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Topic: Retirement / What am I working for?

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Cincydawg

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Re: Retirement / What am I working for?
« Reply #280 on: May 15, 2024, 02:28:16 PM »
The first quarter of 2024 saw a 16.2% increase in bankruptcy filings compared to the same period in 2023. This marks another significant annual increase, a trend that G2RS analysts have been watching since 2022. Between 2022 and 2023, G2RS data shows that bankruptcy filings rose 16.5%.[color=var(--IXoxUe)]May 6, 2024[/color]
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FearlessF

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Re: Retirement / What am I working for?
« Reply #281 on: May 15, 2024, 02:47:58 PM »
well, there you go

could cause a real problem

Defaulting on the credit card company probably won't bother much
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Cincydawg

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Re: Retirement / What am I working for?
« Reply #282 on: May 15, 2024, 02:49:35 PM »
If you consider that a fifth of folks have maxed their CCs and might go bankrupt, that is a lot of purchasing power already used up in the economy, and they will be forced to cut back.
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FearlessF

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Re: Retirement / What am I working for?
« Reply #283 on: May 15, 2024, 03:32:31 PM »
bankruptcy clears their debt so they can restart their spending for goods and services, instead of paying for interest on notes
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Cincydawg

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Re: Retirement / What am I working for?
« Reply #284 on: May 15, 2024, 03:33:54 PM »
Quote from: FearlessF on May 15, 2024, 03:32:31 PM
bankruptcy clears their debt so they can restart their spending for goods and services, instead of paying for interest on notes
They'll have a tough time getting credit.
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bayareabadger

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Re: Retirement / What am I working for?
« Reply #285 on: May 15, 2024, 03:36:26 PM »
Quote from: utee94 on May 14, 2024, 04:00:49 PM
Yeah I think the idea of a "modest" home has to be relative, almost by definition.  Because it depends on your means.  So far Fearless has posted up the details of the most "modest" house mentioned, and I'd certainly consider that modest.

But at the same time, I also consider my first home that I bought, which was a 1400 sqft 3-2 stick-framed  tract home in a (then) far-out suburb, to be rather modest.  Once our second kid was walking, it got pretty small pretty quickly.  Of course we bought that home in 2001 for around $100,000 and could sell it today for around $500,000, so not sure how that counts on the "modesty" scale.  We've kept it as a rental and it is appreciating well for us, so far.

Our current home, the ridiculously too-large 3800 sqft monster, we bought in 2012 for around $400,000, and an identical home around the block recently sold for a bit over $1M.  It's definitely following the overall Austin area's trajectory as far as home prices.  I'd never claim anything modest about this house, but I expect Bill Gates would find it to be pretty modest.  It's all relative.
I ran those against inflation and now I am sad.

Also, 3,800 sqft is so very bananas.
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847badgerfan

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Re: Retirement / What am I working for?
« Reply #286 on: May 15, 2024, 03:42:24 PM »
Quote from: bayareabadger on May 15, 2024, 03:36:26 PM
I ran those against inflation and now I am sad.

Also, 3,800 sqft is so very bananas.
Tell me. We had 3,400 in the massive townhouse in Palatine. For TWO of us.

We thought the kids would be around more, and one was for a while until I kicked him out.
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FearlessF

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Re: Retirement / What am I working for?
« Reply #287 on: May 15, 2024, 03:47:26 PM »
Quote from: Cincydawg on May 15, 2024, 03:33:54 PM
They'll have a tough time getting credit.
yes, but they'll have freed up cash
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FearlessF

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Re: Retirement / What am I working for?
« Reply #288 on: May 15, 2024, 03:48:09 PM »
Quote from: bayareabadger on May 15, 2024, 03:36:26 PM
I ran those against inflation and now I am sad.

Also, 3,800 sqft is so very bananas.
just killin trees, dude
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betarhoalphadelta

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Re: Retirement / What am I working for?
« Reply #289 on: May 15, 2024, 03:55:14 PM »
Quote from: FearlessF on May 15, 2024, 03:47:26 PM
yes, but they'll have freed up cash
If they had any cash, they wouldn't be maxed out on their credit cards. 
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utee94

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Re: Retirement / What am I working for?
« Reply #290 on: May 15, 2024, 03:57:32 PM »
Trees grow back.  It's what they do.

But yeah, somewhere between 1400 and 3800 would be about right.
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Abba

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Re: Retirement / What am I working for?
« Reply #291 on: May 15, 2024, 03:57:55 PM »
Quote from: betarhoalphadelta on May 15, 2024, 03:55:14 PM
If they had any cash, they wouldn't be maxed out on their credit cards.
You'd be surprised.  An acquaintance of mine did a cash out refinance on his house a few years ago.  He had tens of thousands of dollars in CC debt, but still opted to get the cash instead of using the refi to pay off the cards.
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847badgerfan

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Re: Retirement / What am I working for?
« Reply #292 on: May 15, 2024, 04:04:40 PM »
Quote from: Abba on May 15, 2024, 03:57:55 PM
You'd be surprised.  An acquaintance of mine did a cash out refinance on his house a few years ago.  He had tens of thousands of dollars in CC debt, but still opted to get the cash instead of using the refi to pay off the cards.
Dumb and dumber.
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847badgerfan

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Re: Retirement / What am I working for?
« Reply #293 on: May 15, 2024, 04:04:59 PM »
Quote from: utee94 on May 15, 2024, 03:57:32 PM
Trees grow back.  It's what they do.

But yeah, somewhere between 1400 and 3800 would be about right.
1750 my man. It works.
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