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re: The 'lost generation' of millennials born in the 1980s may never be as rich as their paren
Posted on 5/25/18 at 1:37 pm to cahoots
Posted on 5/25/18 at 1:37 pm to cahoots
quote:
Probably a new car purchase?
If you were buying a used car today and you could access 3.2% which is available right now...........you'd pay cash?
Hmm..........that would be a suspect call to say the least.
This post was edited on 5/25/18 at 1:38 pm
0
Posted on 5/25/18 at 1:55 pm to ShortyRob
quote:
Well shite. That isn't a car thing, it's a EVERY thing.
But of course, if you NEEDED a car back then and you couldn't pay cash............
Then you should pay cash. Or ride a bike. Never take out a 5 year loan at 21%.
quote:
It's not exactly a technicality to say that there are people who know that it's possible they will move within the first several years of their mortgage and that a lower initial rate means they will pay more towards principle than otherwise(meaning selling will be a better deal for them too). Yeah. That's a real "technicality"!
You are outlining a high risk scenario. Even if you only want to own a home for 5 years, it’s hard to time it like that. You don’t know what the housing market will look like in 5 years. You don’t know if your A/C Unit will blow. And you’ve got to consider all of the sunk costs and fees when buying/selling.
5 year ownership is inadvisable for MOST people
This post was edited on 5/25/18 at 1:58 pm
Posted on 5/25/18 at 2:11 pm to cahoots
quote:LOL. No.
It’s not a technicality. You are outlining a high risk scenario.
Are you really going to force me to do the math for you.
Aw frick it........why not.
For a $250K home, in a 5/1 ARM today(which isn't even that great a deal compared to higher rate environments)
It would take you till year 11 to owe around the same amount. In year 5, you would owe about $1900 less despite also having paid about $4300 less in payments. For a net ahead at the 5 year mark of $5200.
So, tell me more about your definition of "high risk".
This post was edited on 5/25/18 at 2:19 pm
Posted on 5/25/18 at 2:42 pm to el Gaucho
quote:
Because you snowflakes don’t want to work
Do you know how little we got paid per hour?
Posted on 5/25/18 at 2:45 pm to ShortyRob
quote:
Why? Well, they'll tell you "cause theirs works for them" but what they REALLY mean is, "we don't know how to do what Shorty does and even though we could learn it in like 10 minutes, we don't wanna".
That's just a buy in problem. The human brain is god awful when it comes to the sunk cost fallacy, no matter one's age
Posted on 5/25/18 at 2:47 pm to arp0925
quote:
Millennials are generally defined as people born between 1981 and 1996
That may be the technical definition but I've never agreed with that. Honestly I'd put 95 or later.
Posted on 5/25/18 at 2:48 pm to Joshjrn
quote:
The human brain is god awful when it comes to the sunk cost fallacy, no matter one's age
It's one of the most dangerous ones - I get when there is physical infrastructure involved - and in some cases that one isn't necessarily a fallacy. But, to get folks into doing absolute cost analysis, opportunity cost analysis and "real cost of this decision/non-decision" is just tough as it is something that humans don't seem to get as a species.
Hell, I'm meta-aware AF and even I have to stop and force myself into that mode at times. And I'm one of the smartest motherfrickers I know.
This post was edited on 5/25/18 at 2:49 pm
Posted on 5/25/18 at 2:56 pm to el Gaucho
quote:
They take out loans instead of working over the summer to pay for school like us boomers did.
First of all, you're not a boomer, you're a nacido durante de la "boom" (fricking Spanglish), and
B. You're not a day over 25.
:youhavetogoback:
Posted on 5/25/18 at 3:08 pm to Ace Midnight
quote:
Hell, I'm meta-aware AF and even I have to stop and force myself into that mode at times. And I'm one of the smartest motherfrickers I know
I guess I'm an odd ball on this. I'm the guy who the second I see you doing something in a way that looks more efficient or informative than what I am doing it becomes my sole purpose in life to understand how you did it and I have no shame in collaborating with you to let me learn from you.
I never let my ego get in the way of learning something even if I'm learning it from someone who overall I consider to be less talented than me.
This character trait has served me very well and is a large part of the reason why I know all sorts of little shite on how to do stuff for anything basically within five degrees of separation from my Lane.
It just happened to me about a month ago. I was helping a co-worker who wanted to learn how to better handle some data she had because she was a little like me. I was working with her when she showed me another tool that her Department used for something completely unrelated to what we were talking about
It happened to use one function that I was showing her. The tool was fricking bad-arse and used some approaches that I had never done. You know what I did? I asked her who the frick built it because I wanted a copy so I can reverse-engineer it and failing that reach out to the Creator
Guess I'm just weird like that
Posted on 5/25/18 at 3:16 pm to Brettesaurus Rex
quote:
That may be the technical definition but I've never agreed with that. Honestly I'd put 95 or later.
81-95 sounds about right
Posted on 5/25/18 at 3:18 pm to arp0925
I make more than my father did at my age but not 3-4 times which is what I would have to make to have equal buying power.
Posted on 5/25/18 at 3:19 pm to Joshjrn
Except boomers didn’t make minimum wage after we turned 15 because we worked harder than y’all
Posted on 5/25/18 at 3:19 pm to arp0925
And they are to busy cock gobbling of the liberals whom promise everything and deliver nothing to realize it. What a bunch of Fuk-ed spoiled no nothing idiots. Can’t wait to see em burn, and they believe they will burn supporting they same fuks building the fire. Pretty unbelievable
This post was edited on 5/25/18 at 3:20 pm
Posted on 5/25/18 at 4:29 pm to ShortyRob
quote:
For a $250K home, in a 5/1 ARM today(which isn't even that great a deal compared to higher rate environments) It would take you till year 11 to owe around the same amount. In year 5, you would owe about $1900 less despite also having paid about $4300 less in payments. For a net ahead at the 5 year mark of $5200. So, tell me more about your definition of "high risk".
It’s high risk because you can’t predict future home prices and interest rates. If we enter into a recession and the housing market stumbles, your equity will plummet and you won’t qualify for a refinance. You can’t sell because you’re quickly underwater if you’ve only had it a few years. Then you have to ride the interest waves. That’s what happened in 2008.
You can’t bank on selling in year 5. There are too many variables.
Posted on 5/25/18 at 4:34 pm to FairhopeTider
quote:you fricking idiot.
Those born in the early 80’s aren’t millennials. They are kind of a tweeter generation.
Posted on 5/25/18 at 4:36 pm to cahoots
quote:You're an idiot.
It’s high risk because you can’t predict future home prices and interest rates.
You can't predict that even if you buy it at a fixed rate.
You don't know what "high risk" means.
Posted on 5/25/18 at 4:36 pm to RogerTheShrubber
quote:
Most boomers worked jobs that you kids think beneath you
yo must be mistaken the Greatest generation with the Boomers. Posted on 5/25/18 at 4:38 pm to cahoots
quote:With this little factoid, wouldn’t that make every single purchase you could ever make high risk?
It’s high risk because you can’t predict future home prices and interest rates.
You can’t really predict anything with any certainty.
Posted on 5/25/18 at 4:39 pm to Scruffy
quote:Yup
With this little factoid, wouldn’t that make every single purchase you could ever make high risk?
We're talking to a child.
Posted on 5/25/18 at 4:52 pm to Scruffy
quote:
With this little factoid, wouldn’t that make every single purchase you could ever make high risk?
You can’t really predict anything with any certainty.
Well no. Thats why you lock in fixed rates. Then you can sell when it’s a sellers market. And you don’t have to ride the interest waves. It gives you way more flexibility.
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