Buying my own home was the smartest money decision I've ever made. From the very first month I wrote out a rent check I thought, this is a mug's game, and I made a goal to buy a home as soon as I could. As it has turned out, I would not be able to afford to still live where I live had I not bought my home (a studio co-op apartment) thirty years ago. Rent on the same space would cost more than three times as much as the carrying costs for my apartment (and my home is now worth almost three times what I paid for it).
Thank you for this. So many articles and commercials try to sell you on hiring an advisor, you can start to feel like you're missing the boat if you don't. But I've seen some bad advice from advisors. And I also think, why should I pay someone a percentage of what I've already saved before hiring them?
My strategy has been to hold Dividend-paying stocks as a hedge so that if the market drops I don't have to make withdrawls when it's down;I can just take my dividends. Roughly half of my savings are in individual dividend-paying stocks, and they pay me (annually) almost as much as my SocSec. So far it's working.
This is something that worries me, but I can't see myself voluntarily moving to retirement community. I have a friend in Florida who has and loves it. But I spent over 30 years caring for elderly relatives and in that time I haven't seen a facility I'd want to move in to. Someday I might not have a choice, but for now I just hope I never have to make the choice.
Comments:
Buying my own home was the smartest money decision I've ever made. From the very first month I wrote out a rent check I thought, this is a mug's game, and I made a goal to buy a home as soon as I could. As it has turned out, I would not be able to afford to still live where I live had I not bought my home (a studio co-op apartment) thirty years ago. Rent on the same space would cost more than three times as much as the carrying costs for my apartment (and my home is now worth almost three times what I paid for it).
Post: Rent Forever?
Link to comment from January 11, 2025
Thank you for this. So many articles and commercials try to sell you on hiring an advisor, you can start to feel like you're missing the boat if you don't. But I've seen some bad advice from advisors. And I also think, why should I pay someone a percentage of what I've already saved before hiring them?
Post: Hire an Advisor?
Link to comment from January 11, 2025
My strategy has been to hold Dividend-paying stocks as a hedge so that if the market drops I don't have to make withdrawls when it's down;I can just take my dividends. Roughly half of my savings are in individual dividend-paying stocks, and they pay me (annually) almost as much as my SocSec. So far it's working.
Post: How do I invest for Dividend Income? Should I?
Link to comment from October 20, 2024
This is something that worries me, but I can't see myself voluntarily moving to retirement community. I have a friend in Florida who has and loves it. But I spent over 30 years caring for elderly relatives and in that time I haven't seen a facility I'd want to move in to. Someday I might not have a choice, but for now I just hope I never have to make the choice.
Post: What I Saw With Meals on Wheels
Link to comment from September 7, 2024