“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!

[@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 🤣

[@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

[@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.

[@DwightBrown-ks1wi]

A friend of mine sold her $2M home in a large city and downsized to a smaller home in High Bridge N.J. that is the last stop on the train from N.Y. Now when she wants she hops the train to New York and spends the day at the museums, libraries and cafes. Having a great time in retirement.

[@Catherine_2571]

That sounds wonderful.

[@VictorianMaid99]

That sounds wonderful.

[@Mtnsandoceans]

I’m N.J. I couldn’t get out of there fast enough !!

[@Mtnsandoceans]

I left United States in 2004 retired early at 46. I’m now 66. No stress I was fortunate of course self made man. No one gave me anything. One thing I don’t understand I won’t tell you where I live now I will say Central America and a few different countries inCentral America, I don’t like you tubers who visit and say It’s so cheap it also disrespectful and all the north Americans come they change the culture and everything gets more expensive ,Here’s my point if my kids want to see me they can get on plane . here’s where I hope I could help someone it’s going to be a little bit of a rant where I live I can buy a condo for $250,000 plus dues .I have always owned my own places even in Central America sometimes you have barking dogs, chicken bars, music the list goes on and on it’s much easier to rent and leave if you don’t like it or live someplace else there’s a lot of beautiful places to live are and cheap. for example, my furnished apartment, which I would love to buy, but I’m too smart to do that and it’s not for sale my rent is $375 a month that includes everything and I mean everything underground parking Internet, electric water gas trash. I never see a bill and I get no junk mail no mail period ! I’m gonna use some loose numbers let’s say I paid 4000 a year now for rent and these countries rents don’t usually go up pay is too low only if Americans come and ruin it !! let’s say with inflation I start paying 5000 a year and 10 years I would’ve paid 50,000 in rent, WOW not really I would be 77 in 10 years and have 200,000 ,and invested at 5% think about it ,house appreciate very little here . And what’s left over maybe someone to take care of me . I also have health insurance, which I have to renew now in 2025 they wouldn’t take my money last month. I have to wait till 2025. Due to my age. The insurance price went up I pay $1.46 a day , I will never see a bill not for anything ! I pay $12.50 a day for my home. My phone bill is seven dollars a month unlimited calls to North America I pay per year,so for $15 a day i’m insured have a great place to live. I don’t have a car. I find myself with money that I don’t know what to do with. I give it to the kids. All I have to pay for is food and I travel a lot traveling at this moment, I’m renting a house on the beach on the Ocean will stay until April. Don’t get stuck paying these high taxes and you think you’re getting rich that your house is a higher price. The stock market went up into explosion, territory, take account inflation and the market crashes by 50% and your house. KISS method keep it simple stupid ! So $22 a day for all my bills, including insurance ! That’s lunch money…maybe. Some people have so much equity in their house for me. I used a number of 200,000. I can live for free at 5% interest.

[@petuniasevan]

@@Mtnsandoceans Longpost but I read it all. I appreciate that you don't tell where you are, even by country. This "flavor of the month" disease where people whoop up a place, practice, trend, prank, food, etc. is infuriating. In the case of a town, region or country, it can easily ruin a place especially when social media "influencers" ( I hate most of them ) get their followers to run rampant through it, changing things forever.

[@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

[@sportsman4545]

Traveling when you are older is not what its cracked up to be. Most of us have a 2 mile walk limit. I much prefer living close to my children and grandchildren and then going along with them on holiday to help them and spend extra time with my grandkids. Now THAT'S fun.

[@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.

[@barbarafallin2038]

@michaelhammond5895 yes I do have these bills, but have no problem, paying them,I am doing just fine,Thank you Jesus for a great pension and social security

[@Kawasakifreak1]

@@TheRogerhill1234 Reality check. One in three UK households are homeowners who have NO MORTGAGE, to do so they've lived WITHIN their means; their number has increased since 2010 contrary to some media narratives.

[@linmal2242]

@@Kawasakifreak1 Same in AUS. No mortgage (death pledge) ! And we have state mandated superannuation reaching huge sums now. Google it.

[@hr3134]

I’m amazed how fearful people are. My mom started a new business (with me :) at 70, in a new state, without much savings and a positive outlook. It was a success! She had NEVER owned a home & had lived in some spectacular places. Despite longevity in the family she sadly died suddenly at 78. The future is not guaranteed. If you have a house worth 700, 000 or a million dollars… you HAVE money. Use it to do what you dream of! Rent. Travel. If you must, buy a small place. Prioritize what’s most important and let go of the rest. Things (including houses) do not matter in the end.

[@SLcreativeheart]

Nicely put!

[@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.

[@Lastcallrepent]

Thank you for being there .

[@dawnhoughton4533]

Well, a bunch of us don't have kids. 🤷

[@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.

[@WhathappenedWORLDpod]

How is no one talking about the greed in the person buying for 600k and trying to sell it for 3MIL the very next year, greed is the problem with this economy now

[@lorihamlin3604]

I was just remarking to my Son in law about this last night. I was wondering what was going on. Either these homes are being used to park money, for whatever reason, but sellers are definitely not too interested in selling or renting.

[@eurolife7384]

Exactly 💯💯💯💯💯

[@eurolife7384]

GREED 😢😮

[@normanpearson8753]

Isn't that how things work ? Who wouldn't do the same ?

[@darlacox]

Any decent person. The rule we grew up with was "Do unto others as you would have them do unto you."

[@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?

[@terryllee7706]

If you're 65 and retired gov should freeze your property taxes " No Increase " 😮

[@truthseeker1959]

Lol. Government should do a lot of things differently but it won’t. It does what it wants.

[@johnanon658]

Only for reasonable homes

[@davidw7]

Gov will now do what a new Pres will dictate with a hatchet and his $$$ providers want. Price controls they do not want. I know some states do allow a lower to freeze at that low level of taxes when retired. It though DOES NOT FREE YOU FROM THAT TAXES that went up. It just allows it to be frozen till your sell and must pay up.... or of course one passes or a nursing home and sold. Then it has that lien for the full taxes to be payed. It does allow for them to stay in that home.... and not forced out as equity built and higher taxes could bring unaffordability. I viewed Chicago homes for sale a while back to see values. I found some had very low taxes.... Many had 80s 90s furnishings like kind of stuck in time, but maintained and clean. Ended up I found when it gives tax amount.... it was noted a tax-freeze and senior discounts. The FREEZE meant kept for years from rising.... just that difference has a lien once sold or before another inherits it etc. Also, avoid needless outside remodels as a brick home for sure does not need and more than non-major ones to raise taxes inside. TRUE LIVING CONSERVATIVELY ... not this ideology stuff to be one and bitterness. So many had great lives in them homes built to last up north. Makes no sense to have sold.... move to a Florida worse and worse in taxes and OMG insurances..... but it won the ideology war.....

[@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

[@calamityjane4331]

That concept of "starter" homes is getting outdated. Buy a bungalow and if you like, over time, create more space. Add a sunroom on the back, sink the basement and create more renoed space, etc. As Americans we're brainwashed about more, more, more.

[@njcanuck]

@hvaball150 Glad to hear that. Where are they located? How old? In Canada, we need more in new areas. Alot of the small housing stock in Canada is post-WW2 era needing significant updating and are inner city. The US is probably similar in that regard. Cheers!

[@njcanuck]

@@calamityjane4331 serviced land is expensive. In Canada, we pay a significant premium for a bungalow. Bigger footprint with less usable space.

[@hvaball150]

@@njcanuck most markets have plenty of small homes for sale. Some are older, some newer. Some of the newer ones are worse than the older ones, or will be in 20 years (due to materials). Some require updating if you want to make it feel new. Otherwise, the refrigerator, oven, and bathrooms work the same... Of course some are in areas of less desire ... But that is true of anything sold. (Why sell a good place). My point being if they are available to buy then there is no shortage.

[@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..

[@jerrycampbell-ut9yf]

I've been watching the housing market closely, Prices have been skyrocketing for years. It's going to be tough for first-time buyers to enter the market." how can one diversify $280k reserve .

[@Peterl4290]

I agree, It's not just the prices, but also the increasing interest rates that are making it more difficult for people to afford homes. With a good FA you can make up your portfolio.

[@larrypaul-cw9nk]

The housing market has always had its ups and downs, but it's true that this time feels different. Having a portfolio manager will save you a lot in the market , My portfolio currently has 200% increase last couple of months with the help of my advisor.

[@sabastinenoah]

in times like these, it's crucial to be cautious and not rush into the market , Who is this your FA , my portfolio needs urgent attention , been a lot of lose.

[@larrypaul-cw9nk]

There are many financial coaches who excel in their profession, but for the time being, I employ “Annette Christine Conte because I adore her methods. You can make research and find out more.

[@sabastinenoah]

I set up a call with her and am really grateful that I did. I copied and entered her name into my browser and it came up in the top search results. I've seen comments about advisers but not one who looks this amazing.

[@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.

[@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

[@JayLuke1234]

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.

[@maxfastest]

Sold my home of 35 years in 2022. Lost my wife of 35 years to cancer, We bought a rural home in 91 for $11,000 cash. Sold for $325,000 Cost me $70,000 to get it Sold, Got an RV and just travel around, Me and my dog. We don't need much and we stay away from any large populated areas, peace n quiet is king !

[@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.

[@AWJ-zf8cf]

The bottom 300,000 needs 100,000 work lol

[@Rebecca-je6qf]

Our house is nice and manageable if one of us is working. Your right

[@emusaurus]

When I went for my loan they asked "is that all you want to borrow?"

[@surgeinc1]

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

[@ocularpatdown]

And?

[@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.

[@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

[@bethmendoza1847]

I’m 67. I bought my home six years ago. I never imagined the situation that you just described, but you are spot on. The cost to maintain it is more than I can handle. But I already downsized. Home prices and rent in my area have skyrocketed since I bought my home, so where else can I go? My house is small and I have a mortgage, so after selling it, I can’t even afford a cheaper area. I think you are correct, maybe homeownership is not the only option. However, I would tell everyone to save and invest for your future, no matter what that future looks like.

[@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.

[@tatianastarcic]

A house isn't the best investment, considering the state of the economy right now. After selling my Boca Grande house, I want to put $200K into stocks because they can still increase in value during difficult times. Do you have any great ideas for stocks?

[@winifred-k9e]

The truth is that if you make the right picks, you could make killer riches very quickly, although such profit usually needs expertise, as in hedge funds or financial managers. I personally prefer the latter.

[@richardhudson1243]

Working with a financial advisor has been a game-changer for me. They provided invaluable insights and tailored strategies that aligned perfectly with my risk tolerance and financial objectives. With their support, I've seen significant growth in my investments and gained confidence in my financial future.

[@JacobsErick-u8r]

Can you share details of your advisor? I want to invest my increased cash flow in stocks and alternative assets to achieve financial goals.

[@richardhudson1243]

Melissa Terri Swayne is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

[@HoskinsShanellNicole]

I searched for her name on the internet, found her page, and reached out via email to schedule a conversation. Thank you.

[@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.

[@Ekam-Sat]

Agreed.

[@rockingredpoppy9119]

Until your landlord decides to increase your rent every year and then sell the house you are living in.

[@emusaurus]

​@@rockingredpoppy9119 100%. My landlords never raised the rent much when I was renting, but times have changed. I imagine if I were still renting, it would be way more than my mortgage and climbing every 6 months

[@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

[@eurolife7384]

Yup nothing 😭 just cry myself to sleep 😪

[@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.

[@linmal2242]

No CGT on 'principle place of residence' in AUS after one year !

[@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❤.

[@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...

[@itsrandolphbischhh6592]

Knowing about property tax makes me not want to "purchase" a house...when you by shoes you dont have to keep paying on them just cause you wear them 😂

[@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.

[@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.

[@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

[@rachaelpino6914]

To be honest, it's kind of sad that people nearing retirement are facing these struggles. I know my grandfather worked hard all his life, and never owned a home until he retired. He had two pensions, plus his social security, and he built his home on his property, and powered it with solar power and a generator so he didn't have very many utility costs. He was still pretty healthy and active, and the upkeep kept him busy, but he enjoyed his life for a good 25 years or so. But unfortunately, people don't retire with pensions like his generation did. They also don't get to retire in their late 50s or early 60s like he did. So I imagine many people nearing retirement are kind of looking at that previous generation and thinking that that was what they had to look forward to. Luckily for me, I've always known that I would struggle with finances because I'm disabled, and I never have had a lot to work with, so I'm used to living that undesirable lifestyle, and I don't have any illusions about it's getting better. It is what it is.

[@peterdean5300]

You are correct Sir

[@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!

[@atlantasailor1]

I have a friend in BA and she moved to Italy because her grandmother was Italian. I have been all over AR and love it!!! Hope economically it improves. Suerte!!! Hasta tarde. Mi gusta todo de Perú y Chile también!!!!

[@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!

[@dawnhoughton4533]

Yep, I'm in the same situation. It sucks.

[@brianmatthews4149]

Same boat, can't win.

[@eurolife7384]

GREED... Almost every one is gotten super greedy 😔.... I have nothing. Absolutely nothing. Others have more cuz.......they live the greedy Life 😔..... hahaha Truth 🤣

[@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 😂

[@Ekam-Sat]

“ You can't eat scenery and nice weather doesn't pay the bills.” This!

[@PascualMorales-py6gd]

this is what a lot of people dont realize. there are a lot of affordable places still, but there obviously some sacrifices that need to be made if you want to reitre comfortably, buy a house, etc. the midwest and the deep south are really the only affordable pockets in the US (obviously depends on the neighborhood and city but generally speaking its true). i was born and raised in nj by nyc, but when everything got too expensive, my family and i moved to tampa. although the cost of living has gone up a bit since we moved here, it is still way cheaper than nj/nyc.

[@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.

[@peterdean5300]

Not anymore, the Elitists don't want us to own property anymore, they want to own everything

[@Flippy_808]

BINGO!

[@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.

[@mbmart2005]

In FL a cardboard box home cost 350 to 400k and we are talking about something cheap used or new in a place where the commute is 1 hr minimum. Plus insurance plus car insurance plus repairs plus maintenance.

[@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

[@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.

[@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.

[@Kathrynrosa3660]

We steadfast believer in Leasie Aiken because she is always right on the money.

[@Alisonlacivita]

please educate me, I’ve come across this name before, Now i'm interested to start trading with her.

[@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.

[@sandyjaniegallardo15]

My mother -n-law took out a reverse mortgage in Rowland Heights, California. She lived very well for many years (lots of trips, cruises and restaurant dinners) and after her death, the family sold the house as is (kind of a fixer, not too bad) and all five kids still ended up with $35,000 each, after paying back what she owed for the reverse mortgage and all the probate/tax stuff. On the other hand, her ex-husband, my father-in-law took out a reverse mortgage in El Paso, Texas and ended up losing his home to foreclosure because he couldn't afford the property taxes. So, you never really know, I guess... it's a gamble and every situation is different.

[@eurolife7384]

Lucky you

[@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

[@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.

[@1man2many]

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

[@jerrylundegaard2592]

But Tom Selleck says they are great.

[@linmal2242]

@@jerrylundegaard2592 He's in the business.

[@truthseeker1959]

@@jerrylundegaard2592 He’s paid to say that…lol.

[@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.

[@davidgagliardo3258]

My wife and I retired earlier this year. We sold our paid for Tampa home in July for 5X what we bought it for 27 years ago, 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!

[@davidgagliardo3258]

@@stevenphillips3466 I play the guitar, but I have thought about it! LOL

[@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...

[@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.

[@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.

[@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...

[@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🤫

[@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.

[@joewger]

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

[@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 .

[@comment2250]

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

[@michaelmorgan9009]

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

[@thebestcompaniondogforyou3367]

To sell for a fair price, you need to be unique. My 5 acres in the forrest has a cabin as well as a newer mobile home and garage. What is unique is that it all runs on solar. Self sufficiency is very attractive i this dying world. Chickens, a couple greenhouses make the package complete. Would I sell? Hell no! It took 3 yrs to build this. But if one were inclined to do such as this, you would have a large number of people very interested

[@mkelly4042]

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

[@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.

[@donnadaniels5095]

The problem is people always looking at somebody else's life, Enjoy your life Everybody got a different journey

[@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?

[@healthyone100]

i'm 74 went back to work last year, i could get by just on my SS check but didn't like being home all day, i have to travel 40 miles one way to get to work, i'm gone 13 yours a day, my small house is paid for, my lot rent is only $345.00 a month i got a great landlord, i saved $40,000 last year, i've been a strict vegan for 39 years, exercise and in good shape, i'm make the right choices in my life and it works, your health is first everything else is secondary!

[@normanpearson8753]

I'm not sure veganism is the way to go...exercise , yes . Are there credible figures to show this , anyone?

[@rockingredpoppy9119]

That lot rent can go up and the "landlord" can sell out from under you at any time.

[@healthyone100]

@@rockingredpoppy9119 the park has been in the family for over 50 years, the owner just sold it to his nephews so i'm safe for at least 30 years, this isn't Florida where everybody is moving and greed has taken over,i'm in upstate n.y where people still respect others!

[@_DB.COOPER]

You’re going to lose one dollar to the Social Security Administration for every two dollars you make on everything over $22,000.

[@GoldenOldies-007]

you found someone to hire you at 74 years old???

[@marycollins8215]

Very timely. Ty. We need to take our power back. Not sure how but working on it.

[@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

[@TheRevRico]

Thanks!

[@MichaelBordenaro]

No problem!

[@kenlang2154]

Another good one Michael 🎉

[@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.

[@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!

[@lindylou3519]

@@PeterDavila-mx9ni if I was alone, I would’ve already made the move but probably to NC.

[@davisholman8149]

Geez - thank you, Lord - I do not have an envious bone in my body. Happy for friends & family who are doing well. I enjoy seeing what they are doing. Just glad I have never felt those negative feelings. My sister is the same way - we are so glad.😍

[@Ekam-Sat]

Love it. Envy not. Especially when you realize the bills other people need to pay.

[@eurolife7384]

It's redidilous 😅😅😅😅😮😮😮😢😢😢😢 GREED

[@daisylavender5275]

I just want to run away from everything and everyone at this point.

[@TheTripleTiger]

I love the pace of your talking as well as the Clarity of what you are saying. For this reason alone, I have subscribed. It's valuable perspective to help me see that even the Boomers, who had everything at their fingertips, are struggling. I love it.

[@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 .

[@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

[@MS-ig7ku]

"Downsizing" rarely worked well for people. You mainly still have same costs. Condos don't save money or reduce problems.

[@bellagrace9812]

Not true. I can sell my house and pay cash for a condo with my equity and have no house payment, and pay less in property taxes and insurance on the condo.

[@MS-ig7ku]

@bellagrace9812 Sometimes it worked but the Codo HOA fee is likely over $300 a month plus they can bill an unlimited amount for repair costs at anytime. You still have to pay for taxes, utilities and insurance, which are not going to be much lower.

[@GoldenOldies-007]

HOA fees are crazy high and just go up every year

[@MS-ig7ku]

@GoldenOldies-007 HOA fees are a lot more than the taxes, worse you can be hit with a special assessment of an unlimited amount for repairs at any time, maintenance on house is less trouble.

[@malcolmschenot6352]

Great topic. After many years managing apartment buildings I know never to try to help people look for an apartment (nevermind a house). The unrealistic expectations of most people are surprising (too cramped! That's straight out of HDTV). It's so different when I'm renting a unit, because I get people who've researched and many have gotten beat out of several good prospects just for being too slow (I've heard that many times). Especially nowadays, the people who get the apartments are the organized ones who know when to jump on an opportunity. That almost never happens with random friends or friends of friends. They reject good opportunities for really odd and to my mind silly reasons (can't think of any right now). Good reasons I get. Too busy a road. Too much traffic noise (I know that one from personal experience). Must have central AC not wall units. Too far to commute. These are legitimate. But let me tell ya, when people with expectations start looking in the real world they come around to reality real quick or they don't get a place to live.

[@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.

[@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😅

[@JuneGriffiths11]

*I'm favoured only God knows how much I praise Him,* $230k every 4weeks! | now have a big mansion and can now afford anything and also support God's work and the church.

[@JuneGriffiths11]

Only God knows how much grateful i am. After so much struggles I now own a new house and my family is happy once again everything is finally falling into place!!

[@JoeRobert-qw3gg]

Wow that's huge, how do you make that much monthly?.. I have been looking for ways to be successful, please how??

[@JuneGriffiths11]

It's Ms. Evelyn Vera doing, she's changed my life.

[@JuneGriffiths11]

I started pretty low, though, $5000 thereabouts. The return came massive. Joey is in school doing well, telling me of new friends he's meeting in school. Thank you Evelyn Vera, you're a miracle.

[@Pearlygirl---]

Wow...I know her too she is a licensed broker and a FINRA agent she is popular in US and Canada she is really amazing woman with good skills and experience.

[@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

[@oldkid6]

everything you say is true, as much as "we" want to downsize but unless the timing is perfect it's almost impossible was once your entrenched in your current house.

[@debbiel8585]

This sounds like me and my husband.🤣 Also if you want to downsize to a condo, the co dos fees are going up a lot!

[@izzaduck8896]

So glad I came across this video! It's really interesting, informative, and expressed in a nice conversational way - teaching without preaching - about some things to consider, like expectations in a changing economic climate.

[@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.

[@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.

[@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.

[@barkbros123]

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

[@rubyferrante101]

Thank you for the information

[@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.

[@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

[@karengerace7506]

Why deprive yourself? Live within your means but don't live like you're poor.

[@brianmatthews4149]

Thats to much sf.we have 2105 sf and 2 ac.i want 1200 sf and a 1/3 ac but I'll be paying more in taxs .

[@danielfiore8865]

The old "house-hack" backfired on quite a few duplex investors here, in Oakland, CA. They spent $1M on a building that requires $3K or more, per unit but the area is no longer desirable by qualified tenants. Now theyre stuck renting at a loss or even worse... leaving it vacant.

[@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

[@brianmatthews4149]

Nice!

[@nicholasroberts1374]

We have a similar problem in the UK. There is currently an issue with retired people wanting to downsize with the hopes of releasing some equity to fund retirement. The problem is that the demand for "retirement friendly" smaller ranch style houses (so older people don't have to deal with stairs) is very high. This means they attract a premium. So people are finding that retirement house they want to buy will cost as much (or sometimes even more) than the 4 bedroom family house they are selling, which means no left over funds. Also we have an issue where rich Londoners (who have seen their house values explode) are releasing some equity to buy 2nd houses in popular retirement spots. This means that retired people are also competing with people buying 2nd homes

[@LadyOrion2012]

Absolutely awful. Politicians won't pass laws against this because they too likely own second homes.