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re: Where does it end? The cost of everything
Posted on 8/10/18 at 11:38 am to lsu13lsu
Posted on 8/10/18 at 11:38 am to lsu13lsu
Many consumer goods havent kept up w inflation. Take a look at prices in this Sears catalog 1988 . In many cases you can get better products near the same price or cheaper from Amazon. Thanks to proliferation of Walmart and online retail, small town and rural consumers now have more access and choice rather than inflated prices from one or two local retailers. I remember the first time I saw the outrageous prices my wife's family had been paying for appliances, furniture, etc from the local mom and pop monopoly. I was shocked! Consumers have never had it so good.
This post was edited on 8/10/18 at 11:46 am
0
Posted on 8/10/18 at 12:01 pm to notiger1997
People are just bad with money.
Cars
12 years ago we bought Civic that had a salvage title and 70,000 miles for $7,000 cash. It has over 300,000 miles and we're still driving it today because I fix it myself. The interior is still in great condition because we take care of it so when the motor threw a rod and the transmission started slipping at 280,000 miles I had the transmission rebuilt for $1,800 and I replace the motor myself with a fresh long block for $700. So for $2,500 we have a brand new used car with 0 miles. How many people would have just went out and bought a new car with a note or a used car for 5,000 to $10,000 with an unknown history that could take a dump on them tomorrow?
Debt
We don't have any. If we can't buy it with cash we don't buy it.
Housing
We bought our first house 9 years ago in St Tammany Parish. For $70,000 we bought a dilapidated shithole with a $350 note. I then spent 12 months and $60,000 cash to renovate it myself. $130,000 later we have exactly the high quality home we want the way we want it.
3 years after we purchased it, it was paid off.
Investments
Found a good deal on an income-generating duplex in St Tammany Parish. Took out a loan for $170,000. Every Penny it generated in income and all disposable personal income we had went into paying off the principal.
4.5 years after it was purchased it was paid off.
All of this was done on a total family gross income of $60,000 per year.
People who say it can't be done just aren't doing it right.
Cars
12 years ago we bought Civic that had a salvage title and 70,000 miles for $7,000 cash. It has over 300,000 miles and we're still driving it today because I fix it myself. The interior is still in great condition because we take care of it so when the motor threw a rod and the transmission started slipping at 280,000 miles I had the transmission rebuilt for $1,800 and I replace the motor myself with a fresh long block for $700. So for $2,500 we have a brand new used car with 0 miles. How many people would have just went out and bought a new car with a note or a used car for 5,000 to $10,000 with an unknown history that could take a dump on them tomorrow?
Debt
We don't have any. If we can't buy it with cash we don't buy it.
Housing
We bought our first house 9 years ago in St Tammany Parish. For $70,000 we bought a dilapidated shithole with a $350 note. I then spent 12 months and $60,000 cash to renovate it myself. $130,000 later we have exactly the high quality home we want the way we want it.
3 years after we purchased it, it was paid off.
Investments
Found a good deal on an income-generating duplex in St Tammany Parish. Took out a loan for $170,000. Every Penny it generated in income and all disposable personal income we had went into paying off the principal.
4.5 years after it was purchased it was paid off.
All of this was done on a total family gross income of $60,000 per year.
People who say it can't be done just aren't doing it right.
This post was edited on 8/10/18 at 12:03 pm
Posted on 8/10/18 at 12:04 pm to jwill37
It all started with $300 ice chests
Posted on 8/10/18 at 12:13 pm to Lsupimp
quote:
Incomes are up, consumer goods are cheap and plentiful, inflation is historically negligible. If you can’t thrive in the USA in 2018, you can’t thrive.
Imho, maybe too many people are chasing materialism and “ the great life “ as seen on tv and social media in the mistaken belief that better stuff will make them happy. Maybe a lot of these people would focus more on a life of meaning, rather than a life of conspicuous consumption. Live a bit more simply and push themselves in other ways through doing cool stuff, and having great relationships, instead of having great stuff. There is a certain satisfaction and self- respect that comes with living below your means
^This
And don't forget how the stress just melts away once you're completely debt-free and own all your possessions out-right.
Posted on 8/10/18 at 12:14 pm to terd ferguson
quote:
Back when they were talking about eating arse?
That thread was awesome. Too bad it got whacked.
Posted on 8/10/18 at 12:17 pm to TDFreak
quote:
My parents built their dream home on a half acre lot for $350,000 in the mid 90's.
quote:
$350,000
quote:
Your parents we’re ahead of their time
Yeah, no shite.
My parents bought and renovated their dream home in the 90s for $140k
In Lakeview (NOLA).
Some people just don't know where to find value.
This post was edited on 8/10/18 at 12:18 pm
Posted on 8/10/18 at 12:18 pm to jwill37
K didn't read this whole thread, but electronics are far cheaper these days. I Can remember tvs costing $500 that were mediocre even for their day. Now, $500 will get you a competitive huge TV with vastly superior picture. An Intellivison used to cost $250-300. Now you can get a PS4 for the same price.
It's not difficult to become wealthy, one only has to delay gratification , live within their means and invest about 15% of their income. I've posted this before, but I know auto mechanics, postal carriers, and a construction worker who are worth notable more than a million as they approach retirement.
It's not difficult to become wealthy, one only has to delay gratification , live within their means and invest about 15% of their income. I've posted this before, but I know auto mechanics, postal carriers, and a construction worker who are worth notable more than a million as they approach retirement.
Posted on 8/10/18 at 12:23 pm to Lsupimp
quote:
Incomes are up, consumer goods are cheap and plentiful, inflation is historically negligible. If you can’t thrive in the USA in 2018, you can’t thrive.
My only comment is having more than two children isnt financially feasible for large swaths of the country due to the choice of either being a one income household or having three kids in daycare. Up here one kid is $2000k+/month. Three is $5500 (they throw in a slight discount for multiple kids).
Childcare has more than doubled the rate of inflation, along with college tuition.
Posted on 8/10/18 at 12:31 pm to jwill37
The OP's obvious hyperbole aside, "The cost of everything" really is crazy when you stop and think about it.
Before I actually spend any money directly out of my pocket, I still cringe thinking about how much is spent on bills at the beginning of the month.
After:
-Health insurance
-Taxes
-Rent/Mortgage
-Car insurance
-Car payment
-Home utilities
-Phone bill
-Whatever other recurring monthly expenses you have
It seems absurd how much money it takes just to be a typical functioning American.
Eta: No wonder some people have no problem living off the Gov't dole. You can remove basically 3-4 of your largest monthly expenses just by living below the poverty line. That's insane.
Before I actually spend any money directly out of my pocket, I still cringe thinking about how much is spent on bills at the beginning of the month.
After:
-Health insurance
-Taxes
-Rent/Mortgage
-Car insurance
-Car payment
-Home utilities
-Phone bill
-Whatever other recurring monthly expenses you have
It seems absurd how much money it takes just to be a typical functioning American
. Eta: No wonder some people have no problem living off the Gov't dole. You can remove basically 3-4 of your largest monthly expenses just by living below the poverty line. That's insane.
This post was edited on 8/10/18 at 12:35 pm
Posted on 8/10/18 at 12:33 pm to jwill37
This sums it up. If you don't go to college, don't have kids, and stay healthy, you can live like a king!
Posted on 8/10/18 at 12:41 pm to jwill37
quote:
F150 pickup was $25k less than 10 years ago now it's $60k.
It’s just as easy to get financing tho, and that’s what really counts.
Posted on 8/10/18 at 12:43 pm to Eli Goldfinger
quote:
It’s just as easy to get financing tho, and that’s the problem.
Fify.
Easily a majority of people buying a new pickup for $60k either dont need it, shouldnt be buying it, or cant afford it.
Posted on 8/10/18 at 12:47 pm to NYNolaguy1
Great: My tv is more affordable than it use to be!!
Sucky: I have to work far more hours at the same job to buy the same house my dad did in 1980.
The availability of credit and the people that over utilize it is not going to have a good long term effect.
Sucky: I have to work far more hours at the same job to buy the same house my dad did in 1980.
The availability of credit and the people that over utilize it is not going to have a good long term effect.
Posted on 8/10/18 at 1:03 pm to RogerTheShrubber
quote:
This is not the case for most people. They live far more extravagantly than people did 50 years ago.
"We have to have a 4 bedroom house, we have three kids" like a bedroom for each kid is necessity. In the 60s myself and most everyone I knew shared a room with a sibling.
Posted on 8/10/18 at 1:11 pm to Champagne
quote:
For example: Go look at car advertisements from the late 1960s to the early 1970s -- you could get a new car for under $5,000.
I bought a new 1975 Pontiac Astre ( Pontiac badged Chevy Vega) for $3200 plus TT&L, but it had standard trans, AM radio, crank windows, no carpet, and no air Conditioning, no one today would even consider buying a car like that for any price.
Posted on 8/10/18 at 1:14 pm to EA6B
quote:
. In the 60s myself and most everyone I knew shared a room with a sibling.
Yep, in the 70's I shared a room with my two brothers. Two bedroom and one bath.
Posted on 8/10/18 at 1:15 pm to EA6B
quote:
"We have to have a 4 bedroom house, we have three kids" like a bedroom for each kid is necessity. In the 60s myself and most everyone I knew shared a room with a sibling.
My sisters shared a room in the 80s-mid 90's even when they were in HS. Dad eventually added on to the house when my oldest sister was a senior I think.
I got my own room being the only boy
Posted on 8/10/18 at 1:18 pm to EA6B
I have purchased sis Nissan Altimas in my lifetime.
1994
1998
2003
2008
2012
2016
A few months ago I found the sticker from the 98. It was 19,990. My last 2016 Altima was around 22,800. Not much of an increase and I can assure you, my 2018 has a lot more features that my 98.
1994
1998
2003
2008
2012
2016
A few months ago I found the sticker from the 98. It was 19,990. My last 2016 Altima was around 22,800. Not much of an increase and I can assure you, my 2018 has a lot more features that my 98.
Posted on 8/10/18 at 1:56 pm to AUjim
quote:
have to work far more hours at the same job to buy the same house my dad did in 1980
Are you sure? 30 yr fixed mortgage rates were 12-16% in 1980. Sure median home prices are higher but with more sq ft and amenities. Financing has been near historically low rates for ages and wages and income have grown with inflation. Growing up in to 80-90s none of our neighbors had boats, RVs, or took multiple vacations now those all seem to be common for many average people that can't really afford it. motgage rate history
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