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My wife and I live ‘an average life’ in the Bay Area making $320K. Last year, we bought a house for $200K over asking — now we don’t want to live in it. Should we get professional help?
MarketWatch ^ | 02/18/2023 | Alisa Wolfson

Posted on 02/18/2023 7:22:50 AM PST by SaxxonWoods

Question: I was a victim of FOMO during the housing market craziness and bought a house for $200,000 over the asking price. Now house prices are coming back to reality, and I feel like I lost my hard-earned money. I don’t know what to do as I am living with constant stress thinking that I made a big financial mistake, and I’m not sure if I should consult a financing adviser for better decision-making and long-term investment planning.

My wife and I are in our 30s and are working in the Bay Area and making about $320,000 combined yearly. We live an average life and watch every dollar that we spend.

(Excerpt) Read more at marketwatch.com ...


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To: Clutch Martin

Cut your losses before they get worse remember we have two mores years of the Biden lunatic.


81 posted on 02/18/2023 8:38:57 AM PST by Vaduz (LAWYERS )
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To: P.O.E.
Whoever’s paying you that much money should fire you because you’re obviously a dunce.

Some people won't hire anyone smarter than themselves.

82 posted on 02/18/2023 8:39:06 AM PST by null and void (You can’t have a police state without a state police.)
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To: SaxxonWoods

Go now. Do not hesitate, seek help. (Canadia has euthanasia for you problem)


83 posted on 02/18/2023 8:41:12 AM PST by VTenigma (Conspiracy theory is the new "spoiler alert")
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To: PeterPrinciple
By the way, was Dear Abby, fake or real?

Yes.

84 posted on 02/18/2023 8:46:03 AM PST by null and void (You can’t have a police state without a state police.)
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To: SaxxonWoods

Can’t fix stupid


85 posted on 02/18/2023 8:51:06 AM PST by Mariner (War Criminal #18)
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To: PeterPrinciple

A lot of the letters are so stupid I hope they are fake.

I won’t pay an advisor either. I’m doing fine on my own, but I’ve studied it and been investing since I was in my late 20’s. My focus these days is tax-free income to the degree possible. The govt gets enough of my money to waste.


86 posted on 02/18/2023 8:51:22 AM PST by SaxxonWoods (The only way to secure your own future is to create it yourself. 111 is the key.)
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To: HonkyTonkMan; GreenHornet
FOMO = Fear of missing out. Think "peer pressure"

Sounds more like simple "greed."

Regards,

87 posted on 02/18/2023 8:52:53 AM PST by alexander_busek (Extraordinary claims require extraordinary evidence.)
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To: Melinda in TN

Rural Alabama here. Out of staters have really screwed up the market here. 2 years ago I could look at a property and tell you exactly what the market value is. Now? I really have no idea. What was a 100k property, now brings 200k. Or 200k and brings 350. Sounds like a great deal if you live in CA or NY or IL. But it has priced out locals in our poor ass county.

Our area has been named before as the poorest in the nation.
So why in the Hell would these folks want to live here? Don’t get me wrong. Lived here all my life and I don’t want to go anywhere. But these liberal idiots need to stay away and leave us alone!


88 posted on 02/18/2023 8:56:05 AM PST by saleman
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To: null and void
By the way, was Dear Abby, fake or real?

As real as the letters to Penthouse.

Regards,

89 posted on 02/18/2023 8:58:43 AM PST by alexander_busek (Extraordinary claims require extraordinary evidence.)
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To: alexander_busek

Dear Penthouse,

I never thought this would happen to me.......


90 posted on 02/18/2023 8:59:15 AM PST by dfwgator (Endut! Hoch Hech!)
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To: ridesthemiles
Bought 2nd house in 1989-—a foreclosure. Cleaned it up & sold it 16 years later with enough NON-TAXABLE profit to buy this property FREE & CLEAR.

...and, if I may say so, I've seen and been inside your current digs and it is a VERY fine bit of horse breeding property!

91 posted on 02/18/2023 8:59:41 AM PST by null and void (You can’t have a police state without a state police.)
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To: ridesthemiles

Exactly, I started in similar fashion. We lived below our means all the way and still do. It’s just habit now. We don’t scrimp like we used to but we drive luxury cars, our house is very nice but it’s the end result of several tax free sales of prior homes.

One great investment is buying a second home where you want to live in a few or more years. When you sell your principal residence, you don’t pay taxes. Move into the second home, it’s now your principal residence with a basis at its current value and when you sell it, no taxes on that sale either. I’ve done this 3 times. The first one I converted to a rental and kept for 12 years. The second one I sold to a business-related friend. He gave me 50% down and I’m carrying the mortgage. The third one I’m living in as my principal residence. One can make good money just avoiding taxes.


92 posted on 02/18/2023 9:02:06 AM PST by SaxxonWoods (The only way to secure your own future is to create it yourself. 111 is the key.)
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To: HamiltonJay

I agree, they should just turn it into an overnight rental and make a fortune.


93 posted on 02/18/2023 9:03:28 AM PST by SaxxonWoods (The only way to secure your own future is to create it yourself. 111 is the key.)
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To: SaxxonWoods

I have seen this advertising ploy before. I think on the same website. It is basically an attractor for all the financial advertisers and loan institutions. Trying to shake up the bushes to find customers. Last one I saw was for someone with like 300k debt borrowed to study some major at Harvard where there are few jobs for that major. Oh, please help me...do I need a professional financial advisor?
The big clue? This idiot saying he and wifey make 320k a year and watch EVERY penny. Riiiiiight.


94 posted on 02/18/2023 9:04:31 AM PST by Getready (Wisdom is more valuable than gold and harder to find.)
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To: GreenHornet

Fear of missing out.


95 posted on 02/18/2023 9:04:37 AM PST by fretzer
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To: saleman

Most of this “appreciation” isn’t appreciation, it’s just inflation. The dollars being used aren’t worth what they used to be.

On the other hand, one of real estate best qualities is that over time it outruns inflation, or least is has in the 45 years I’ve been investing in it.

Land does it best, but principal residences are very good too due to the no-tax on profits below $550k.

Money in the bank is not an investment, a bank is a parking garage for money, you pay to park your money there. The bank never pays more than the inflation rate. You have to risk something to make a profit.


96 posted on 02/18/2023 9:09:22 AM PST by SaxxonWoods (The only way to secure your own future is to create it yourself. 111 is the key.)
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To: Jolla

>Saw last week it was valued at over $2,000,000.

I had a tract house in San Jose. Nothing special. Zillow lists it at $1.4M


97 posted on 02/18/2023 9:10:51 AM PST by fretzer
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To: Vaduz

“Cut your losses before they get worse remember we have two mores years of the Biden lunatic.”

I thought the same when Obama got elected the first time. I even retired two years earlier than planned as he took office.
My net worth doubled during his 8 years.

I’m doing great under Obama’s current third term too.


98 posted on 02/18/2023 9:11:26 AM PST by SaxxonWoods (The only way to secure your own future is to create it yourself. 111 is the key.)
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To: SaxxonWoods

Stupid is as stupid does, Mrs. Blue.


99 posted on 02/18/2023 9:12:13 AM PST by joma89 (Buy weapons and ammo, folks, and have the will to use them.)
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To: dfwgator

“They also probably bought new cars every few years.”

Yep.....For us, my wife drives a Saturn Vue she inherited from her folks and I drive a 2006 Cadillac SRX that I bought used in 2008. It still runs good and looks great.

We also take care of our stuff so it lasts a good long time.


100 posted on 02/18/2023 9:14:44 AM PST by traderrob6
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