“I Can’t AFFORD TO SELL OR KEEP MY HOUSE!”

[@MichaelBordenaro]

Most People Alive Today WILL WORK UNTIL THEY DIE! kzbin.info/www/bejne/i6fagpmgjqtnmJY

[@jeffreymassey5541]

right.

[@patrickthompson5091]

😮

[@AquariumSurge]

Michael, I think its super Dope you can just create content while going for a stroll! Very Authentic..This is for sure therapy for you..Keep it up!

[@ricardomlourenco]

best video fo the year by far! Congrats man!!!

[@Grant-x7j]

G'day giys, so sell, rent a condo in asia for 1 year, use it as a base to explore asia, when had enough, move to Europe do the same, the south America etc, if not, sit there near your adult children and whine!

[@lisadobbie7109]

It's the property tax, insurance and upkeep that kills you, even when mortage is paid off.

[@bobs5596]

most houses will last 20 years without any upkeep. let the paint peel, minor roof leaks, etc, but replace a water heater or refrige as needed. after you are gone it will be someone else's prob. but you won't run out of money fixing pointless things..(ps, i am a retired home improv contractor, and i saw so many older people just forgo these kinds of things. as a young man i couldn't understand it, but now i get it completely.)

[@povarful]

They are chocking everyone! Eventually everyone will lose their paid off place.

[@Jersey1971]

Exactly, and if you can't pay the taxes you lose your paid off house. That's why I stopped paying extra principal the housing market is a dream killer

[@yosefmacgruber1920]

@@Jersey1971 So then what is the valid option? Live in a dumpster?

[@Jersey1971]

@yosefmacgruber1920 that's where the real estate investors want all of us in unfortunately they just keep buying up more and more and there's no way to stop them

[@donnalussier6802]

My Father used to Say (over and over again) " It's Not how Much you Make, It's How Much you Hang On To that Matters! ". He was So Right.

[@DIVISIONINCISION]

Actually, it's both. If you are earning $100K+, you have a larger buffer than someone who is trying to survive on $40K. Your spending habits are up to you!

[@LukaDonesnitch]

Did your father also know that wages would stay stagnant while inflation would go through the roof? If he didn't tell you that part it's not as impressive.

[@billspaid9]

What? We are siblings!!!😊

[@garymcgovern1423]

That's what I tell my son​@@DIVISIONINCISION

[@LJ-jq8og]

@@LukaDonesnitch Your comment is stupid.... Spending habits are EVERYTHING... That is and was the POINT of his father's comment... YOU are not IMPRESSIVE 🤣

[@johnjohnston5437]

I went from a 7,300 sq. ft. House to a 1,100 sq. ft. Condo. Got rid of all the toys, couldn’t be happier. Stuff is just a burden.

[@robertpierpont2262]

this is what fight club got right, that movie was ahead of its time, "what you own ends up owning you" - Tyler Durden

[@DIVISIONINCISION]

Sorry, John. You didn't own the right toys. Your condo is broom closet. There's a lot more to your story that you are leaving out.

[@robertpierpont2262]

@@DIVISIONINCISION and you are a troll & there has to be more to that story to make you that trolley

[@MS-st1zb]

Spend the whole weekend, cleaning, maintenance. I am done, don't want to own it, if I have to take care of it.

[@ralphholiman7401]

My houses: 1985 -1300 sq. Ft. 1988 1200 squad. Ft 1994 - 3600 sq.. Ft 2001 - 3400 sq. Ft. 2004 - 3200 sq. FT. 2012 - 1350 SQ. FT.

[@hubgold487]

Mike, I will risk repeating what I said on another real estate channel. My early childhood began as one of 10 people in a one room tarpaper shack of about 500 square feet (not a misprint). I see couples with one child complaining that 1800 square feet is not enough. As an old man with a 1200 sq ft home which is paid for I marvel at my good fortune. Many Americans are spoiled and delusional.

[@bobs5596]

they won't let you live in a tarpaper shack anymore. they will condemn it. the county runs a ponzi scheme with it's constant increasing property taxes, and forcing gentrification on neighborhoods to increase prop taxes for their ''election financing needs''. my prop tax is now more than my original mortgage payment, that's a hard fact. either rent out a room or go back to work.

[@jeffee1933]

At least you recognize that luck had a lot to do with your success. Most successful people think that they were 100% in charge of their success

[@christopherellis2663]

Fantasyland

[@OpheliaTheCat]

​@jeffee1933 luck is when preparation meets opportunity.

[@radtechg9]

Agree! We grew up with 6 of us in a 1200 sq ft house in the 80s in Massachusetts. I now own in my 40s a 1200 sq ft historical home on 1/3 an acre in Phoenix and I consider myself so lucky and blessed. My friends all state they can not have kids on less than 3000 sq ft. 😂

[@travelguy1564]

I'm 63 and traveled the world twenty to thirty years ago when I was in the military. I just love relaxing at my home in Arkansas. I haven't missed out on any "retirement travels" because I went to all those countries when I was young. For older folks who did the fun stuff when they were young, taking things easy during retirement with short safe trips is a really nice compliment. I just go to the beaches in Florida most of the time then drive home - it's real easy!

[@DIVISIONINCISION]

Arkansas is too rural and backwoods for me, compared to Texas. I also deployed and traveled in the military. I still have options to transfer as I work for the Federal Government now, but not sure if I will. I am thinking about transferring to Tampa as Florida has the same veteran's benefits that Texas does.

[@Ch1n4Sailor]

Same here, did 20 years, (ironically my retirement pay wouldn’t qualify me to even rent in a decent area) then have continued to work, but never bought a home when the prices were reasonable… Now you can’t even buy a piece of land in a decent area for under $50k…. What Biden & the Uni-Party have did to this country….!!! You need like a Million Dollars these days if you want to buy something decent that’s NOT out in the sticks or in gang territory!!

[@kingscairn]

​@@DIVISIONINCISIONat my age - i'd take Arkansas over Florida - BUT - I'm in SC so better than both😊

[@DIVISIONINCISION]

@@kingscairn South Carolina is a hidden gem, however they don't have the same veteran's benefits like Texas and Florida. I pay no property taxes on my homestead. None. Not getting that in South Carolina.

[@murrayterry834]

if you traveled during your young life in the 70s and parts of the 80s you are miles ahead of the curve. ​@@DIVISIONINCISION

[@barbarafallin2038]

Before I retired,14 years ago, I made sure I was debt free, home paid off,car paid and no credit card debt, life is good

[@TheRogerhill1234]

sure.. be that 1%er that does that.....

[@michaelhammond5895]

You still have skyrocketing property tax, insurance rates & food prices.

[@Joshinitup]

This is why it’s important to learn blue collar skills, such as painting, changing floors, plumbing issues, you will save so much money … :)

[@surgeinc1]

Best advice for saving big money!

[@cabracove]

Yep, having a contractors license made my house affordable. Carpenter. I never planned on learning HVAC, plumbing and electrical, but it saved my ass.

[@panza3328]

Agreed!

[@stevenphillips3466]

but women only want college educated men , not blue collar men

[@1bluejacket1]

Changing floors?

[@lightningwelk]

It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is most adaptable to change.

[@NovellAllen]

The adaptability is the precisely what is meant by survival of the fittest

[@bobs5596]

@@NovellAllen he didn't say ''fittest'', he said strongest. fittest used in this situation means the ones who do best with the given conditions. subtle point..

[@stevenphillips3466]

but you have to really want to change

[@dobblcheezbalz]

I agree adaptability is the most Secure compared to Playing The Game of money Period if you pick a realistic goal and you are adaptable you can remain on track

[@joebeta1837]

That is so true what you said that I gave you a 👍. I used to be bullied ALOT in highschool by the strong kids. But then, I went to college, and all those H.S. didn't make it to college. I'd say I'm more successful than them.

[@RJRobertson-fd8xy]

Regarding the 67yo in NJ. Maybe the loss of absolute independence to afford retirement means you move in with one of your children you so desperately want to be near. If they truly cared and were responsible adults they would allow her to move in without guilt or turmoil. I did that for the first 30 years of marriage with my wife's mother who passed away in our home (no rest home, it's called hospice). She always had the master bedroom in every home we owned. We even made sure it was on the first floor so she wouldn't fall on stairs. Only 10 years ago did we have a master bedroom after she passed. And I would do it all again for the sake of compassionate care that proved more what family meant than any other experience. So, in short, the problem is easily fixed if we acted like our earlier generations and took care of one another. THAT is normal and healthy, not todays selfishness!

[@stevetabor5102]

This comment…❤❤❤ WOW! What a concept…taking care of our family. Multi-generational living is on the rise…

[@andreavandekleut6379]

Take it from me , Unless you are truly poor DO NOT MOVE IN WITH YOUR KIds !!!

[@flipdiva0007]

Most kids are so self centered these days they wouldn't consider taking their folks in.

[@AndrewRedford]

All these issues stem from an economy grappling with uncertainties, including housing problems, foreclosures, global fluctuations, and the aftermath of the pandemic, leading to instability. Rising inflation, sluggish growth, and trade disruptions demand urgent attention from all sectors to restore stability and stimulate growth.

[@dwaynedaryl8915]

In retirement, safeguarding your wealth against inflation is essential. Consider options like TIPS (Treasury Inflation-Protected Securities), commodities, or foreign currencies to hedge against a weakening dollar. Diversifying your portfolio with global real estate, international bonds, or high-quality foreign stocks can provide additional protection and growth opportunities in an inflationary environment.

[@creissantrocheleau946]

With my demanding job, I lack time for investment analysis. For seven years, a fiduciary has managed my portfolio, adapting to market conditions, enabling successful navigation and informed decisions. Consider a similar approach.

[@curitira2980]

This sounds promising! Do you have any professionals or advisors you could recommend? I really need help with proper portfolio allocation.

[@creissantrocheleau946]

Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with Jennafer Beaver Turner for about five years now, and her performance has been consistently impressive. She's quite known in her field, look-her up.

[@curitira2980]

I just copied and pasted Jennafer’s whole name into my browser, and her website appeared right away. You've saved me several hours of arduous research, therefore I appreciate it.

[@MARKLINMAN1]

Capital Gain taxes should be eliminated for any home owner who wants to sell and is over the age of 70 AND has lived in that home for over 30 years! Taxes are a GOV'T SCAM!

[@larryg2705]

You're just realizing this now?

[@shanenice5380]

i was over other country don't pay property tax.they still get there money.other tax

[@brentlorrilliere6057]

umm...since you are over 65, just take a reverse mortgage for the amount that will get you under the 250K / 500K tax exempt amount and then sell it. Or do a 1031 exchange or an installment sale. But if you have more than 500K equity in a home, sorry, you should be paying taxes on that if you aren't savvy enough to figure out how to dodge the tax bill.

[@flipdiva0007]

The only time you pay capital gains is if you haven't lived in your primary home for 2 of the last 5 years. Micheal missed that point.

[@sergeipohkerova7211]

I don't have my own house; I rent a studio apartment. But I have several hundreds of thousands of dollars combined in brokerage and in my bank account, and that's not counting the money I'm socking away to my eventual pension. Still, a lot of people look down on me for renting, and feel better about themselves for "owning" a house. Meanwhile these people are usually in massive debt. So I think sometimes as long as you're building assets elsewhere, it might be okay to just rent indefinitely.

[@MR..181]

Many 30% a year gains?

[@sergeipohkerova7211]

​@@MR..181nope, steady 7.5

[@DIVISIONINCISION]

If it works for you, that's all that matters. I would get tired of the screaming kids and riffraffs you see in apartment complexes, though. Owning land means nobody can come over unless you allow it. In Texas, that actually means something.

[@lindylou3519]

@@DIVISIONINCISIONagree! Means something in the south, period.

[@kimchiba4570]

Depends... Owning a place gives me piece of mind... But I paid off my little pad which cost me 500k..

[@Litterbaux]

My house payment has gone up 31% since 2020. Fixed rate, 30 year mortgage. I never imagined that property taxes and insurance can legally go up this much. Cali has the 3% property tax cap yearly which should be capped in every state. It's not in mine, this year was 8%. Insurance must have no regulations because mine has doubled in just a couple years. With all other inflation, it's only a matter of time before even smart people, living within means, are priced out of their own homes.

[@DIVISIONINCISION]

Wherever you live, the city determined that appreciation justified a higher assessment. That's a good thing if you plan to sell.

[@Litterbaux]

@@DIVISIONINCISION That's the problem, I don't plan to sell....

[@Nick-ue7iw]

It's only good if you can actually sell it for that price.

[@DIVISIONINCISION]

@@Litterbaux You might want to sell, pocket the cash and get a new build with the profits. That's a good plan.

[@piedpiper7051]

It's called equity theft. They're taxing on unrealized gains.

[@curly__3]

The problem isn't homeownership. The problem is the government (both parties are equally at fault) has blank checks and writes them for trillions of dollars we don't have, mostly to foreigners and global corporations that have been buying up housing stock as well as extending huge amounts of leveraged credit to high earners to buy up the rest. It goes well beyond this... All of your expenses have doubled or tripled in the past 5 years because of this purposefully created inflation that has doubled or tripled the cost of food, utilities, services, materials including lumber and steel, etc... Do not get lulled into this idiotic idea that homeownership is bad. Home ownership is the cornerstone to a free society with any level of quality of life. If we lose that, you will be much better off in most any other country in the world for at least the next 150 years. Take heed to what i'm saying.

[@henrythegreatamerican8136]

You do realize they are trying to grab as many assets as possible because they know the end of the dollar is near. So they are printing non stop and buying what they can. The new administration is going to double down on this with tax cuts being their top priority. If you think DT and the new congress honestly care about government debt..... LOL!!!! You haven't been paying attention since the 1980s.

[@henrythegreatamerican8136]

It seems there's a push by those in power to acquire as many assets as possible, likely due to concerns about the future of the dollar. With ongoing money printing, the new administration appears focused on tax cuts, which could have significant effects on government debt. If you think the new administration genuinely cares about managing the national debt, it might be time to reconsider that perspective ^^^^ I really didn't want to phrase my comment like a robot, but youtube kept censoring the more emotional post.

[@DIVISIONINCISION]

Home ownership is great for me, however not for everyone. Many of my neighbors are lower enlisted military and don't know how to take care of a home, can't even maintain the landscaping. They tear up the homes, then try to sell them in 2-3 years when they leave for another duty station. After 4-5 cycles of this, the home is not worth what it originally sold for.

[@keysautorepair6038]

Facts

[@caseymurphy244]

Spot on. But I think we're past the point of No return. The powers that be realized how they can control the whole chest board. With the SHAMDEMIC With inflation. And with your local government passing higher budgets for themselves and increase in your property tax.

[@davidgagliardo3258]

My wife and I retired earlier this year. We sold our paid for Tampa home in July and bought a larger and much nicer home on over an acre in a prestigious neighborhood in northeast TN, for 35k less. We love it here. It worked out well for us!

[@TheSuperdodgy]

Nice work Amigo. Just shows people can do it.

[@bobs5596]

yes you need to be adaptable. some will not live a rural lifestyle, they hate it. me i'd be able to live on 50 acres and have a Tipi, but that's not allowed.

[@stevenphillips3466]

Did you have to learn to play the Banjo ?

[@Corkfish1]

Anyplace is better than the northeast!

[@DarrenRivey]

Owning a home serves a very specific purpose: State Medicaid will put a Lien on it to cover your Long-term Care if you can’t pay for it.

[@bogdan78pop]

Put it in a Trust....!!

[@bobs5596]

all kinds of ways to strip you of your money.

[@povarful]

Yup

[@NWCRYPTOADVISOR]

God that’s depressing

[@AnnC....]

Thank you for letting people know, I was told they board up the house, so family members can't even get family photos.

[@skyjohnson7678]

Another kick in the teeth for older workers: You're in your early 60s and were planning to keep working until your late 60s. Now you're laid off. Good luck getting hired after 60. There is a mindset that people in their 60s are tired old bumbling idiots who wear diapers and don't know how to cope with technology (even though it is their generation that basically invented computers and built the technical foundations for all the technology being used today).

[@Ghekko-kw3zz]

When I was 40 in the GFC I looked around & saw what 70+ year olds who lost everything were doing. Driving trucks & nursing. Got qualified in both. No problem at all getting work in either.

[@Nick-ue7iw]

Yeah now ask those old boomers how to use Google mail and watch them freeze up. The sheer number of people 60+ with 0 tech or investigative skills is amazing.

[@BamaPatriot61]

Exactly, I’m 63 in IT and survived a layoff in October. My team had 11 people when i started in 2017 and now it’s just one other person and I plus a manager. This same company laid me off in October 2021 after being bought out by a private equity firm and my manager called me back in February 2022. Now that same private equity company wants to sell the company and they are laying off trying to make the bottom line look more attractive to potential buyers. Boss thinks they will layoff the rest of us by March 2025, which sucks. I’ve been looking for jobs but with all the tech layoffs there aren’t many jobs out there especially at decent salaries for guys my age. I’ll be 64 in April. Feels like I’m just getting started learning new tech skills so i hope to land something if they decide to lay me off. Ageism is very real though. I faced it every time after I turned 50. Spent 18 years in healthcare but I’ve been in tech for 20 plus years now so that ship has sailed. We were hoping to buy a waterfront home next year but that’s on hold now. With the inverted curve signaling a gigantic recession it’s not a good time to buying homes or cars or finding a new job.

[@Corkfish1]

Hasn't been my experience. I'm 65 and I work for an accounting firm and they're begging me not to retire. The younger workers are definitely not motivated and have a weak work ethic.

[@yosefmacgruber1920]

Well zombie _lost-the-2020-election_ ByeDone sure is not helping in that regard. Older people do it right. Younger people do it fast, but often cut corners and do it wrong. Guess which is more valued by the crappy job market? Reliable and slow is not much valued.

[@Visionary0001]

Michael's video is very hard-hitting and impactful. I'm 59, but I was smart/lucky enough to get a 15-year fixed mortgage in 1997, and I never refinanced. I am so THANKFUL that I got lucky, in that regard.

[@bobs5596]

i believe i would have refied when rates hit 3%, that was almost free money.

[@stevetabor5102]

Lucky and just good decision making. 🎉🎉🎉

[@lisahertel2415]

You were smart

[@davidbridges8402]

Live within your means, My Michigan home is payed for and we found a small trailer to stay in while in Florida. Being Debt free works for me.

[@DIVISIONINCISION]

Midwest winters are brutal. There are much better climates to live in.

[@H2R5GSXR]

We enjoyed that life for 14 years. Now, back to being home bodies.

[@suehengemuehle1636]

I'm in MI too, and would love to be a snowbird. But how do I keep my home in MI safe while I'm in FL?

[@ULSB1969]

Try to live within your needs nowadays, see if you have the same arrogant notion you do now.

[@stevenphillips3466]

Living within you rneans is NOT the American way

[@richardviolet8759]

This is my situation, I have a three bedroom Townhome in a private gated community. My plan was to down size and use the equity to enjoy a better retired lifestyle . Pre covid that was very possible . I miss the boat , that is no longer possible after covid ...My plan was to downsize to a nice one bedroom plus condo. I am glade I did not make the move because of The New Condo Laws My search was for intracoastal close to the Ocean. . I was open to relocation to the West Coast from Boca for the right property ..Now it is even worse . It would cost me more to downsize than to stay in my current home. ..This market lacks common sense ....

[@DIVISIONINCISION]

No, Dick. You lack common sense. Nobody forced you to live in Florida, buy a Townhouse or consider a condo. All of these things were your choices. Poor choices. Florida is a state for the wealthy now. It's not for the middle-class. You are learning this hard lesson now. 💯

[@Purpletip99]

Repeat of 2003-2005, lots of equity in current home but no suitable available smaller home to purchase. Lived through this scenario so had to stay in the big expensive house until Market turned in 2005 before I could sell and downsize into a less expensive home!

[@friscoeddie3223]

Moved from San Francisco 15 years ago to Ecuador. I was 59 at the time. I live like a king, travel extensively, eat much better food, fantastic, and so much more affordable, medical service. The American dream, especially in retirement, is a fantasy while living in the US unless you have a couple of mil in the bank. Almost anywhere else you can live a good and decent life on Social Security alone. Sure beats working at Walmart as a greeter to pay your utility bills, half your rent, and eat macaroni & cheese every night.

[@amylee9]

Where in Ecuador? Are there energy or safety problems with the gangs?

[@jonathanjacques7250]

I'll stay in the US.

[@greghoel5166]

Yes, Ecuador has a lot of issues... Sometimes I think these people posting this stuff are troles... Retired Americans are considered rich in these environments and hence are targets of local populations...

[@andreavandekleut6379]

I hate hit weather and bugs .

[@pwu8194]

I can understand that. Austin, Texas, property value went up 200% since the pandemic. That means property tax that used to be $6000 a year is now $18000 a year. Insurance premium goes up to. If you sell, you get cash, now what? If you try to buy it back, the price just went up. You can't afford it.

[@DIVISIONINCISION]

Austin was already way overpriced, so even with it's current 40% dip, it's still overpriced. People are trying like hell to leave Austin, but can't find buyers.

[@savagefist1029]

You need to look up Mitch Vexler on youtube about property tax fraud. Your local governments are not following the guidelines for assessing property taxes and randomly raise peoples taxes to meet the current school budget on bonds that NEVER get paid off. This 'equity stripping' as he calls it also harms small businesses.

[@bofast]

While the timing can be tricky, with some patience one could sell now to cash out, rent for a while and hope to buy back in for less money once the real estate market crashes. It's going to have to do so eventually, although the Fed will probably keep trying to delay it as much as possible, so the main question is just "when?". It can be difficult to keep one's head cool enough to do that, of course, but it is a possibility.

[@kingscairn]

I lived in West Texas ( oil field ) 35 years ago and it was boomin back then

[@garymiller4141]

Don't forget the capital gains that you will are on the hook for that the government wants.

[@janesawyer3495]

I never understood people that insist on buying homes at the very top of what they qualify for. It's a death trap. If you qualify for 600,000, buy a home for 300,000. It's pretty simple. Don't put yourself in that position, it's way too stressful.

[@premiertrainingFL]

You can’t imagine how people who are brainwashed by media and culture to believe that getting as much as they can and the size of their home is a status symbol?

[@jerrylundegaard2592]

Perhaps you buy at the top and in a few years that top is now well within your ability to pay.

[@1man2many]

Reverse mortgages are VERY VERY expensive! don't do it!

[@jerrylundegaard2592]

But Tom Selleck says they are great.

[@brockreynolds870]

That 67 year old woman you talked to is just gonna have to move somewhere else if she wants a cheaper home. You are not going to get a house in a New york City surburb for 450,000$. Here in Central Missouri, you can get NEW CONSTRUCTION for 225,000$. Living in these coastal cities, you are just throwing your money away

[@kookietherapy9398]

IDK why she bought such a big home to begin with?

[@RichardCheny]

Yeah a new construction built out of sawdust, cardboard, and empty bottles of modelo.

[@DIVISIONINCISION]

You can buy cheap land in Missouri. I know a veteran who bought 50+ acres there, but then the question becomes: Why Missouri?

[@brockreynolds870]

@@DIVISIONINCISION Why not? Climate is the same as New Jersey. Just half the price. With less crime.

[@treesnmoguls]

Correct, Parsiphany, NJ is very expensive. There's Jersey City, Bronx, NY (don't laugh, there's nice areas of the Bronx including Riverdale), further North in NY (such as around Poughkeepsie). There's condos (OMG! Nooo!) She's thinking in a box...

[@HectorGarcia-nb2ld]

I have to admit you come up with and interesting topics daily

[@lucythecat12]

He really does

[@bobs5596]

i never would have thought there is so much going on with the economy to hit new angles every day. there are so many scams/misleading info passed as truth it's very useful to talk about them at length. seems like real estate agents could be conmen...

[@fredk9999]

Thank you to our host for this beautiful outdoor walk around segment. Good content. I was an owner, now Renter (age 80). Fort Lauderdale Beach

[@petuniasevan]

Rule number one I learned the hard way (in California my birth state): You can't eat scenery and nice weather doesn't pay the bills. Husband and I are living in a nice home in a nice neighborhood in Wisconsin that in Southern California in the area I'm from would have cost us 5 times what we paid for it. The folks who are on the coasts and cannot afford it long term really should look into moving somewhere less expensive. I have relatives who have tied themselves down in SoCal and are regretting it.

[@stevenphillips3466]

but can you actually LIVE in Winsconsin

[@johgndavis8159]

@@stevenphillips3466yeah, I live in WI and I HATE it. Really nice house in a really neighborhood though. There is no life in WI 😂

[@rubenflores3218]

40k earnings twenty years ago bought my modest 90k mortgaged manufactured home on 1/4 acre in central Cali rural ghetto. struggled thru layoffs, recesions, paycuts, And injuries. I finally paid it off and retired this year with just social security benefits, I really feel for everyone I see how hard it must be TODAY with fees&cost of living to hold on to the homeowner dream. YOUR IN MY PRAYERS❤.

[@billspaid9]

My wife and I are in our early 70's. We live the same life standards as we were young. It's easy, just live below your means. Buy Toyota not Lexus. Mcdonalds coffee not Starbucks . 2000 sq ft, not 4000., and so on....😮

[@DIVISIONINCISION]

Why are you buying coffee out anyway? You can make that at home.

[@billspaid9]

Try making coffee after 50 years of working your fingers to the bone.😅

[@allyjack8437]

You did it right. I've taught my children the same things that you said and my parents taught me. If they choose to use those tools is up to them. I hope they do. Life well done.Congrats and share that knowledge as long as you can..someone will listen and be better off for having heard your story.​@@billspaid9

[@nealruth664]

The problem in the residential real estate area is the large investment mutual funds buying all these properties up before regular people can. This should be illegal. This nation is built on the premise that regular people can reach the prize of home ownership.

[@bobs5596]

buying a house used to be money in the bank. now it's a gamble whether you will break even when you sell it, unless you hold it 30-40 years.

[@hvaball150]

​@@bobs559697% of homeowners today have positive equity in their current house. You are hilarious.

[@4thphaseofmalaise]

750K ain't chicken feed. You can get a decent house in South Carolina and still have 500K left over. Add your SS check in 8 years and you are gold. The kids and grandkids can visit or move to SC too and everyone can play at Myrtle Beach.

[@BlackLorax]

Shhhh don’t tell them. You don’t want SC to turn into Texas🤫

[@rocco265]

Excellent! Right on point about seniors in these expensive homes $1.5 million who can't keep the house due to costs or divorce. Then, what they can afford is a real step down lifestyle. Rude awakening.

[@DIVISIONINCISION]

They can afford a step down, just not in the same area. They'd have to move to a different state.

[@surgeinc1]

During and after WW2, people rented out spare rooms in their homes. Especially the widows of fallen soldiers, to make ends meet.

[@brenlane9847]

Michael, this is one of your best videos and is spot on regarding retirement expectations. Too many of my generation lived by the motto, "Party hardy," and never planned for tomorrow. The later boomers and Gen X are called the generation "Jones-in" for a reason.

[@StephanBesel]

My family is from Argentina, but I was born in the US where my parents lived for about 30 years of their productive life. They built a huge house with a pool in our small town in Argentina and as a family we're starting to feel a lot of what was described in the video. Clearly, money was abundant when the house was built; today my dad is in a nursing home and I've come back to Argentina to live with my mom and help out, on top of the fact that hustling as a single 35 y/o RN in California seems pointless to me. I feel blessed that we were able to arbitrage one of the richest and one of the poorest countries in the world our whole lives. If you can keep a rental property in the U.S. and move somewhere else where that income can be stretched further, do it! Culturally and socially the U.S. (I always lived in California) is the place I like the least, it's just a place where I go to make some money or vacation with friends and family. I feel extremely more happy and healthy here in Argentina and would say the same about many other places in Latin America. Don't stay stuck, good luck!

[@RichardCheny]

I was floored at how expensive housing has gotten around me. $90k/yr and the cheapest I can get my monthly payments is FHA loan at $2500/month on a $200,000 house. Property taxes and insurance were $1000 alone! OR I can rent a much much nicer apartment in the nicest part of town for $1500/month and actually have a life/savings/investments/vacations. Never thought I’d be priced out of my area making nearly 6 figures.

[@j.m.7056]

Where are you?

[@DIVISIONINCISION]

This doesn't add up, Dick. If you earn $100K/year, you can afford a mortgage, even if it was $1500/mo. It sounds like you can't afford to live in your area. Time to move.

[@Investormillard]

@@DIVISIONINCISIONa trailer here is $3k a month for tiny single wide! Get real!😊 Frisco tx

[@ninja0905]

@@DIVISIONINCISION That’s if he can maintain that income in another area.

[@RichardCheny]

@@DIVISIONINCISION I’m so glad you know my total expenses. Oh and I’m also so glad you know that I can just up and leave my job and find another 100k job wherever I decide to live. Ooo even better I bet I can find a WFH that pays $150k in bumf**k Nebraska! Why didn’t I think of that?! I know I can “afford” a 2500 mortgage but I will be so house poor that if I had any raise in property taxes, insurance, or any emergencies I would be absolutely screwed as closing costs and down payment would destroy my savings. Pretty irresponsible to blow all your money just to say “yeah I got a house” just to have no equity and no savings which would take 5+ years to build assuming you have perfect luck with no emergencies, never go out, never eat out, never take vacations, and don’t invest. That’s what you’re suggesting people in my position do.

[@LesterCzocher]

The best thing I did as a retiree was to get out of the house and rent. After paying off all my debts, I put the proceeds in an emergency fund totalling 6 months of living expenses, and put the balance in short term cd’s. My monthly expenses are covered by SS & income from investments. The main advantage is no stress.

[@njcanuck]

Another problem is that small starter homes are not being built. Builders want to build 3000 sq ft houses.

[@hvaball150]

There are 10s of thousands of

[@deep6301]

I found a senior apartment 1100.00 per month in Ormond Beach FL. Will be less expensive than owning and maintaining my current home.

[@beckytourian]

Love Ormond Beach!

[@stevetabor5102]

Wow! Happy for you!

[@Corkfish1]

I've been renting for the past five years and my landlord has never raised my rent. Way cheaper than owning.

[@chuckmyhervold2540]

Turned 70 and finally retired earlier this year. My wife also retired last summer due to poor health. Problem is due to setbacks over the decades ( job loss, bankrupted, needy adult children, ect....) we still have a mortgage on the house. We down sized over 6 years ago. Taxes and insurance have balooned our monthly payments. We have some retirement, but not as much as we should. So you are pretty much spot on!

[@TheRogerhill1234]

at least you have a house, many folks your age have nothing

[@yawzerdoink-a-sore-as]

11:40 I told my parents to do that but they didn’t listen to me. They passed away living in a big house with no money in their pocket. Now the house is abandoned and due to heavy rain there was a landslide and it has been damaged.

[@thehark6247]

why didnt you DO something ?? abandoned by YOU.

[@josephjulian9355]

Where is it

[@johnlibonati7807]

@@thehark6247Are you projecting? Because there is zero way you can conclude this person abandoned his or her parents from the comment.

[@stevenphillips3466]

and then a Jet crashed into it and Squatters moved in and then Locusts ...

[@bobbya51]

@@thehark6247 I suspect the details are painfully complicated . Don't rush to judgement .

[@juneberries4240]

I know this video is about seniors, but we donated food to a local charity that’s helping homeless and unhoused middle and highschool kids. “Unhoused” meaning the kids’ and their families are living in extended stay hotels. The amount of kids needing help was so sad, and those are just the kids who are asking for help. There are kids who are homeless and won’t say anything . Thankfully, the charity organizer got a lot of food and personal care donations from the community and local businesses, doctors and dentists. Unfortunately, the organizer said the amount of kids in need of food has grown, and says next year they will see even more .

[@mkelly4042]

Gotta pair these young people with these old people..maybe more grandparents living with grandkids. This wouldn't work for everyone of course..

[@jet4415]

I purchased my first house in 2000. It was 1500sf. It’s paid off. I’m not moving, although it is a tight fit. I make more in retirement than I did while working.

[@DIVISIONINCISION]

1500sqft is small. You should have upgraded to 2Ksqft or something along those lines.

[@Avo7bProject]

@@DIVISIONINCISION It all depends on family size. I live by myself, 1300 square foot 2BR house. The second bathroom isn't functional but I don't need it. I filled up the second bedroom with bric-a-brac. Probably 50% of it I could throw away, or hand off on FreeCycle. Moved here from a 580 sq ft apartment, which never felt "too small" (but there was a lot of noise from upstairs.)

[@monikapuppylove7396]

How do you make more money?

[@John1908-vo1iv]

​@@Avo7bProjectagree, 1500 sq ft is not small. That person is from TX where they don't have basements. A finished basement can double the living space.

[@tobyk5149]

How?

[@joebeta1837]

I'm 50. I have a two-story house living all by myself. Single, no kids. My sister owns a small duplex our mother left us. I'm planning to sell this big house at 67 and move into that small duplex and live off that money.

[@jeswmuke]

BTW, Retirement overseas doesn't mean travelling /nomadic life. It can ve well settled retirement in various lower cost countries. As you said, selling house and downsizing is the way to go. Thanks for bringing up the topic.

[@cathrynm]

I've seen it, old people can get into this panicky state where they feel they have to sell the house, to move, to do all kinds of stuff -- but mostly it doesn't go well, and they end up never satisfied anywhere. Imo, if you're over 70, do what you can to stay where you are, if opssible.

[@lindylou3519]

I have found this to be true. I’m in an urgent mode to travel, checking off that bucket list before it’s too late. Also, hubs & I felt an urgency to make a move closer to the coast…either FL or Savannah but it was not possible until 3 yrs ago….thats when the economy went crazy & we felt that was not the time to make a move. Things haven’t improved & I’m not willing to settle for a place that is half the size of our home but twice /three times the price. Just doesn’t make sense…not to mention the high cost of insurance in FL. I’m not jealous of friends, as Michael mentioned, but jealous of my own kids because they have seen more places than I ever dreamed & at a young age. (I’ve traveled out west, up north to the New England states, the Caribbean, the BVI & USVI & I’m taking a trip to Ireland with my daughter this year (bucket list). I will count my blessings & be thankful for the traveling I have done for it is more than my parents could have ever dreamed. Truthfully at age 70 I get a kick out of exploring different parts of FL since after all that is where we dreamed to live most of our lives. (I grew up in Jensen Beach.) So our sense of urgency is to get some of those bucket list places checked off & stay where we are here in GA. It’s good to have dreams but just realize so many don’t come true for many of us. So do things when you can before you run out of time.💕

[@PeterDavila-mx9ni]

It depends ... in my case, I'm currently in great health and loving life. But, I live in a very rural part of NW NJ. So, what I miss the most is a chance to socialize locally. So, my plan is ix to move to an expat community in a less ecpensive countrg, e.g. Panama in 2026. I'll be 70 years old rhat year. Life is good!

[@joewger]

Tell her to sell her house and get a rental. Put the rest in a CD or monthly dividend stock

[@chrisweidner4768]

“You will own nothing and be happy.” And our current iteration of criminals in government are criminally complicit. Hoping this ends beginning January 20th.

[@pryncess-khousen975]

It won’t… you’ll see.

[@chrisweidner4768]

@ I share your fear. All the best.

[@douglascarpenter5433]

They will.make it worse like everything they touch

[@chrisweidner4768]

@ Like the past 4 years? “We’ll see.” Keep ‘speaking out against the madness.’ All the best.

[@stevetabor5102]

Now we’re getting real…excellent comment! Perhaps, Michael should do a video on 15-minute cities. Hoping too…however, I won’t believe it until I see it.

[@tizzx4945]

Sometimes renting is not that bad and also cheaper than owning a home but for elderly people who wants to stay in one place it's definitely a disadvantage!

[@j.m.7056]

Yeah but noisy nrighbors and barking dogs. Are there no decent rentals?

[@DIVISIONINCISION]

@@j.m.7056 You can have noisy and nosy neighbors and barking dogs no matter where you live. Wait until the people you thought you escaped by purchasing a house move in across the street.

[@nancyupnorth]

At ages 59 and 61, we had our house and 3 rental properties paid for while never making over 100k a year, and that was just one year. It can be done but you have to be deliberate on living below your means. Small town life is less expensive. We always had 2 vehicles, but never 2 payments and we kept our cars for at least 10 years. Didnt take vacations we couldnt pay cash for. Now we're in our mid 60s, retired, downsized and very comfortable. Luckily while in our late 40s we stumbled upon Dave Ramsey and followed his advice and really buckled down on finances. It can be done but you must be willing to live below your means and plan for the future, none of the yolo mindset. And no, we didn't inherit a dime.

[@stevetabor5102]

WOW! WELL DONE!

[@nancyupnorth]

Thank you. It wasn't always easy...hubby had a few job losses in there as well, but those we're blessings in disguise as it caused us to fear getting into unsustainable debt as life will always bring blindsided.

[@TheRogerhill1234]

nice...

[@nancysimpson4246]

Good evening, Michael and you are so absolutely right and a lot of seniors are running into this problem. They don’t know what to do. A lot of people move out of their states that they grew up in because they can’t afford to downsize in their state because it’s still a high price. It’s terrible.

[@panza3328]

Yep, many are homeless now.

[@stevenphillips3466]

Rent a couple rooms of that huge house to some other elderly retired folks and live far cheaper ..all of you

[@ericdelevinquiere9902]

House rich is not rich. There is a disconnect there that messes up a lot of people.

[@DIVISIONINCISION]

Most of my neighbors are house poor. They didn't figure it out until their property taxes increased!

[@peteybrian]

Exactly. I’m extremely house rich, but cash poor. I’ll need to make a drastic change in my near future. Looking forward to change.

[@stevetabor5102]

@@peteybrianGood outlook. You’ll THRIVE!

[@Corkfish1]

Especially true after the fomo buying frenzy that occurred during Covid. People who had no business buying a house stormed the market

[@bpb5541]

the house you live in is always a liability even if it's paid off. what is worse is many people think it is an asset. it is gonna get people in trouble just like what happened in the GFC

[@starsrhi2335]

Tiny homes are wonderful. Sold my house, got rid of STUFF and I don't miss it. If you build our own tiny you can save some bucks. But the price of tiny varies.

[@lucythecat12]

Good for you! You found what is most meaningful. Not things - Time and People ❤ blessing to you

[@annjames1837]

Hope you don't live in the south. Tornadoes love trailers and tiny homes

[@賴文茹-y1w]

True,the more we want,the more we are stuck. Child, car, house, 🏡....

[@suedietz2046]

Yup and it's all maintenance. Well hopefully not the grown children, but everything else.

[@JoesIceCreamCone]

Shitte, inflation has kicked my arse so bad, I can’t even gallivant one state over.

[@Joce123]

Gallivant..nice word choice😊

[@winniethepoohandeeyore2]

I'm so glad we bought in 21 at a great rate, great price and double homestead exemption. We have a very low note and once we hit 65 property tax halts.. I'm not going anywhere.

[@billspaid9]

That is 👍, We did the same, just a year earlier. We live somewhere that school tax is except for seniors. We have to keep it a secret, otherwise our county would be totally full of boomers😅

[@cynwilliams9075]

Tiny homes are becoming very popular. Less headache.

[@ecclesiastesThreeVerseSeven]

Thats why theyre trying to ban them

[@susanmacmaster5804]

I would love to have a tiny home, but unfortunately very few places allow them. 🙁

[@BrianButterworth-s4z]

We shouldn't accept living in boxes and eating bugs like the WEF wants.

[@robertpierpont2262]

@@ecclesiastesThreeVerseSeven tiny homes have always been around, they are called mobile homes & if you get a small one then you have a semi tiny mobile home, & if you get an older one & rehab it you have low taxes on it. I have a 1969 55 x 12 mobile home with a 6.5' x 13' 'tipout' for a total of just under 750 square & I pay $55 a year tax on it & I have it on an acre of land that i pay about the same property tax on $55 for a total of $110 per year on taxes between the mobile home tax & the property tax

[@gertrudewest4535]

They are 10x’s more expensive per square foot and can be stolen.

[@comment2250]

Again, Michael is absolutely on point about the realities of homeownership.

[@andrewgleason586]

If your house is paid for it would be stupid to, sell it.....a roof over your head is priceless.....

[@ecclesiastesThreeVerseSeven]

Theyre bought the lies abput "making money" people have lost the value of having a roof over their heads.

[@nomdeplume2900]

Consider taxes and insurance which increase every year, HOA fees.home repairs. I need new windows, driveway repair, landscape and pool maintenance fees. Need a new roof in a few years. Much to consider.

[@iddddaduncan]

Property taxes in NJ are insane.

[@Patrick-yh5yd]

Unless you live with someone you cannot stand to be around.

[@gertrudewest4535]

Agreed. I would convert areas into an apartment (s) and rent them out.

[@funnybunnystmbl7383]

Retired people can literally live anywhere!! Don't get stuck in one place. Sell that old house, take your equity money and search for a peaceful, affordable place to enjoy your retirement!!

[@michaelmorgan9009]

Yo that timing, whats up Mike! That Florida weather has me jealous.

[@adamgd34]

The world isnt collapsing it's going back to reality. I stayed at the bottom on purpose, the higher you go the farther you fall.

[@mkelly4042]

That's a good way of looking at it. I'm right there with you but I'm sure it could get worse.

[@DIVISIONINCISION]

If you have a career that supports it, the higher you go, the better your lifestyle. That's reality for some of us, Adam.

[@adamgd34]

@DIVISIONINCISION you don't say.. 🤦🏼‍♂️

[@DIVISIONINCISION]

@@adamgd34 🤣

[@KawakebAstra]

Thx Michael .. imo low income seniors need NO property taxes.. often no longer drive a car, health ‘n vitality ebbing..to move could kill them

[@wheelchairmanjon]

That’s a bad situation to be in the one thing I would suggest is forward thinking most people think about right now not the future, but life happens fast before you know it the future is the present. Yes unexpected things happen in life but if you have some assemblance of a plan with the future, you will be a couple steps ahead of everyone else.

[@empiregone]

Michael hits the nail on the head again. I don't know how he knows exactly what to say but he is dialed in! We all think we have the cheat codes in life to trade up, but when we are at the point in our lives when we want to improve our lives and the bottom fell out of the housing market, we feel lost. Well, if it's time, accept that you have to give up some quality of life if you are going through that at the bottom of the market. It resonates with me for reasons.... Thanks for your perspective Micheal, right again.

[@DIVISIONINCISION]

I remember your situation from the the last video. Your poor choices are why you are where you are. Don't blame it on the housing market. 💯

[@empiregone]

@@DIVISIONINCISION I can't disagree with you. Thumb up

[@courtneynicholson122]

As a Baby Boomer who took care of grandparents! while Dad & step-mom lived the life of Riley...then when grandparents died..i was left holding the bag! I can't comprehend my peers world travel...but i do have the ex-pat option...thank-you Mike.

[@sandblast5636]

Most people don't have two nickels to rub together. But want to live like a billionaire.

[@DIVISIONINCISION]

That's not "most" people, maybe 40% at most. Lower middle class.

[@l.d.8310]

Michael rocks it daily and i never miss a youtube of his he breaks things down better than 60 mins or old 20/20 shows without a reporting crew amazing dude...wish he left real estate a long time ago and youtubed when it first came out.

[@frankcolumbus3330]

TAXES ARE KILLING NEW JERSEY, I'M LEAVING.

[@disiostudio1559]

Mortgage rates did NOT go up because the FED cut interest rates. Banks and investors know what's coming in January and what's coming thereafter. Thanks for the thought-provoking video that many should find helpful.

[@nealkelly9757]

I have no sympathy for the woman stuck with a $700k house.

[@86Framer]

After all the costs of buying and selling, moving, replacing an appliance or two, and painting at least a room or two. She honestly thought she could just hop over to a 400 grand house and live like a queen for twenty years off of that one move?

[@bobs5596]

@@86Framer thats why you need more than 1 house. one to live in and another to pay for everything. since she has 4 bdrms, she could have 3 roommates and pay for it that way also.

[@peteybrian]

She does have some options if she keeps an open mind.

[@tobiaskozlov5151]

Poor woman, her $200k house is worth $700k now, how will she cope?

[@nomadclan3604]

Obviously you don't own and haven't dealt with property taxes.

[@jc1979af]

At about the 3:50 mark you said "condo". That is a very bad move if you live in FL and getting hit with state-mandated assessments. Retirees are getting their residences pulled out from under them

[@sdmod1]

Curious why those who have NOT lived as boomers constantly complain how boomers had it so good. I for one did not! We didn't have much of anything in life except work on the family farm. There was no such thing as investing in the stock market (sheesh), we just barely paid our bills and put food on the table. Yet, somehow, I worked my way thru college, worked hard, saved my money and now am in a great position for early retirement. Generalizing each generation is not a wise or accurate description.

[@rustykatt3870]

sdmond1- you are wise and have lived wisely. ✨😊✨ All the best to you and your family. Good luck to you all and to us all.

[@katydid2877]

Boomer here. My son, the millennial, explains it as the boomer “generation” of politicians were the ones that put in place many of the negatives in the last 40+ years. Opening the border, wars in other countries, protecting banks and big corporations, etc etc. As he puts it, he “doesn’t mean me” when he hates on boomers. 🤷‍♂🙄🤣 And yes, I worked for everything I ever had also, but often people are referencing the cost of living during our 20s and 30s compared to now. That wasn’t our “fault”.

[@kenlang2154]

Another good one Michael 🎉

[@operasinger2126]

Michael, great videos recently. If you need more material, perhaps do a segment on how the wealthy and politicians live. They appear to be doing very well in this economy.

[@Rob-r2s]

If you moved to a place like Thailand, you could live like a king on your social security check.

[@The10cmorgan]

👑😊

[@jusrarsh4109]

*Ive herd about that route. Thailand may be super far, but your money goes super far AND Thai women speak some english

[@10mudpuppy]

Nope

[@BasedInBrazil]

What about health insurance? Unless you want to pay for medical treatment out of pocket.

[@kookietherapy9398]

​@BasedInBrazil Still cheaper and better.

[@In_con_ceivable]

Down sizing for many of us will mean moving to a less expensive place/city or state where you’ll have good equity, otherwise sell the home, take equity and rent, rent, rent.

[@scotthunter9332]

Downsized (lived with in my means) in 1988 when I bought my first home 1,100 sq ft. Paid off in 2005. WOW ! my retirement home has been paid off for 19 years and I don't retire until June. BABY BOOMER 😎🚬👍

[@DIVISIONINCISION]

1100sqft is a small house. 😯

[@tammyturowski6703]

​@@DIVISIONINCISIONwhy does anyone need more

[@movdqa]

Great show. I watched my mother (Silent Generation) and how tough inflation was over her 35 years of retirement. I also saw her behavior on saving and investing over a lifetime using a variety of instruments as a child of The Great Depression. It's also good to have lived through so many economic cycles to know that the economy can be good, then bad, then good, then bad. The note on clutter is real. I wish that there was an easy way to digitize it all.

[@DIVISIONINCISION]

My parents were also Silent Generation, however, they saved a minor fortune despite neither being college graduates. My Grandfather on my mom's side was an accountant for the Department of Veterans Affairs. He taught my mother everything he knew, and she taught me.

[@movdqa]

@@DIVISIONINCISION My mother's estate was worth about $1.7 M and some may consider that a lot and others might think that it isn't. One difference in our family is that she was a single-parent female in an era when there weren't a lot of career options for women. But people of that generation were often savers because there was so much suffering through the great depression.

[@timballenger1416]

I'm seeing a lot of greedy people selling their house for hundreds of thousands of dollars over what they paid a few years ago. This should allow real sellers to sell easily

[@bobbya51]

" This should allow real sellers to sell easily " What ?

[@Ed_1957]

You would do the same thing if you could.

[@iwishpeoplecaredagain]

Property taxes should be a time fee for the buy and future buyers not a recurring payment no one should have to lose their homes to pay for the mayor or governor's to live in 10 million dollars homes ridiculous. Something has to give quit stealing our homes for your lifestyle.

[@patrickruvolo8427]

I am on the island of Cozumel and you can live here for rather cheap. Of course, you can also live in luxury too. Rents go from 500 up to 10k a month, depending on what you want and need. BTW, Cozumel is safer than all major cities.

[@DIVISIONINCISION]

Why would I want to be an ex-pat in Mexico? At least in the states, I can conceal carry, protect my own property with no problems. In Mexico, the cartels run everything and the cops can't help you. You have no protection.

[@sojourneroftheland]

What is "rather cheap" to you...online they say its kinda pricey in cozumel. A couple being comfortable with 3-4k per month. Thats doesnt sound very cheap to me🤔

[@Angela-px1cq]

I own my house which I would love to leave to my son. I bought a mini van which has an awful interest rate but I plan on paying it off and drive and camp in my van when I retire early. There’s a community for car/van campers. Being a caregiver, I find being close to a hospital and my drs in my latter years are important. I currently live in Miami and the costs are quickly looking like California

[@rustykatt3870]

Angela- good luck and all the best to you and your son ✨😊✨.

[@pdel303]

Spot on, yep, downsizing can be good, you have to swallow your pride, but you'll be happier wihen you see the lower utility, insurance, tax bill, plus might have some extra cash left after the sale ( like we did ). Wow, those FL houses sure are tiny for the price.

[@Avo7bProject]

I got a taste of downsizing when I moved from an 1875 sq ft house to a 580 sq ft one bedroom apartment. I liked many things about the downsize... nothing to maintain, the apartment was on the ground floor, a convenient commute to work. But the heavy feet of the neighbors upstairs (plus the noise of their dog, I presume playing with it chasing a ball or something) was too much. That prior house I still own, a tenant and kids have been there for years and they like it. But it was too large for one person. I never used two of the bedrooms, or the den area. It had two nice decks on the back, but I usually sat in the smaller one. The main deck just felt so excessive to sit alone there.

[@Rob-r2s]

You could save money by growing your own food and live out in the country. Just purchase raw land, get a small and used travel trailer to live in and then build a small debt free post frame home with your own hands. Forget about hiring a contractor or paying for labor. It's really not that difficult to build a home. The cost savings are huge and the country lifestyle is so much different than city life and there's more high paying opportunity as well.

[@TeresaPatterson-l5o]

At 70 ? I don’t think she can do that

[@Rob-r2s]

@@TeresaPatterson-l5o True. She could purchase some land and plop a single wide on it for cheep or get a used single wide. It's best to not pay for lot rent. It's best to own the ground underneath.

[@Avo7bProject]

@@Rob-r2s I would not want a single-wide even if I owned the land. They wear out faster than a site-built home and have thin, inefficient walls. Contractors don't like repairing them, because they need parts which are not available at the local big box.

[@Cosmo4357-mj1tw]

My county in Georgia exempts the school portion from the yearly tax bill. That saves me thousands. The county is now liberal. I hope they don't revoke it someday.

[@andyholder6039]

I'm building as I go and man it sucks, but everything that goes up is mine and the bank isn't collecting interest.

[@elisabethgardner6321]

If I sell my huge farmhouse on 5 acres everything comes with it! I just take my personal stuff and buy everything new what I need, Taking all that furniture with me makes no sense It would not even fit in a smaller house and it is far to expensive to move it with you. For that kind of money that the moving companies charging I can buy everything new. I'm 73 and i can live anywhere in the Country and you find cheap option with tons of acres if you look out. Love to live alone far from everything. Age is just a number. I'm already live in the middle of nowhere...

[@Broprotato]

So those retirees want to sell at 2024's prices and expect to buy back at 2000's prices?

[@robertpierpont2262]

right, I don't see how it would be any different for them or her if she sold for 2000's prices & had to buy something new for 2000's prices. If you are getting todays prices then you are going to have to also pay todays prices, its not rocket science

[@elizabethconn4320]

I'm 47 and live in Kentucky. I purchased my home back in 2007. If I was to buy my house today I couldn't afford it and wouldn't be able to afford to buy something different today. Not having the option to go buy something different if I wanted to because everything has gone up is depressing. It makes you feel "stuck". I'm new to your channel. Thank you Michael for all the great information. God bless!

[@ianandersen265]

Lady has $700k house in NJ and is complaining that she can't afford a $400k house? There are a lot of more affordable and safe places in the Midwest, like Indiana, Alabama, Ohio, and Kentucky, etc, where you could buy a home for less than $200k. Less than $100k if you pay to fix it up. Doesn't she understand that the coastal states are not friendly to retirees in this economy?!

[@TheRogerhill1234]

May I suggest Kansas......

[@Jeannified]

Michael, you are so wise snd we appreciate you sharing your knowledge and information with us!

[@robertwalker-gc1ds]

It's very simple you buy a piece of land. You draw up the plans take them to an architect. And then you start the building process subcontractor work out and have the inspections keep your contractors tight and build a house the right way yes it is a pain in the ass and most people wind up in divorce court. But if you're so confident in your relationship it'll hold up the cheapest and best way to do it

[@DIVISIONINCISION]

Who has the time to sit there and supervise a custom new build?

[@robertwalker-gc1ds]

@@DIVISIONINCISION the question was is how can you afford a house. That's how you afford a house plain and simple as that

[@Joeainthere73]

I doubled my equity with a house I had put on a lot. Paid off in 7 years. The interest rate stayed at 6.75% all 7 years

[@robertwalker-gc1ds]

@@Joeainthere73 91 from 80,000 to 675,000 in 24 years

[@barkbros123]

7:25 you couldn’t have said it better man… as humans we still chase that next step or dream about it 🤦‍♂️

[@Ryanmacrillo]

From my observation and historical market pattern, there might be a bit of turbulence in the market coming up, but here's the deal: Trying to guess what's going to happen next is less important than spreading your bets when trading and thinking long term. It's not about guessing the market's next move; it's about playing it smart and steady...managed to grow a nest egg of around 100k to a decent 732k in the space of a few months... I'm especially grateful to Leasie Aiken, whose deep expertise and traditional trading acumen have been invaluable in this challenging, ever-evolving financial landscape.

[@Ryanmacrillo]

She's mostly on Telegrams, using the user name

[@Ryanmacrillo]

LeasieAiken

[@Hollykymis]

LeasieAiken is among the best traders on the internet and I'll keep saying it every time.

[@Harperwalker6535]

Thank you. I have searched, her up her Telegrams, I think I am satisfied with her experience

[@Karencerasaro7733]

Trading used. to be a difficult for me, but with Leasie Aiken’s guidance, it's now a walk in the park. Highly recommend his courses!

[@ZXX984]

No mortgage, no car payments, no RV’S, no pool, very small loan still do…….less headaches!