USA: The best place to live if you want to be a millionaire

Discussion in 'Health and Lifestyle' started by Skull Pilot, May 26, 2008.

  1. Skull Pilot
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    Skull Pilot Platinum Member

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    Boy if everyone knew how easy it is to become a millionaire in the US, there would be no more whining about the economy.

    The catch is there is no catch. Anyone can become a millionaire in this country. it is so easy it's almost criminal. you don't have to start a business and risk everything, you don't have to be a genius, you don't need a college education. All you have to do is buy a house.

    here's how. buy a house, any house you can afford and live in it( for at least 2 years). Don't be stupid and keep remortgaging when the property value rises just pay the original mortgage(if you do refinance only do it to shorten the term do NOT pull out any equity). fix the house up a little and wait until you can sell for 150-250K over your purchase price.

    Now that profit of up to 250K is tax free folks. Use some of it for a down payment on your next house and invest the rest in a solid portfolio and repeat until you are a millionaire.

    So easy any moron could do it right??

    of course one of you wet blankets will say "What about the real estate market now, i bet you can't do that now"

    wrong. One of the reasons people are upside down in their mortgages is that they kept remortgaging their homes and pulling out all their equity. do that enough and you will always lose the game. Don't do it and you will be rich.

    This is THE absolute best time to start on your path to being a millionaire, houses are on sale folks so if there is any way you can buy do it. now

    If you all care about your kids you will pass this little nugget of wisdom on to them. Just imagine if your son or daughter started this simple process in their 20's, he or she could be millionaires a couple times over by the time they are ready to retire now that's a legacy to leave your family.
     
  2. roomy
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    roomy The Natural

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    Most folk have their money tied up in their homes, the trouble is they are worth nothing while you need to live in them, they are worth a small fortune to others when you pop your clogs.
     
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  3. roomy
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    roomy The Natural

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    The catch is in the "any house you can afford" bit:rofl:
     
  4. Skull Pilot
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    Skull Pilot Platinum Member

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    Please, just look around you can find some absolutely great homes for under 250K. at a 6.5% interest rate a 30 year loan will cost about 1350 a month. hell rents in my area are almost that much and people seem to be able to afford that.
     
  5. jillian
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    jillian Princess Supporting Member

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    Not in this part of the country.
     
  6. Toro
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    Toro Diamond Member

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    There have been a few studies over the past five years concluding that social mobility in America, though still high, has actually fallen, and in countries such as Sweden and Canada, it is now easier than in America for the poor to become rich.
     
  7. Skull Pilot
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    Skull Pilot Platinum Member

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    the best opportunity in years to buy a home cheap and start on your path to becoming a millionaire is staring you in the face and you'd rather be negative and say it's not possible.

    that is sad
     
  8. CharlestonChad
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    CharlestonChad Baller Deluxe

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    How many millions have you made so far?
     
  9. Skull Pilot
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    Skull Pilot Platinum Member

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    if you must know I am on my third house in a little over 9 years and have managed to save over 220 K. i will probably be in this house a little longer though because I like it so much. A 200 plus year old farm house with a huge barn and about 3 acres. it needs a little more work than my other houses but it really is a piece of old world craftsmanship that you just don't see anymore. A lot of the wood is American chestnut which is pretty much extinct and the barn is amazing. there is not a nail in it as it it all hand hewn and pegged chestnut even after 200 years the roof is still straight as an arrow. I got if for a song and with the work I'm doing (plumbing and electric upgrades, central air, new heating system landscaping etc) i expect to realize a pretty good profit when I sell in 7 or 8 years maybe ten years as I might have a hard time parting with this home. hell i might just keep it and rent it out while i am doing the required 2 years in my next house.

    and even if I haven't made a million yet, does that negate the opportunity? even if I didn't trade a house again I have over 200k extra in my retirement fund and in 20 years at a mere 8% is over a million and adjusted for inflation over 20 years it still is over 550000 that i wouldn't have if I listened to people like you.

    the tax laws are there and you can take advantage of them or not. like i said it's not rocket science.

    I posted this because there is so much doom and gloom here and in the news that it is easy to lose sight of something so simple and yet so incredibly profitable. even with something so simple available to them people just want to whine about how hard it is to get ahead even when the government has given you a gift of a tax law like this one. take advantage of it and take control of your life. Do nothing and whine or do something and profit from it. Hmmmm easy choice is it not grasshopper???
     
  10. jreeves
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    jreeves Senior Member

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    Where do you live, 250K may buy you house(if you can call it that), that you would spend more money in repairs than you would for the price of the house.
     

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