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General Investing and Economics Discussion - No Politics
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<blockquote data-quote="Deleted member 2897" data-source="post: 798176"><p>We're in our 40s and thinking of retiring here soon because of all this. I emailed a good friend of ours that is a realtor. Normally in our 3 county area that comprises the metro area where I live (about 1 million people) we have about 7,000-8,000 homes on the market. They currently only have 950 homes on the market. My wife and I are thinking about retiring in 3 years when my son graduates high school (my daughter graduated last year). Its such a ridiculous situation I asked him if he thought we could ask $400,000 over what I think is fair value for my home and bank a truckload of cash (we'd then rent for a couple years before we move to wherever the hell we decide upon actual retirement - I don't want to buy something smaller knowing we'll probably sell it in a few years...plus there isn't anything on the market). He said he thought it was aggressive, but not crazy. In less than 24 hours (without listing the home), we got 2 showings and 2 offers.</p><p></p><p>The idea is to take that nest egg along with what we've saved and exit the high cost of living metro area for somewhere else. Buy a smaller home and then AirBnB it for most of the year when we're not there (might get an RV and travel around). Its much easier to control the cost of living outside the metro areas.</p><p></p><p>Its definitely a unique and fascinating challenge. I've built spreadsheets (because I'm a ****ing GT grad dork and we don't leave anything to chance) showing 50 years of retirement (again we're in our 40s) - investments+return vs expenses+inflation where you can tweak both (like 4% return, 4% inflation) and see what happens over time. We have no payment on our boat/sea doo/cars and so if we sold our house we'd have a few million in liquid assets with absolutely zero debt. Of course to your point about cost of living inflation versus asset inflation, the only real way to take advantage of asset inflation is to leave the immediate area, so you'll have to be ready to do that...or at least significantly downsize. The cost of living inflation I think you have a lot more control over than you'd think. If you have say $3m making 3%, you have $90,000 to spend every year before you touch principal. My wife and I have talked and talked and talked and talked through all this. Its actually a very tough decision leaving our little corner of paradise. We're on the coast, so in addition to taking a risk if we don't sell that the housing market cools for several years like it did a decade ago when we're wanting to sell, there is also a risk of sea level rise and hurricanes.</p></blockquote><p></p>
[QUOTE="Deleted member 2897, post: 798176"] We're in our 40s and thinking of retiring here soon because of all this. I emailed a good friend of ours that is a realtor. Normally in our 3 county area that comprises the metro area where I live (about 1 million people) we have about 7,000-8,000 homes on the market. They currently only have 950 homes on the market. My wife and I are thinking about retiring in 3 years when my son graduates high school (my daughter graduated last year). Its such a ridiculous situation I asked him if he thought we could ask $400,000 over what I think is fair value for my home and bank a truckload of cash (we'd then rent for a couple years before we move to wherever the hell we decide upon actual retirement - I don't want to buy something smaller knowing we'll probably sell it in a few years...plus there isn't anything on the market). He said he thought it was aggressive, but not crazy. In less than 24 hours (without listing the home), we got 2 showings and 2 offers. The idea is to take that nest egg along with what we've saved and exit the high cost of living metro area for somewhere else. Buy a smaller home and then AirBnB it for most of the year when we're not there (might get an RV and travel around). Its much easier to control the cost of living outside the metro areas. Its definitely a unique and fascinating challenge. I've built spreadsheets (because I'm a ****ing GT grad dork and we don't leave anything to chance) showing 50 years of retirement (again we're in our 40s) - investments+return vs expenses+inflation where you can tweak both (like 4% return, 4% inflation) and see what happens over time. We have no payment on our boat/sea doo/cars and so if we sold our house we'd have a few million in liquid assets with absolutely zero debt. Of course to your point about cost of living inflation versus asset inflation, the only real way to take advantage of asset inflation is to leave the immediate area, so you'll have to be ready to do that...or at least significantly downsize. The cost of living inflation I think you have a lot more control over than you'd think. If you have say $3m making 3%, you have $90,000 to spend every year before you touch principal. My wife and I have talked and talked and talked and talked through all this. Its actually a very tough decision leaving our little corner of paradise. We're on the coast, so in addition to taking a risk if we don't sell that the housing market cools for several years like it did a decade ago when we're wanting to sell, there is also a risk of sea level rise and hurricanes. [/QUOTE]
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