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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 Remove .spam.sux to reply. |
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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. |
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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 Remove .spam.sux to reply. |
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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 Remove .spam.sux to reply. |
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