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(From CNN) 6 things you can do right now that'll make you rich

BRichard

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Silverfox148

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As I have heard MJ say in an interview: "we are all just free range slaves" or something similar and those are the ones that are awake. It's just the nature of the current game, I hold no judgement or anger at it. CNN spouting these things is not surprising, there is a general sub conscious growing awareness among most people especially the slow lane that all this stuff is not going to work, most can't articulate it but they know they will not be millionaires from their 401K.

The house front is an interesting one, you gotta be careful with this one, people treat it as a no brainer and it's anything but that. A house is not an asset for the average person, for some on here of course. If you are talented/hard working/street smart you can use houses in your favor, but most aren't that. The house next to mine was flipped, sold for around 330K for some fresh paint, new pool plaster, full kitchen remodel, some other fixes. The flipper bought it from a distressed seller after the husband died for around 200K.

The new owners are on the hook for 330K. I don't know if it will be asset or a liability for them in the long term but that's a tough number to start with not a lot of room, if they had bought for 200K and upgraded it via their own sweat equity , yeah it would be a probable asset. Mortgages are not a solution for the house owner, they are a solution for the bank/government. It's the 21st century version of sharecropping.

A house provides you shelter which is a big need, houses are good, however the mortgage on that house is another thing completely, it's a lion you are stuck with in the same cage respect it, and seek to get out of that cage as soon as possible.
 

astr0

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Its about control.

A landlord can decide to sell the house, or decide he doesn't want to rent it anymore, and the home you've built there is gone. Most rental houses have poor quality interiors. I'd like to have a nice functional kitchen. You better believe I'm not going to spend $10,000 remodeling the kitchen I'm renting.
That's the exact reasons why I've built a house after a few years of renting. I'm also a somewhat a car guy, so having a garage next to the house is great (not very common in Ukraine).

Owning a house here is pretty cheap in taxes and utility bills if it's not huge.

I don't have any external services except for the electricity. I do have autonomous sewage system and water well with the pump. Heating also runs on electricity and the house's build of bricks (big thermal mass, thus thermal inertia) and well insulated so it doesn't need an A/C system.

Total recurring expenses:
  • electricity: $30 in hot months, up to $100 in winter, per month
  • maintenance of autonomous systems: around $200-300/year, mostly on water filtering.
  • $2 tax per year for the land and nothing bad would happen if I don't pay.

Owning a house adds a lot to the risk-taking ability:
  • What the worst case scenario if you're renting a house? Homeless, no food, no shelter.
  • With a house? Less convenience, but can even grow your own food if needed.
Of course, that's nearly impossible scenarios, and a house can be taken in a lawsuit in even worse scenarios.

It also provides a much better environment for a family and raising kids.

With that said it does cost a lot and that money would probably serve better in a money system for someone who doesn't own a business that benefits from additional capital investments.
 

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