Reply to "$5 Million is a Nightmare... the Poorest Rich Person in America."

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Reply to ""$5 Million is a Nightmare... the Poorest Rich Person in America.""

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I think that it's weird that so many think a paid off home represents a lifetime of security.  A home is just a place to live.  And if it is worth enough to sustain your lifestyle it is also likely to be a money pit.[/quote]

[b]I don't think anyone thinks a paid off home represents "a lifetime of security."[/b] It's a major financial advantage. Not having to pay a mortgage every month, and not having to pay interest specifically, allows you to save/invest money much more quickly and easily. That allows you to build wealth much faster.

I have no idea why you think a house has to be a money pit -- I could live very happily and comfortably in a 1-1.5m home in the DC area. I don't want a big home and definitely don't want a home that requires tons of maintenance, lots of staff, etc. It's not worth it, I don't care about that lifestyle at all. I want someone to come clean my house once a week and I want to be able to afford any maintenance or that comes up including big ticket items like a roof or something. $5 gets you that no problem.[/quote]
Not sure if you said this but is just a few posts up: "Agree. And we certainly aren’t staying here! [b]Our paid off home here will buy us whatever we need elsewhere.[/b]"

$1-1.15m is not a lifetime of security.  I really don't know what you are talking about.[/quote]

They aren’t saying that’s a lifetime of security. They are saying owning their house in the DMV means that if/when they move to a lower COL area, that paid off home will mean no more mortgages.

Going from having to borrow money to buy a house to being able to simply own them is a huge change for most people, and dies mean a major step up in terms of financial comfort and security.

I don’t understand why you’re struggling so much to understand that not having a mortgage is better than having a mortgage. Getting rid of your mortgage opens a lot of doors, financially.[/quote]
If what the PP wrote needs a translator she needs to learn how to write clearly.  I don't know why you struggle to understand that. :roll:[/quote]

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