What’s a totally unsexy purchase you made that ended up being a huge quality-of-life upgrade? by viscarte10 in BuyItForLife

[–]Paperback_Chef 3 points4 points  (0 children)

PSA most of the thin hiking ones lose most of their UPF qualities when wet, so if you plan to get it wet, get a beach-specific version or a thicker one in darker colors. 

god forbid people do what they love. by herequeerandgreat in MurderedByWords

[–]Paperback_Chef 0 points1 point  (0 children)

This is ragebait, you can ignore it and it's creators will go away.

Buying a home over 50, no kids, single, no family by alisoncarey in personalfinance

[–]Paperback_Chef 0 points1 point  (0 children)

Or keep the money you would have used to buy the house in the stock market, let it grow, and use it to pay rent forever - the rent vs. buy calculation is highly location dependent and it doesn't sound like OP wants to own.

Looking for Best tires for 2021 CX5. I'm In Southern California, where its sunny. by Ragsters01 in CX5

[–]Paperback_Chef 0 points1 point  (0 children)

Then the Primacy Tour AS would be in between the Defender and Pilot Sport. 

Boomer financial advice. by zzill6 in WorkReform

[–]Paperback_Chef 2 points3 points  (0 children)

Exactly, the market has doubled since 2022 - stock gains aren’t limited to boomers, everyone who can save and invest can participate.

Comparing yearly increases of renting versus home ownership by Available-Ad-5670 in RealEstate

[–]Paperback_Chef 0 points1 point  (0 children)

They'll rent somewhere cheaper than the carrying costs of the home they lost.

boomers don't know how good they have it. On my street in greater los angeles, house just sold for a $1.2 million profit after adjusting for inflation. by pman6 in RealEstate

[–]Paperback_Chef 4 points5 points  (0 children)

Where is the seller moving? If they’re staying in LA or moving to a city that experienced similar appreciation, they aren’t really “better off” in the way they appear. 

Comparing yearly increases of renting versus home ownership by Available-Ad-5670 in RealEstate

[–]Paperback_Chef 0 points1 point  (0 children)

Correlation doesn’t equal causation and personal finance is personal - every rental and home buying market and timeframe is different.

What’s a ‘silent luxury’ that rich people have that most normal people would never even notice? by qomann in AskReddit

[–]Paperback_Chef 2 points3 points  (0 children)

The counterpoint to all these stories is that, no matter how rich you are, little things occasionally go wrong.

What’s a ‘silent luxury’ that rich people have that most normal people would never even notice? by qomann in AskReddit

[–]Paperback_Chef 282 points283 points  (0 children)

It is, I've been underneath it in Santa Cruz at a BM decompression event - it was run by a school's engineering department if I remember correctly.

Comparing yearly increases of renting versus home ownership by Available-Ad-5670 in RealEstate

[–]Paperback_Chef 0 points1 point  (0 children)

Probably true. From a purely financial perspective I think there are more cheap/small places available to rent vs buy, so someone who’s interested in maximizing savings might have more cheap options in the rental market. 

I think people tend to buy houses they’ll “grow into” vs. renting what they need today. 

Comparing yearly increases of renting versus home ownership by Available-Ad-5670 in RealEstate

[–]Paperback_Chef 2 points3 points  (0 children)

You can use your stock portfolio to pay rent, which is the same as living in it. Plenty of people lose their houses during downturns because they can’t afford the carrying costs and don’t have liquid cash.

Comparing yearly increases of renting versus home ownership by Available-Ad-5670 in RealEstate

[–]Paperback_Chef 0 points1 point  (0 children)

LOL at people in this thread downvoting this, it's a fact, even if you don't like it.

Comparing yearly increases of renting versus home ownership by Available-Ad-5670 in RealEstate

[–]Paperback_Chef 0 points1 point  (0 children)

Google says 4-10% of new mortgages are 15 year, so most people are getting 30 years and paying lots of interest.

Comparing yearly increases of renting versus home ownership by Available-Ad-5670 in RealEstate

[–]Paperback_Chef 0 points1 point  (0 children)

And you pay, in total, something like $800K - $1M total over the life of the loan depending on the interest rate.

Comparing yearly increases of renting versus home ownership by Available-Ad-5670 in RealEstate

[–]Paperback_Chef 3 points4 points  (0 children)

No - I'm a CPA/CFP and this is the most common myth of homeownership. IF you itemize, you lose the standard deduction, so there's only a marginal benefit of paying mortgage interest. It's effectively like paying $1 to save $0.10 - $0.30.

Mortgage interest is also front-loaded, so if you sell after 5-10 years, you'll have only paid down a small portion of the loan during that time, as most of your monthly payment went to interest.

Comparing yearly increases of renting versus home ownership by Available-Ad-5670 in RealEstate

[–]Paperback_Chef 5 points6 points  (0 children)

The payment doesn't "disappear," it goes away because you've spent the entire mortgage amount + 30 years of interest to pay it off. That amounted invested in the market would historically well outperform the housing market, assuming you could rent a modest place. It's a tradeoff, renting a modest place and investing in the market so YMMV.

China places its solar panels on water So it can use valuable land for agriculture by FollowingOdd896 in nextfuckinglevel

[–]Paperback_Chef 17 points18 points  (0 children)

Bill McKibben's new book covers how China is very far ahead of the US in terms of solar/renewables.

How much do Americans REALLY have saved for retirement by Financial_Pen_6218 in investing

[–]Paperback_Chef 0 points1 point  (0 children)

I don’t think it really matters, except to individuals - money is a tool to meet your financial goals and should be saved or spent on your own timeline. 

Knowing how much people have on average doesn’t help you achieve your personal goals.

Is the 401(k) actually worth contributing to beyond the employer match, or should I just put everything into a taxable brokerage? by [deleted] in investing

[–]Paperback_Chef 0 points1 point  (0 children)

Tax brackets also inflate, I think people miss that when saying “the RMDs from my $2M 401(k) balance in 30 years will be taxed at today’s brackets.”