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re: Are you in the 1% club?
Posted on 1/25/15 at 7:16 pm to CidCock
Posted on 1/25/15 at 7:16 pm to CidCock
I honestly think it's dumb, form a real-life standpoint, to include a house in your net.
If I have a mortgage free house worth 750, but no other savings, what do I really have?
You have to live somewhere.
Also, people tend to overvalue cars and personal belongings a great deal.
If I have a mortgage free house worth 750, but no other savings, what do I really have?
You have to live somewhere.
Also, people tend to overvalue cars and personal belongings a great deal.
3
Posted on 1/25/15 at 7:17 pm to VetteGuy
quote:
I honestly think it's dumb, form a real-life standpoint, to include a house in your net.
If I have a mortgage free house worth 750, but no other savings, what do I really have?
You have to live somewhere.
Also, people tend to overvalue cars and personal belongings a great deal.
You have a lot more than someone who rents and has no other savings?
Home should absolutely be included in net worth.
Posted on 1/25/15 at 7:26 pm to VetteGuy
quote:
If I have a mortgage free house worth 750, but no other savings, what do I really have?
You have to live somewhere.
You could (hopefully) cash out of the house if need be. I respect real estate as an investment much more than I do stocks, bonds, etc. Not saying that your house is the only thing you should be invested in. Commercial real estate makes a great place to park and grow your money IMO.
Posted on 1/25/15 at 7:37 pm to VetteGuy
quote:
I honestly think it's dumb, form a real-life standpoint, to include a house in your net. If I have a mortgage free house worth 750, but no other savings, what do I really have? You have to live somewhere. Also, people tend to overvalue cars and personal belongings a great deal.
It is dumb not to include it. You have a fricking asset that can be liquidated if necessary or desired.
Example: Your home is not leveraged, you have no children at home, and you want to retire. You sell the house for seven hundred, move somewhere less expensive, and buy a cheap place. This is pretty common.
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