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PostPosted: Tue Oct 30, 2007 5:04 pm 
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Ryno's Wife wrote:
Another thing to keep in mind...real estate. If you don't currently own your home, now is a good time to buy, as long as you have decent credit.

Next year will be a much better time to buy. This market has nowhere near bottomed out, and is continuing to plummet as I type this.

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PostPosted: Tue Oct 30, 2007 5:13 pm 
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MattInTheCrown wrote:
Ryno's Wife wrote:
Another thing to keep in mind...real estate. If you don't currently own your home, now is a good time to buy, as long as you have decent credit.

Next year will be a much better time to buy. This market has nowhere near bottomed out, and is continuing to plummet as I type this.


Plummet my a**. I've been stalking houses in Beverly for a long time now. The prices vary from ridiculously overpriced to outrageously overpriced.

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PostPosted: Tue Oct 30, 2007 5:58 pm 
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Coach Crapowski wrote:
MattInTheCrown wrote:
Ryno's Wife wrote:
Another thing to keep in mind...real estate. If you don't currently own your home, now is a good time to buy, as long as you have decent credit.

Next year will be a much better time to buy. This market has nowhere near bottomed out, and is continuing to plummet as I type this.

Plummet my a**. I've been stalking houses in Beverly for a long time now. The prices vary from ridiculously overpriced to outrageously overpriced.

Chicagoland has been one of the last holdouts. Note the continuing downtown development; this will not last much longer. This time next year, we'll be looking back on the costly real estate days with whimsy. This is the 8th straight month of housing prices falling, and that trend will continue until we bottom out, and the resulting financial disaster is sorted out.

Seriously, though, anyone thinking about entering the market right now: don't. This decline in RE is actually a decline in land values, and is a harbinger of an upcoming recession (see why here). Buy low.

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PostPosted: Tue Oct 30, 2007 6:12 pm 
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That's interesting Matt, I was under the same impression as Crapowski at first. I'm renting now, but I hope to have a house within the next two years. Good stuff.

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PostPosted: Tue Oct 30, 2007 6:15 pm 
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Kid Cairo wrote:
That's interesting Matt, I was under the same impression as Crapowski at first. I'm renting now, but I hope to have a house within the next two years. Good stuff.

Yes, that's serendipitous timing for you.

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PostPosted: Tue Oct 30, 2007 7:27 pm 
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This investment advice is all well and good, but no one has told me how to actually get money to invest.

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PostPosted: Tue Oct 30, 2007 7:39 pm 
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Killer V wrote:
This investment advice is all well and good, but no one has told me how to actually get money to invest.

Rob a bank or panhandle.


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PostPosted: Tue Oct 30, 2007 7:58 pm 
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The prosititution market is rather lucrative these days, or at least I hear...

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PostPosted: Tue Oct 30, 2007 8:08 pm 
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Panhandling prostitute?

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PostPosted: Tue Oct 30, 2007 11:03 pm 
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Killer V wrote:
This investment advice is all well and good, but no one has told me how to actually get money to invest.

That's my main issue.

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PostPosted: Wed Oct 31, 2007 12:09 am 
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Ryno's Wife wrote:
Another thing to keep in mind...real estate. If you don't currently own your home, now is a good time to buy, as long as you have decent credit. Interest rates are still low, and there is plenty of inventory on the market. You probably won't see home values appreciate much in the next 5 years, but longer term you will see the payoff from building equity and an increase in the value of your home. Word to the wise...don't be mislead by interest-only mortgages because they require a smaller monthly payment. Typically those payments increase substantially in a few years and/or have a large balloon payment that many homeowners don't plan for.

Also to stress...cars are not an asset. As stated above, let someone else take the depreciation and buy used. Some will argue that they don't want to buy a car that someone else has driven because of the big "how was the car cared for" unknown, but smart money drives their car for as long as they can, or until the annual maintenance costs more than half the annualized car payment. For example...average car payment is $450 x 12 months = $5,400. If your annual maintenance starts to approach $2,700 or you have a catastrophic repair (transmission, etc.) then it's time to think about a new car.

Finally, everyone who encouraged you to take advantage of your 401k was dead on. From the employer match to the pre-tax benefits, you cannot go wrong. Start contributing now, as much as you can up to the match amount, and remember that your take home pay will not be reduced by that same amount because you are decreasing your taxable income.


Talk dirty baby :lol:

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PostPosted: Wed Oct 31, 2007 6:42 am 
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Other ways to come up with money to invest:
    As mentioned, buy used cars instead of new. And buy cars that are cheaper to insure. Invest the difference.
    Live below your means. i.e don't buy the biggest house you can afford. Smaller houses cost less, are cheaper to maintain, and have lower utilility bills. Utilities and maintenance costs can be significant. Invest the difference.
    Don't smoke. That decision could mean literally, 1 million dollars over your lifetime. Invest what you would have spent on smokes.
    Stay in shape. Will save you $$ on doctor visits, co-pays and prescriptions. Invest the difference.
    Take care of your teeth. Reduce risk (and cost) of filling cavities, pereodontal work, etc. Invest the difference.
    Pay off your credit card bills. Never pay credit card interest. Invest the difference.
    Pay your bills on time. Never pay a late fee. Invest the difference.
    Use your own bank's ATM. Never pay ATM fees. Invest the difference.
    Have investment money automatically withdrawn from your checking account once or twice per month. Don't rely on your discipline to 'send in money at the end of the month.' That is tough (like dieting). If you have money taken out first, before you spend it on crap, you won't miss it as much.


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PostPosted: Wed Oct 31, 2007 9:48 am 
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Coach Crapowski wrote:
MattInTheCrown wrote:
Ryno's Wife wrote:
Another thing to keep in mind...real estate. If you don't currently own your home, now is a good time to buy, as long as you have decent credit.

Next year will be a much better time to buy. This market has nowhere near bottomed out, and is continuing to plummet as I type this.


Plummet my a**. I've been stalking houses in Beverly for a long time now. The prices vary from ridiculously overpriced to outrageously overpriced.


That's your problem, you are looking in Beverly.....

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PostPosted: Wed Oct 31, 2007 10:52 am 
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My goal is a condo in the S.Loop by End of 2009.

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PostPosted: Wed Oct 31, 2007 11:01 am 
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My goal is to not be eating beans out of a can by 2012.

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PostPosted: Wed Oct 31, 2007 11:12 am 
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Irish Boy wrote:
My goal is to not be eating beans out of a can by 2012.

Ah, you'll be fine. But just in case, there are some cool resting places at Lower Whacker downtown.

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PostPosted: Wed Oct 31, 2007 11:12 am 
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spmack wrote:
My goal is a condo in the S.Loop by End of 2009.

Save your sheckles.

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PostPosted: Wed Oct 31, 2007 11:45 am 
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HappyHour Jason wrote:
That's your problem, you are looking in Beverly.....


What's wrong with it?

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PostPosted: Wed Oct 31, 2007 11:48 am 
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I don't know Coach I have never been there :wink:

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PostPosted: Wed Oct 31, 2007 11:54 am 
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Matt I was thinking closer to 22nd than 12th. A few blocks mean a 200-300k difference.

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PostPosted: Wed Oct 31, 2007 11:56 am 
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spmack wrote:
Matt I was thinking closer to 22nd than 12th.

So you want to move into the projects? You can afford that now. :lol:

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PostPosted: Wed Oct 31, 2007 12:23 pm 
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Coach Crapowski wrote:
HappyHour Jason wrote:
That's your problem, you are looking in Beverly.....


What's wrong with it?


Too Jewish


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PostPosted: Wed Oct 31, 2007 12:24 pm 
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spmack wrote:
Matt I was thinking closer to 22nd than 12th. A few blocks mean a 200-300k difference.

Yeah, I was mostly joking; unless you have a mildo to blow on a 2-bedroom, of course.

But you're stretching it to call 22nd the loop, south or otherwise. ;)

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PostPosted: Wed Oct 31, 2007 1:28 pm 
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good dolphin wrote:
Coach Crapowski wrote:
HappyHour Jason wrote:
That's your problem, you are looking in Beverly.....


What's wrong with it?


Too Jewish

R O F L

:P :lol: :P :lol: :P :lol:

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PostPosted: Wed Oct 31, 2007 1:41 pm 
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MattInTheCrown wrote:
spmack wrote:
Matt I was thinking closer to 22nd than 12th. A few blocks mean a 200-300k difference.

Yeah, I was mostly joking; unless you have a mildo to blow on a 2-bedroom, of course.

But you're stretching it to call 22nd the loop, south or otherwise. ;)


According to Wikipedia

Most of the area south of Congress Parkway and east of the Chicago River, possibly excepting Printer's Row, is referred to as the South Loop. The southern boundary of the neighborhood is under debate. While the southern boundary for the community area is Roosevelt Road, the term "South Loop" is often used to describe an area that extends as far south as 18th Street or Cermak Road. Numerous shops south of Roosevelt Road with "South Loop" in their name hint that this more generous definition may be gaining recognition.

The only bad part of the area that's left is the Harold Ickes PJ's on 22nd and State. Which is funny to me because literally 1 block north on Cullerton are 300k condos.

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