If someone has even 1 million dollars they’re rich. That’s the thing about numbers. They’re infinate.
You say you couldn’t even buy a house with a few million dollars? I could buy a house for $70,000.
For another $10,000 I could fit the house with solar, and use the other 900,000 to live off interest.
How is that not rich?
https://www.zillow.com/homedetails/3284-W-46th-St-Cleveland-OH-44102/33354305_zpid/
All I did was pull up zillow, and set the parameters for 50k-80k. This is the first result. There’s 15 more.
Did you really use a $50k house that needs at least $100k in repairs in a terrible neighborhood of Cleveland, Ohio as an example? Are you trolling? This might be the worst house for sale in America.
Here in Brazil you can, but we have ways to curb real estate speculation, the government can force owners to rent or sell properties that are idle, this helps keep the prices under control. On top of that, mortgages for ones first home is strictly regulated, especially in terms of how much interest can be charged.
Brazil in general seems like it really wants a middle class, y’all’s consumer protection laws are seriously good for the consumers too.
Oh crazy. That’s a good idea. Do you find it works well for your country?
I was wondering the same thing, as well as living off of the interest of 900K? Assuming an interest rate of about 4% (and that’s if the Fed doesn’t start cutting rates again), that’d be 36K a year? I mean, I guess it could be done, but I’m not sure it’d be what someone might call rich…of course, there is the cushion if you don’t cut into it…
I recently looked at a 2BR house where I live (Philly suburb with an excellent school system) that was listed for $69K. It was in great shape except for the very minor problem of termites having eaten through literally all of the floor joists. Walking in the house was like walking on a trampoline, very weird experience. It had been occupied up until a week prior, somehow.
So I’m a carpenter and own my own contracting business. Having to replace every floor joist in your house is INCREDIBLY expensive. Like depending on the size of your house you’re looking at anywhere from 20 grand to 100 grand, just to make your house legal to live in.
My landlord offered to sell me the house I rent for $67k. It extremely small and needs probably 40k in repairs to even make it safe to live in. This is in one of the lowest cost of living areas of the country. You can’t make good money here unless you travel for work or have advanced degrees or certifications AND/OR know the right people
The difference between 1 billion and 1 million dollars is just about 1 billion dollars.
And maybe you could find a house for 70k in your area, but that is not common at all. The AVERAGE home price in my area is 525-550,000.
Having a single million dollars just does not mean you’re rich these days.
if you want $900k to provide a steady return every year indefinitely, and while accounting for inflation, taxes on proceeds, fluctuations in the market, etc. you won’t be taking out nearly as much as you think each year.
$900,000 x .02 = $18,000 ÷ 12 = 1,500.
$1,500 every month, no rent, no mortgage, no electric bill. Basically means you’re paying taxes, insurance, water, gas, phone/internet. I’ll just round that off at $600. Means $900 a month after bills. All without working.
You telling me that ain’t rich?
$18,000 is only $3k above the federal poverty level, and well below for a family of 2. This sounds like one of those out of touch McDonald’s PR budgets.
Better hope your home never needs a new roof, that’ll be at LEAST 6 months of your passive income gone. Car breaks down? Well you need to fix that because you live in BFE, that’s another month gone.
Not to mention I don’t know what scooter you’re parking in your one room shack to keep taxes and insurance and utilities under $600. Are you fitting health insurance in that too or just offing yourself when you get medical debt? Hope you never have any dependants either, that’s when things get really pricey.
You do know what net worth is right? It’s combined wealth. A lot of people are worth 1mil or more… especially since the housing boom. This is some of the dumbest logic to bitch about someone who is worth a few million. Get your head out of your ass, bitching about millionaires is hilarious, while the billionaires are running the country.
I never bitched about him. I’ve said the same thing over and over and over. The comment was about context of why he’s saying to eat the rich, when that’s him.
