So....for those of you who own a house with a mortgage do you feel like a fu--ing id--t now for buying a house? Never understood why people buy working at Cisco when you know the company is notorious for layoffs. Not looking to debate renting vs buying just saying buying at Cisco is a terrible idea.
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If you live in East Gangrene, ND, US you might be in trouble :-)
In 1985 the average US home was owned for only 5 years, by 2010 it was 8 years and by 2021 it was 13 so regardless of layoffs people move around quite a bit. Like many others I know I rented for a long time to build up a big nest egg then bought within a hour's drive of a bunch of companies and worked at more than half a dozen jobs while living in the same place. Doing that decades ago was a big win because there were tech centers that were really growing so you could buy cheap and as the metro area grew around you the land made you rich. I don't know anywhere with similar new growth is occurring as everyone is trying to overgrow the existing metro areas with multifamily units.
I must be a total id--t for selling my house which I did not own outright only to make $70k and then use that money to buy my next house in cash only to sell it for $140k 5 years later. Working on the next one and when the time is right I expect to make at least 150-200k on it.
I retired when I was laid off and have made 500k without really trying. We live modestly and always have. I am such a mo--n.
I had to sell my 4,000 square foot gated community house two months ago, after my LR package money finally ran out.
My trophy wife ran off.
I now live in a van, down by the river.
This is the typical "gravy train" buying habits. Just because you make good 6 figure income with insane bonuses that it will always be that way. So many jump from that affordable $350k home to that $800k my money won't go away attitude. Now, they can't afford that mortgage and job prospects pay 30-40% less
If you're mortgage is over $1000/month, then you probably bought more than you can afford. If you have a car payment or lease is more than $1000/month, then you made a huge mistake. Debt is a huge albatross, learn to be fiscally responsible
Well. Looks like Cisco got at least one person correct on the LR list. If you are that stupid with your personal financial line of thinking, I can’t imagine you're a rockstar in your role at Cisco.
This was a 💩 for brains unthoughtful post that I had to post a response back.
First off, it doesn’t matter where you work rather it be Proofpoint, VMware which is now Broadcom, or Twitter that is now X and those working for them are now fu---d moving to Texas after Elon gets a high hair up his a-s out of no where not thinking about his employees one day out of the blue because Newsom pi---s him off. That should not be a reason one would not buy a home! There often at time is not enough reason to believe this is reason not to buy a home working for Cisco or any large corp! In fact it’s often the opposite. How about maybe like most people, we didn’t see this coming or maybe we did but we knew it was going to be us. Or maybe we did and still took a risk because it’s no different anywhere else! Or how about this is just what it is nowadays! Risks equal rewards in most cases! Some teams are not always affected within Cisco for a while. Some have seen this LR 💩for 20 years I know and was not affected but only left because they were tired of the risks!, I know someone that has been on for 7 years and has been through LR’s. There are couples working for Cisco who have to worry about LR’s but it is what it is. Can’t stop living!
And lastly, I rented for many years. My last one was 4 years at 3K a month equaling $100K + out of my a-s I lost. That could have went into your own house. You dam straight it was best to take the risk and buy and invest in my own home!
If you think renting vs buying is better for you because of fear mongering over being fired, you need to go back to school my friend! That’s life the way it’s looking for the rest of our life’s the way tech is going these days! Get use to adapting to change! It su-ks I know.
I'd rather have the mortgage than a rent check due. It takes longer for the bank to foreclose and evict you than it does for an apartment complex to evict you.
In the worst case, if you have had the house for a while and have equity in it, you could sell it and move out and use the equity to tide you over until you find a new job. If you're in an apartment, there's nothing to sell and all moving out does is cost you money for moving expenses.
I thought Cisco hired smart people.
You would have to be an id--t to take out a mortgage irrespective of which company you work for. Mortgages are one of the tools of The Matrix.
Why do you think homeownership and the stereotypical "white picket fence" are pushed so hard in American society? There are lots of people and institutions looking to get rich off a s-cker, with the government at the front of the line.
So what happens after getting a mortgage in the metro with the most exorbitant housing prices, likely with considerably less than the traditional 20% down? Hey, now the government knows you are on the hook for this thing, probably until the day you die. Guaranteed money for them to fund entitlement programs on the verge of insolvency! Also don't forget the city/county also know that you're chained to your location so they can also gouge you as well.
Your boss is also well aware that this albatross is around your neck, I'm sure he will keep that in mind when it comes time for your annual raises and bonuses.
If you're anything like the typical homeowner you will keep refinancing and pulling money from your home to fill it with a bunch of shiny toes and hideous furniture, thereby keeping you in the rat race even longer.
Which is what the banks want of course. They want the stress of it all to make you keel over and croak so they can sn---h their asset back from your cold, dead hands and find their next mark to hustle.
LOL I'm just waiting for the response that I know is coming: "No it's a good thing that I'm shackled to a mortgage for an insanely overpriced home until the end of time. I'm not sure if you're aware of this but you can deduct your mortgage interest from your taxes so you come out ahead!!!"
The risk of committing to a mortgage is not unique to working at Cisco. It's across the IT and manufacturing industries.
working at cisco used to come with high risk and high reward-
now Cisco is high risk and low reward
Wife forced me to buy, yes I am the biggest id--t of them all
Be careful, evaluate high risk before make financial decisions when working in Cisco, this is a well known bad company, Personally I cannot figure out which company is even worse than Cisco, so avoid high risk gey you and your family in trouble.
Your argument is - don't buy a house whilst working at Cisco because you might not have a job? But that argument can be applied for any company dear. And it can apply to any circumstance. Do you feel like an id--t for buying a house and now you have cancer? do you feel like an id--t for buying a house and now you're going through a divorce?
hope you get the point dear.
Do yourself and everyone a favor and delete your post. So childish.