parkslope

Comments:

• A Place For Mom has an average rating on Yelp of only 1.6 (237 reviews). https://www.yelp.com/brands/a-place-for-mom

  Post: How would you prepare for the staggering cost of in-home care if you ever need it?

  Link to comment from September 15, 2024

• A recent (2019) meta-analysis of the heritability of self-control in 17 studies with a combined sample size >30,000 (mean age = 13) revealed an overall monozygotic twin correlation of 0.58, and an overall dizygotic twin correlation of 0.28, resulting in a heritability estimate of 60%. Given the additional impact of parenting, peers and other environmental factors on self-control, it seems clear that heredity and environment have a very strong influence on our self-control. This argues against taking an approach that does nothing more than criticizing and blaming those who show poor self-control for their irresponsiblity. Instead, as difficult as it may be, we should be focusing on ways to help those who find it difficult to be financially responsible. https://www.sciencedirect.com/science/article/pii/S0149763418307905

  Post: We can’t control what others do and we can’t stop misfortune from striking. But we can control our own actions. Those who are financially prudent will most likely enjoy success, even if events don’t always go their way.

  Link to comment from September 14, 2024

• Steve, Are the figures before or after expenses?

  Post: Active vs. Passive ETFs: Fidelity and T. Rowe Price Meet Vanguard by Steve Abramowitz

  Link to comment from September 12, 2024

• While this article is critical of many financial advisors it still appears to promote the notion that some advisors are "adding value" by beating their benchmark index over the long run and that investors will be able to successfully identify those who have done so due to skill rather than random luck. For me, the takeaway is to follow the author's decision to invest in index funds.

  Post: False Comparisons

  Link to comment from September 12, 2024

• When we purchased our two townhomes we asked about the ages of the roofs and who was responsible for repairs and also had them professionally inspected. We considered that part of our due diligence.

  Post: A Rental House? Questions to Consider (from Dana/DrLefty)

  Link to comment from September 12, 2024

• If you feel that way then why did you start this thread without making any mention of your disdain for survey data?

  Post: Can your retirement survive a financial shock? It seems many can’t. Have you thought about it? Rdq

  Link to comment from September 10, 2024

• [I]n many cases P to P is self imposed and irresponsible, not an indication of economic struggle. R. Quinn Your comment brings to mind other attitudes that, fortunately, are not as widespread as they used to be. In many cases being overweight is self-imposed and irresponsible, not an indication of struggling with stronger than average physiological food cravings. In many cases alcoholism, gambling addiction and mental depression are self-imposed and irresponsible, .....

  Post: Can your retirement survive a financial shock? It seems many can’t. Have you thought about it? Rdq

  Link to comment from September 10, 2024

• My wife and I have been landlords for 25 years. From 1999 to 2019 we lived in the lower three floors of our 5-story, 4-family brownstone in Brooklyn. After we retired and sold our brownstone and moved to NC in 2019, we used a portion of the proceeds to make cash purchases of 4 rental properties--two townhouses and 2 free-standing houses. Below are my thoughts about your four questions.

  1. As retirees, I recommend that you seriously consider if you want to take on mortgage debt and that you minimize it if you do. We paid cash for our properties and the only reason we purchased new rentals was to defer paying very sizable capital gains and recaptured depreciation taxes through a 1031 exchange.
  2. All 4 of our properties are in HOAs. The fees on the two houses are reasonable and HOA swimming pools and playgrounds make our properties easier to rent. The townhouse fees are much higher but they cover maintenance costs that would otherwise be our responsibility (HOA fees were used to replace the roof on one our townhouses two years ago).
  3. The recent landmark real estate settlement has shaken up the process of buying and selling. From what I have read, buyers must now sign a legally binding representation agreement with their agent before they can look at houses together. Even if you contact the listing agent directly, that agent may refuse to show the property to you unless you sign a buyers' agreement with them.
  4. There are companies that will sell you maintenance service contracts that include 24 hour emergency service. Like any other type of business, they vary in quality. We used one in NC until we were able to find a fantastic handyman.
  5. I hate to say it, but our worst tenant experiences (excessive noise and property damage) when we owned our brownstone were with recent college grads. Even though two of our favorite tenants were a couple who lived in one of our small studio apartments during their three years in law school we have become reluctant to rent to younger adults.
  I agree with Steve that it can be better to rent than to buy. We were very fortunate to have purchased our properties just before Covid hit and have benefited significantly from the increases in rents and property values over the past four years. However, we just happened to be lucky and I won't be surprised if our rental income fails to keep up with inflation in the near future.

  Post: A Rental House? Questions to Consider (from Dana/DrLefty)

  Link to comment from September 10, 2024

• A recent survey by LendingTree found that 45% of Disney goers with children under 18 took on credit card debt to pay for their trip. The fact that they didn't have enough savings to pay for the trip supports the notion that they view themselves as living paycheck to paycheck. Perhaps what you are failing to take into account is that a large number of Americans are using a significant part of each paycheck to pay their minimum required credit card payments.

  Post: Can your retirement survive a financial shock? It seems many can’t. Have you thought about it? Rdq

  Link to comment from September 9, 2024

• Lexus is the dominant brand in our CCRC including several of their most expensive models.

  Post: Quinn is considering buying a Bentley 🤑

  Link to comment from September 8, 2024