Author Topic: Costs of Living in an Expensive Neighborhood  (Read 1421 times)

Montecarlo

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Costs of Living in an Expensive Neighborhood
« on: March 22, 2019, 03:54:00 PM »
Reminded me of the other thread on the marketwatch retirement formula:

https://www.whitecoatinvestor.com/building-wealth-while-living-in-an-expensive-neighborhood/

I think this is a lot more level headed than the marketwatch article, but similar concept.  I actually agree with most of what the author wrote, unlike the marketwatch one.

I also think it makes sense to buy into a community you feel comfortable in, even if you could afford something a lot more expensive.
« Last Edit: March 22, 2019, 03:56:26 PM by Montecarlo »

ender

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Re: Costs of Living in an Expensive Neighborhood
« Reply #1 on: March 22, 2019, 08:47:31 PM »
These articles are kind of inspiring me to buy a really fancy house and drive really old beater cars. Ok, not really.

But I suspect people would think we are even more poor if we did that than drive the same vehicles in a smaller house...

draco44

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Re: Costs of Living in an Expensive Neighborhood
« Reply #2 on: March 22, 2019, 09:16:57 PM »
Thomas J. Stanley gets into this topic a lot in one of his follow-up books to The Millionaire Next Door, called Stop Acting Rich. Like the article you cite, his argument mostly centers on the idea that all neighborhoods will have residents with a certain range of wealth, and that if you pick a neighborhood where you are wealthier than most of your neighbors and can comfortably afford to be where you are, then you'll feel less pressure to spend to keep up appearances.