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Additionally, a million dollars really isn't significant these days.

???

While it's not what it once was, a million bucks is enough to live on
quite comfortably for decades.
--
Jay Honeck
Iowa City, IA
Pathfinder N56993
www.AlexisParkInn.com
"Your Aviation Destination"

Jay Honeck writes:

While it's not what it once was, a million bucks is enough to live on
quite comfortably for decades.

Decades? I think not. Not when a nice house alone costs more than a million
dollars, and a mediocre house costs half a million.

Mxsmanic wrote in
:

Jay Honeck writes:

While it's not what it once was, a million bucks is enough to live on
quite comfortably for decades.

Decades? I think not. Not when a nice house alone costs more than a
million dollars, and a mediocre house costs half a million.

Fortunatley for you Dumpsters are cheap and plentiful


Berti e

Mxsmanic wrote:
Jay Honeck writes:

While it's not what it once was, a million bucks is enough to live on
quite comfortably for decades.

Decades? I think not. Not when a nice house alone costs more than a million
dollars, and a mediocre house costs half a million.

Adults can get credit.

$1M house ~ $3K/month

$1M/($3K*12) ~ 28 years

Adults can get interest.

$1M @ 5.75% annual yield = $57,500/year

House payment = $36,000/year

Net annual income $57.5K - $36K = $21.5K

Adults pay taxes.

The house payment is almost totally deductible, so the taxable
annual income is $21.5K, which is a negligable tax rate.

After 28 years, amount on hand (neglecting other expenses

$1M + 28 ($21.5K) ~ $1.6M.

Or you could spend ~$50K/year (in addition to the house payment)
and wind up with about $0 after 28 years.

You'll understand all this when you grow up.

--
Jim Pennino

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wrote in message
...
Mxsmanic wrote:
Jay Honeck writes:

While it's not what it once was, a million bucks is enough to live on
quite comfortably for decades.

Decades? I think not. Not when a nice house alone costs more than a
million
dollars, and a mediocre house costs half a million.

Adults can get credit.

$1M house ~ $3K/month


Your math appears to be wrong. A $1,000,000 dollar loan, 30 years, at 7% is
$6700/month. Mybe if you put $500,000 down you can get a $3000/month
payment.
http://www.bankrate.com/gookeyword/m...0&submit.y= 8

Depending on where you live a million dollar home can be nice, or a
fixer-upper.

Tom Conner wrote:

wrote in message
...
Mxsmanic wrote:
Jay Honeck writes:

While it's not what it once was, a million bucks is enough to live on
quite comfortably for decades.

Decades? I think not. Not when a nice house alone costs more than a
million
dollars, and a mediocre house costs half a million.

Adults can get credit.

$1M house ~ $3K/month


Your math appears to be wrong. A $1,000,000 dollar loan, 30 years, at 7% is
$6700/month. Mybe if you put $500,000 down you can get a $3000/month
payment.

I have no idea what the interest rate or term is for that loan is nor
do I care.

I simply went to a couple of mortgage web sites and found offers for
fixed loans for an average of around $3K for a $1M mortgage.

Even if the payment is off it doesn't change the point that if
one were to suddenly receive $1M, one can finance a house and live
for a long time on the original principal before it goes to zero..

--
Jim Pennino

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writes:

I have no idea what the interest rate or term is for that loan is nor
do I care.

Then your entire original argument is invalidated.

Even if the payment is off it doesn't change the point that if
one were to suddenly receive $1M, one can finance a house and live
for a long time on the original principal before it goes to zero..

Since you don't know or care about the details, this assertion is pretty much
worthless.

A lot of people think $1 million is a lot of money--often because they don't
know or care about the details. That's one reason why many lottery winners
are right back in the same boat a few years after winning their prizes: they
spend and spend without caring about the details, and before they know it,
that "unlimited" sum of money is gone.

Mxsmanic wrote:
writes:

I have no idea what the interest rate or term is for that loan is nor
do I care.

Then your entire original argument is invalidated.

No child, the only thing that happens is the 28 year term goes
to some other number of years.

Even if the payment is off it doesn't change the point that if
one were to suddenly receive $1M, one can finance a house and live
for a long time on the original principal before it goes to zero..

Since you don't know or care about the details, this assertion is pretty much
worthless.

No child, the only thing that happens is the 28 year term goes
to some other number of years.

One can live quite well and for many years on $1M simply by leveraging
the money and a few intelligent investments.

Only a child would blow it all at once.

A lot of people think $1 million is a lot of money--often because they don't
know or care about the details. That's one reason why many lottery winners
are right back in the same boat a few years after winning their prizes: they
spend and spend without caring about the details, and before they know it,
that "unlimited" sum of money is gone.

Yes, there are lots of childish, immature people in the world just like
you that given a large sum of money haven't a clue how to handle it.

I personally know a couple that about 15 years ago inherited about $5M.

Three years later it was all gone spent on parties, chartered trips
to rock concerts around the world and nose candy with nothing of substance
to show for it but a 2 year old van and a drum set.

To this day they whine about the world much like you do.

--
Jim Pennino

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Decades? I think not. Not when a nice house alone costs more than a million
dollars, and a mediocre house costs half a million.

A million dollar home in Iowa is bigger than the White House. A half
million dollar home is a castle.

Our four-bedroom, 2.5 car garage, 3 bath ranch is valued at $220K.

I don't know about homes in France, but if your prices are accurate,
it sounds worse than California...
--
Jay Honeck
Iowa City, IA
Pathfinder N56993
www.AlexisParkInn.com
"Your Aviation Destination"

Jay Honeck wrote:
Decades? I think not. Not when a nice house alone costs more than a million
dollars, and a mediocre house costs half a million.

A million dollar home in Iowa is bigger than the White House. A half
million dollar home is a castle.

Our four-bedroom, 2.5 car garage, 3 bath ranch is valued at $220K.

I don't know about homes in France, but if your prices are accurate,
it sounds worse than California...

House prices in California are on the average higher than most of
the rest of the country, but a nice house in a nice place can be
had for under a half million, just not in places like Malibu or
the Bay Area.

--
Jim Pennino

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