I’ve realized I’m a very atypical person: talking to coworkers in my age range today I realized they have a better financial situation than mine: they are married, some with children, own their own condos, houses, or are paying a mortgage, but can still live a normal life, own a car, some even have the luxury of not having to work 40 hours a week, but 32 because they don’t need to work more, house already paid, family and life objectives achieved.
Me: I’m 43, I don’t own but rent, meaning I pay for something I’m never going to own. The last 2 years I’ve been saving like crazy because I’m afraid of not having enough money for retirement, and because in my past I did so much stupid shit, meaning I wasted so many years not doing anything of use.
I have around 100K in the bank, I know I should invest but I’m also scared of losing that money and I don’t know if I should use that money as a down payment for a house.
My father owns 3 houses and I envy him. I’ve been thinking about asking him to sell one of the houses and give me the proceeds so I can buy my own place because some of my coworkers did that and could finance their own home. When my father went to study to another state my grandfather bought him a house there so he wouldn’t have to rent. When he moved back to home state he sold and invested the money to buy a new house there. He had way easier than me. It’s not fair. I feel… unloved?
I guess this makes me an entitled ass but I feel so… lost?
To summarize, I feel like a loser because I’m old, I’m behind most of my coworkers my age, I’m a very individualistic person but this means I’m going to die alone, but sometimes I feel alone and scared of being old and alone. I don’t own anything of value to my name, it’s like I’m an old teenager.
You don’t sound atypical to me. The millennial generation is buying houses later and starting families later, or not able or willing to do either one. $100k in the bank is doing far better than most your age. At least in the US, something like 50% of people are living paycheck to paycheck, and wouldn’t be able to pay a $1000 emergency expense.
Don’t take this as financial advice, but it seems there is evidence that all the housing speculation is nearing an end. There is a lot of supply that is currently just being sat on by companies who are hoping demand catches up again. But we’re starting to see a rise in foreclosure rates, and it’s suspected to go up through the year.
Many people in their 30s-40s have instead been spending their money on things like pokemon and sports betting. I recommend going to your bank or credit union and just putting the money in some kind of high yield savings account for now. Again, not financial advice, but I would not buy a house right now.
The potential exception would be if trump deliberately triggers mass inflation in an attempt to “offset” a market collapse. In which case…I don’t know how it shakes out in the end, but it can’t be good for anyone holding USD…