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sarah Says:
January 24th, 2011 at 11:24 am
I’d like to hear more articles like this on living the single life. Thanks.

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Joe Says:
January 24th, 2011 at 11:27 am
A lot of good suggestions. In addition to living below your means, save, maximize your net income through understanding taxes and maximizing your 401K to get employer’s match, I think you need to prepare for the day when nobody will hire you. Some of the employed right now are older and can’t find jobs.

Besides paying off the mortgage on my home, I invest in real estate and collect rent. My employer could fire me when I become too expensive but I will always have income from my tenants. People need shelter and in a crowded place like NYC, people always need to pay for a place to live.

I live in Manhattan so don’t think this is anything against Manhattan, DC or SF. I would AVOID buying a condo, a coop or anything with a maintenance fee like the bubonic plague. The reason is you can’t control how fast the maintenance would go up and that expense will eat into your earnings when you retire.