Is Los Angeles a good place long term to live financially?

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unclescrooge
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Re: Is Los Angeles a good place long term to live financially?

Post by unclescrooge » Wed Apr 18, 2018 9:21 pm

VictoriaF wrote:
Tue Apr 17, 2018 5:08 pm
GrayS26 wrote:
Tue Apr 17, 2018 3:55 pm

3. Find a beautiful woman to marry who has a high net worth, and hopefully being in a big city like LA I’d find someone
The best market for beautiful rich women is New York City. If you are any good, organize an auction.

Victoria
This.

NYC has the highest % of women of all the major cities.

That being said, I think you'll hit your goals if you move to LA. Even #3.

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EyeYield
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Re: Is Los Angeles a good place long term to live financially?

Post by EyeYield » Wed Apr 18, 2018 10:23 pm

LarryAllen wrote:
Wed Apr 18, 2018 9:09 pm
EyeYield wrote:
Wed Apr 18, 2018 9:26 am
LarryAllen wrote:
Tue Apr 17, 2018 3:55 pm
I’m thinking ......
Keep thinking, thinking is good. Make a list of the things you need to do to get to #1.

Then, if you can get accepted to an MBA program and get through it successfully, you will be able to self-answer the rest of your questions.

Work on communication and language skills, those are key to accomplishing your goals.

You’ve got a lot of work to do just to get up to #1 on your list, good luck.
I'm thinking you quoted the wrong person.
You’re right; apologies. Sloppy editing on my part.
"The stock market is a giant distraction from the business of investing." - Jack Bogle

madbrain
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Re: Is Los Angeles a good place long term to live financially?

Post by madbrain » Thu Apr 19, 2018 2:22 am

GrayS26 wrote:
Wed Apr 18, 2018 1:42 pm
I understand what I’m trying to do is difficult, and might be overly ambitious for me at this time.

BUT

I think if I skipped going to school and just moved there, even for just a year, I could have a lot of fun and a great experience.

Like I said, I’m thinking around ~5K a month for rent, ~4K a month for bills, and ~4K a month for entertainment should be enough for me to experience and enjoy LA well.
I'm not sure if you ever worked a day in your life, but if you did, you would realize that taxes are most people's number one expense, by a huge margin. For some people, healthcare will be first, another one you completely forget (or does that go under "bills" ?). That stands true even in areas with costly housing like LA. The fact that you don't even list taxes or healthcare on your expense list makes you look like a fool. You really need to reconsider what you want to do with your life.

At your age, human capital should be your main asset, not distributions from a trust fund. When you get to be in your 50s and 60s, it will be too late for you to make up for lost earnings, not to mention investment returns on those earnings.

darrvao777
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Re: Is Los Angeles a good place long term to live financially?

Post by darrvao777 » Thu Apr 19, 2018 7:44 am

GrayS26 wrote:
Wed Apr 18, 2018 1:42 pm
I understand what I’m trying to do is difficult, and might be overly ambitious for me at this time.

BUT

I think if I skipped going to school and just moved there, even for just a year, I could have a lot of fun and a great experience.

Like I said, I’m thinking around ~5K a month for rent, ~4K a month for bills, and ~4K a month for entertainment should be enough for me to experience and enjoy LA well.
What about this plan is ambitious?

Rent a place and spend money?

I’d focus more on getting into a school and finding a direction in life.

Nowizard
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Re: Is Los Angeles a good place long term to live financially?

Post by Nowizard » Thu Apr 19, 2018 8:14 am

No one moves to LA "for" the COL which is insane. You will have to determine for yourself whether the lifestyle justifies the COL. Beautiful places to visit in the area, if you can get there due to the traffic! Saw today that it has the highest level of air pollution in the country in terms of ozone levels.

Tim

scrunchy
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Re: Is Los Angeles a good place long term to live financially?

Post by scrunchy » Thu Apr 19, 2018 8:27 am

You have to remember that Los Angeles is a very big area -- unless you mean DTLA or the boundaries of the city proper. But if you do then you are missing out on a lot that the basin offers.

LA is also very diverse, very non-homogeneous. There are therefore many LAs with many different people, with widely varying socioeconomic and cultural emphasises.

You can surely find beautiful high networth women who are looking for a kindred soul in a handsome high net worth man. They are somewhere. But since that was not my criteria when I found my spouse, I don't know the best places to find them. Personally I think physically beautiful and high networth are bonus attributes but not the core attributes or threshold requirementsbin searching for a compatible soul mate.

A nice small home in a nice neighborhood with well regarded schools is about $800K for 900 sqft, if you want to be just outside of DTLA in one of the foothill communities. Big homes in great areas with top tier schools will be much much more expensive.

About $165K/yr for expenses equates to a salary north of $200K if you need to work to earn the money. What is the average starting salary for a newly minted MBA from UCLA or USC.

LA has a lot to offer, but you need to be prepared to drive if you want to take in the variety. And driving means often driving in traffic.

--- On the other hand if the OP wants to spend a year in LA experiencing its lifestyle, that is a different question. But you have to ask yourself, what is the draw for LA to spend a year of your life here versus somewhere else? You could rephrase the question as I have money set aside and would like to fully experience what another city has to offer for one year, where should I go? I don't think LA would be at the top of most people's list

Glockenspiel
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Re: Is Los Angeles a good place long term to live financially?

Post by Glockenspiel » Thu Apr 19, 2018 8:35 am

Watty wrote:
Wed Apr 18, 2018 3:19 pm
winterfan wrote:
Wed Apr 18, 2018 9:40 am
Watty wrote:
Tue Apr 17, 2018 5:25 pm

They say a picture is worth a thousand words.

I don't know the areas in LA but here is an example of the type of house you could get there for your $800K

https://www.realtor.com/realestateandho ... 711#photo0


I really like that LA home. I don't know the area, but that doesn't seem unreasonable. The gardens are pretty awesome and I imagine you can spend a lot of time outdoors in that climate.
I agree that it is cute in its own way but at 967 square feet for $800K it does qualify as being expensive. With a spouse and a couple of kids it would feel pretty cramped to me.
This house is cute and the remodel was well-done, but at 967 sq foot house in my Midwest metro area (consistently rated as one of the top places to live in the U.S.), it wouldn't cost more than $150-$200k.

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The529guy
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Re: Is Los Angeles a good place long term to live financially?

Post by The529guy » Thu Apr 19, 2018 8:49 am

denovo wrote:
Tue Apr 17, 2018 6:32 pm
OP, I remember your previous thread that was rather lively to say the least. viewtopic.php?f=1&t=215204

The two good business schools in LA are USC and UCLA. They usually expect you to have a very good undergrad GPA, and some years of work experience. Do you have any of that? When you made that thread you were unemployed.
OP, I'll give you the benefit of the doubt and take your posts at face value, but that leads me to some tough truths.

If all you do is "get Starbucks, YouTube, browse web, Xbox, exercise etc but my social life and the endless drama takes up a lot of energy and time" (link), you are going to have a tough time as an applicant to a "good" business school.

If your family is prepared to make a large contribution to the school of your choice, perhaps the admissions committee will overlook your lack of work experience and admit you as a "development candidate." When you arrive on campus for orientation, every single one of your classmates will ask you - in the first minute of meeting you - what job you had before school. What will you tell them?

Your classmates will be ambitious people with accomplishments and goals that got them into a "good" MBA program. I doubt they will feel that you deserve to be there.

Assuming you land a spot at a "good" school, you'll also have a tough time getting job interviews like a normal MBA candidate. Without any work experience, you'll likely need your family's influence to find you a "good paying job."

I wish you luck.
Last edited by The529guy on Thu Apr 19, 2018 9:01 am, edited 1 time in total.

scrunchy
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Re: Is Los Angeles a good place long term to live financially?

Post by scrunchy » Thu Apr 19, 2018 8:53 am

Glockenspiel wrote:
Thu Apr 19, 2018 8:35 am
This house is cute and the remodel was well-done, but at 967 sq foot house in my Midwest metro area (consistently rated as one of the top places to live in the U.S.), it wouldn't cost more than $150-$200k.
That is why my company is starting to float the idea that if you can do your job remotely and your manager is okay with it, then you can relocate to a regional office in a lower cost of living area. That way the company wins (retain talent or recruit bright talent that would be put off by a HCOL area). The employee wins (takes their salary and work to a lower cost of living area and the potential to buy a home sooner). And the regional offices win, because they have new staff that could potentially get involved in some of their work.

Nova1967
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Re: Is Los Angeles a good place long term to live financially?

Post by Nova1967 » Thu Apr 19, 2018 10:23 am

delete
Last edited by Nova1967 on Sun Apr 22, 2018 1:59 pm, edited 1 time in total.

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bengal22
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Re: Is Los Angeles a good place long term to live financially?

Post by bengal22 » Thu Apr 19, 2018 10:26 am

VictoriaF wrote:
Tue Apr 17, 2018 5:08 pm
GrayS26 wrote:
Tue Apr 17, 2018 3:55 pm

3. Find a beautiful woman to marry who has a high net worth, and hopefully being in a big city like LA I’d find someone
The best market for beautiful rich women is New York City. If you are any good, organize an auction.

Victoria
Do people still marry for money?
"Earn All You Can; Give All You Can; Save All You Can." .... John Wesley

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triceratop
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Re: Is Los Angeles a good place long term to live financially?

Post by triceratop » Thu Apr 19, 2018 11:36 am

bengal22 wrote:
Thu Apr 19, 2018 10:26 am
VictoriaF wrote:
Tue Apr 17, 2018 5:08 pm
GrayS26 wrote:
Tue Apr 17, 2018 3:55 pm

3. Find a beautiful woman to marry who has a high net worth, and hopefully being in a big city like LA I’d find someone
The best market for beautiful rich women is New York City. If you are any good, organize an auction.

Victoria
Do people still marry for money?
I'll put it this way, people still don't-marry for money -- that is, money or status is a filter for some. That may not be the same thing, but in effect it is.

Here's a recent Bloomberg article on elite dating apps: Elite Dating Apps Threaten to Make America’s Wealth Gap Worse

I'll avoid making this too personal, but I was told by one family that my financial prospects as a young science PhD student were not worthy of their daughter. So even if not all young people think that way, there are older individuals who do.
"To play the stock market is to play musical chairs under the chord progression of a bid-ask spread."

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Clever_Username
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Re: Is Los Angeles a good place long term to live financially?

Post by Clever_Username » Thu Apr 19, 2018 2:05 pm

triceratop wrote:
Thu Apr 19, 2018 11:36 am
I'll put it this way, people still don't-marry for money -- that is, money or status is a filter for some. That may not be the same thing, but in effect it is.

Here's a recent Bloomberg article on elite dating apps: Elite Dating Apps Threaten to Make America’s Wealth Gap Worse

I'll avoid making this too personal, but I was told by one family that my financial prospects as a young science PhD student were not worthy of their daughter. So even if not all young people think that way, there are older individuals who do.
I heard the same both in graduate school and when I left an industry job for a teaching job. Joke's on them, I guess, as I make good money, but it was still odd to hear.
"What was true then is true now. Have a plan. Stick to it." -- XXXX, _Layer Cake_

quantAndHold
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Re: Is Los Angeles a good place long term to live financially?

Post by quantAndHold » Thu Apr 19, 2018 2:18 pm

The529guy wrote:
Thu Apr 19, 2018 8:49 am
denovo wrote:
Tue Apr 17, 2018 6:32 pm
OP, I remember your previous thread that was rather lively to say the least. viewtopic.php?f=1&t=215204

The two good business schools in LA are USC and UCLA. They usually expect you to have a very good undergrad GPA, and some years of work experience. Do you have any of that? When you made that thread you were unemployed.
OP, I'll give you the benefit of the doubt and take your posts at face value, but that leads me to some tough truths.

If all you do is "get Starbucks, YouTube, browse web, Xbox, exercise etc but my social life and the endless drama takes up a lot of energy and time" (link), you are going to have a tough time as an applicant to a "good" business school.

If your family is prepared to make a large contribution to the school of your choice, perhaps the admissions committee will overlook your lack of work experience and admit you as a "development candidate." When you arrive on campus for orientation, every single one of your classmates will ask you - in the first minute of meeting you - what job you had before school. What will you tell them?

Your classmates will be ambitious people with accomplishments and goals that got them into a "good" MBA program. I doubt they will feel that you deserve to be there.

Assuming you land a spot at a "good" school, you'll also have a tough time getting job interviews like a normal MBA candidate. Without any work experience, you'll likely need your family's influence to find you a "good paying job."

I wish you luck.
Yup. Admission to selective MBA programs is based on a combination of academics and work experience. You’ll be expected to have 3-5 years of solid, post bachelors degree work experience, as well as good GMAT scores, and enough of a quantitative background to handle the coursework. Then to be successful in the program, you need to have the ambition and social skills to contribute to group projects with a bunch of ambitious, highly motivated people.

But you already know that, because you’ve researched MBA program requirements, right?

TareNeko
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Re: Is Los Angeles a good place long term to live financially?

Post by TareNeko » Thu Apr 19, 2018 2:20 pm

This is not only shallow, it is also sexist. Please don't objectify woman.
GrayS26 wrote:
Tue Apr 17, 2018 3:55 pm
3. Find a beautiful woman to marry who has a high net worth, and hopefully being in a big city like LA I’d find someone

quantAndHold
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Re: Is Los Angeles a good place long term to live financially?

Post by quantAndHold » Thu Apr 19, 2018 3:17 pm

This thread is weird.

OP. Seriously. Do you want to become some creepy 40 year old dude who’s still trying to impress the undergrad girls with his trust fund? That’s the path you’re heading down right now.

Get a job. Any job. It doesn’t have to pay well, and it doesn’t have to be your life’s work. It’s just a job, not a life sentence. Do it for awhile. If you want to move to LA, get a job in LA.

mhalley
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Re: Is Los Angeles a good place long term to live financially?

Post by mhalley » Thu Apr 19, 2018 3:43 pm

For some humorous negative talk about LA, subscribe to the Adam Corolla Show and the Adam and Dr Drew show. Multiple mentions if the huge problems there. Of course no place is without problems.

mega317
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Re: Is Los Angeles a good place long term to live financially?

Post by mega317 » Thu Apr 19, 2018 3:53 pm

quantAndHold wrote:
Thu Apr 19, 2018 3:17 pm
Get a job. Any job. It doesn’t have to pay well, and it doesn’t have to be your life’s work. It’s just a job, not a life sentence. Do it for awhile. If you want to move to LA, get a job in LA.
This post is well done. I can't think of anything lower-risk than for the OP to get any job in LA. He should know within a year or two if he likes it, is meeting satisfactory dates, can afford what he wants, and can get into school. If it doesn't work out it's not like he can't go back to his old life.

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Pajamas
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Re: Is Los Angeles a good place long term to live financially?

Post by Pajamas » Thu Apr 19, 2018 3:58 pm

quantAndHold wrote:
Thu Apr 19, 2018 3:17 pm

OP. Seriously. Do you want to become some creepy 40 year old dude who’s still trying to impress the undergrad girls with his trust fund? That’s the path you’re heading down right now.
Not OP here but I don't understand your comment. One of his four clearly-stated goals is to get married. His two prior goals are to get an MBA and a good job. His later goal is to buy a house. Sounds pretty normal.

darrvao777
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Re: Is Los Angeles a good place long term to live financially?

Post by darrvao777 » Thu Apr 19, 2018 4:04 pm

Pajamas wrote:
Thu Apr 19, 2018 3:58 pm
quantAndHold wrote:
Thu Apr 19, 2018 3:17 pm

OP. Seriously. Do you want to become some creepy 40 year old dude who’s still trying to impress the undergrad girls with his trust fund? That’s the path you’re heading down right now.
Not OP here but I don't understand your comment. One of his four clearly-stated goals is to get married. His two prior goals are to get an MBA and a good job. His later goal is to buy a house. Sounds pretty normal.
All talk. We’ve seen it with his past posts.

I agree with the advice. Get a job. Any job. The crummier the better, it will hopefully inspire the OP to use his considerable resources and improve his life.

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Pajamas
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Re: Is Los Angeles a good place long term to live financially?

Post by Pajamas » Thu Apr 19, 2018 4:17 pm

darrvao777 wrote:
Thu Apr 19, 2018 4:04 pm

All talk. We’ve seen it with his past posts.
I did read his past posts and understand why some posters react the way they do, but I am also a bit surprised at the degree of the reaction.

It seems some posters think that someone who is privileged couldn't have legitimate problems or need advice just because they are privileged. They don't seem to realize that being privileged comes with its own set of problems even though most people who post here are very privileged themselves, at least on a global basis.

At least he has articulated goals and is asking for feedback on them.

ssquared87
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Re: Is Los Angeles a good place long term to live financially?

Post by ssquared87 » Thu Apr 19, 2018 4:24 pm

Glockenspiel wrote:
Thu Apr 19, 2018 8:35 am
Watty wrote:
Wed Apr 18, 2018 3:19 pm
winterfan wrote:
Wed Apr 18, 2018 9:40 am
Watty wrote:
Tue Apr 17, 2018 5:25 pm

They say a picture is worth a thousand words.

I don't know the areas in LA but here is an example of the type of house you could get there for your $800K

https://www.realtor.com/realestateandho ... 711#photo0


I really like that LA home. I don't know the area, but that doesn't seem unreasonable. The gardens are pretty awesome and I imagine you can spend a lot of time outdoors in that climate.
I agree that it is cute in its own way but at 967 square feet for $800K it does qualify as being expensive. With a spouse and a couple of kids it would feel pretty cramped to me.
This house is cute and the remodel was well-done, but at 967 sq foot house in my Midwest metro area (consistently rated as one of the top places to live in the U.S.), it wouldn't cost more than $150-$200k.
The house is staged. Realtors in LA hire companies to furnish houses and decorate them nicely to get more money from perspective buyers.

Then they offer the buyers the opportunity to buy said furniture at 2-3x the cost

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Pajamas
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Re: Is Los Angeles a good place long term to live financially?

Post by Pajamas » Thu Apr 19, 2018 4:41 pm

ssquared87 wrote:
Thu Apr 19, 2018 4:24 pm

The house is staged. Realtors in LA hire companies to furnish houses and decorate them nicely to get more money from perspective buyers.

Then they offer the buyers the opportunity to buy said furniture at 2-3x the cost
In NYC they don't bother with staging unless it is a really expensive apartment or townhouse. They just digitally alter the listing photos instead.

dbr
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Re: Is Los Angeles a good place long term to live financially?

Post by dbr » Thu Apr 19, 2018 4:42 pm

I would suggest start with the marriage thing and see where that takes the two of you.

Financially, sure it can be made to work. It would be much easier on 2 x $100k than on 1 x $100k. The big house is a pipe dream. Maybe your $800k will get you somewhere down the road, not so likely up in the hills as it is in LA.

Why you would want to do this is open to question. My disclaimer is that we have been there and done that and we are not there now. But we didn't own a big house either. People I know find themselves here: https://www.zillow.com/homes/for_sale/H ... rect/9_zm/ more often than here: https://www.zillow.com/homes/Palos-Verd ... tes-CA_rb/

quantAndHold
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Re: Is Los Angeles a good place long term to live financially?

Post by quantAndHold » Thu Apr 19, 2018 6:46 pm

Pajamas wrote:
Thu Apr 19, 2018 3:58 pm
quantAndHold wrote:
Thu Apr 19, 2018 3:17 pm

OP. Seriously. Do you want to become some creepy 40 year old dude who’s still trying to impress the undergrad girls with his trust fund? That’s the path you’re heading down right now.
Not OP here but I don't understand your comment. One of his four clearly-stated goals is to get married. His two prior goals are to get an MBA and a good job. His later goal is to buy a house. Sounds pretty normal.
Looking at his other posts, he’s a late 20’s guy who spends his life hanging out at his old college, partying and playing xbox. He’s been out of school for several years and hasn’t apparently had a job, which is a prerequisite for most decent MBA programs. And his goal of getting a well paying job also usually requires one to have some other job first. Where you read “get married,” I read that he wants to find a rich woman to take care of him.

So he either needs to make some life changes, or he’s a terrible communicator. One or the other.

darrvao777
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Re: Is Los Angeles a good place long term to live financially?

Post by darrvao777 » Thu Apr 19, 2018 6:50 pm

quantAndHold wrote:
Thu Apr 19, 2018 6:46 pm
Pajamas wrote:
Thu Apr 19, 2018 3:58 pm
quantAndHold wrote:
Thu Apr 19, 2018 3:17 pm

OP. Seriously. Do you want to become some creepy 40 year old dude who’s still trying to impress the undergrad girls with his trust fund? That’s the path you’re heading down right now.
Not OP here but I don't understand your comment. One of his four clearly-stated goals is to get married. His two prior goals are to get an MBA and a good job. His later goal is to buy a house. Sounds pretty normal.
Looking at his other posts, he’s a late 20’s guy who spends his life hanging out at his old college, partying and playing xbox. He’s been out of school for several years and hasn’t apparently had a job, which is a prerequisite for most decent MBA programs. And his goal of getting a well paying job also usually requires one to have some other job first. Where you read “get married,” I read that he wants to find a rich woman to take care of him.

So he either needs to make some life changes, or he’s a terrible communicator. One or the other.
Agreed

Thread should be closed. There’s no actionable info here

We aren’t talking about a teenager. This is a guy in his 20s. Want a great degree, great job, great wife, great house, great life? Work for it. I’m hoping we aren’t the first people to let OP know about the magic of a work ethic.

Want to lounge in LA off the trust fund? That’s fun too. But I don’t think we need a thread about it. Seems pretty straightforward on how to do that...

CFM300
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Re: Is Los Angeles a good place long term to live financially?

Post by CFM300 » Thu Apr 19, 2018 7:21 pm

Glockenspiel wrote:
Thu Apr 19, 2018 8:35 am
at 967 sq foot house in my Midwest metro area (consistently rated as one of the top places to live in the U.S.), it wouldn't cost more than $150-$200k.
May I ask where that is?

inbox788
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Re: Is Los Angeles a good place long term to live financially?

Post by inbox788 » Thu Apr 19, 2018 8:31 pm

Dottie57 wrote:
Tue Apr 17, 2018 9:51 pm
Aren't you counting your chicks before they hatch? It sounds like 200k jobs abound in LA.
You have to do the hard work befor you can even think of spending 4k a MONTH on fun!!!!!
Not if OP has a big trust fund. If he graduates from a top business school, he’ll be half way there and with the money he gets from his parents, he’ll have twice as much to spend. With either alone, he can live an average middle class living, in case one of the income plans falls apart.

https://www.usnews.com/education/best-g ... -b-schools

Dottie57
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Re: Is Los Angeles a good place long term to live financially?

Post by Dottie57 » Thu Apr 19, 2018 8:32 pm

inbox788 wrote:
Thu Apr 19, 2018 8:31 pm
Dottie57 wrote:
Tue Apr 17, 2018 9:51 pm
Aren't you counting your chicks before they hatch? It sounds like 200k jobs abound in LA.
You have to do the hard work befor you can even think of spending 4k a MONTH on fun!!!!!
Not if OP has a big trust fund. If he graduates from a top business school, he’ll be half way there and with the money he gets from his parents, he’ll have twice as much to spend. With either alone, he can live an average middle class living, in case one of the income plans falls apart.

https://www.usnews.com/education/best-g ... -b-schools
I find his whole initial post hilarious. And following ones too.

inbox788
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Re: Is Los Angeles a good place long term to live financially?

Post by inbox788 » Thu Apr 19, 2018 8:38 pm

Pajamas wrote:
Thu Apr 19, 2018 4:17 pm
darrvao777 wrote:
Thu Apr 19, 2018 4:04 pm

All talk. We’ve seen it with his past posts.
I did read his past posts and understand why some posters react the way they do, but I am also a bit surprised at the degree of the reaction.

It seems some posters think that someone who is privileged couldn't have legitimate problems or need advice just because they are privileged. They don't seem to realize that being privileged comes with its own set of problems even though most people who post here are very privileged themselves, at least on a global basis.

At least he has articulated goals and is asking for feedback on them.
First world problems.

If affluenza were a disease, this thread would be shut down for providing medical advice.
af·flu·en·za
ˌaflo͞oˈenzə
noun
noun: affluenza
a psychological malaise supposedly affecting wealthy young people, symptoms of which include a lack of motivation, feelings of guilt, and a sense of isolation

madbrain
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Re: Is Los Angeles a good place long term to live financially?

Post by madbrain » Thu Apr 19, 2018 8:41 pm

CFM300 wrote:
Thu Apr 19, 2018 7:21 pm
Glockenspiel wrote:
Thu Apr 19, 2018 8:35 am
at 967 sq foot house in my Midwest metro area (consistently rated as one of the top places to live in the U.S.), it wouldn't cost more than $150-$200k.
May I ask where that is?
I was going to point out that I knew a place in San Jose where you could find condos or townhomes of that size for $80K, right off interstate 680.

I almost invested in them when I got my father's inheritance, but didn't because it was too much of an active strategy/job and I didn't have the time. Didn't like the concentrated risk, either.

Well, 7 years later, I just checked it out, and those condos are valued at $360K. Shocker. Now those certainly beat the market !

This is a location I pass every day on my way to/from work, and that is considered some of the worst part of San Jose in terms of crimes, with a number of shootings having happened in that area. On the plus side, the gas prices are the cheapest in the whole city, even lower than Costco, if you don't mind stopping there to refill.

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unclescrooge
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Re: Is Los Angeles a good place long term to live financially?

Post by unclescrooge » Thu Apr 19, 2018 9:37 pm

CFM300 wrote:
Thu Apr 19, 2018 7:21 pm
Glockenspiel wrote:
Thu Apr 19, 2018 8:35 am
at 967 sq foot house in my Midwest metro area (consistently rated as one of the top places to live in the U.S.), it wouldn't cost more than $150-$200k.
May I ask where that is?
Based on a quick perusal if the Google, I came up with either Austin, or Lansing, MI.
:mrgreen:

mega317
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Re: Is Los Angeles a good place long term to live financially?

Post by mega317 » Thu Apr 19, 2018 10:24 pm

Extremely surprised if Lansing is ranked a top place to live, or if Austin is in the midwest.

CFM300
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Re: Is Los Angeles a good place long term to live financially?

Post by CFM300 » Thu Apr 19, 2018 10:30 pm

I'm guessing Des Moines.

dustinst22
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Re: Is Los Angeles a good place long term to live financially?

Post by dustinst22 » Thu Apr 19, 2018 11:44 pm

LarryAllen wrote:
Tue Apr 17, 2018 5:43 pm
triceratop wrote:
Tue Apr 17, 2018 5:38 pm
LarryAllen wrote:
Tue Apr 17, 2018 5:31 pm
On $100k a year you can't afford to live in a decent neighborhood in Los Angeles.
I do it on a third of that.
What part of LA do you live in? Riverside? To live in the city of Los Angeles, in a decent neighborhood, I think it would be very hard to live on $100k. I'll stand by my statement. Is it possible? I suppose it's possible but it's going to be an extremely tight budget and our definitions of "decent" might be different. Good for you if I am wrong.
Depends if we're talking about 100 K before or after taxes. Sounds like this guy is getting 100 K a year after taxes? Not sure. IN any case, I live a block off the beach with my wife here in Huntington Beach, which is comparable in living costs to several nicer areas in LA. Our yearly spend is ~ 70Kish and we are definitely not nearly as frugal as we should be. Of course this is with zero debts.

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Re: Is Los Angeles a good place long term to live financially?

Post by jackholloway » Thu Apr 19, 2018 11:53 pm

I have lived in southern California for many years. All the things you seek can be had here, even at 100k/yr, if you are willing to drive a bit.

To live well out here, you may need a serious shot of motivation to get into one of those top b-schools, and then to get one of those jobs that such a school would lead to.

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Fat-Tailed Contagion
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Re: Is Los Angeles a good place long term to live financially?

Post by Fat-Tailed Contagion » Fri Apr 20, 2018 12:01 am

Only if you prefer tiny spaces, high rents, expensive parking, packed highways, and high taxes.

If so, come on out! :sharebeer
“The intelligent investor is a realist who sells to optimists and buys from pessimists.” | ― Benjamin Graham, The Intelligent Investor

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Re: Is Los Angeles a good place long term to live financially?

Post by boglerdude » Fri Apr 20, 2018 12:37 am

OP gettin the Boglehead roast xD
triceratop wrote:
Wed Apr 18, 2018 9:15 am
boglerdude wrote:
Wed Apr 18, 2018 1:07 am
If SoCal could implement congestion pricing on the freeways, so you could buy your way out of traffic, GDP for the region would double.
This is already the case.
Looks like only the 10 and 110 so far. Its badly needed on the 405.

All fast lanes should have GPS tracked, pay-per-mile bidding, managed so the speed is a bit faster than the other lanes (hard to merge in and out when the fast lane is going 60 and the other lanes 10). Revenues given to schools.

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triceratop
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Re: Is Los Angeles a good place long term to live financially?

Post by triceratop » Fri Apr 20, 2018 1:47 am

boglerdude wrote:
Fri Apr 20, 2018 12:37 am
OP gettin the Boglehead roast xD
triceratop wrote:
Wed Apr 18, 2018 9:15 am
boglerdude wrote:
Wed Apr 18, 2018 1:07 am
If SoCal could implement congestion pricing on the freeways, so you could buy your way out of traffic, GDP for the region would double.
This is already the case.
Looks like only the 10 and 110 so far. Its badly needed on the 405.

All fast lanes should have GPS tracked, pay-per-mile bidding, managed so the speed is a bit faster than the other lanes (hard to merge in and out when the fast lane is going 60 and the other lanes 10). Revenues given to schools.
Would give new life to the “living life in the fast lane”, which also applies to the OP! ;)
"To play the stock market is to play musical chairs under the chord progression of a bid-ask spread."

inbox788
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Re: Is Los Angeles a good place long term to live financially?

Post by inbox788 » Fri Apr 20, 2018 1:54 am

CFM300 wrote:
Thu Apr 19, 2018 10:30 pm
I'm guessing Des Moines.
My guess was the twin cities, but man, prices are way higher. Maybe Columbus or St. Louis?

https://www.zillow.com/homes/?searchQue ... List=false

Once you subtract home costs, even Los Angeles or NYC can be quite affordable. And in NYC, your transportation costs may be far lower not having a car.

Btw, Minneapolis makes the list as one of the most bike friendly.
https://www.wired.com/2015/06/copenhage ... ly-cities/

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Re: Is Los Angeles a good place long term to live financially?

Post by LarryAllen » Fri Apr 20, 2018 8:09 am

dustinst22 wrote:
Thu Apr 19, 2018 11:44 pm
LarryAllen wrote:
Tue Apr 17, 2018 5:43 pm
triceratop wrote:
Tue Apr 17, 2018 5:38 pm
LarryAllen wrote:
Tue Apr 17, 2018 5:31 pm
On $100k a year you can't afford to live in a decent neighborhood in Los Angeles.
I do it on a third of that.
What part of LA do you live in? Riverside? To live in the city of Los Angeles, in a decent neighborhood, I think it would be very hard to live on $100k. I'll stand by my statement. Is it possible? I suppose it's possible but it's going to be an extremely tight budget and our definitions of "decent" might be different. Good for you if I am wrong.
Depends if we're talking about 100 K before or after taxes. Sounds like this guy is getting 100 K a year after taxes? Not sure. IN any case, I live a block off the beach with my wife here in Huntington Beach, which is comparable in living costs to several nicer areas in LA. Our yearly spend is ~ 70Kish and we are definitely not nearly as frugal as we should be. Of course this is with zero debts.
Paid off house I presume?

Glockenspiel
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Re: Is Los Angeles a good place long term to live financially?

Post by Glockenspiel » Fri Apr 20, 2018 8:53 am

CFM300 wrote:
Thu Apr 19, 2018 7:21 pm
Glockenspiel wrote:
Thu Apr 19, 2018 8:35 am
at 967 sq foot house in my Midwest metro area (consistently rated as one of the top places to live in the U.S.), it wouldn't cost more than $150-$200k.
May I ask where that is?
Minneapolis/Saint Paul year after year rates as a top 2 to top 10 (depending on source) place to live in the United States - However, you will have a very hard time finding a house that small. I'm just saying on a per square foot basis, you will be hard-pressed to find a single-family detached house that costs more than $200 per square foot.

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Re: Is Los Angeles a good place long term to live financially?

Post by Glockenspiel » Fri Apr 20, 2018 9:01 am

inbox788 wrote:
Fri Apr 20, 2018 1:54 am

Btw, Minneapolis makes the list as one of the most bike friendly.
https://www.wired.com/2015/06/copenhage ... ly-cities/
This isn't well-known? I thought everyone knew that Portland and Minneapolis are essentially the two most bike-friendly cities in the country.

http://www.startribune.com/it-s-officia ... 339920402/

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Re: Is Los Angeles a good place long term to live financially?

Post by 3CT_Paddler » Fri Apr 20, 2018 9:38 am

If I was the OP, I would take a closer look at some other places before LA...

Austin, Tampa, Charleston, Miami, Seattle, San Diego.

Also I would focus on getting an MBA wherever the best school that you can get into is located and then make the move.

dustinst22
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Re: Is Los Angeles a good place long term to live financially?

Post by dustinst22 » Fri Apr 20, 2018 11:16 am

LarryAllen wrote:
Fri Apr 20, 2018 8:09 am
dustinst22 wrote:
Thu Apr 19, 2018 11:44 pm
LarryAllen wrote:
Tue Apr 17, 2018 5:43 pm
triceratop wrote:
Tue Apr 17, 2018 5:38 pm
LarryAllen wrote:
Tue Apr 17, 2018 5:31 pm
On $100k a year you can't afford to live in a decent neighborhood in Los Angeles.
I do it on a third of that.
What part of LA do you live in? Riverside? To live in the city of Los Angeles, in a decent neighborhood, I think it would be very hard to live on $100k. I'll stand by my statement. Is it possible? I suppose it's possible but it's going to be an extremely tight budget and our definitions of "decent" might be different. Good for you if I am wrong.
Depends if we're talking about 100 K before or after taxes. Sounds like this guy is getting 100 K a year after taxes? Not sure. IN any case, I live a block off the beach with my wife here in Huntington Beach, which is comparable in living costs to several nicer areas in LA. Our yearly spend is ~ 70Kish and we are definitely not nearly as frugal as we should be. Of course this is with zero debts.
Paid off house I presume?

Nope, permanent renters. If we spent 70 K a year with a paid off house we'd need to take a serious look at our spending habits.

inbox788
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Re: Is Los Angeles a good place long term to live financially?

Post by inbox788 » Fri Apr 20, 2018 1:32 pm

Glockenspiel wrote:
Fri Apr 20, 2018 8:53 am
Minneapolis/Saint Paul year after year rates as a top 2 to top 10 (depending on source) place to live in the United States - However, you will have a very hard time finding a house that small. I'm just saying on a per square foot basis, you will be hard-pressed to find a single-family detached house that costs more than $200 per square foot.
So My guess was right? You might be underestimating the recent continuing growth in twin city real estate prices.
Glockenspiel wrote:
Fri Apr 20, 2018 9:01 am
This isn't well-known? I thought everyone knew that Portland and Minneapolis are essentially the two most bike-friendly cities in the country.

http://www.startribune.com/it-s-officia ... 339920402/
Not to those folk in Los Angeles. Most speed by cyclists oblivious to their existence nearly running over them.

http://www.latimes.com/business/autos/l ... story.html
http://www.latimes.com/local/lanow/la-m ... story.html
[the article lists payouts of $6.5M and $7.5M for city with deep pockets, which is higher than most folks umbrella policies; still if odds of having an umbrella policy greater than $2M are 1:100,000 and 2:3.976 million (2016) incidents, what are the odds insurance is enough?]
Bicycle accidents are more common in Los Angeles than elsewhere
https://www.vititoelawgroup.com/Auto-Ac ... here.shtml
OP, if MBA doesn't pan out, maybe law school?

crystalbank
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Re: Is Los Angeles a good place long term to live financially?

Post by crystalbank » Fri Apr 20, 2018 6:48 pm

I'm surprised this thread is still alive.

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Re: Is Los Angeles a good place long term to live financially?

Post by MJW » Fri Apr 20, 2018 7:46 pm

crystalbank wrote:
Fri Apr 20, 2018 6:48 pm
I'm surprised this thread is still alive.
Just drink it in. Bask in its glow. Beauty is fleeting.

Sam1
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Re: Is Los Angeles a good place long term to live financially?

Post by Sam1 » Fri Apr 20, 2018 7:49 pm

Watty wrote:
Tue Apr 17, 2018 5:25 pm
LA is a funny place, some people love it and some people hate it.

I have only been there a few times but to me there are a lot better places in Southern California like San Diego or the California coast north of LA if you really want to move there.
GrayS26 wrote:
Tue Apr 17, 2018 3:55 pm
Is LA expensive?
They say a picture is worth a thousand words.

I don't know the areas in LA but here is an example of the type of house you could get there for your $800K

https://www.realtor.com/realestateandho ... 711#photo0

Here is an example of the type of house you could get here in the suburbs of Atlanta for $800K

https://www.realtor.com/realestateandho ... A639371858

Yes it is expensive and not only is the housing expensive but the California income taxes are also high for someone with a high income.

One other caution. Financially even though you apparently have a lot of means from a trust or something you would be a small fish in a very big pond if you move there and got involved with the real high income crowd so you would need to be prepared for that. Reading way in between the lines I would suspect that being someplace where you could be the big fish in a medium size pond might we worth considering.
GrayS26 wrote:
Tue Apr 17, 2018 3:55 pm
3. Find a beautiful woman to marry who has a high net worth, and hopefully being in a big city like LA I’d find someone
As the old saying goes, "Be careful what you ask for, you might get it."
You’re comparing apples and oranges with the two houses. The Atlanta house is an hour plus outside of Atlanta. The LA house has an LA address

dustinst22
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Re: Is Los Angeles a good place long term to live financially?

Post by dustinst22 » Fri Apr 20, 2018 8:00 pm

Sam1 wrote:
Fri Apr 20, 2018 7:49 pm

You’re comparing apples and oranges with the two houses. The Atlanta house is an hour plus outside of Atlanta. The LA house has an LA address
Plus...it's Atlanta. Not exactly a desirable place.

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