On paper I look like one of those hoarders: nice income and a lot of house equity. I also have above average 401k balance
However
excessive home inflation
interest rates lock-in
medical emergency costs ridiculous
kid college costs ridiculous
car costs ridiculous
divorce lost half of everything
retirement age 65–>67
ageism means i can’t expect to work as long as I need to
boomer parents not going to leave anything
We’re hit by all the same excessive inflation as everyone else but we can’t downsize because mortgage rates are too high. All the missing safety nets affect us as much as everyone, except we’re out of time to recover from any catastrophe.
Given a family medical emergency, I missed 15 years of 401k contributions, and never upgraded from A “starter home”, despite what the valuation looks like, and I have a lot of major maintenance coming up
I have to say that despite a lot of things that look really good on paper, I was much better off financially in my 30’s
As an X’er not too far behind them:
On paper I look like one of those hoarders: nice income and a lot of house equity. I also have above average 401k balance
However
We’re hit by all the same excessive inflation as everyone else but we can’t downsize because mortgage rates are too high. All the missing safety nets affect us as much as everyone, except we’re out of time to recover from any catastrophe.
Given a family medical emergency, I missed 15 years of 401k contributions, and never upgraded from A “starter home”, despite what the valuation looks like, and I have a lot of major maintenance coming up
I have to say that despite a lot of things that look really good on paper, I was much better off financially in my 30’s