tag:blogger.com,1999:blog-7366909960546184927.post2759505112508555615..comments2023-06-11T02:19:27.429-07:00Comments on Academic Cog: A post in which I look at Apartment Therapy and become depressedSisyphushttp://www.blogger.com/profile/09880634753539329199noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-7366909960546184927.post-78320335582013977362014-03-21T07:56:25.983-07:002014-03-21T07:56:25.983-07:00I would either leave the money in with TIAA-CREF o...I would either leave the money in with TIAA-CREF or call up Vanguard and ask them to roll it over to an IRA for you. TIAA-CREF is good people, so not the worst place to leave a retirement account.<br /><br />Remember that mobile homes depreciate, they don't appreciate like houses. So buying a mobile home is more like buying a car- you're not going to be able to sell it for what you paid for it.<br /><br />Sounds like you should wait on a house. Homeownership carries with it a bunch of risks in addition to all the negative things you're talking about. It's even possible that the rent vs buy isn't that different once you narrow it down to neighborhoods you'd be interested in (that's something to look at). That's definitely true in our town-- rent vs. buy varies by type of housing.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7366909960546184927.post-4666910837599088122014-03-20T06:23:55.792-07:002014-03-20T06:23:55.792-07:00Do you have to move them? Could you start a Roth ...Do you have to move them? Could you start a Roth or regular IRA with TIAA-Cref and keep your old account without too much effort?<br /><br />I'd be hesitant to put everything into the state account; I guess I look at Detroit and how folks were treated there, and worry (about my own state plan, too).Bardiachttps://www.blogger.com/profile/11846065504793800266noreply@blogger.comtag:blogger.com,1999:blog-7366909960546184927.post-75753719712862755402014-03-19T20:03:02.054-07:002014-03-19T20:03:02.054-07:00Thanks for the kudos! Good to know I can plan diff...Thanks for the kudos! Good to know I can plan differently for the emergency fund. <br /><br />Clarification: I had a 401K match and TIAA-cref in my postdoc. Now I get to move them over to my newplace fund, which is a state teacher's retirement system and my own IRA. And, I guess, keep the TIAA-cref just sitting there? Hmm.<br /><br />Sarabeth: yes! In order to get a safe seeming place I am paying high rent for the area. I could get a fairly cheap place and have a much much lower mortgage, since there are a lot of old cruddy houses for about 100K (and mobiles in the trailer parks for way less), but since this is an area with a lot of meth use and panhandling and theft, I want to be really careful about neighborhoods and areas and such. Plus, you might have cute little craftsman or Sears-kit houses in your area, which are adorable, and the housing in my town completely sucks and is ugly. The little bit of turn of the century housing stock (which I love) that is left here is the really dangerous part of town; the rest is ugly 50s/60s tract housing that I am not fond of. <br /><br />So, yes, I *could* buy a house pretty easy and pretty soon ... but do I want it? Do I want to stay here? Is there a safe neighborhood where people will not bust into my car? These are all difficult questions. <br /><br />Sisyphushttps://www.blogger.com/profile/09880634753539329199noreply@blogger.comtag:blogger.com,1999:blog-7366909960546184927.post-77867951663693213382014-03-19T11:30:05.599-07:002014-03-19T11:30:05.599-07:00As someone who is in the process of buying her fir...As someone who is in the process of buying her first house (!) after a couple of years in a tenure track job, I have a few thoughts that might be helpful. First, it might be worth talking to a mortgage broker or a bank now about what you actually would need to buy a house/apartment in your area. They will know about the different types of loans available, what the minimum down payment realistically is, how much debt you can have while still getting a loan, etc. <br /><br />Second--and if you are like me you already do this obsessively--play around with the NY Times rent v buy calculator. I've never been a MUST OWN kind of person, but in my new Rustbelt city it's actually only two years to break even on renting versus owning. Knowing how that breaks down for you might help inform what you do with your money over the next few years, and whether saving for a down payment is a useful goal right now or not. Sarahttps://www.blogger.com/profile/03931285116861266625noreply@blogger.comtag:blogger.com,1999:blog-7366909960546184927.post-9796053498798198782014-03-18T17:49:44.316-07:002014-03-18T17:49:44.316-07:00If your institution has any connections with TIAA-...If your institution has any connections with TIAA-Cref I highly recommend their services. They usually offer free consultations and can give great advice. Once I bit the bulletin and met with a rep, I was much calmer about the whole nebulous retirement savings thing. ;-)Tech Momhttps://www.blogger.com/profile/00823073321972775966noreply@blogger.comtag:blogger.com,1999:blog-7366909960546184927.post-20121797253977946112014-03-18T06:13:51.050-07:002014-03-18T06:13:51.050-07:00^^What Nicole and Maggie said, and with my own sym...^^What Nicole and Maggie said, and with my own sympathies for your Dad's health problems.<br /><br />I always find it depressing when I read the financial stuff that assumes you're making 100K, and so you CAN repurposed 10K to pay off a chunk of debt or whatever if you just give up drinking lattes. Gah.<br /><br />It's great that you're paying down debt. And if you focus on that, then you'll get to the emergency fund at some point. But yeah, you need a vacation, too.<br /><br />And yay for the 401K match!Bardiachttps://www.blogger.com/profile/11846065504793800266noreply@blogger.comtag:blogger.com,1999:blog-7366909960546184927.post-75272414715863610592014-03-18T06:02:17.401-07:002014-03-18T06:02:17.401-07:00That's awesome that apartment therapy is doing...That's awesome that apartment therapy is doing that! Good for them!<br /><br />The 6 month emergency fund isn't necessary for people in TT kinds of positions-- it's really for people who could lose their job with two weeks notice. Unless you have a house, 1K is a good amount because it will cover most of the small kinds of emergencies that you'll run into. <br /><br />In theory you could get away with no emergency fund and use the credit card for emergencies, but that's going to depend on your personality type. Personally, when we were making very little and were paying down debt, I kept in the emergency fund just enough to cover any potential emergencies that I would have to pay for with cash instead of being able to use credit card. Plus $200 or whatever the minimum to not get charged interest on our savings account was.<br /><br />Good for you getting the employer match on the 401K! <br /><br />Good for you for attacking the debt! The sooner you have to stop servicing it and making interest payments, the sooner you can repurpose that money towards things like trips and future security. There's folks with much higher incomes who are spending the bulk of their money servicing debt and they just can't dig out of that hole. The sooner you get out, the sooner you'll be able to enjoy your money instead of stressing out about it. Good luck!<br /><br />Sorry to hear about your dad. :(Anonymousnoreply@blogger.com