Lol I was thinking with those numbers they were going to be asking about retiring in their 40s or maybe mid-50s, but nope, he’s almost 60. Check back when you’re 80, youngblood!
ETA, they could continue their current rate of spending for 34 years with zero portfolio growth and without touching their home equity. WTF is the question here?!?
Btw all these rich yet super duper risk averse Bogleheads should just buy single premium annuities. But they won’t do that!
But what if they live to 93?
LOL at the first question being about getting Social Security.
It is very, very easy to spend a lot of money if you want to. Vacations can cost tens of thousands of dollars if you want them to. I can spend $300+ on dinner for two in Toronto every night and never run out of places to eat. Etc., etc.
Sure, but you’re not a braindead boglehead dipshit. That guy lives on $5 Costco rotisserie chickens and anxiety.
Hey!
I love Costco $5 rotisserie chickens and anxiety
Dude was living like a king for a couple months i guess
He seems like someone who would sign up for a card to get some big sign up bonus or balance transfer offer but not have a plan for paying it off other than, “make more money” or “open new card”
Having a good credit score is nice in few major purchase scenarios, but living like a king rack up 67k debt and then declaring bankruptcy and getting a clean slate 7 years later doesn’t sound too shabby either. It’s like totally taboo in personal finance circles and I’ve never been in position to try it, but for many people like that I would personally recommend to just go the bankruptcy route rather than try to dig out of a hole of debt like that.
So, gave up on the house search awhile back after facing ridiculous competition and losing out on multiple offers. Then we had to raise a human and get used to that. Recently jumped back again thinking it wouldn’t be too bad because of the rates. I’m in one of the few places where competition is still this fierce and it is frustrating.
Lost two house offers this year so far. The first we lost and were in the middle of the pack of 13 total offers, it was all cash and 15% over list, waive all contingencies. The second one we lost: there were only 3 offers and we actually presented the largest total dollar amount, waived almost all contingencies, but didn’t waive the financing contingency. The offer that beat us was a little lower than us overall, waived financing and put their entire down payment down as earnest money (not sure how big that was).
We already have to waive the inspection contingency and also plan for some appraisal gap, though I am skeptical how often there is much of a gap in my market…
Anyone have experience with waiving the financing contingency? I don’t think it’s super likely either of us get laid off in the next 30 days or whatever it takes to secure the loan, but we do both work in tech and have seen a few rounds between our companies but have survived so far… The trade-off is that we wouldn’t get back earnest money and the competition puts their full down-payment down and waives it entirely.
Buying a house with no inspection nodrake.jpg
It has an inspection that was paid for by the seller 
An offer that includes an inspection contingency is not competitive in this market. There are a few caveats to that of course, like if the home has been sitting on the market for 2 weeks without much interest or if cash offer with inspection contingency to negotiate a few things down.
I waived all contingencies when I bought my place. My agent said that is standard in NYC. Sure does make it exciting when the bank is dragging their heals on underwriting and you have a significant deposit on the line.
I couldn’t do it (waiving inspections or other contingencies) but I can be a worrier and risk averse. Buying a money pit is, to me, a bigger risk than missing out on a house. We will never know if the people who beat out fredbird’s offer are going to be happy or regretful 3 years into owning that home.
exactly, its like playing PLO where your opponent can see one of your cards and you cant see any of theirs. I would never want to make the biggest transaction of my life where there is a huge information imbalance like that and its not in my favor.
Would literally rent rather than buy with no inspection.
Easy to say when you own a home. Try saying it when you’ve been paying out the ass in rent your entire life and have no hope of owning a home any time soon