Quote by IMPÜRETHOUGHTS




I don't tan as I'm pale and fry(burn) easily under the sun.

Quote by IMPÜRETHOUGHTS




I don't tan as I'm pale and fry(burn) easily under the sun.



Likewise, and having had a bad sunburn at Glastonbury in 1972, I learned my lesson

Quote by Ping
Awesome question - especially for those of us that have seen it, lived it, and now need to advise on it.

Agreed. It was the dream. But who's dream? I think most people want something to call their own, but how big? and how much? weren't flouted as much as they are now (at least prior to the housing scandals and crash) as status symbols versus pride of ownership. The former is ego, the latter is a reflection of accomplishment, with a much smaller dash of ego.

My advice to my kids is this:

Follow your heart so you can work to live and not live to work. Live within your means and by that I mean, live as small as you comfortably can. That may mean renting, leasing, or owning. It will really depend on their income level, if they share expenses with others, etc. Use your valuable time not working (unless you do something you absolutely love and it truly defines you), but doing the things you want to and love to do. Maybe that's reading, travelling, playing sports, furthering your education here or abroad, IDK, gosh, the list is endless. Don't become a slave to a large yard to be maintained and a large home needing to be filled with 'stuff', cleaned, and maintained, and most importantly, not to the huge mortgage that may be associated with it.

Do the smart things first and keep to them, like saving at least 10% of your pay cheque, EVERY pay cheque, for retirement. This is not a rainy day fund. That should be another predetermined savings amount. Don't leave your retirement in the hands of a government pension, a mismanaged company pension that might not even exist when it's time for you to retire, and my favorite, the lottery. Appropriate the right proportions of your money to housing, clothing, transportation, food vs dining, entertainment, etc. Those will differ according to what part of the world you live. But the most important thing is to live within your needs and means. That will dictate how you should live - rent, lease, or own. If there is a little left over for wants, fantastic.

Somebody has got to own THE home, but it doesn't necessarily need to be you. But it could. Home ownership is less the investment it once was. I personally view homes and automobiles as expenses, not assets. Put your money elsewhere, especially for a nest egg, if that's something that's important to you. For most it is.

Appreciation and depreciation are fickle bed mates. They switch positions. The government get you one way with capital gains & taxes, and the bank the other with interest, mortgaging depreciated values, etc.

But damn. It's still nice to call some place your home. How important is it that one owns it is less important now. After all, home is where the heart is. It was right there.