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Reply to "Does it seem like the #1 signal of wealth is a summer/weekend home?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]A very rich person once told me that the key to wealth is one house and one wife. It made me laugh, but probably true. doesn't answer your question, but I agree with a previous PP that you can probably swing a second home without being all that rich, especially if you can rent it out a lot of the time. [/quote] This. Owning multiple houses is a PITA. Been there, done that. [/quote] Everyone I know who has had one long term is pretty happy. They build wealth. All those years you pay the mortgage rather than spending the money on some hotel or someone else's home and then you have equity at the end of the 30 years. My mother's 'mountain shack' increased greatly in value as it became a popular destination and she has a waterfront lot. Her BF's ' beach shack' has similarly increased in value. You can also rent them out and deduct taxes. [/quote]
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