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Around the Internet => Antimustachian Wall of Shame and Comedy => Topic started by: Montecarlo on March 22, 2019, 03:54:00 PM

Title: Costs of Living in an Expensive Neighborhood
Post by: Montecarlo 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.

Title: Re: Costs of Living in an Expensive Neighborhood
Post by: ender 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...

Title: Re: Costs of Living in an Expensive Neighborhood
Post by: draco44 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.