Was listening to Dave Ramsey the other night and he broke down what it is to be a millionaire in it's simplest terms. Subtract what you owe from what you own. So I roughly did that and........no I'm not a millionaire - yet. But closer than I thought. With the way that home values have jumped and the market on the upswing I'm within 20%. Just an average 54yr old married joe w/ 3 grown kids that has been paying the mortgage and a little extra every month, putting money in the 401(k) and the match for the last 25 years and it's starting to come around. Never really thought about it until Dave mentioned it, but it does make me feel pretty good.
Suppose the real problem is that with Biden and skyrocketing inflation a million dollars ain't what it used to be.
I would have been a millionaire much sooner and had twice as much money, but I made a classic mistake. When I got divorced 35 years ago, I withdrew her half of the 401K money, to pay her off. If only I had gone to a bank and borrowed her share instead of dividing the 401k. But the OP is right, having a million dollars is not rich anymore, and Biden is only going to make it worth less.
I remember as a kid pondering the question if I ever might be a millionaire and that it would be a pretty big deal. Now that I am one 50 some years later and trying to retire, it ain't near the big deal I thought it would be
a million in assets isn't really that much these days, especially if you live a high tax, high cost of living state.
Id bump to at least 2 to 3 million now. I crossed the million mark a few years ago and was not even aware probably because it really isn't a big deal now with inflation and the high cost of everything
Secret as mentioned is to start young with investing in your 20's and max out your 401k contributions, get into a house as soon as possible, manage your debt. Take advantage of big market swings, have cash available to dump in.
Figure you need at least 5 million these days to even approximate what a millionaire was when most of us started our careers
Ten million today would be roughly speaking equivalent to one million in the early 1980’s.
Ramsey is good advice for people in bad positions. But he is all wrong when it comes to borrowing money for people that know what they are doing. I’ll borrow all day long and as much as the bank will give at these interest rates. There are a few investments that make it a no brainer to borrow. For one real estate here as increased 20% a year for the last ten years I have been tracking it. Crypto you can very easily get 3 to 5X returns on. As well as some dangerous opportunities at 100X. Not that I advise that.
The stock market for the most part has only been keeping pace with inflation. Sure there are some stand out equities but on a whole there are better places to make money.
In the last year lots of people have become millionaires as their home and vehicle values have soared. The tax man knows it, too.
No Chit.......Got my 2021 tax bill a couple weeks ago. Value went up $72,668 from 2020. My taxes went up $682.72. There's a little note on the bottom that says: "Reminder: Your 2020 taxes were reduced by $269.06 due to Gov. Little's one time tax reduction." Guess that is supposed to make it feel better.........
What would make me feel better is to reduce my taxes and not have a $800M Surplus for the State to spend. There's only 1.85 Million people in the State - there's some math that is hard to understand.
Yes, been one for a bit, but it is all in property and the bank. When I sold the old house that put me over a million by quite a bit. If I liquidated everything it could hit almost 2, but it took 45 years of working, it was not overnight.
In the last year lots of people have become millionaires as their home and vehicle values have soared. The tax man knows it, too.
No Chit.......Got my 2021 tax bill a couple weeks ago. Value went up $72,668 from 2020. My taxes went up $682.72. There's a little note on the bottom that says: "Reminder: Your 2020 taxes were reduced by $269.06 due to Gov. Little's one time tax reduction." Guess that is supposed to make it feel better.........
What would make me feel better is to reduce my taxes and not have a $800M Surplus for the State to spend. There's only 1.85 Million people in the State - there's some math that is hard to understand.
We have conceded to the government on all levels and mediums! I doubt we’ll ever regain control of the situation.
Yes, been one for a bit, but it is all in property and the bank. When I sold the old house that put me over a million by quite a bit. If I liquidated everything it could hit almost 2, but it took 45 years of working, it was not overnight.
Miss Lynn gonna hit you up for a new set of tars for her Mexican Pinto. lol
If you're including your primary residence to put you over the top .... you are fooling yourself.
All I did was subtract debits from assets as Dave stated. Simple math. Didn't say anything about retiring (but always a goal) - I still have 10 years to go before I retire. Probably more than that. If I live that long......
Yes, been one for a bit, but it is all in property and the bank. When I sold the old house that put me over a million by quite a bit. If I liquidated everything it could hit almost 2, but it took 45 years of working, it was not overnight.
Miss Lynn gonna hit you up for a new set of tars for her Mexican Pinto. lol
I've heard that a million dollars isn't a lot of money many times. Uh huh, ever tried to save that much? Recently there was a thread where someone wondered what to do with $1-2000. People were calling that small amounts of money. Walmart built an empire 27 cents at a time. $1000 is a fortune. How long can you live on $1000? Invest it for 30 years and how long can you live?
Money is a subject we never discuss publicly, which is a shame. It's the most important topic of your life.
One major medical, impacting the ability to earn for someone carrying a high debt to equity ratio and life quickly becomes a goat rope. Think hard when considering leveraging borrowed dollars. You could leave a mess for your family to clean up. Being 100% debt free has a feeling that has to be felt to appreciate.
No, I'm not ... but I keep trying. I assiduously buy a dozen Powerball tickets and a basket full of Scratch Off tickets every week. I know that one of these days .........
Figure you need at least 5 million these days to even approximate what a millionaire was when most of us started our careers
Ten million today would be roughly speaking equivalent to one million in the early 1980’s.
Ramsey is good advice for people in bad positions. But he is all wrong when it comes to borrowing money for people that know what they are doing. I’ll borrow all day long and as much as the bank will give at these interest rates. There are a few investments that make it a no brainer to borrow. For one real estate here as increased 20% a year for the last ten years I have been tracking it. Crypto you can very easily get 3 to 5X returns on. As well as some dangerous opportunities at 100X. Not that I advise that.
The stock market for the most part has only been keeping pace with inflation. Sure there are some stand out equities but on a whole there are better places to make money.
Huh? My memory's not perfect, but I don't think I'm paying ten times as much for stuff as I was in 1982. My stock investments have far exceeded inflation over this time. I would not borrow money to invest as the risk is not necessary for me. Ramsey? The guy's plan is pretty fool proof, if not exciting.
A can of soda was $0.50 A gallon of gas was under $1.00 Median home price where I lived was $130k vs today $500k A new pick up could be had for under $20k
The stock market for the most part has only been keeping pace with inflation.
Actually it's averaged 9% or more. Inflation isn't even close.
Most economist agree that inflation has been rising at around 14 to 16% a year!
But if you believe big brothers numbers based on bull hit CPI. Well nobody can help you.
The CPI may not be viewed as realistic, but it is a way of comparing one year against another for a discrete basket of goods. The formula may even be outdated since today's basket of goods would have been unrealistic 50 years ago. But if you change the basket of goods, it would create an apples to oranges comparison. I read/saw a couple of weeks ago that 4% of the CPI is based fuel prices. Some people's monthly budget is more than 4% fuel, some less, so the CPI is not a one size fits all computation either. Technology could be another factor. TV's, computers, electronics, etc., are in many cases lower cost than in the past, or maybe more advanced for the same cost.
But all that said, who are these "most" economists agreeing that inflation has been rising 14-16 percent?
Ramsey is out of touch...... his advice is beginner level at best. And with inflation anyone with a nice paid off house is probably on paper a millionaire (if you live in a high cost area) The real deal is a million plus in assets outside of your house. And those assets better cash flow or they are a liability, like your house.
A can of soda was $0.50 A gallon of gas was under $1.00 Median home price where I lived was $130k vs today $500k A new pick up could be had for under $20k
Just a few examples to refresh your memory
Those are not tenfold increases, just to refresh your mathmatics.
Ramsey is out of touch...... his advice is beginner level at best. And with inflation anyone with a nice paid off house is probably on paper a millionaire (if you live in a high cost area) The real deal is a million plus in assets outside of your house. And those assets better cash flow or they are a liability, like your house.
A can of soda was $0.50 A gallon of gas was under $1.00 Median home price where I lived was $130k vs today $500k A new pick up could be had for under $20k
Just a few examples to refresh your memory
Those are not tenfold increases, just to refresh your mathmatics.
They don’t have to be tenfold, there are other aspects to take into consideration. But hey you do you.
A can of soda was $0.50 A gallon of gas was under $1.00 Median home price where I lived was $130k vs today $500k A new pick up could be had for under $20k
Just a few examples to refresh your memory
Those are not tenfold increases, just to refresh your mathmatics.
Dave Ramsey is for people who can’t do math! His overly simplified plan will cost you hundreds of thousands, if not millions of dollars in the long run. Example: Not investing into your 401k the second you’re eligible. Almost every 401k out there has an employer match. There’s nowhere else on earth where you can invest and get an INSTANT 50-100% ROI via. That match. You’re also missing out on the time value of that money. You will NEVER get that time back. Ever! Time, not money, is the most valuable asset any of us have.
When I was just starting out in the 90s I had the fortune of getting the above advise. After 5 years, I left that job and moved my 401k along with me. Today, that first five years represents 40% of my retirement account. I’ve been working and investing 23 years since then to secure the remaining 60%. Had I followed the Ramsey Method, that 40% would not exist!
There’s other examples of his bad advice but the above is unconscionable! Paying off loans from smallest to largest is another! Why the hell would you pay off a 2.5% loan when you have one at 23% interest?
I do agree with never using consumer credit though. No, I’m not debt free but certainly have enough liquidity that I could be if I wanted to. Why should I though when my Mortgage is 2.6% when I’m earning 35% on investments. More silly Ramsey advise.
I don't listen to Ramsey, but if he is indeed speaking at a "beginner" level, that's exactly what is needed. At least half the population of the US is dumber than a mud sandwich when it comes to money.
I don't listen to Ramsey, but if he is indeed speaking at a "beginner" level, that's exactly what is needed. At least half the population of the US is dumber than a mud sandwich when it comes to money.
That is true Rocky..... I've often thought of calling him to see what he would say to me? If I followed his plan I would still be workin for a dolla....
I don't listen to Ramsey, but if he is indeed speaking at a "beginner" level, that's exactly what is needed. At least half the population of the US is dumber than a mud sandwich when it comes to money.
I don't listen to Ramsey, but if he is indeed speaking at a "beginner" level, that's exactly what is needed. At least half the population of the US is dumber than a mud sandwich when it comes to money.
That is true Rocky..... I've often thought of calling him to see what he would say to me? If I followed his plan I would still be workin for a dolla....
I don't listen to Ramsey, but if he is indeed speaking at a "beginner" level, that's exactly what is needed. At least half the population of the US is dumber than a mud sandwich when it comes to money.
No, I'm not ... but I keep trying. I assiduously buy a dozen Powerball tickets and a basket full of Scratch Off ticket every week. I know that one of these days .........
L.W.
Anyone who can effortlessly use the word "assiduously" in a sentence is well on their way!
Was listening to Dave Ramsey the other night and he broke down what it is to be a millionaire in it's simplest terms. Subtract what you owe from what you own..
Dammit. I don't owe anything to anyone...and Im STILL not a millionaire!
Was listening to Dave Ramsey the other night and he broke down what it is to be a millionaire in it's simplest terms. Subtract what you owe from what you own..
Dammit. I don't owe anything to anyone...and Im STILL not a millionaire!
Ya don't need a million to be rich; you're a pretty good example. ;-{>8
When figuring for retirement or even NW I don’t think home equity should be factored into the mix. Unless of course you can sell it and live somewhere else for nothing. Not likely I know.
And in todays world, with inflation and projected returns from the market $1m (liquid assets) is probably only worth $35k (at best) in way of an annual revenue stream. It won’t go as far as it used to . . .
Home equity has to be counted for something, since reverse mortgaging can be used as a revenue stream. Time horizon means a lot in any calculation.
$15K monthly can get a warm, safe shared room and 3 meals, meds and occasional baths... if you can put up with the smell and the screams at night. Pile up the cash. Watch it go for care.
A can of soda was $0.50 A gallon of gas was under $1.00 Median home price where I lived was $130k vs today $500k A new pick up could be had for under $20k
Just a few examples to refresh your memory
I'll try this a second time. When I was 18ish. A can of soda was .59 A gallon of gas was 1.29 I could buy a new home in a bigger town closer to work for 128k... hell I could buy 1 of the nicest houses around in NWA in a gated community for 229k (Well I couldn't, but they could be had.) My brother bought a new dodge diesel for 28k just 3 years earlier... I don't know what year you are referencing, or what market. But this is 2006ish in rural Missouri. I made 10.50 when I graduated. And within 3 years I was moving up and made 21.85... I could hardly spend it, but I did because I was young and retarded. Now 20.00 an hour won't do [bleep].
I suppose I am but it sure don't feel like it. I still drive an 18 year old pickup.
As a younger man I drove big rigs on the night shift and religiously listened to financial guru Bruce Williams on the am radio. Followed his advice about starting small, do your research and buy no-load mutual funds.
Thanks, Bruce. You helped me tremendously. RIP sir.
Accumulation of wealth, while nice, is still only one part of the financial picture. Folks with a secure pension wouldn't need as big of a nest egg as those without one, and Social Security, in some form, will continue to provide benefits as well. In addition, people's goals vary, so success can look very different from one person to the next. The roadmap need not look the same for everyone.
Folks with a secure pension wouldn't need as big of a nest egg as those without one, and Social Security, in some form, will continue to provide benefits as well.
Do you have 100% faith and trust in either? What could possibly go wrong?
Cause I'm a cheap bastard. Seen the price of new pickups lately?
I love it.... Deflave often calls me a cheap bastard.... lol I drove used vehicles my whole life, hell most of them had 100k miles when I bought them.... I drive a new truck, car, boat and camper now.... what good is success if you don't spend it? hell I am ordering a new jeep on Monday
Perhaps he values other things more than a new vehicle. It's also likely that living frugally allowed him to accumulate his wealth and he sees no reason to change now. If any interested person has not read it yet, check out 'The Millionaire Next Door" by Thomas Stanley. Should be required reading in HS economics.
Perhaps he values other things more than a new vehicle. It's also likely that living frugally allowed him to accumulate his wealth and he sees no reason to change now. If any interested person has not read it yet, check out 'The Millionaire Next Door" by Thomas Stanley. Should be required reading in HS economics.
Perhaps he values other things more than a new vehicle. It's also likely that living frugally allowed him to accumulate his wealth and he sees no reason to change now. If any interested person has not read it yet, check out 'The Millionaire Next Door" by Thomas Stanley. Should be required reading in HS economics.
His kids will love the inheritance?
Spend it, because you earned it, is my philosophy.
Perhaps he values other things more than a new vehicle. It's also likely that living frugally allowed him to accumulate his wealth and he sees no reason to change now. If any interested person has not read it yet, check out 'The Millionaire Next Door" by Thomas Stanley. Should be required reading in HS economics.
His kids will love the inheritance?
Spend it, because you earned it, is my philosophy.
🦫
Drink expensive booze with your friends... right Beav ?.
Folks with a secure pension wouldn't need as big of a nest egg as those without one, and Social Security, in some form, will continue to provide benefits as well.
Do you have 100% faith and trust in either? What could possibly go wrong?
100% faith? No way! Only God almighty gets that rating from me. All else is based on probability.
Perhaps he values other things more than a new vehicle. It's also likely that living frugally allowed him to accumulate his wealth and he sees no reason to change now. If any interested person has not read it yet, check out 'The Millionaire Next Door" by Thomas Stanley. Should be required reading in HS economics.
His kids will love the inheritance?
Spend it, because you earned it, is my philosophy.
🦫
Drink expensive booze with your friends... right Beav ?.
Ramsey has a good recipe. Are there chefs who can do better? Yup. Are you one? Unlikely.
And the corollary to that; just about any plan is better than no plan, just like a simple, understandable, inspiring plan that people follow is better than a brilliant plan people won’t follow.
Look, if it was actually about the numbers, nobody would have credit card balance, and all the gyms would be as busy in November as they are the first two weeks in January. It ain’t about the numbers. It’s about following a plan.
Everyone is loves to rag on Ramsey, but there is, fundamentally, only ONE rule in the Ramsey plan: Stick to your budget. Everything else is just arguing about how many angels can dance on the head of a pin....
My father and his brother and sister were all self made millionaires and they are all dead. = 3 people ================================================
My brothers, sister, and 5 cousins grew up in the Seattle area = 9 People
3 have more than $10M on their own. 3 have more than $1M on their own. 3 would not have a pot to pee in, if not for inheritance.
The next generation, My 2 kids, my sister's 3 kids = 5 people 1 has more than $2M 3 are buying homes and have jobs 1 would not have a pot to pee in if not for parents supporting aa 33 year old
--------------------------------------------------- The next generation = 5 people. The 5 year old is toilet trained. The 7 year old, 3 year old, 1 year old, and 0 year old are peeing in their diapers.
The old saying here is. The first generation builds it, the second maintains it, the 3rd spends it all. I'm the 4th... so I guess my cousins and I have the options of being poor or building our own wealth. I have no ambitions of living in a van down by the river.
My point was, as I said , why continue being a miser when you have made it? maybe you should brush up on reading comprehension?
I comprehended you just fine. Maybe he likes his old truck just fine and it does what he wants it to. I can afford any truck made today yet mine if five years old and has cloth seats, a fancier one wouldn't make me one bit happier.
Not everybody feels the need to buy bling just because they have the money to do it. If more people felt that way there wouldn't be so many people with their hands out.
I suppose I am but it sure don't feel like it. I still drive an 18 year old pickup.
A financial key indicator!
Why would you drive an old used truck if you are a millionaire?
Because if he constantly bought new vehicles he probably wouldn't be a millionaire.
My point was, as I said , why continue being a miser when you have made it? maybe you should brush up on reading comprehension?
I can possibly answer this question. My wife is tighter than a 52 Lasalle's lugnuts. It's not something you can change. We are great financially. She can't let up. She worries about pennies. She will be agonizing over a tiny amount and I'm like, I spent more on worms this year, let it go. She just can't. It's a great habit to have in a wife.
My point was, as I said , why continue being a miser when you have made it? maybe you should brush up on reading comprehension?
I comprehended you just fine. Maybe he likes his old truck just fine and it does what he wants it to. I can afford any truck made today yet mine if five years old and has cloth seats, a fancier one wouldn't make me one bit happier.
Not everybody feels the need to buy bling just because they have the money to do it. If more people felt that way there wouldn't be some many people with their hands out.
You are making assumptions..... I wasn't talking about building wealth, I was talking about enjoying it.......again why be a miser when you have already made it?
I suppose I am but it sure don't feel like it. I still drive an 18 year old pickup.
A financial key indicator!
Why would you drive an old used truck if you are a millionaire?
Because if he constantly bought new vehicles he probably wouldn't be a millionaire.
My point was, as I said , why continue being a miser when you have made it? maybe you should brush up on reading comprehension?
I can possibly answer this question. My wife is tighter than a 52 Lasalle's lugnuts. It's not something you can change. We are great financially. She can't let up. She worries about pennies. She will be agonizing over a tiny amount and I'm like, I spent more on worms this year, let it go. She just can't. It's a great habit to have in a wife.
Yes! you have swerved into the truth.... well done
I'm closer than I ever expected, and should easily be in the 10 years until I retire. If i hadnt spent almost 10 years since turning 21 struggling with jobs, or out of jobs, or not made a really bad investment, we would have passed it.
But...life...luckily Its not as simple as we want it to be.
Yes and hopefully each of my heirs. We live frugally, drive old cars, but do what we want.
-Dave Ramsey gives good advice. -I gave my college aged son the book The Millionaire Next Door.and he is well on his way there at 37? -A customer gave me good advice in my mid-20’s, “If you don’t owe anyone money, you can’t go broke”.
Nope. 51 and lil over a year into a house. 5 more yrs itll be paid and 10 and some ill get a decent pension. At that point still no. But ill be comfortable. And thats all that matters.
I suppose I am but it sure don't feel like it. I still drive an 18 year old pickup.
A financial key indicator!
Why would you drive an old used truck if you are a millionaire?
Because if he constantly bought new vehicles he probably wouldn't be a millionaire.
My point was, as I said , why continue being a miser when you have made it? maybe you should brush up on reading comprehension?
I can possibly answer this question. My wife is tighter than a 52 Lasalle's lugnuts. It's not something you can change. We are great financially. She can't let up. She worries about pennies. She will be agonizing over a tiny amount and I'm like, I spent more on worms this year, let it go. She just can't. It's a great habit to have in a wife.
Retired the end of May, no bills, bought my retirement home on 10 acres and paid cash. Told the money man we wanted 96k a year to live on and 25 k for traveling, hunting and fun. We’re in the 96 % bracket for success till age 93.
I don’t mind driving old trucks that are paid for, let’s me buy new 70 hp Kubotas and such when I want to.
Retired the end of May, no bills, bought my retirement home on 10 acres and paid cash. Told the money man we wanted 96k a year to live on and 25 k for traveling, hunting and fun. We’re in the 96 % bracket for success till age 93.
I don’t mind driving old trucks that are paid for, let’s me buy new 70 hp Kubotas and such when I want to.
My wife (CPA) showed me some math on car payments.
I suppose I am but it sure don't feel like it. I still drive an 18 year old pickup.
A financial key indicator!
Why would you drive an old used truck if you are a millionaire?
Because you don’t give a chit about trying to impress people you don’t like.
Did you ever consider that not everyone is out to impress others? maybe simply having a comfortable reliable vehicle with a warranty is enough. Do you always resent people with more than you?
I suppose I am but it sure don't feel like it. I still drive an 18 year old pickup.
A financial key indicator!
Why would you drive an old used truck if you are a millionaire?
Because you don’t give a chit about trying to impress people you don’t like.
Did you ever consider that not everyone is out to impress others? maybe simply having a comfortable reliable vehicle with a warranty is enough. Do you always resent people with more than you?
I suppose I am but it sure don't feel like it. I still drive an 18 year old pickup.
A financial key indicator!
Why would you drive an old used truck if you are a millionaire?
Because you don’t give a chit about trying to impress people you don’t like.
Did you ever consider that not everyone is out to impress others? maybe simply having a comfortable reliable vehicle with a warranty is enough. Do you always resent people with more than you?
Fubi. You can’t even afford to put a yahmaha on yer boat. Lol😹
Being a miser when you are a millionaire is not something to be proud of.
Do you have kids?
No.... I raised a couple of step kids though. One stepdaughter destroyed her life with drugs... the other is a trust fund kid with more money than I can imagine I will also not be receiving any kind of inheritance
I suppose I am but it sure don't feel like it. I still drive an 18 year old pickup.
A financial key indicator!
Why would you drive an old used truck if you are a millionaire?
Because you don’t give a chit about trying to impress people you don’t like.
Did you ever consider that not everyone is out to impress others? maybe simply having a comfortable reliable vehicle with a warranty is enough. Do you always resent people with more than you?
Fubi. You can’t even afford to put a yahmaha on yer boat. Lol😹
Damn you Ribka.... I will have you know I am 3 months into a 4 month wait on a new boat being built..... with a Yamaha... hahahhahaha
I suppose I am but it sure don't feel like it. I still drive an 18 year old pickup.
A financial key indicator!
Why would you drive an old used truck if you are a millionaire?
Because you don’t give a chit about trying to impress people you don’t like.
Did you ever consider that not everyone is out to impress others? maybe simply having a comfortable reliable vehicle with a warranty is enough. Do you always resent people with more than you?
I like my 2011 Tundra. I also like my 2017 Sequoia. I’m not a fan of wifey’s 2018 Denali.
Figure I got the bases covered from older to newer driving rigs.
Welcome to the big leagues junior!! A lady backed into my yahmaha kicker motor last year. Broke the mounting bracket. Took 8 months for the parts. Good luck
How many down riggers are you putting on it?
Originally Posted by irfubar
Originally Posted by ribka
Originally Posted by irfubar
Originally Posted by gregintenn
Originally Posted by irfubar
Originally Posted by WTM45
Originally Posted by Morewood
I suppose I am but it sure don't feel like it. I still drive an 18 year old pickup.
A financial key indicator!
Why would you drive an old used truck if you are a millionaire?
Because you don’t give a chit about trying to impress people you don’t like.
Did you ever consider that not everyone is out to impress others? maybe simply having a comfortable reliable vehicle with a warranty is enough. Do you always resent people with more than you?
Fubi. You can’t even afford to put a yahmaha on yer boat. Lol😹
Damn you Ribka.... I will have you know I am 3 months into a 4 month wait on a new boat being built..... with a Yamaha... hahahhahaha
I suppose I am but it sure don't feel like it. I still drive an 18 year old pickup.
A financial key indicator!
Why would you drive an old used truck if you are a millionaire?
Because you don’t give a chit about trying to impress people you don’t like.
Did you ever consider that not everyone is out to impress others? maybe simply having a comfortable reliable vehicle with a warranty is enough. Do you always resent people with more than you?
Fubi. You can’t even afford to put a yahmaha on yer boat. Lol😹
Damn you Ribka.... I will have you know I am 3 months into a 4 month wait on a new boat being built..... with a Yamaha... hahahhahaha
Speaking of boat motors...May 2022 is my supposed landing date for a new Honda 50hp outboard for the shiny turd duck boat.
I wanted a Honda.... but they are unobtainium .... thanks Brandon I had to settle for Yamaha...... I did it to impress Ribka..... cuz I am really shallow and insecure that way.... lmao I think I will order spinners for my Ram.... impressive.... hahahahha
I wanted a Honda.... but they are unobtainium .... thanks Brandon I had to settle for Yamaha...... I did it to impress Ribka..... cuz I am really shallow and insecure that way.... lmao I think I will order spinners for my Ram.... impressive.... hahahahha
Yamaha was a better choice ImHO....It would have cost me an extra grand for one instead of the Honda.
I wanted a Honda.... but they are unobtainium .... thanks Brandon I had to settle for Yamaha...... I did it to impress Ribka..... cuz I am really shallow and insecure that way.... lmao I think I will order spinners for my Ram.... impressive.... hahahahha
Yamaha was a better choice ImHO....It would have cost me an extra grand for one instead of the Honda.
Brown boat didn’t deserve such luxury.
LOL
🦫
How are you going to impress the people with the shiny turd boat?
I wanted a Honda.... but they are unobtainium .... thanks Brandon I had to settle for Yamaha...... I did it to impress Ribka..... cuz I am really shallow and insecure that way.... lmao I think I will order spinners for my Ram.... impressive.... hahahahha
Yamaha was a better choice ImHO....It would have cost me an extra grand for one instead of the Honda.
Brown boat didn’t deserve such luxury.
LOL
🦫
How are you going to impress the people with the shiny turd boat?
You’ve read my boat thread....Nobody was impressed.
I wanted a Honda.... but they are unobtainium .... thanks Brandon I had to settle for Yamaha...... I did it to impress Ribka..... cuz I am really shallow and insecure that way.... lmao I think I will order spinners for my Ram.... impressive.... hahahahha
Yamaha was a better choice ImHO....It would have cost me an extra grand for one instead of the Honda.
Brown boat didn’t deserve such luxury.
LOL
🦫
How are you going to impress the people with the shiny turd boat?
You’ve read my boat thread....Nobody was impressed.
LOL
🦫
Brother I like your boat..... but I like giving you schit more...
But being a " millionaire" and having assets that are paid off worth $1000000 are two different things in my book.
What if you have 3 million in cash flowing real estate yet you owe 1 million on it?
Assets minus liabilities equals net worth. Not sure why folks get hung up on the million dollar thing. This was once a large figure but not really any more. Though it far exceeds the average net worth in America, it's far from a level where "money is no object". As one poster pointed out, a million dollar nest egg should yield an annual retirement income of roughly $35K over one's remaining lifetime. A nice addition to other income streams but hardly a bonanza in itself.
But being a " millionaire" and having assets that are paid off worth $1000000 are two different things in my book.
What if you have 3 million in cash flowing real estate yet you owe 1 million on it?
I was thinking more in line with nowadays on the farm it's not that hard or that big of farm to have a million dollars worth of assets paid for. And still be short on cash sometimes.
But being a " millionaire" and having assets that are paid off worth $1000000 are two different things in my book.
What if you have 3 million in cash flowing real estate yet you owe 1 million on it?
I was thinking more in line with nowadays on the farm it's not that hard or that big of farm to have a million dollars worth of assets paid for. And still be short on cash sometimes.
But being a " millionaire" and having assets that are paid off worth $1000000 are two different things in my book.
What if you have 3 million in cash flowing real estate yet you owe 1 million on it?
Assets minus liabilities equals net worth. Not sure why folks get hung up on the million dollar thing. This was once a large figure but not really any more. Though it far exceeds the average net worth in America, it's far from a level where "money is no object". As one poster pointed out, a million dollar nest egg should yield an annual retirement income of roughly $35K over one's remaining lifetime. A nice addition to other income streams but hardly a bonanza in itself.
How about this crazy inflation that is brewing? a million dollar asset that has intrinsic value should rise with inflation..... hell used cars are rising in value So lets say my hypothetical 3 million asset during normal times increases in value at 10% a year, yet you have a 1 million note at 4% interest, seems like winning math to me. What will these assets do during extreme inflation? As others have said we may all be millionaires before this is over..... for all the good it will do
My 4 stroke Mercury outboard motor runs great. It’s about due to change out the break in oil. Everybody doesn’t want to sink 60-80k into a depreciating asset like a new truck.
My 4 stroke Mercury outboard motor runs great. It’s about due to change out the break in oil. Everybody doesn’t want to sink 60-80k into a depreciating asset like a new truck.
I bought a new Ram 3500 TD in 2020 for $47k..... with a 20 yr 200,000 mile warranty.... I don't believe it has depreciated. And if it has that's ok I intend to drive the wheels off it.
If it cost me a nickel to use the bathroom, I'd have to shìt my pants.
Besides me and wabigoon, you ever see that one woody woodpecker where he had to pay a quarter to take a bath and the machine jooked him?
Nope I missed that one. When I was a kid they always played woody woodpecker cartoons with Droopy, and fugging hated Droopy with a passion. I kept rooting for Butch or whatever the big dog's name was to rip Droopy in half.
I bought a new Ram 3500 TD in 2020 for $47k..... with a 20 yr 200,000 mile warranty.... I don't believe it has depreciated. And if it has that's ok I intend to drive the wheels off it.
And, in 2038, if the truck is still runnin' you will have graduated to "miser" status!
My 4 stroke Mercury outboard motor runs great. It’s about due to change out the break in oil. Everybody doesn’t want to sink 60-80k into a depreciating asset like a new truck.
I bought a new Ram 3500 TD in 2020 for $47k..... with a 20 yr 200,000 mile warranty.... I don't believe it has depreciated. And if it has that's ok I intend to drive the wheels off it.
Good deal. I’m glad you’re happy with it. I was only trying to say that different people want different things. That’s what makes the world go round. Everything we own with wheels wouldn’t be worth anywhere near 47k. I wouldn’t put that kind of money in anything I could drive except an antique muscle car. I prefer things that appreciate in value or produce a passive income.
Interesting thoughts people have on being rich. I drive an old pickup, wife gets a new car every four years. I have a new Honda outboard, Intruder boat, toys that take up lots of space. A cabin near Denali park boundary. Four bed, two bath home, with a shop and two garages! Only owe monthly utilities, yearly taxes and such! IRA, retirement income, and the wife has good retirement.. Are we millionaires, never thought much about it. We do what we want, when we want! I don't consider myself rich, but I'm happy! I look at the children, grandchildren, and great grandchildren as my richness! The rest is just stuff!
My 4 stroke Mercury outboard motor runs great. It’s about due to change out the break in oil. Everybody doesn’t want to sink 60-80k into a depreciating asset like a new truck.
I bought a new Ram 3500 TD in 2020 for $47k..... with a 20 yr 200,000 mile warranty.... I don't believe it has depreciated. And if it has that's ok I intend to drive the wheels off it.
Good deal. I’m glad you’re happy with it. I was only trying to say that different people want different things. That’s what makes the world go round. Everything we own with wheels wouldn’t be worth anywhere near 47k. I wouldn’t put that kind of money in anything I could drive except an antique muscle car. I prefer things that appreciate in value or produce a passive income.
My passive income pays for my toys.... and if you buy right they may not depreciate. I just sold a boat and made $14,000 on it, seriously. I am going to sell another boat I have owned for 7 yrs and expect to make $2k on it. Inflation can be your friend if you position yourself correctly
I don't listen to Ramsey, but if he is indeed speaking at a "beginner" level, that's exactly what is needed. At least half the population of the US is dumber than a mud sandwich when it comes to money.
I will be receiving a kingdom someday, but wont get it on this earth where moths and fire can destroy, and thieves can steal. As for me, I have more than many rich people. I have learned to be content with what I have. I have more fishing poles than I knew. I found one in the corner of the garage that goes for 200 bucks now days and forgot it was there. I think it's 15 yrs. old. I have guns I have not shot in 20? years. I have 8 lb jug of gun powder I bought in 2001? and have yet to open it. My boat is 31 yrs old, the 25 horse Merc is 24 and never had me stranded. My house, 3 bd. ranch , 8 pitch hip roof on 4 ac. that is 13 yrs old , 2005 GMC diesel , 2008 Chevy Impala ( thats my new one!) Got 7 ac. with my cabin up north on the South Fork Flambeau River ,( payed cash 32 yrs ago) I inherited 7 acres in central Wisconsin on a nice river . Everything I own is payed for and have not had a house payment for 13 yrs. I gross about $1,000 a week just for working 22 hours. I never go on hunting trips and just hunt public 5 miles away or up north at my cabin. We are fairly healthy and I'm 58 and will have little choice but to retire in a few years cause my body will not have it much longer. I still burn wood, hang my clothes on the line, mostly work on my own cars. Am I a millionaire? I live in SE WIsconsin. WIth what I have, I'd be poor if I lived in Seattle, but rich if I live in Upper Michigan . I want to live in Upper Michigan .
On Wednesday my retirement account got within $52 of my projected retirement number. It’s been floating within a few thou for a couple months, now. Up and down thanks to FJB.
Coupled with what my house is now worth, I’m about a millionaire and a half. But the house calculation is BS because if I sold it I couldn’t afford to buy something else worth any more.
At this point, retirement is doable, but I’m not pulling the trigger yet. And, since I’m now working from home, there’s really no incentive to retire. I don’t have to deal with the commute any more and whenever I do drive somewhere for work, I’m making bank on the tax-free mileage allowance.
My 4 stroke Mercury outboard motor runs great. It’s about due to change out the break in oil. Everybody doesn’t want to sink 60-80k into a depreciating asset like a new truck.
I bought a new Ram 3500 TD in 2020 for $47k..... with a 20 yr 200,000 mile warranty.... I don't believe it has depreciated. And if it has that's ok I intend to drive the wheels off it.
Dave Ramsey would say that is a bad investment. Who would have thunk boats and trucks would be a smart investment? We live in interesting times. These interest rates are keeping things interesting. How to navigate them and be set up 3 to 5 years from now?
Like you said hard tangible assets Hoping real estate corrects by end of next year. Slowly cashing out some investments now and hopefully buy again.
My 4 stroke Mercury outboard motor runs great. It’s about due to change out the break in oil. Everybody doesn’t want to sink 60-80k into a depreciating asset like a new truck.
I bought a new Ram 3500 TD in 2020 for $47k..... with a 20 yr 200,000 mile warranty.... I don't believe it has depreciated. And if it has that's ok I intend to drive the wheels off it.
Dave Ramsey would say that is a bad investment. Who would have thunk boats and trucks would be a smart investment? We live in interesting times. These interest rates are keeping things interesting. How to navigate them and be set up 3 to 5 years from now?
Like you said hard tangible assets Hoping real estate corrects by end of next year. Slowly cashing out some investments now and hopefully buy again.
That’s a heck of a deal on a truck
Fix rate low interest loans will be your best friend going forward. Inflation with be your friend and you will pay things off with inflated dollars. The truck was pure luck timing wise, it was new 2019 stock they were looking to clear out to make room for the 2020 models and covid hadn't happened yet.... 3 months later it was a different world..
Nothing beats being debt free, and a million isn't much in today's dollars.
But what if your debt was making you money?
Bingo
Apparently I'm not smart enough to make that work. We lost our life savings in 2008 and was just damn lucky we had everything paid for. And just last year we had to sell some investments just to pay property taxes during the COVID-19 hoax shutdown. And so far this year has been our best ever. I learned that nothing is guaranteed in life.
I am 52, made my first million at 27. My wife and I don't live extravagantly, and we are still saving and investing. I never went into debt unless it made sense, and I spent some time debt free. I recently borrowed a bunch because rates were as low as they were going to get and I figured Biden would eventually let me pay it back with worthless dollars. I'll let you know how that turns out. No kids, no divorces, no lottery tickets and I never spent much money on depreciating assets. I have no idea what Dave Ramsey counsels, but what I have done (on a blue collar salary) anyone could do if they start early and stick with it.
For a Million dollars not being worth much, darn few admitted to being worth a million dollars. Doesn't take much to live if you don't have any debt. /I've only been retired for 8-1/2 years, and still save money and do pretty much what I want. We live simply, which is fine with us.
For a Million dollars not being worth much, darn few admitted to being worth a million dollars. Doesn't take much to live if you don't have any debt. /I've only been retired for 8-1/2 years, and still save money and do pretty much what I want. We live simply, which is fine with us.
Some of use are farmers, we just keep farming till it’s all gone......
Just figuring these 3, Investments, Savings, and free and clear Real Estate I've made it at 77. Then if you figure in Pensions for both of us, SS for two , and a little side job it gets even better. Life has been good, one marriage, good jobs, stayed healthy and a strong well educated family with 8 wonderful grand kids. Every thing we have is in a Family Living Trust, so it all goes to the kids when the time comes.
For a Million dollars not being worth much, darn few admitted to being worth a million dollars. Doesn't take much to live if you don't have any debt. /I've only been retired for 8-1/2 years, and still save money and do pretty much what I want. We live simply, which is fine with us.
The reason few admit it is because most of society has been conditioned to hate those with more than them..... class envy is a thing.
For a Million dollars not being worth much, darn few admitted to being worth a million dollars. Doesn't take much to live if you don't have any debt. /I've only been retired for 8-1/2 years, and still save money and do pretty much what I want. We live simply, which is fine with us.
The reason few admit it is because most of society has been conditioned to hate those with more than them..... class envy is a thing.
There's nothing America likes more than to talk about other people's money (and how they spend it). I could care less about either two items, my only concern is for my and my family's financial well-being.
Yes, been one for a bit, but it is all in property and the bank. When I sold the old house that put me over a million by quite a bit. If I liquidated everything it could hit almost 2, but it took 45 years of working, it was not overnight.
Miss Lynn gonna hit you up for a new set of tars for her Mexican Pinto. lol
Correction, Dodge Ram 2500, Copperhead Pearl, and she's pretty. New tires taken care of thank you. A millionaire ? No. Poor, No. Just sitting comfortably.
There's nothing America likes more than to talk about other people's money (and how they spend it). I could care less about either two items, my only concern is for my and my family's financial well-being.
There's nothing America likes more than to talk about other people's money (and how they spend it). I could care less about either two items, my only concern is for my and my family's financial well-being.
The problem with that is braggarts constantly throwing how much money, they have in your face.
There's nothing America likes more than to talk about other people's money (and how they spend it). I could care less about either two items, my only concern is for my and my family's financial well-being.
The problem with that is braggarts constantly throwing how much money, they have in your face.
What is the most popular car owned my millionaires?
Don't Google... just guess.
Toyota Prius
I would have guessed 2023 Dodge Ram 9500 6 door, limo cab (but non 4wd) Often seen at Tn walmarts parked longways hogging up 4 handicapped spots. With potbelly millionaire yosemite same looking mfer waiting on his 400 lb grandkids to come out of the walmart subway
Oh and he is a millionaire with “i was in the army for 20 years and made it all the way to E-5” stickers
What is the most popular car owned my millionaires?
Don't Google... just guess.
Toyota Prius
I would have guessed 2023 Dodge Ram 9500 6 door, limo cab (but non 4wd) Often seen at Tn walmarts parked longways hogging up 4 handicapped spots. With potbelly millionaire yosemite same looking mfer waiting on his 400 lb grandkids to come out of the walmart subway
Oh and he is a millionaire with “i was in the army for 20 years and made it all the way to E-5” stickers
Was listening to Dave Ramsey the other night and he broke down what it is to be a millionaire in it's simplest terms. Subtract what you owe from what you own. So I roughly did that and........no I'm not a millionaire - yet. But closer than I thought. With the way that home values have jumped and the market on the upswing I'm within 20%. Just an average 54yr old married joe w/ 3 grown kids that has been paying the mortgage and a little extra every month, putting money in the 401(k) and the match for the last 25 years and it's starting to come around. Never really thought about it until Dave mentioned it, but it does make me feel pretty good.
Suppose the real problem is that with Biden and skyrocketing inflation a million dollars ain't what it used to be.
If you have ever looked at a chart of the growth of a 401k / IRA over time, the growth gets substantial near the end... With compound interest it gets better every year, but is really taking off the closer you get to the end. That is the benefit of time and strong returns. Every year a person waits to get started takes off that biggest year of growth from the end.... That is the basics of what I taught my kids to make sure they took control of their investing at an early age.
What would make me feel better is to reduce my taxes and not have a $800M Surplus for the State to spend. There's only 1.85 Million people in the State - there's some math that is hard to understand.
The rest is when they tax ag, minerals, corporations etc which in turn raise the prices on the goods and services that you need to buy. There is also fuel tax etc which raise the cost of everything you buy, everything you do and everything you need. Plenty of ways they get their money, but it all comes from the end user... which is us.
If you're including your primary residence to put you over the top .... you are fooling yourself.
Not really. Net worth is not spendable income. It is a different measurement. Being a millionaire is being worth a million dollars, not having a million dollars in cash.
Money is a subject we never discuss publicly, which is a shame. It's the most important topic of your life.
I couldnt not agree more. The benefit to all if money was discussed in a positive fashion amonst us all would be huge. So many peopke just dont understand, and with money talk being a no-no, its easy for people to convince themselves of what they want being "what they need". The entire system is worked to figure out how to get the money from the wage earner as early as possilble, before they can spend it on something else.
If you're including your primary residence to put you over the top .... you are fooling yourself.
Not really. Net worth is not spendable income. It is a different measurement. Being a millionaire is being worth a million dollars, not having a million dollars in cash.
I’ve no quarrel w anyone that includes their primary residence, I just never subscribed to doing so. I lean toward Rich dad poor dad author’s term anything costing you money is a liability not an asset
Accumulation of wealth, while nice, is still only one part of the financial picture. Folks with a secure pension wouldn't need as big of a nest egg as those without one, and Social Security, in some form, will continue to provide benefits as well. In addition, people's goals vary, so success can look very different from one person to the next. The roadmap need not look the same for everyone.
Technically, your comment is right on the money. The problem is, what if social security goes away, is cut, or doesnt increase with cost of living enough, as medical and housing costs continue to rise. Think about the cost of electricity as coal is being phased out. When electricity is 5 times what it cost a few years ago... but SS isnt going up. Second... is there anything really defined as a secure pension? They are pretty secure I guess, but if the government paying your pension has to cut costs... you are dependant on that being there. The future isnt as promising as the outlook from 1960 looking forward. A person should still have a good nestegg to insure a good retirement.
If you have ever looked at a chart of the growth of a 401k / IRA over time, the growth gets substantial near the end... With compound interest it gets better every year, but is really taking off the closer you get to the end. That is the benefit of time and strong returns. Every year a person waits to get started takes off that biggest year of growth from the end.... That is the basics of what I taught my kids to make sure they took control of their investing at an early age.
Yup.
Financial literacy isn't something .gov wants the peons to have.
Teach your kids about money, because nobody else will.
I've had RN's I work with not understand how stupid it is to not, at the very least, put enough into your 401k/FERS/403b to get the matching money from your employer
They say that they can't "afford to" when, in reality, they can't afford not to.
I suppose I am but it sure don't feel like it. I still drive an 18 year old pickup.
A financial key indicator!
Why would you drive an old used truck if you are a millionaire?
That’s probably why he’s a millionaire. Trucks are like toasters- keep using the same one until it doesn’t work anymore.
Pretty much this, although my daily driver pickup is only 16 years old. It's damn near new! Oh...and I'm a multimillionaire counting just pretax liquid assets.
Accumulation of wealth, while nice, is still only one part of the financial picture. Folks with a secure pension wouldn't need as big of a nest egg as those without one, and Social Security, in some form, will continue to provide benefits as well. In addition, people's goals vary, so success can look very different from one person to the next. The roadmap need not look the same for everyone.
Technically, your comment is right on the money. The problem is, what if social security goes away, is cut, or doesnt increase with cost of living enough, as medical and housing costs continue to rise. Think about the cost of electricity as coal is being phased out. When electricity is 5 times what it cost a few years ago... but SS isnt going up. Second... is there anything really defined as a secure pension? They are pretty secure I guess, but if the government paying your pension has to cut costs... you are dependant on that being there. The future isnt as promising as the outlook from 1960 looking forward. A person should still have a good nestegg to insure a good retirement.
If your retirement plan is dependent on SS your in a bad way.
Lots of variables exist that determine realistic net worth. Biggest three I see are both spouses working, amount of kids, and quality of life. All three can effect the amount of wealth accumulated.
My biggest factor in retirement at 60 is the ability of .gov employees to keep health insurance as if they were still employed.
Everyone who wishes to retire early faces that challenge, not just .gov employees. Bridging healthcare coverage until Medicare eligible is a major concern. Had to factor that in myself to the overall total liquidity needed in order to cover premiums out of pocket which have gone through the roof in the last 10 years. Talk about the goalposts getting moved! Passing the $1M mark is not the milestone it once was. And will never be again.
Whether I need it or not doesn't matter to me one bit.
It's my money, not a gift from the government.
I understand that completely. But I have lately been seeing it in a different light. As a system designed and set to fail. Therefore, I look at the dollars I paid in as dollars which has helped my grandparents and now my parents survive. And my aunt who became a widow with three kids and one on the way. I may not get a taste of the cake when I get to the dessert bar. So be it.
Whether I need it or not doesn't matter to me one bit.
It's my money, not a gift from the government.
I understand that completely. But I have lately been seeing it in a different light. As a system designed and set to fail. Therefore, I look at the dollars I paid in as dollars which has helped my grandparents and now my parents survive. And my aunt who became a widow with three kids and one on the way. I may not get a taste of the cake when I get to the desert bar. So be it.
You frequently hear that SS will run out of money but you never hear that Welfare will run out. Wonder why that is...
Lots of variables exist that determine realistic net worth. Biggest three I see are both spouses working, amount of kids, and quality of life. All three can effect the amount of wealth accumulated.
Another big variable (maybe the biggest) is consistent saving and investment over time. The numbers show that almost any income can lead to a nest egg of a million dollars over a the normal work lifetime ( 20 to 67). It doesnt take much, but it has to happen early and often. Of course this is all easier with more money, but living below your means enough to put away 10% will lead to multi millions in most cases. A job with a 401k and a match is even bigger.
If your retirement plan is dependent on SS your in a bad way.
Then I want my fuggin money back.
We planned on no SS and neither of my pensions for retirement planning.
That way, when you get it, it's icing. If you don't, you are not destitute.
My biggest factor in retirement at 60 is the ability of .gov employees to keep health insurance as if they were still employed.
Whether I need it or not doesn't matter to me one bit.
It's my money, not a gift from the government.
There is enough money from each person going into social security on their behalf to make them all millionairs, invested in good mutual funds. That is the sad thing about it. So many people think its a good program, where it really isnt, and just goes to prove why socialism never works. A better program would be to teach financial security at a higher level and make programs that allow for the individual to save, and invest in their own name. The problem is the culture is built around spending money and having everything you want. The government makes money off the taxes and the hot economy. A poor citizen is a citizen they can manipulate and control.
Whether I need it or not doesn't matter to me one bit.
It's my money, not a gift from the government.
I understand that completely. But I have lately been seeing it in a different light. As a system designed and set to fail. Therefore, I look at the dollars I paid in as dollars which has helped my grandparents and now my parents survive. And my aunt who became a widow with three kids and one on the way. I may not get a taste of the cake when I get to the desert bar. So be it.
You frequently hear that SS will run out of money but you never hear that Welfare will run out. Wonder why that is...
I have been hearing ss was.. is going to stop anytime...for years and years......bob
If your retirement plan is dependent on SS your in a bad way.
Then I want my fuggin money back.
We planned on no SS and neither of my pensions for retirement planning.
That way, when you get it, it's icing. If you don't, you are not destitute.
My biggest factor in retirement at 60 is the ability of .gov employees to keep health insurance as if they were still employed.
Whether I need it or not doesn't matter to me one bit.
It's my money, not a gift from the government.
There is enough money from each person going into social security on their behalf to make them all millionairs, invested in good mutual funds. That is the sad thing about it. So many people think its a good program, where it really isnt, and just goes to prove why socialism never works. A better program would be to teach financial security at a higher level and make programs that allow for the individual to save, and invest in their own name. The problem is the culture is built around spending money and having everything you want. The government makes money off the taxes and the hot economy. A poor citizen is a citizen they can manipulate and control.
If we all scrimped and saved, the economy would be chit.
What is the most popular car owned my millionaires?
Don't Google... just guess.
Toyota Prius
I would have guessed 2023 Dodge Ram 9500 6 door, limo cab (but non 4wd) Often seen at Tn walmarts parked longways hogging up 4 handicapped spots. With potbelly millionaire yosemite same looking mfer waiting on his 400 lb grandkids to come out of the walmart subway
Oh and he is a millionaire with “i was in the army for 20 years and made it all the way to E-5” stickers
You are just still mad over them beating you in the spelling bee.
There's nothing America likes more than to talk about other people's money (and how they spend it). I could care less about either two items, my only concern is for my and my family's financial well-being.
The problem with that is braggarts constantly throwing how much money, they have in your face.
Whether I need it or not doesn't matter to me one bit.
It's my money, not a gift from the government.
I understand that completely. But I have lately been seeing it in a different light. As a system designed and set to fail. Therefore, I look at the dollars I paid in as dollars which has helped my grandparents and now my parents survive. And my aunt who became a widow with three kids and one on the way. I may not get a taste of the cake when I get to the desert bar. So be it.
You frequently hear that SS will run out of money but you never hear that Welfare will run out. Wonder why that is...
I have been hearing ss was.. is going to stop anytime...for years and years......bob
When figuring for retirement or even NW I don’t think home equity should be factored into the mix. Unless of course you can sell it and live somewhere else for nothing. Not likely I know.
And in todays world, with inflation and projected returns from the market $1m (liquid assets) is probably only worth $35k (at best) in way of an annual revenue stream. It won’t go as far as it used to . . .
you went from selling it ...to living elsewhere for nothing....big jump...how about selling and moving or downsizing and pocketing the rest .....bob
When figuring for retirement or even NW I don’t think home equity should be factored into the mix. Unless of course you can sell it and live somewhere else for nothing. Not likely I know.
And in todays world, with inflation and projected returns from the market $1m (liquid assets) is probably only worth $35k (at best) in way of an annual revenue stream. It won’t go as far as it used to . . .
you went from selling it ...to living elsewhere for nothing....big jump...how about selling and moving or downsizing and pocketing the rest .....bob
I hear Lame Deer, Mt. is a nice retirement destination.....
Whether I need it or not doesn't matter to me one bit.
It's my money, not a gift from the government.
I understand that completely. But I have lately been seeing it in a different light. As a system designed and set to fail. Therefore, I look at the dollars I paid in as dollars which has helped my grandparents and now my parents survive. And my aunt who became a widow with three kids and one on the way. I may not get a taste of the cake when I get to the desert bar. So be it.
You frequently hear that SS will run out of money but you never hear that Welfare will run out. Wonder why that is...
I have been hearing ss was.. is going to stop anytime...for years and years......bob
I was just thinking that same thing earlier.
It has to be political.
It sure is political! With any reference to SS I always picture a republican somewhere experiencing the same agony as Dracula having water thrown on him.
Sam Walton drove around in an old 1979 ford pickup....
Not because he was frugal but because they were the coolest ford pickups ever made and for every improvement they made they fugged up atleast 2 other things since then. ..mb
What is the most popular car owned my millionaires?
Don't Google... just guess.
Toyota Prius
I would have guessed 2023 Dodge Ram 9500 6 door, limo cab (but non 4wd) Often seen at Tn walmarts parked longways hogging up 4 handicapped spots. With potbelly millionaire yosemite same looking mfer waiting on his 400 lb grandkids to come out of the walmart subway
Oh and he is a millionaire with “i was in the army for 20 years and made it all the way to E-5” stickers
You are just still mad over them beating you in the spelling bee.
You can post your college transcripts and I’ll post mine.
Since spelling means something to certain little old biddies on here.
Whether I need it or not doesn't matter to me one bit.
It's my money, not a gift from the government.
I understand that completely. But I have lately been seeing it in a different light. As a system designed and set to fail. Therefore, I look at the dollars I paid in as dollars which has helped my grandparents and now my parents survive. And my aunt who became a widow with three kids and one on the way. I may not get a taste of the cake when I get to the desert bar. So be it.
You frequently hear that SS will run out of money but you never hear that Welfare will run out. Wonder why that is...
I have been hearing ss was.. is going to stop anytime...for years and years......bob
I was just thinking that same thing earlier.
It has to be political.
It sure is political! With any reference to SS I always picture a republican somewhere experiencing the same agony as Dracula having water thrown on him.
Whether I need it or not doesn't matter to me one bit.
It's my money, not a gift from the government.
I understand that completely. But I have lately been seeing it in a different light. As a system designed and set to fail. Therefore, I look at the dollars I paid in as dollars which has helped my grandparents and now my parents survive. And my aunt who became a widow with three kids and one on the way. I may not get a taste of the cake when I get to the desert bar. So be it.
You frequently hear that SS will run out of money but you never hear that Welfare will run out. Wonder why that is...
I have been hearing ss was.. is going to stop anytime...for years and years......bob
I was just thinking that same thing earlier.
It has to be political.
It sure is political! With any reference to SS I always picture a republican somewhere experiencing the same agony as Dracula having water thrown on him.
You spit the cock out long enough to type thaQueen
You shoulda just kept sucking.
You're just an old flaming Queen showing your peacock feathers.
Whether I need it or not doesn't matter to me one bit.
It's my money, not a gift from the government.
I understand that completely. But I have lately been seeing it in a different light. As a system designed and set to fail. Therefore, I look at the dollars I paid in as dollars which has helped my grandparents and now my parents survive. And my aunt who became a widow with three kids and one on the way. I may not get a taste of the cake when I get to the desert bar. So be it.
You frequently hear that SS will run out of money but you never hear that Welfare will run out. Wonder why that is...
I have been hearing ss was.. is going to stop anytime...for years and years......bob
I was just thinking that same thing earlier.
It has to be political.
It sure is political! With any reference to SS I always picture a republican somewhere experiencing the same agony as Dracula having water thrown on him.
You spit the cock out long enough to type thaQueen
You shoulda just kept sucking.
You're just an old flaming Queen showing your peacock feathers.
Whether I need it or not doesn't matter to me one bit.
It's my money, not a gift from the government.
I understand that completely. But I have lately been seeing it in a different light. As a system designed and set to fail. Therefore, I look at the dollars I paid in as dollars which has helped my grandparents and now my parents survive. And my aunt who became a widow with three kids and one on the way. I may not get a taste of the cake when I get to the desert bar. So be it.
You frequently hear that SS will run out of money but you never hear that Welfare will run out. Wonder why that is...
I have been hearing ss was.. is going to stop anytime...for years and years......bob
I was just thinking that same thing earlier.
It has to be political.
It sure is political! With any reference to SS I always picture a republican somewhere experiencing the same agony as Dracula having water thrown on him.
You spit the cock out long enough to type that?
You shoulda just kept sucking.
He's just outed himself as a bitter old hippie. Keep him talking.
My retirement plan is to drive my 1993 Astro van I bought from Slumlord to a remote corner of Jim's vast ranch..... he will never know I am there and unlike the Yellowstone/Dutton ranch and Rio7's ranch I doubt he shoots squatters? Livin the dream one S.S. check at a time.....
You frequently hear that SS will run out of money but you never hear that Welfare will run out. Wonder why that is...
I have been hearing ss was.. is going to stop anytime...for years and years......bob
I was just thinking that same thing earlier.
It has to be political.
It sure is political! With any reference to SS I always picture a republican somewhere experiencing the same agony as Dracula having water thrown on him.
You spit the cock out long enough to type thaQueen
You shoulda just kept sucking.
You're just an old flaming Queen showing your peacock feathers.
Tell us another one. You are projecting.
LOL You're the one strutting. May work out for ya, localdirt has taken notice.
Whether I need it or not doesn't matter to me one bit.
It's my money, not a gift from the government.
I understand that completely. But I have lately been seeing it in a different light. As a system designed and set to fail. Therefore, I look at the dollars I paid in as dollars which has helped my grandparents and now my parents survive. And my aunt who became a widow with three kids and one on the way. I may not get a taste of the cake when I get to the desert bar. So be it.
You frequently hear that SS will run out of money but you never hear that Welfare will run out. Wonder why that is...
I have been hearing ss was.. is going to stop anytime...for years and years......bob
I was just thinking that same thing earlier.
It has to be political.
It sure is political! With any reference to SS I always picture a republican somewhere experiencing the same agony as Dracula having water thrown on him.
Social security is communism in it’s purest form. The fact that communism never turns out well is lost on ignorant pricks like yourself.
Accumulation of wealth, while nice, is still only one part of the financial picture. Folks with a secure pension wouldn't need as big of a nest egg as those without one, and Social Security, in some form, will continue to provide benefits as well. In addition, people's goals vary, so success can look very different from one person to the next. The roadmap need not look the same for everyone.
Technically, your comment is right on the money. The problem is, what if social security goes away, is cut, or doesnt increase with cost of living enough, as medical and housing costs continue to rise. Think about the cost of electricity as coal is being phased out. When electricity is 5 times what it cost a few years ago... but SS isnt going up. Second... is there anything really defined as a secure pension? They are pretty secure I guess, but if the government paying your pension has to cut costs... you are dependant on that being there. The future isnt as promising as the outlook from 1960 looking forward. A person should still have a good nestegg to insure a good retirement.
This is exactly right. Inflation is the opposite of compounding interest. One makes you rich. The other breaks you.
I'm not rich, 20 years ago if you had told us we would make the money we make now! I would have thought we were there!
Bought this shanty 22 years ago, took out a 30 year loan. I was terrified. I am debt adverse, almost physically allergic. The payment were a lot.
Now, we gross well more than it cost. Except, we are only a bit better off. Diesel for my truck isn't less than gas anymore. No fuel is under a buck. Used pickups are $40F'n,000!
Know an old guy, worked for the phone company making good money. They had a 20 and out pension. He jumped at 40. Braggy prick, he loved to tell how much $$$ came in the mail. Problem he has, he retired and didn't take advantage of the chance of a second career. That guaranteed check? It's pretty puny 40 years later. He barely keeps the heat going.
A millionaire these days is comprobable to being worth $100,000-250,000 15 years ago.
no its not
Agreed that it is not. We can all agree that things cost more today than 15 years ago, just like they’ll cost more 15 years from now. The over the top statements, however, are just stupid.
Yet if you hold valuable assets , inflation can make you richer....
Fixed, low interest rate debt is your friend during inflation.
I don’t consider any type of debt as my friend. I take the “borrower is servant to the lender” thing to heart. YMMV of course, and congrats if it works for you.
Yet if you hold valuable assets , inflation can make you richer....
Fixed, low interest rate debt is your friend during inflation.
Correct.... a simple example most can relate to... you have a 30 yr mortgage at 3% yet inflation is 5% year after year.... well in 20yrs your monthly payment will be really cheap and your house will have doubled or more in value. A person has to adapt his investment strategy according to current conditions
Yet if you hold valuable assets , inflation can make you richer....
Fixed, low interest rate debt is your friend during inflation.
Correct.... a simple example most can relate to... you have a 30 yr mortgage at 3% yet inflation is 5% year after year.... well in 20yrs your monthly payment will be really cheap and your house will have doubled or more in value. A person has to adapt his investment strategy according to current conditions
Yes that's the way it works for the masses. Also how the government taxes the hell out of the masses in property tax year after year but let's the special wealthy ones holding capital assets pay nothing on their appreciation of assets.
Yes. A few times over. But I still don't go crazy on spending money on something that decreases in value like new cars or trucks. By good used when you can. That includes boats, campers, etc. We travel, eat well ,and have our health so no complaints here.
No debt is the BEST position. That means every dollar you would have to pay out to service debt is now available and can be used for investment instead.
Yet if you hold valuable assets , inflation can make you richer....
Fixed, low interest rate debt is your friend during inflation.
what about financing rentals etc yourself?....take your money and build rentals or what ever and have a cash flow but no mortgage pretty much all positive cash flow....bob
No debt is the BEST position. That means every dollar you would have to pay out to service debt is now available and can be used for investment instead.
Actually I would say Interest free debt is the best position, It devalues with time and the cash that you would have used to pay it off can be used to appreciate in investments.
Yet if you hold valuable assets , inflation can make you richer....
Fixed, low interest rate debt is your friend during inflation.
Correct.... a simple example most can relate to... you have a 30 yr mortgage at 3% yet inflation is 5% year after year.... well in 20yrs your monthly payment will be really cheap and your house will have doubled or more in value. A person has to adapt his investment strategy according to current conditions
Yes that's the way it works for the masses. Also how the government taxes the hell out of the masses in property tax year after year but let's the special wealthy ones holding capital assets pay nothing on their appreciation of assets.
You would be much better served if you spit out the class envy/hate the rich koolaid and employed some good investment strategies and maybe you to could be successful?
Yet if you hold valuable assets , inflation can make you richer....
Fixed, low interest rate debt is your friend during inflation.
what about financing rentals etc yourself?....take your money and build rentals or what ever and have a cash flow but no mortgage pretty much all positive cash flow....bob
If you have the horsepower to do that you will win "bigly"
Yet if you hold valuable assets , inflation can make you richer....
Fixed, low interest rate debt is your friend during inflation.
what about financing rentals etc yourself?....take your money and build rentals or what ever and have a cash flow but no mortgage pretty much all positive cash flow....bob
Then when interest rates increase you sell those rentals and carry the note.... magic mailbox ... woohoo
No debt is the BEST position. That means every dollar you would have to pay out to service debt is now available and can be used for investment instead.
Actually I would say Interest free debt is the best position, It devalues with time and the cash that you would have used to pay it off can be used to appreciate in investments.
Any examples of this, other than "0%" car loans? Yes, I've known people who attempted games with 0% credit cards and flipping debt while trying to obtain gains with the loan proceeds to "win" but either lost or damaged their credit standing.
Yet if you hold valuable assets , inflation can make you richer....
Fixed, low interest rate debt is your friend during inflation.
what about financing rentals etc yourself?....take your money and build rentals or what ever and have a cash flow but no mortgage pretty much all positive cash flow....bob
There are carrying costs. And risks including market dynamics.
what is wrong ...if anything with a reverse mortgage?.....you get to pull equity out of your house and live in it as long as you want....just another tool to add to your ss etc....bob
Yet if you hold valuable assets , inflation can make you richer....
Fixed, low interest rate debt is your friend during inflation.
Correct.... a simple example most can relate to... you have a 30 yr mortgage at 3% yet inflation is 5% year after year.... well in 20yrs your monthly payment will be really cheap and your house will have doubled or more in value. A person has to adapt his investment strategy according to current conditions
Wouldn't the house be worth the same if you didn't have the mortgage?
Yet if you hold valuable assets , inflation can make you richer....
Fixed, low interest rate debt is your friend during inflation.
what about financing rentals etc yourself?....take your money and build rentals or what ever and have a cash flow but no mortgage pretty much all positive cash flow....bob
There are carrying costs. And risks including market dynamics.
Every investment has risk.... I don't understand your point
Yet if you hold valuable assets , inflation can make you richer....
Fixed, low interest rate debt is your friend during inflation.
Correct.... a simple example most can relate to... you have a 30 yr mortgage at 3% yet inflation is 5% year after year.... well in 20yrs your monthly payment will be really cheap and your house will have doubled or more in value. A person has to adapt his investment strategy according to current conditions
Yes that's the way it works for the masses.
Also how the government taxes the hell out of the masses in property tax year after year but let's the special wealthy ones holding capital assets pay nothing on their appreciation of assets.
Why don't you run along and play? There are MEN talking here.
Yet if you hold valuable assets , inflation can make you richer....
Fixed, low interest rate debt is your friend during inflation.
what about financing rentals etc yourself?....take your money and build rentals or what ever and have a cash flow but no mortgage pretty much all positive cash flow....bob
Then when interest rates increase you sell those rentals and carry the note.... magic mailbox ... woohoo
Yet if you hold valuable assets , inflation can make you richer....
Fixed, low interest rate debt is your friend during inflation.
Correct.... a simple example most can relate to... you have a 30 yr mortgage at 3% yet inflation is 5% year after year.... well in 20yrs your monthly payment will be really cheap and your house will have doubled or more in value. A person has to adapt his investment strategy according to current conditions
Wouldn't the house be worth the same if you didn't have the mortgage?
Consider if you bought more house than you have cash and financed the balance..... For example the appreciation on a million dollar house is much more than a 500k house and you get to keep that appreciation, ergo inflation is making you wealthier as is leveraged money via a mortgage
Yet if you hold valuable assets , inflation can make you richer....
Fixed, low interest rate debt is your friend during inflation.
Correct.... a simple example most can relate to... you have a 30 yr mortgage at 3% yet inflation is 5% year after year.... well in 20yrs your monthly payment will be really cheap and your house will have doubled or more in value. A person has to adapt his investment strategy according to current conditions
Yes that's the way it works for the masses. Also how the government taxes the hell out of the masses in property tax year after year but let's the special wealthy ones holding capital assets pay nothing on their appreciation of assets.
You would be much better served if you spit out the class envy/hate the rich koolaid and employed some good investment strategies and maybe you to could be successful?
Don't envy anyone with wealth. Hate the way the tax system favors a few at the expense of many.
Yet if you hold valuable assets , inflation can make you richer....
Fixed, low interest rate debt is your friend during inflation.
Correct.... a simple example most can relate to... you have a 30 yr mortgage at 3% yet inflation is 5% year after year.... well in 20yrs your monthly payment will be really cheap and your house will have doubled or more in value. A person has to adapt his investment strategy according to current conditions
Yes that's the way it works for the masses. Also how the government taxes the hell out of the masses in property tax year after year but let's the special wealthy ones holding capital assets pay nothing on their appreciation of assets.
Why don’t you add a little meat/context to the above so we can debate the merits of your claim? Seriously take a shot you communist. The ignorance and complete lack of common sense makes your claim completely laughable, just a liberal fool using talking points that won’t hold up.
Yet if you hold valuable assets , inflation can make you richer....
Fixed, low interest rate debt is your friend during inflation.
what about financing rentals etc yourself?....take your money and build rentals or what ever and have a cash flow but no mortgage pretty much all positive cash flow....bob
Then when interest rates increase you sell those rentals and carry the note.... magic mailbox ... woohoo
Yet if you hold valuable assets , inflation can make you richer....
Fixed, low interest rate debt is your friend during inflation.
Correct.... a simple example most can relate to... you have a 30 yr mortgage at 3% yet inflation is 5% year after year.... well in 20yrs your monthly payment will be really cheap and your house will have doubled or more in value. A person has to adapt his investment strategy according to current conditions
Yes that's the way it works for the masses. Also how the government taxes the hell out of the masses in property tax year after year but let's the special wealthy ones holding capital assets pay nothing on their appreciation of assets.
You would be much better served if you spit out the class envy/hate the rich koolaid and employed some good investment strategies and maybe you to could be successful?
Don't envy anyone with wealth. Hate the way the tax system favors a few at the expense of many.
Yet you vote to elect the very people who perpetrate this. Dumbass!
Yet if you hold valuable assets , inflation can make you richer....
Fixed, low interest rate debt is your friend during inflation.
what about financing rentals etc yourself?....take your money and build rentals or what ever and have a cash flow but no mortgage pretty much all positive cash flow....bob
Then when interest rates increase you sell those rentals and carry the note.... magic mailbox ... woohoo
Yet if you hold valuable assets , inflation can make you richer....
Fixed, low interest rate debt is your friend during inflation.
Correct.... a simple example most can relate to... you have a 30 yr mortgage at 3% yet inflation is 5% year after year.... well in 20yrs your monthly payment will be really cheap and your house will have doubled or more in value. A person has to adapt his investment strategy according to current conditions
Yes that's the way it works for the masses. Also how the government taxes the hell out of the masses in property tax year after year but let's the special wealthy ones holding capital assets pay nothing on their appreciation of assets.
Why don’t you add a little meat/context to the above so we can debate the merits of your claim? Seriously take a shot you communist. The ignorance and complete lack of common sense makes your claim completely laughable, just a liberal fool using talking points that won’t hold up.
Chuck, for about the 100th time, move along.
Some like you need a picture drawn to understand. Go find a coloring book if you can't keep up.
what is wrong ...if anything with a reverse mortgage?.....you get to pull equity out of your house and live in it as long as you want....just another tool to add to your ss etc....bob
Because if you are willing to really run the numbers a reverse mortgage is not really that efficient of a transaction for the consumer. But the banks do well on them . . .
Yet if you hold valuable assets , inflation can make you richer....
Fixed, low interest rate debt is your friend during inflation.
Correct.... a simple example most can relate to... you have a 30 yr mortgage at 3% yet inflation is 5% year after year.... well in 20yrs your monthly payment will be really cheap and your house will have doubled or more in value. A person has to adapt his investment strategy according to current conditions
Yes that's the way it works for the masses. Also how the government taxes the hell out of the masses in property tax year after year but let's the special wealthy ones holding capital assets pay nothing on their appreciation of assets.
Why don’t you add a little meat/context to the above so we can debate the merits of your claim? Seriously take a shot you communist. The ignorance and complete lack of common sense makes your claim completely laughable, just a liberal fool using talking points that won’t hold up.
Chuck, for about the 100th time, move along.
Some like you need a picture drawn to understand. Go find a coloring book if you can't keep up.
Perfect, and I called it, you WON’T add color because you flat out are out of thoughts.
Someone just wronged you in life and everyone who has done well financially is bad to you. We know Chuck, typical liberal drivel.
Yet if you hold valuable assets , inflation can make you richer....
Fixed, low interest rate debt is your friend during inflation.
what about financing rentals etc yourself?....take your money and build rentals or what ever and have a cash flow but no mortgage pretty much all positive cash flow....bob
Then when interest rates increase you sell those rentals and carry the note.... magic mailbox ... woohoo
Yet if you hold valuable assets , inflation can make you richer....
Fixed, low interest rate debt is your friend during inflation.
what about financing rentals etc yourself?....take your money and build rentals or what ever and have a cash flow but no mortgage pretty much all positive cash flow....bob
Then when interest rates increase you sell those rentals and carry the note.... magic mailbox ... woohoo
give this man a cookie....bob
This strategy also mitigates the capitol gains
NOW you have my attention!
Greg, Another strategy if capitol gains are too high and you don't want to sell is a cash out refinance.... no capitol gains.... of course SAcharlie thinks these strategies are only available to the rich.... hahahhaha
Yet if you hold valuable assets , inflation can make you richer....
Fixed, low interest rate debt is your friend during inflation.
what about financing rentals etc yourself?....take your money and build rentals or what ever and have a cash flow but no mortgage pretty much all positive cash flow....bob
Then when interest rates increase you sell those rentals and carry the note.... magic mailbox ... woohoo
Yet if you hold valuable assets , inflation can make you richer....
Fixed, low interest rate debt is your friend during inflation.
what about financing rentals etc yourself?....take your money and build rentals or what ever and have a cash flow but no mortgage pretty much all positive cash flow....bob
There are carrying costs. And risks including market dynamics.
Every investment has risk.... I don't understand your point
How many investments pretty much force the investor to purchase an insurance policy with a third party to share in the risk of a TOTAL loss of investment? Also, how can you control the market value, future growth rate of that market value, overall desirability and the taxation millage rate of a neighborhood?
How many landlords were ready for the .gov to allow tenants to stop paying rents last year? Are there profits to be found in real estate rentals? Yes. But there are MANY risks not found in competing investments.
Yet if you hold valuable assets , inflation can make you richer....
Fixed, low interest rate debt is your friend during inflation.
I don’t consider any type of debt as my friend. I take the “borrower is servant to the lender” thing to heart. YMMV of course, and congrats if it works for you.
Oh, I'm not taking on any, as I'm close to retirement. But, during high inflation, you get to pay off that low interest rate debt with inflated dollars.
The key is fixed, low interest rate. It's something you won't get AFTER the inflation starts.
How many investments pretty much force the investor to purchase an insurance policy with a third party to share in the risk of a TOTAL loss of investment? Also, how can you control the market value, future growth rate or that market value, overall desirability and the taxation milage rate of a neighborhood?
How many landlords were ready for the .gov to allow tenants to stop paying rents last year? Are there profits to be found in real estate rentals? Yes. But there are MANY risks not found in competing investments. [/quote] Good points.
Correct... yet these idiots want to tear down the greatest economic system in the history of man kind.... simply because they aren't smart enough to participate... and they hate those that are
Yet if you hold valuable assets , inflation can make you richer....
Fixed, low interest rate debt is your friend during inflation.
what about financing rentals etc yourself?....take your money and build rentals or what ever and have a cash flow but no mortgage pretty much all positive cash flow....bob
Then when interest rates increase you sell those rentals and carry the note.... magic mailbox ... woohoo
give this man a cookie....bob
This strategy also mitigates the capitol gains
Not true.
Explain how this is not true?
The term mitigate is correct but the cap tax is still collected over a longer time period.
My home is paid off and just appraised at 1.1 million on a desk top appraisal. They said it would bring more on full appraisal but I wouldn't want to borrow more than the non jumbo limit of $640,000. I have another home that I rent that's worth about $350,000 now too. I can borrow an in-house no fee 15 yr loan at 2.25% on them.
I thought about buying 3 nice local lots that are west facing right next to each other for $70,000 each and then building new homes on each to rent. I'd rent them from 15 years until they're paid off and then give one to each of my three kids.
I could probably buy the lots with mortgaging my houses but I wouldn't be able yo build without risking my home with a mortgage. All my builder friends say don't even try to build right now. You can get materials and labor is triple what it was 3 years ago. I decided against it but I still wonder if I should but rhe lots and hold them. There's just no tax benefit yo bare land and the only way to make anything on it is if it keeps appreciating.
I'm having a hard time this year knowing what to invest in. I know I'm just losing value having my retirement money on the sidelines during this kind of inflation. I often consider starting a self directed ira and doing hard money loans.
My friends have made tons doing it but it's because they have foreclosed on properties and taken hundreds of thousands of equity from the people they loaned to. One loaned $100,000 to a widow on her $400,000 home. He gave her tons of opportunities and even left her there over a year with no payment. He then foreclosed and took everything. I know it's the legal thing to do but I'd have a hard time taking $300,000 of some widows equity.
I'm not sure I have the heart to be in that business. I'd probably lose money. I always kept rents too low on my rentals especially for single moms and in the end they never appreciated it and always screwed me over. I'm also still hesitant to do more rentals but in this market I could be picky on tenants.
My home is paid off and just appraised at 1.1 million on a desk top appraisal. They said it would bring more on full appraisal but I wouldn't want to borrow more than the non jumbo limit of $640,000. I have another home that I rent that's worth about $350,000 now too. I can borrow an in-house no fee 15 yr loan at 2.25% on them.
I thought about buying 3 nice local lots that are west facing right next to each other for $70,000 each and then building new homes on each to rent. I'd rent them from 15 years until they're paid off and then give one to each of my three kids.
I could probably buy the lots with mortgaging my houses but I wouldn't be able yo build without risking my home with a mortgage. All my builder friends say don't even try to build right now. You can get materials and labor is triple what it was 3 years ago. I decided against it but I still wonder if I should but rhe lots and hold them. There's just no tax benefit yo bare land and the only way to make anything on it is if it keeps appreciating.
I'm having a hard time this year knowing what to invest in. I know I'm just losing value having my retirement money on the sidelines during this kind of inflation. I often consider starting a self directed ira and doing hard money loans.
My friends have made tons doing it but it's because they have foreclosed on properties and taken hundreds of thousands of equity from the people they loaned to. One loaned $100,000 to a widow on her $400,000 home. He gave her tons of opportunities and even left her there over a year with no payment. He then foreclosed and took everything. I know it's the legal thing to do but I'd have a hard time taking $300,000 of some widows equity.
I'm not sure I have the heart to be in that business. I'd probably lose money. I always kept rents too low on my rentals especially for single moms and in the end they never appreciated it and always screwed me over. I'm also still hesitant to do more rentals but in this market I could be picky on tenants.
Bb
Burley, I have known people who have done the first trust deed notes and what you say is correct. They all seem to get out of it after awhile as the turnover is higher than one would expect. When people get on better ground financially they always re-fi
Greg, Another strategy if capitol gains are too high and you don't want to sell is a cash out refinance.... no capitol gains.... of course SAcharlie thinks these strategies are only available to the rich.... hahahhaha
OK. Now, you have a monthly debt service to perform. What will you have planned for the proceeds of the refianace? It has to be re-invested in order for it to not lose value due to inflation. Can't just sit on it and use it to service the loan payments.
If your overall plan has continued action, and a longer time horizon, such as growing a group of rentals, then buying another property with those proceeds increases your risk again. That's the risk I'm talking about. That starts getting into LLC or business investment, not individual. There are more than a few other vehicles of investment with much less risk for the individual.
Warren Buffet lives in a modest home in Nebraska....... but why? Maybe he is a modern day Scrooge?
Well ya don't sit around the house when you have money to go elsewhere. He owns a condo aboard The World.
Still no details, just short snippets of drivel with no context. That’s how Chucky rolls. Man/lady of zero substance, hates capitalism, America and anyone who enjoys success.
Greg, Another strategy if capitol gains are too high and you don't want to sell is a cash out refinance.... no capitol gains.... of course SAcharlie thinks these strategies are only available to the rich.... hahahhaha
OK. Now, you have a monthly debt service to perform. What will you have planned for the proceeds of the refianace? It has to be re-invested in order for it to not lose value due to inflation. Can't just sit on it and use it to service the loan payments.
If your overall plan has continued action, and a longer time horizon, such as growing a group of rentals, then buying another property with those proceeds increases you risk again. That's the risk I'm talking about. That starts getting into LLC or business investment, not individual. There are more than a few other vehicles of investment with much less risk for the individual.
I think we are talking past each other... I am talking about LLC or S corp. you know , real business investing, anyone can participate, roll the dice and take your chances
Yet if you hold valuable assets , inflation can make you richer....
Fixed, low interest rate debt is your friend during inflation.
Correct.... a simple example most can relate to... you have a 30 yr mortgage at 3% yet inflation is 5% year after year.... well in 20yrs your monthly payment will be really cheap and your house will have doubled or more in value. A person has to adapt his investment strategy according to current conditions
Yes that's the way it works for the masses. Also how the government taxes the hell out of the masses in property tax year after year but let's the special wealthy ones holding capital assets pay nothing on their appreciation of assets.
You would be much better served if you spit out the class envy/hate the rich koolaid and employed some good investment strategies and maybe you to could be successful?
Warren Buffet lives in a modest home in Nebraska....... but why? Maybe he is a modern day Scrooge?
Well ya don't sit around the house when you have money to go elsewhere. He owns a condo aboard The World.
Still no details, just short snippets of drivel with no context. That’s how Chucky rolls. Man/lady of zero substance, hates capitalism, America and anyone who enjoys success.
Many folks in this discussion are closer to retirement based on their comments. Especially those at or over the $1M mark being discussed. Being clear about discussing the differences of individual investment and setting up or running a business venture should be spoken.
I'm with you irfubar. Anyone can start and run a business. I want to be clear in MY comments as to if they are addressing individual investment or when running a business venture.
Many folks in this discussion are closer to retirement based on their comments. Especially those at or over the $1M mark being discussed. Being clear about discussing the differences of individual investment and setting up or running a business venture should be spoken.
I'm with you irfubar. Anyone can start and run a business. I want to be clear in MY comments as to if they are addressing individual investment or when running a business venture.
A distinction worth clarifying..... sorry for making assumptions
what is wrong ...if anything with a reverse mortgage?.....you get to pull equity out of your house and live in it as long as you want....just another tool to add to your ss etc....bob
Because if you are willing to really run the numbers a reverse mortgage is not really that efficient of a transaction for the consumer. But the banks do well on them . . .
so you have a lot of equity in your house...no mortgage if you borrow money against it you put it at risk.....or take a reverse mortgage no risk that I see.....or just let it sit there and get no benefit from it....bob
It's all good! Heck, I wish I had more knowledge to share with folks. I am always listening! Seems the more I try to grow the more worries I find. Easy to feel like everything is a potential roadblock when driving drunk!
Many folks in this discussion are closer to retirement based on their comments. Especially those at or over the $1M mark being discussed. Being clear about discussing the differences of individual investment and setting up or running a business venture should be spoken.
I'm with you irfubar. Anyone can start and run a business. I want to be clear in MY comments as to if they are addressing individual investment or when running a business venture.
You're being way too practical.
SAC's got the hippie envy thing goin'. Please don't get in the way.
Warren Buffet lives in a modest home in Nebraska....... but why? Maybe he is a modern day Scrooge?
Well ya don't sit around the house when you have money to go elsewhere. He owns a condo aboard The World.
Still no details, just short snippets of drivel with no context. That’s how Chucky rolls. Man/lady of zero substance, hates capitalism, America and anyone who enjoys success.
Get yourself a cheap hobby.
Do you or have you ever done anything constructive?
Many folks in this discussion are closer to retirement based on their comments. Especially those at or over the $1M mark being discussed. Being clear about discussing the differences of individual investment and setting up or running a business venture should be spoken.
I'm with you irfubar. Anyone can start and run a business. I want to be clear in MY comments as to if they are addressing individual investment or when running a business venture.
Rental real estate is a hell of a lot easier than running a business. Did both. Retired with real estate. No chit load of employees. Doesn't run down the highway. Keeping property tax low is the task.
what is wrong ...if anything with a reverse mortgage?.....you get to pull equity out of your house and live in it as long as you want....just another tool to add to your ss etc....bob
Because if you are willing to really run the numbers a reverse mortgage is not really that efficient of a transaction for the consumer. But the banks do well on them . . .
so you have a lot of equity in your house...no mortgage if you borrow money against it you put it at risk.....or take a reverse mortgage no risk that I see.....or just let it sit there and get no benefit from it....bob
Origination fees, and other fees, variable rates typically, no tax advantages, etc. For some they are an option, but not efficient IMO and there are better options. But mileage can vary.
Many folks in this discussion are closer to retirement based on their comments. Especially those at or over the $1M mark being discussed. Being clear about discussing the differences of individual investment and setting up or running a business venture should be spoken.
I'm with you irfubar. Anyone can start and run a business. I want to be clear in MY comments as to if they are addressing individual investment or when running a business venture.
Rental real estate is a hell of a lot easier than running a business. Did both. Retired with real estate. No chit load of employees. Doesn't run down the highway. Keeping property tax low is the task.
Your tenants should be paying the tax (indirectly of course) no wonder you hate capitalism you suck at it
Many folks in this discussion are closer to retirement based on their comments. Especially those at or over the $1M mark being discussed. Being clear about discussing the differences of individual investment and setting up or running a business venture should be spoken.
I'm with you irfubar. Anyone can start and run a business. I want to be clear in MY comments as to if they are addressing individual investment or when running a business venture.
Rental real estate is a hell of a lot easier than running a business. Did both. Retired with real estate. No chit load of employees. Doesn't run down the highway. Keeping property tax low is the task.
Your tenants should be paying the tax (indirectly of course) no wonder you hate capitalism you suck at it
And then turn around and vote for folks campaigning to raise those taxes.
Many folks in this discussion are closer to retirement based on their comments. Especially those at or over the $1M mark being discussed. Being clear about discussing the differences of individual investment and setting up or running a business venture should be spoken.
I'm with you irfubar. Anyone can start and run a business. I want to be clear in MY comments as to if they are addressing individual investment or when running a business venture.
Rental real estate is a hell of a lot easier than running a business. Did both. Retired with real estate. No chit load of employees. Doesn't run down the highway. Keeping property tax low is the task.
Your tenants should be paying the tax (indirectly of course) no wonder you hate capitalism you suck at it
My gosh you are smart. What type of real estate are you heavy in?
cfran....I get that...so how does one enjoy...get the benefits out of a house you own free and clear.....I not worried about leaving it for kids.....bob
cfran....I get that...so how does one enjoy...get the benefits out of a house you own free and clear.....I not worried about leaving it for kids.....bob
what is wrong ...if anything with a reverse mortgage?.....you get to pull equity out of your house and live in it as long as you want....just another tool to add to your ss etc....bob
Because if you are willing to really run the numbers a reverse mortgage is not really that efficient of a transaction for the consumer. But the banks do well on them . . .
what is wrong ...if anything with a reverse mortgage?.....you get to pull equity out of your house and live in it as long as you want....just another tool to add to your ss etc....bob
Because if you are willing to really run the numbers a reverse mortgage is not really that efficient of a transaction for the consumer. But the banks do well on them . . .
that's why the banks do them....
Good grief..... and to think, seems everyone is out to make a dollar..... another commi chimes in
Yet if you hold valuable assets , inflation can make you richer....
Fixed, low interest rate debt is your friend during inflation.
Correct.... a simple example most can relate to... you have a 30 yr mortgage at 3% yet inflation is 5% year after year.... well in 20yrs your monthly payment will be really cheap and your house will have doubled or more in value. A person has to adapt his investment strategy according to current conditions
Yes that's the way it works for the masses. Also how the government taxes the hell out of the masses in property tax year after year but let's the special wealthy ones holding capital assets pay nothing on their appreciation of assets.
You would be much better served if you spit out the class envy/hate the rich koolaid and employed some good investment strategies and maybe you to could be successful?
Don't envy anyone with wealth. Hate the way the tax system favors a few at the expense of many.
cfran....I get that...so how does one enjoy...get the benefits out of a house you own free and clear.....I not worried about leaving it for kids.....bob
You could rent the basement to SAcharlie?
what did I ever do to you to warrant such a vicious attack?......bob
cfran....I get that...so how does one enjoy...get the benefits out of a house you own free and clear.....I not worried about leaving it for kids.....bob
Sometimes a HELOC or traditional mortgage can be an option, but I get that sometimes there isn’t another option.
cfran....I get that...so how does one enjoy...get the benefits out of a house you own free and clear.....I not worried about leaving it for kids.....bob
Sometimes a HELOC or traditional mortgage can be an option, but I get that sometimes there isn’t another option.
but then you would have monthly payments... I dont need it to retire.....just hate to see all that money sitting there....bob
cfran....I get that...so how does one enjoy...get the benefits out of a house you own free and clear.....I not worried about leaving it for kids.....bob
Well, you get to live there. That brings me great joy and comfort.
What are the objectives in your view? If you ripped out $250k under a HELOC at a low fixed rate you can accomplish the same. Yes, of course you have to pay it back but you can in theory use the money to earn a higher rate than what your are paying in interest to the bank.
This isn’t a strategy I usually use, but I did finance part of my new to me second home as I thought the rate was too competitive to ignore. Primary is paid for. But I think I can safely earn 5%-7% returns on conservatively balanced plan, against a mortgage of 2.75%. Key to me is I can pay it off when I want, I usually shy away from the leverage game. In fact I generally hate debt.
cfran....I get that...so how does one enjoy...get the benefits out of a house you own free and clear.....I not worried about leaving it for kids.....bob
Well, you get to live there. That brings me great joy and comfort.
Greg.....I guess I want to live there and get paid for doing so...lol....bob
cfran....I get that...so how does one enjoy...get the benefits out of a house you own free and clear.....I not worried about leaving it for kids.....bob
Sometimes a HELOC or traditional mortgage can be an option, but I get that sometimes there isn’t another option.
but then you would have monthly payments... I dont need it to retire.....just hate to see all that money sitting there....bob
Bob, I also always hear that these are generally a bad idea but get few specifics. I’m imagining a guy who may be house rich but low income, with no heirs to consider. Downsizing the house and pulling out the cash difference might be better , but I’d like to see the numbers. Of course, taxes and upkeep should be less after downsizing, so that might tip the scales.
What are the objectives in your view? If you ripped out $250k under a HELOC at a low fixed rate you can accomplish the same. Yes, of course you have to pay it back but you can in theory use the money to earn a higher rate than what your are paying in interest to the bank.
This isn’t a strategy I usually use, but I did finance part of my new to me second home as I thought the rate was too competitive to ignore. Primary is paid for. But I think I can safely earn 5%-7% returns on conservatively balanced plan, against a mortgage of 2.75%. Key to me is I can pay it off when I want, I usually shy away from the leverage game. In fact I generally hate debt.
any type of loan against your house puts it at risk.....a reverse mortgage gets paid when you sell it or die.....
my objective? use some of the equity in the house for whatever I want with no risk to the house....I am not arguing with what you are saying just trying to see the down side....bob
wmr......know of 2 that have done it.....one a good friend.....they are glad they did it....they couldn't see a downside....I like hearing the different opinions.....bob
What are the objectives in your view? If you ripped out $250k under a HELOC at a low fixed rate you can accomplish the same. Yes, of course you have to pay it back but you can in theory use the money to earn a higher rate than what your are paying in interest to the bank.
This isn’t a strategy I usually use, but I did finance part of my new to me second home as I thought the rate was too competitive to ignore. Primary is paid for. But I think I can safely earn 5%-7% returns on conservatively balanced plan, against a mortgage of 2.75%. Key to me is I can pay it off when I want, I usually shy away from the leverage game. In fact I generally hate debt.
Wish I knew more, but smarter people than me have said when you really get under the hood and fully digest the fees you are being charged that it’s an expensive way to tap equity. Sorry I can’t add a lot more color.
any type of loan against your house puts it at risk.....a reverse mortgage gets paid when you sell it or die.....
my objective? use some of the equity in the house for whatever I want with no risk to the house....I am not arguing with what you are saying just trying to see the down side....bob
What are the objectives in your view? If you ripped out $250k under a HELOC... But I think I can safely earn 5%-7% returns on conservatively balanced plan, against a mortgage of 2.75%.
ROFLMAO
Yep that's like the Vegas casinos are still in business but everyone ya talk to has left there a winner.
Yet if you hold valuable assets , inflation can make you richer....
Fixed, low interest rate debt is your friend during inflation.
Correct.... a simple example most can relate to... you have a 30 yr mortgage at 3% yet inflation is 5% year after year.... well in 20yrs your monthly payment will be really cheap and your house will have doubled or more in value. A person has to adapt his investment strategy according to current conditions
Yes that's the way it works for the masses. Also how the government taxes the hell out of the masses in property tax year after year but let's the special wealthy ones holding capital assets pay nothing on their appreciation of assets.
You would be much better served if you spit out the class envy/hate the rich koolaid and employed some good investment strategies and maybe you to could be successful?
Don't envy anyone with wealth. Hate the way the tax system favors a few at the expense of many.
^^ brokedick loser.
Oh. Ok. Got it..
For the good of the many.
When your heroes like that feral female penis Pressley and horse feathers AOC strip you of all your personal property and put you in the gulag, it would be interesting to see what you have to say then. But, we'll never know at that point...
I don’t consider any type of debt as my friend. I take the “borrower is servant to the lender” thing to heart. YMMV of course, and congrats if it works for you.
So do I!!!
Quote {No debt is the BEST position. That means every dollar you would have to pay out to service debt is now available and can be used for investment instead.}
What are the objectives in your view? If you ripped out $250k under a HELOC... But I think I can safely earn 5%-7% returns on conservatively balanced plan, against a mortgage of 2.75%.
ROFLMAO
Yep that's like the Vegas casinos are still in business but everyone ya talk to has left there a winner.
What are the objectives in your view? If you ripped out $250k under a HELOC... But I think I can safely earn 5%-7% returns on conservatively balanced plan, against a mortgage of 2.75%.
ROFLMAO
Yep that's like the Vegas casinos are still in business but everyone ya talk to has left there a winner.
Wow. You really don't get it, do you?
Apparently charlie has lost money investing and hates the system because of that...... what he doesn't understand is pretty much every successful investor has lost a few, yet they keep at it and learn from the loses and eventually win.
What are the objectives in your view? If you ripped out $250k under a HELOC... But I think I can safely earn 5%-7% returns on conservatively balanced plan, against a mortgage of 2.75%.
ROFLMAO
Yep that's like the Vegas casinos are still in business but everyone ya talk to has left there a winner.
Wow. You really don't get it, do you?
Apparently charlie has lost money investing and hates the system because of that...... what he doesn't understand is pretty much every successful investor has lost a few, yet they keep at it and learn from the loses and eventually win.
What are the objectives in your view? If you ripped out $250k under a HELOC... But I think I can safely earn 5%-7% returns on conservatively balanced plan, against a mortgage of 2.75%.
ROFLMAO
Yep that's like the Vegas casinos are still in business but everyone ya talk to has left there a winner.
Wow. You really don't get it, do you?
Apparently charlie has lost money investing and hates the system because of that...... what he doesn't understand is pretty much every successful investor has lost a few, yet they keep at it and learn from the loses and eventually win.
Bullshit.
SAC is a swamper at a peep show.
....part time.
Lmao... Jim you are probably closer to the truth than I am.....
What are the objectives in your view? If you ripped out $250k under a HELOC... But I think I can safely earn 5%-7% returns on conservatively balanced plan, against a mortgage of 2.75%.
ROFLMAO
Yep that's like the Vegas casinos are still in business but everyone ya talk to has left there a winner.
Wow. You really don't get it, do you?
Apparently charlie has lost money investing and hates the system because of that...... what he doesn't understand is pretty much every successful investor has lost a few, yet they keep at it and learn from the loses and eventually win.
No, the 1st investment doubled then the 2nd broke even without a time value return. The true payoff has been RE development.
Small time investors are the chumps the FIRE makes money off of. Also the FIRE never lose but get a bailout when they fugup.
What are the objectives in your view? If you ripped out $250k under a HELOC... But I think I can safely earn 5%-7% returns on conservatively balanced plan, against a mortgage of 2.75%.
ROFLMAO
Yep that's like the Vegas casinos are still in business but everyone ya talk to has left there a winner.
Wow. You really don't get it, do you?
Apparently charlie has lost money investing and hates the system because of that...... what he doesn't understand is pretty much every successful investor has lost a few, yet they keep at it and learn from the loses and eventually win.
No, the 1st investment doubled then the 2nd broke even without a time value return. The true payoff has been RE development.
Small time investors are the chumps the FIRE makes money off of. Also the FIRE never lose but get a bailout when they fugup.
Do you expect anyone here to believe a single word from you?
What are the objectives in your view? If you ripped out $250k under a HELOC... But I think I can safely earn 5%-7% returns on conservatively balanced plan, against a mortgage of 2.75%.
ROFLMAO
Yep that's like the Vegas casinos are still in business but everyone ya talk to has left there a winner.
Wow. You really don't get it, do you?
Apparently charlie has lost money investing and hates the system because of that...... what he doesn't understand is pretty much every successful investor has lost a few, yet they keep at it and learn from the loses and eventually win.
No, the 1st investment doubled then the 2nd broke even without a time value return. The true payoff has been RE development.
Small time investors are the chumps the FIRE makes money off of. Also the FIRE never lose but get a bailout when they fugup.
Do you expect anyone here to believe a single word from you?
If he would actually read some of the stupid schit he posts BEFORE he puts it up..
What are the objectives in your view? If you ripped out $250k under a HELOC... But I think I can safely earn 5%-7% returns on conservatively balanced plan, against a mortgage of 2.75%.
ROFLMAO
Yep that's like the Vegas casinos are still in business but everyone ya talk to has left there a winner.
Wow. You really don't get it, do you?
Apparently charlie has lost money investing and hates the system because of that...... what he doesn't understand is pretty much every successful investor has lost a few, yet they keep at it and learn from the loses and eventually win.
No, the 1st investment doubled then the 2nd broke even without a time value return. The true payoff has been RE development.
Small time investors are the chumps the FIRE makes money off of. Also the FIRE never lose but get a bailout when they fugup.
WTF? I know me personally have never been bailed out in my life and I would bet money the majority here have not either... My first home increased in value $7000 dollars in 6 yrs.... my second home was taken from me by my ex wife.... I lived in a travel trailer for 7 yrs building my business.... so cry me a river you loser
I was hoping to get some investment ideas from this thread. Damn leftists ruin everything. They hate capitalism so bad they have to destroy a thread about it.
Whether or not I am a millionaire is kind of immaterial. I am healthy and able to do the things I like to do. I have a wife who is always there for me. I have some good, valued friends. I have two healthy children and some grandchildren. I'm ok; millionaire or not. GD
Whether or not I am a millionaire is kind of immaterial. I am healthy and able to do the things I like to do. I have a wife who is always there for me. I have some good, valued friends. I have two healthy children and some grandchildren. I'm ok; millionaire or not. GD
I was hoping to get some investment ideas from this thread. Damn leftists ruin everything. They hate capitalism so bad they have to destroy a thread about it.
I was hoping to get some investment ideas from this thread. Damn leftists ruin everything. They hate capitalism so bad they have to destroy a thread about it.
Brian, it would be way more interesting if you guys would start bragging....lol
Locally I know a few older guys my dad's age who own enough stuff to be in the 5-10 million range.
They all try to pretend who is the most broke.....lol
On serious note they do try and fly under the radar.
Brother Sam, Due to a psycho ex bitch wife I got a late start, and I am a simple guy, I don't even know how to spend money.. lol As for your pal's in the 5-10 million range and flying under the radar, I know some of those guys and respect them.... I am not quite there yet and braggin , well , lets just say my goal was to be a free man and my own boss and I have achieved that. I am way less ambitious than most...
What are the objectives in your view? If you ripped out $250k under a HELOC... But I think I can safely earn 5%-7% returns on conservatively balanced plan, against a mortgage of 2.75%.
ROFLMAO
Yep that's like the Vegas casinos are still in business but everyone ya talk to has left there a winner.
Wow. You really don't get it, do you?
Apparently charlie has lost money investing and hates the system because of that...... what he doesn't understand is pretty much every successful investor has lost a few, yet they keep at it and learn from the loses and eventually win.
No, the 1st investment doubled then the 2nd broke even without a time value return. The true payoff has been RE development.
Small time investors are the chumps the FIRE makes money off of. Also the FIRE never lose but get a bailout when they fugup.
This was a classic, Chuck was either drunk or he’s just flat out special.
But the victim mentality runs strong in him for sure, an easy to spot trait in progressives. Wow.
Added up our (small)house, (old)vehicles, a tractor, the cows....
630k
Always forget about 401k's and cash.
Then we at about 900k.
Not much but okay considering we were worth less than $100k ten years ago.
Well, I'll go second, without the full accounting.
Let's just say after the demise of the 17 year old Matrix in the creek, we're down to a 20 year old, 250K mile Tacoma and a 5 year old RAV4. 3 whippets, one recovering from an expensive knee repair, 4 hens and El Feo the rooster, and a 7 Acre RANCH! which we're still paying on.
Not millionaires by any stretch. Even when one of us dies, the other will not be a millionaire.
Whether or not I am a millionaire is kind of immaterial. I am healthy and able to do the things I like to do. I have a wife who is always there for me. I have some good, valued friends. I have two healthy children and some grandchildren. I'm ok; millionaire or not. GD
Whether or not I am a millionaire is kind of immaterial. I am healthy and able to do the things I like to do. I have a wife who is always there for me. I have some good, valued friends. I have two healthy children and some grandchildren. I'm ok; millionaire or not. GD
So we can put you down as a “no”, right?
Is this a contest?
Sorta. Not with each other, with yourself and making good choices.
Brian, it would be way more interesting if you guys would start bragging....lol
Locally I know a few older guys my dad's age who own enough stuff to be in the 5-10 million range.
They all try to pretend who is the most broke.....lol
On serious note they do try and fly under the radar.
Brother Sam, Due to a psycho ex bitch wife I got a late start, and I am a simple guy, I don't even know how to spend money.. lol As for your pal's in the 5-10 million range and flying under the radar, I know some of those guys and respect them.... I am not quite there yet and braggin , well , lets just say my goal was to be a free man and my own boss and I have achieved that. I am way less ambitious than most...
I often tell young people, choose wisely because like the map maker(nobody knows what a cartographer is) said, Here there be monsters.
Whether or not I am a millionaire is kind of immaterial. I am healthy and able to do the things I like to do. I have a wife who is always there for me. I have some good, valued friends. I have two healthy children and some grandchildren. I'm ok; millionaire or not. GD
So we can put you down as a “no”, right?
You can put me down any way you like! (I know you will). The thing is it doesn't matter. I've made my own way and, as I head down the stretch, I'm OK. I have more guns than I can use, more vehicles than I need, and all the property I'm able to care for. I'm light on debt and heavy on worthless assets! You can label me however you feel is best. GD
Sam Walton drove around in an old 1979 ford pickup....
Not because he was frugal but because they were the coolest ford pickups ever made and for every improvement they made they fugged up atleast 2 other things since then. ..mb
Yep and throw the Bronco in there as well. When your Mom owned one of those, with a granny gear 4 speed no less,everyone knew she was the cool Mom. My sister and I both learned to drive stick on it.
Whether or not I am a millionaire is kind of immaterial. I am healthy and able to do the things I like to do. I have a wife who is always there for me. I have some good, valued friends. I have two healthy children and some grandchildren. I'm ok; millionaire or not. GD
So we can put you down as a “no”, right?
You can put me down any way you like! (I know you will). The thing is it doesn't matter. I've made my own way and, as I head down the stretch, I'm OK. I have more guns than I can use, more vehicles than I need, and all the property I'm able to care for. I'm light on debt and heavy on worthless assets! You can label me however you feel is best. GD
what is wrong ...if anything with a reverse mortgage?.....you get to pull equity out of your house and live in it as long as you want....just another tool to add to your ss etc....bob
Because if you are willing to really run the numbers a reverse mortgage is not really that efficient of a transaction for the consumer. But the banks do well on them . . .
that's why the banks do them....
Good grief..... and to think, seems everyone is out to make a dollar..... another commi chimes in
what is wrong ...if anything with a reverse mortgage?.....you get to pull equity out of your house and live in it as long as you want....just another tool to add to your ss etc....bob
Because if you are willing to really run the numbers a reverse mortgage is not really that efficient of a transaction for the consumer. But the banks do well on them . . .
that's why the banks do them....
Good grief..... and to think, seems everyone is out to make a dollar..... another commi chimes in
How many reverse mortgages do you have right now?
easy question.
and Why?
Another softball.
Do your answers make you a communist?
Just checking
None..... reason, I don't need one... besides I don't believe I am old enough to qualify? If I need or want one in the future I will sure as hell do it. I have no problem paying a bank for services it provides me. My answers make me a capitalist.... Your answer shows your contempt of the capitalistic system.... as does your world view
what is wrong ...if anything with a reverse mortgage?.....you get to pull equity out of your house and live in it as long as you want....just another tool to add to your ss etc....bob
Because if you are willing to really run the numbers a reverse mortgage is not really that efficient of a transaction for the consumer. But the banks do well on them . . .
that's why the banks do them....
Good grief..... and to think, seems everyone is out to make a dollar..... another commi chimes in
How many reverse mortgages do you have right now?
easy question.
and Why?
Another softball.
Do your answers make you a communist?
Just checking
None..... reason, I don't need one... besides I don't believe I am old enough to qualify? If I need or want one in the future I will sure as hell do it. I have no problem paying a bank for services it provides me. My answers make me a capitalist.... Your answer shows your contempt of the capitalistic system.... as does your world view
everything's a tradeoff.
Are you saying banks don't do them to make money?
If you think they do them to make money, does that make you a communist?
what is wrong ...if anything with a reverse mortgage?.....you get to pull equity out of your house and live in it as long as you want....just another tool to add to your ss etc....bob
Because if you are willing to really run the numbers a reverse mortgage is not really that efficient of a transaction for the consumer. But the banks do well on them . . .
that's why the banks do them....
Good grief..... and to think, seems everyone is out to make a dollar..... another commi chimes in
How many reverse mortgages do you have right now?
easy question.
and Why?
Another softball.
Do your answers make you a communist?
Just checking
None..... reason, I don't need one... besides I don't believe I am old enough to qualify? If I need or want one in the future I will sure as hell do it. I have no problem paying a bank for services it provides me. My answers make me a capitalist.... Your answer shows your contempt of the capitalistic system.... as does your world view
As usual, a mouth full of diarrhea and no pictures..........A typical troll.
But being a " millionaire" and having assets that are paid off worth $1000000 are two different things in my book.
What if you have 3 million in cash flowing real estate yet you owe 1 million on it?
That is called Smart!
There is a ratio that is smart and a ratio that is not so smart..... for me 25% to 30% is smart..... past that you enter the danger zone.... but each needs to assess their risk tolerance
But being a " millionaire" and having assets that are paid off worth $1000000 are two different things in my book.
What if you have 3 million in cash flowing real estate yet you owe 1 million on it?
That is called Smart!
There is a ratio that is smart and a ratio that is not so smart..... for me 25% to 30% is smart..... past that you enter the danger zone.... but each needs to assess their risk tolerance
How would that per cent work in a big real estate correction like in 2008 through 2012? Commercial or residential? Curious obviously don’t want to be over extended.
But being a " millionaire" and having assets that are paid off worth $1000000 are two different things in my book.
What if you have 3 million in cash flowing real estate yet you owe 1 million on it?
That is called Smart!
There is a ratio that is smart and a ratio that is not so smart..... for me 25% to 30% is smart..... past that you enter the danger zone.... but each needs to assess their risk tolerance
How would that per cent work in a big real estate correction like in 2008 through 2012? Commercial or residential? Curious obviously don’t want to be over extended.
Funny you ask.... in 2008 my ratios weren't that good yet I survived.... it was stressful though.... my real estate is commercial. I will send you a PM
Yet if you hold valuable assets , inflation can make you richer....
Fixed, low interest rate debt is your friend during inflation.
Correct.... a simple example most can relate to... you have a 30 yr mortgage at 3% yet inflation is 5% year after year.... well in 20yrs your monthly payment will be really cheap and your house will have doubled or more in value. A person has to adapt his investment strategy according to current conditions
Yes that's the way it works for the masses. Also how the government taxes the hell out of the masses in property tax year after year but let's the special wealthy ones holding capital assets pay nothing on their appreciation of assets.
You would be much better served if you spit out the class envy/hate the rich koolaid and employed some good investment strategies and maybe you to could be successful?
Don't envy anyone with wealth. Hate the way the tax system favors a few at the expense of many.
Nothing is more valuable than good health. Something I found out after my health went to crap. I worked a lot to get ahead when I was younger but at eat cost? Although when my health took a dive I was glad I was out of debt with some assets.
But being a " millionaire" and having assets that are paid off worth $1000000 are two different things in my book.
What if you have 3 million in cash flowing real estate yet you owe 1 million on it?
That is called Smart!
There is a ratio that is smart and a ratio that is not so smart..... for me 25% to 30% is smart..... past that you enter the danger zone.... but each needs to assess their risk tolerance
How would that per cent work in a big real estate correction like in 2008 through 2012? Commercial or residential? Curious obviously don’t want to be over extended.
ribka, as usual part of the answer to your question is "It depends". I'll use one residential area I know very well as an example. Properties there are worth almost triple what they dropped to after the market crash from 2008. However, rents did not go down. Interesting dichotomy.
Also in the 2008 drop, The Fed baled out the banks, who then went out and got rich foreclosing on Jack and Jill homeowner. Then to top that all off, The Fed allowed the banks to carry those properties undervalued on their books. And they're set to do the same sort of thing again. This time using lockdowns, closure of businesses and destruction of the middle class and family unit. But, I digress..
Well I guess I made it. At a young age I always had a job and saved a little, no college, but dad had some land and gave me a piece. In the 70's working $3. an hour jobs, wife and I borrowed $6500. and bought a log cabin kit. With friends, family, an connections, we managed to get it livable in two years. paid off the loan, and paid cash for everything else. Managed to buy it out in the divorce, and kept to the plan of saving 10% or more from every paycheck. A good job in the 80's and a better one in the 90's helped me build a nest egg, then a very good advisor put it to work. I used the 08 crash to do Roth conversions, and in 2014 second wife and I retired with just over one million, and no mortgage, nothing except taxes and one car payment between us. We pay the advisor 1% but he takes good care of us, and we still live at or below our means. I never denied myself, just was careful listening to parents that lived through the depression. At almost 70 we are happy, and secure, and comfortable. For you youngsters out there under, say 40, or younger my best advise is save a little from every paycheck, take advantage of every break or opportunity that comes along and find a good financial advisor.
My 401K went up 65% after the presidential election so life is far better now. The market appreciated all the money, the left printed to pay off their elite comrades for helping them steal the election, coming in.
Your mileage may vary depending how you are diversified.
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