Broker Check

Downsizing Part II

| February 19, 2015
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I’d like to circle-back to my post from a couple of weeks back entitled The New Downsizing?  Upsizing! with a quick and funny comment from a client.  Real life examples are always great so I thought I’d pass one along.  I was hosting a web meeting last week with one of my favorite clients who lives in Chicago.  He mentioned how much he has enjoyed our recent blog posts.  He told me that he particularly enjoyed the downsizing post because he is actively thinking about his own retirement and where he’d like to live in the future.  The difference between telling and confessing are in the eyes of the beholder, but suffice it to say that he ‘communicated’ to me that he’d love retire to, and buy a house in Telluride, Colorado.  For fun, I did some quick and informal internet ‘research’ and found average price per square foot figures in the $900-$1500 range in Telluride.  The average cost per square foot in his town in Illinois? It appears to be in the $160 range!  He half-jokingly suggested that he might focus more attention toward saving money rather than scanning online Telluride listings.  My feedback: it never hurts to look, but yes, please do focus on that saving more money idea.  I mentioned in the original post that downsizing has two dimensions: actual space and cost.  Unfortunately, downsizing isn’t akin to the major leagues where batting .300 for your career lands you in the Hall of Fame.  Downsizing is a world where batting .500 (smaller space but higher cost) can be quite painful!

By: Andrew Gonski

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. The experiences described here may not be representative of any future experience of our clients, and should not be considered a recommendation of the advisor's services or abilities. Individual results will vary.

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