investing)
Topic: Living in a HCOL and making a middle class salary is a struggle
Replies: 340
Views: 20550

Re: Living in a HCOL and making a middle class salary is a struggle

Northern NJ is lovely, not cheap, but not outrageously expensive. We never made more than $120K yearly. We sold a family home approx 2000 sq feet on the NJ Transit direct line to NYC last year for $420K. Walkable diverse small city, great schools, shopping, restaurants, taxes 10K. Many in our neigh...
by Sam1
Wed Jan 08, 2020 6:14 am
Forum: Personal Finance (Not Investing)
Topic: Living in a HCOL and making a middle class salary is a struggle
Replies: 340
Views: 20550

Re: Living in a HCOL and making a middle class salary is a struggle

I just looked and there aren’t any house under $350k in ALL of Westchester county. Really not one. Zillow says otherwise, by pages. Just for starts, Elmsford, NY 10523. Gave me a good start! That’s not technically Westchester which is why Redfin doesn’t pick it up for me. That's not what the geogra...
by Sam1
Tue Jan 07, 2020 10:20 pm
Forum: Personal Finance (Not Investing)
Topic: Living in a HCOL and making a middle class salary is a struggle
Replies: 340
Views: 20550

Re: Living in a HCOL and making a middle class salary is a struggle

Used to ask my students whether their families were poor, middle class, or wealthy. In 15 years, maybe three said poor. One said wealthy. Most were from the Seattle suburbs. They always looked dumbfounded when I told them what US median household income was, and what put you in the top 5 percent. S...
by Sam1
Tue Jan 07, 2020 10:18 pm
Forum: Personal Finance (Not Investing)
Topic: Living in a HCOL and making a middle class salary is a struggle
Replies: 340
Views: 20550

Re: Living in a HCOL and making a middle class salary is a struggle

I don’t think median income is helpful as the OP is not competing against the 62 year old couple with a paid off home. OP is competing against other families looking for seats in decent school districts and saving for college at today’s prices. Middle class only includes dual earner families? News ...
by Sam1
Tue Jan 07, 2020 10:15 pm
Forum: Personal Finance (Not Investing)
Topic: Living in a HCOL and making a middle class salary is a struggle
Replies: 340
Views: 20550

Re: Living in a HCOL and making a middle class salary is a struggle

OP, if you want some real sticker shock, compare your median house value of $528,300 in Westchester with the median in San Francisco at $1,009,500 and a median household income of $104,552. If the median is $528k, then that almost certainly means that there will be some nice homes still available f...
by Sam1
Tue Jan 07, 2020 10:13 pm
Forum: Personal Finance (Not Investing)
Topic: Living in a HCOL and making a middle class salary is a struggle
Replies: 340
Views: 20550

Re: Living in a HCOL and making a middle class salary is a struggle

OP, if you want some real sticker shock, compare your median house value of $528,300 in Westchester with the median in San Francisco at $1,009,500 and a median household income of $104,552. If the median is $528k, then that almost certainly means that there will be some nice homes still available f...
by Sam1
Tue Jan 07, 2020 8:28 pm
Forum: Personal Finance (Not Investing)
Topic: Living in a HCOL and making a middle class salary is a struggle
Replies: 340
Views: 20550

Re: Living in a HCOL and making a middle class salary is a struggle

OP, if you want some real sticker shock, compare your median house value of $528,300 in Westchester with the median in San Francisco at $1,009,500 and a median household income of $104,552. If the median is $528k, then that almost certainly means that there will be some nice homes still available f...
by Sam1
Tue Jan 07, 2020 8:22 pm
Forum: Personal Finance (Not Investing)
Topic: Living in a HCOL and making a middle class salary is a struggle
Replies: 340
Views: 20550

Re: Living in a HCOL and making a middle class salary is a struggle

OP, if you want some real sticker shock, compare your median house value of $528,300 in Westchester with the median in San Francisco at $1,009,500 and a median household income of $104,552. If the median is $528k, then that almost certainly means that there will be some nice homes still available f...
by Sam1
Sun Dec 29, 2019 2:25 pm
Forum: Personal Finance (Not Investing)
Topic: SECURE Act - 529 Plans
Replies: 45
Views: 5894

Re: SECURE Act - 529 Plans

Related, I get concerned that changes could be coming for inheriting 529 plans tax free. Just like what just happened for IRAs. We’ve been told not to worry about overfunding a 529 because it can go to the next generation. This is a lot of money to pass on when who knows if my child will even have c...
by Sam1
Sat Dec 28, 2019 4:11 pm
Forum: Investing - Theory, News & General
Topic: Investing at an early age vs late theory
Replies: 60
Views: 3514

Re: Investing at an early age vs late theory

I’ve seen many charts about how investing early from age 25-35 will wind up with more than someone who invests the same amount a year from 35-60. Is this entirely true given inflation? For the above example chart, 25 year old the person has invested the money for 10 more years than the 35 year old....
by Sam1
Sat Dec 28, 2019 4:06 pm
Forum: Investing - Theory, News & General
Topic: Investing at an early age vs late theory
Replies: 60
Views: 3514

Re: Investing at an early age vs late theory

I agree with what you’re saying. I didn’t save enough early on in my career. I took a lot of vacations, lived in (too nice of) apartments, enjoyed overpriced drinks, wore expensive clothes etc. I wouldn’t take it back. Now I earn plenty of money and can sock away hundreds of thousands a year. I’m s...
by Sam1
Sat Dec 28, 2019 4:03 pm
Forum: Investing - Theory, News & General
Topic: Investing at an early age vs late theory
Replies: 60
Views: 3514

Re: Investing at an early age vs late theory

I agree with what you’re saying. I didn’t save enough early on in my career. I took a lot of vacations, lived in (too nice of) apartments, enjoyed overpriced drinks, wore expensive clothes etc. I wouldn’t take it back. Now I earn plenty of money and can sock away hundreds of thousands a year. I’m s...
by Sam1
Sat Dec 28, 2019 4:00 pm
Forum: Investing - Theory, News & General
Topic: Investing at an early age vs late theory
Replies: 60
Views: 3514

Re: Investing at an early age vs late theory

To be honest, this sounds like a poor argument to delay saving. Invest early and often. I have learned this the hard way. Had we started saving in earnest when we should have, then I would be able to retire several years earlier than I probably will. Have you really done the math though? When I gra...
by Sam1
Sat Dec 28, 2019 3:56 pm
Forum: Investing - Theory, News & General
Topic: Investing at an early age vs late theory
Replies: 60
Views: 3514

Re: Investing at an early age vs late theory

I agree with what you’re saying. I didn’t save enough early on in my career. I took a lot of vacations, lived in (too nice of) apartments, enjoyed overpriced drinks, wore expensive clothes etc. I wouldn’t take it back. Now I earn plenty of money and can sock away hundreds of thousands a year. I’m su...
by Sam1
Thu Dec 26, 2019 2:01 pm
Forum: Personal Finance (Not Investing)
Topic: Wages Incorrectly Garnished
Replies: 10
Views: 1542

Re: Wages Incorrectly Garnished

You mention concern that this could show up on your credit report. I cannot imagine any way that would happen, if that's any reassurance. I was incorrectly garnished and it DID show up on my credit report even though my credit monitoring service said it would not. Luckily it was easy to solve by ha...
by Sam1
Fri Dec 13, 2019 4:36 pm
Forum: Personal Finance (Not Investing)
Topic: Wages Incorrectly Garnished
Replies: 10
Views: 1542

Re: Wages Incorrectly Garnished

You mention concern that this could show up on your credit report. I cannot imagine any way that would happen, if that's any reassurance. I was incorrectly garnished and it DID show up on my credit report even though my credit monitoring service said it would not. Luckily it was easy to solve by ha...
by Sam1
Fri Dec 13, 2019 10:38 am
Forum: Investing - Theory, News & General
Topic: Retiring at 24 - Extreme FIRE is it possible?
Replies: 158
Views: 13625

Re: Retiring at 24 - Extreme FIRE is it possible?

BH forum seems to have definite antipathy towards the FIRE crowd in general. BH don't like FIRE individual who assume $30K as annual expenses and BH don't like $350K as annual expense either. They both are equally maligned. Seems pretty ironic to me. I really think that the age really bothers some ...
by Sam1
Fri Dec 13, 2019 10:21 am
Forum: Personal Finance (Not Investing)
Topic: Need help. Daycare vs Nanny.
Replies: 86
Views: 4715

Re: Need help. Daycare vs Nanny.

You really think your 6 month old is benefiting from a STEM curriculum at daycare? Sorry but that is just crazy. What is the ratio at the current daycare? The most important thing right now for your baby is someone talking to him/her frequently for language development. At a daycare, there are more ...
by Sam1
Fri Dec 13, 2019 10:12 am
Forum: Personal Consumer Issues
Topic: New baby: Should I purchase new car? Tesla?
Replies: 39
Views: 2860

Re: New baby: Should I purchase new car? Tesla?

I am unfamiliar with a Mitsu. But aren’t there a lot of cars in between a beater and a Tesla?!?
by Sam1
Fri Dec 13, 2019 9:48 am
Forum: Personal Finance (Not Investing)
Topic: Need help. Daycare vs Nanny.
Replies: 86
Views: 4715

Re: Need help. Daycare vs Nanny.

Children that young don’t need socialization. They don’t even play with others until 2.5-3 years old. They play independently.

I would strongly encourage you to consider one-on-one care for your child. Many parents can’t afford to do so and don’t have this option. You do.
by Sam1
Tue Dec 10, 2019 3:15 pm
Forum: Personal Finance (Not Investing)
Topic: 16 Weeks Paternity Leave
Replies: 122
Views: 7994

Re: 16 Weeks Paternity Leave

These benefits are great for the person having the kid. The rest of the team suffers. Companies have no plan to replace a full person for 12-16 weeks. My manager has a team of 4 people. Each has a full work load. A co-worker will be taking 14 weeks of paternity leave this week starting Friday. It i...
by Sam1
Mon Dec 09, 2019 5:52 pm
Forum: Personal Finance (Not Investing)
Topic: 16 Weeks Paternity Leave
Replies: 122
Views: 7994

Re: 16 Weeks Paternity Leave

The only way for both men and women to have an easier time taking all of their entitled leave is for men to take their entitled leave. My wife and I each took 16 weeks of parental leave(mostly sequentially) and book-ended the leave with vacation weeks as well. I encourage you to take your full leav...
by Sam1
Mon Dec 09, 2019 4:52 pm
Forum: Personal Finance (Not Investing)
Topic: 16 Weeks Paternity Leave
Replies: 122
Views: 7994

Re: 16 Weeks Paternity Leave

Frankly I think you will be bored unless there are a lot of projects around the house or other children. I most likely would have shot my husband that much togetherness I was seriously bored with the first after 6 weeks and I was doing all the nursing and care. It's a pity you can't split it. I wou...
by Sam1
Mon Dec 09, 2019 4:05 pm
Forum: Personal Finance (Not Investing)
Topic: 16 Weeks Paternity Leave
Replies: 122
Views: 7994

Re: 16 Weeks Paternity Leave

I don't know. 16 weeks of vacation for a young person sounds - yes this is going to sound criticizing or insulting and I apologize - indulgent. Caring for a baby (especially being a first time father) full time every business day hardly seems like a "vacation" to me! I expect that this time will al...
by Sam1
Mon Dec 09, 2019 1:02 pm
Forum: Personal Finance (Not Investing)
Topic: 16 Weeks Paternity Leave
Replies: 122
Views: 7994

Re: 16 Weeks Paternity Leave

Thanks for the replies. If it adds anything to the conversation, I'd plan on taking 2 weeks vacation when the baby is born and starting paternity leave about 2 months after that. My wife will get the first 10 weeks off. I'll have 35 vacation days for 2020 so I'd still be able take a week off here a...