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Author Topic: The Millionaire Next Door  (Read 3102 times)

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HawgWild

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The Millionaire Next Door
« on: July 31, 2015, 04:45:34 pm »

PORTRAIT of A MILLIONAIRE
Who is the prototypical American millionaire?
* He’s a fifty-seven-year-old male, married with three children. About 70 percent earn 80 percent or more of their household's income.
* About one in five is retired. About two-thirds that are working are self-employed. Interestingly, self-employed people make up less than 20 percent of the workers in America but account for two-thirds of the millionaires.
* Many of the types of businesses they are in could be classified as dull/normal. They are welding contractors, auctioneers, rice farmers, owners of mobile-home parks, pest controllers, coin and stamp dealers, and paving contractors.
* About half of their wives do not work outside the home. The number-one occupation for those wives who do work is teacher.
* Their household's total annual realized (taxable) income is $131,000 (median, or 50th percentile), while their average income is $247,000.
* They have an average household net worth of $3.7 million.
* On average, their total annual realized income is less than 7 percent of our wealth. In other words, they live on less than 7 percent of their wealth.
* Most (97 percent) are homeowners. They live in homes currently valued at an average of $320,000. About half have occupied the same home for more than twenty years.
* Most have never felt at a disadvantage because they did not receive any inheritance. About 80 percent are first-generation affluent.
* They live well below their means. They wear inexpensive suits and drive American-made cars. Only a minority drive the current-model-year automobile. Only a minority ever lease a motor vehicle.
* Most of their wives are planners and meticulous budgeters. In fact, only 18 percent disagreed with the statement "Charity begins at home." Most will tell you that their wives are a lot more conservative with money than we are.
* They have a "go-to-hell fund." In other words, they have accumulated enough wealth to live without working for ten or more years. Thus, those with a net worth of $1.6 million could live comfortably for more than twelve years. Actually, they could live longer than that, since they save at least 15 percent of their earned income.
* They have more than six and one-half times the level of wealth of their non-millionaire neighbors, but, in their neighborhood, these non-millionaires outnumber them better than three to one. Could it be that they have chosen to trade wealth for acquiring high-status material possessions?
* As a group, they are fairly well educated. Only about one in five are not college graduates. Many hold advanced degrees. Eighteen percent have master's degrees, 8 percent law degrees, 6 percent medical degrees, and 6 percent Ph.D.s.
* Only 17 percent of them or their spouses ever attended a private elementary or private high school. But 55 percent of their children are currently attending or have attended private schools.
* As a group, they believe that education is extremely important for, their children, and grandchildren. They spend heavily for the educations of our offspring.
* About two-thirds work between forty-five and fifty-five hours per week.
* They are fastidious investors. On average, they invest nearly 20 percent of their household realized income each year. Most invest at least 15 percent. Seventy-nine percent have at least one account with a brokerage company but they make their own investment decisions.
* They hold nearly 20 percent of their household's wealth in transaction securities such as publicly traded stocks and mutual funds. They rarely sell their equity investments. They hold even more in their pension plans. On average, 21 percent of their household's wealth is in their private businesses.
* As a group, they feel that their daughters are financially handicapped in comparison to their sons. Men seem to make much more money even within the same occupational categories.

ricepig

Re: The Millionaire Next Door
« Reply #1 on: July 31, 2015, 05:28:13 pm »

I'll say as a retired rice farmer that is 57, with three children, that the portrait is pretty close, very interesting.
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HawgWild

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Re: The Millionaire Next Door
« Reply #2 on: August 01, 2015, 11:32:09 am »

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OnTheHillHogFan

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Re: The Millionaire Next Door
« Reply #3 on: August 01, 2015, 06:24:07 pm »

This is the one that stuck out to me the most

They live well below their means. They wear inexpensive suits and drive American-made cars. Only a minority drive the current-model-year automobile. Only a minority ever lease a motor vehicle.



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HawgWild

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Re: The Millionaire Next Door
« Reply #4 on: August 03, 2015, 02:29:19 pm »

I liked this quote from the article:

"We define wealthy differently. We do not define wealthy, affluent, or rich in terms of material possessions. Many people who display a high-consumption lifestyle have little or no investments, appreciable assets, income-producing assets, common stocks, bonds, private businesses, oil/gas rights, or timber land. Conversely, those people whom we define as being wealthy get much more pleasure from owning substantial amounts of appreciable assets than from displaying a high-consumption lifestyle."

And the term, "big hat no cattle".
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LSUFan

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Re: The Millionaire Next Door
« Reply #5 on: August 03, 2015, 02:42:42 pm »

Great Find HW

+1
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razorhog52

Re: The Millionaire Next Door
« Reply #6 on: December 10, 2015, 09:08:45 pm »

This is the one that stuck out to me the most

They live well below their means. They wear inexpensive suits and drive American-made cars. Only a minority drive the current-model-year automobile. Only a minority ever lease a motor vehicle.




I have a Joes. A Bank suit. I want something nicer. Maybe I should hold off?
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woodrow hog call

Re: The Millionaire Next Door
« Reply #7 on: December 11, 2015, 04:10:27 pm »

I have a Joes. A Bank suit. I want something nicer. Maybe I should hold off?

Yeah if you can hold out long enough for the "buy one get three free" deal they do every now and then. Matter of fact we could go 50-50 and wind up with two each, I don't know if they all have to be the same size or not.
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ricepig

Re: The Millionaire Next Door
« Reply #8 on: December 11, 2015, 05:20:58 pm »

Yeah if you can hold out long enough for the "buy one get three free" deal they do every now and then. Matter of fact we could go 50-50 and wind up with two each, I don't know if they all have to be the same size or not.

They don't, I have an aunt that buys her four grandsons a new suit on it, every year. I don't know if they all need a new one each time, but I hear them laugh about it at Christmas time.
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ErieHog

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Re: The Millionaire Next Door
« Reply #9 on: December 11, 2015, 06:48:47 pm »

The original book is now nearly 20 years dated, but it is a gold mine for information on what wealth in America actually looks like.
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Old Tusk

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Re: The Millionaire Next Door
« Reply #10 on: December 11, 2015, 07:31:16 pm »

What is the definition of a millionaire?
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Old Tusk

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Re: The Millionaire Next Door
« Reply #11 on: December 11, 2015, 07:32:53 pm »

What is the definition of a millionaire?
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ricepig

Re: The Millionaire Next Door
« Reply #12 on: December 11, 2015, 07:41:57 pm »

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Old Tusk

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Re: The Millionaire Next Door
« Reply #13 on: December 11, 2015, 08:17:52 pm »

So a net worth of one million?
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ricepig

Re: The Millionaire Next Door
« Reply #14 on: December 12, 2015, 07:29:28 am »

So a net worth of one million?

In the general terms, yes. I think most people see it as someone rich, probably making a $1m or close to it a year.
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Adam Stokes

Re: The Millionaire Next Door
« Reply #15 on: December 29, 2015, 05:09:53 pm »

Keep in mind to an extent that the book to which this is referring to was written 20 years ago.  Most people still drove American-made cars back then.  My wife just finished the book, I've read it a few times.  It's a good read.
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HSVhogfan2

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Re: The Millionaire Next Door
« Reply #16 on: December 29, 2015, 11:14:38 pm »

What is the definition of a millionaire?

Someone who can cash a check for a million.
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riccoar

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Re: The Millionaire Next Door
« Reply #17 on: December 30, 2015, 07:36:54 am »

* They live well below their means. They wear inexpensive suits and drive American-made cars. Only a minority drive the current-model-year automobile. Only a minority ever lease a motor vehicle.

Definitely THE most telling line of all.  This is why people get mired into their current lifestyle and are poor.  You can give them all the cash they need or want.  Until they learn to live within in it, they will never rise above where they are.
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Pulled(PP)pork

Re: The Millionaire Next Door
« Reply #18 on: December 30, 2015, 10:28:42 am »

The original book is now nearly 20 years dated, but it is a gold mine for information on what wealth in America actually looks like.
Rich Dad, Poor Dad is also a good book


PP

Pulled(PP)pork

Re: The Millionaire Next Door
« Reply #19 on: December 30, 2015, 10:29:43 am »

what does it take to be a millionaire at your current age, until retirment.  that's what I want to do


PP
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ricepig

Re: The Millionaire Next Door
« Reply #20 on: December 30, 2015, 01:56:25 pm »

Someone who can cash a check for a million.

Why would they have a million dollars in a checking account?
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ErieHog

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Re: The Millionaire Next Door
« Reply #21 on: December 30, 2015, 01:59:08 pm »

Why would they have a million dollars in a checking account?

People who keep a million in liquid cash are generally not millionaires in the sense of having a few million dollars;  they're tens of million, hundreds of million, or billionaires.   

They're wealthy in no small part, because they put their wealth to work, rather than keeping it on the sidelines.
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ricepig

Re: The Millionaire Next Door
« Reply #22 on: December 30, 2015, 02:07:25 pm »

People who keep a million in liquid cash are generally not millionaires in the sense of having a few million dollars;  they're tens of million, hundreds of million, or billionaires.   

They're wealthy in no small part, because they put their wealth to work, rather than keeping it on the sidelines.

I'm well aware.    ;)
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LSUFan

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Re: The Millionaire Next Door
« Reply #23 on: January 06, 2016, 03:15:51 pm »

People who keep a million in liquid cash are generally not millionaires in the sense of having a few million dollars;  they're tens of million, hundreds of million, or billionaires.   

They're wealthy in no small part, because they put their wealth to work, rather than keeping it on the sidelines.
When I see a guy with a 70k truck, a 100k house, fancy sunglasses, living off credit cards, I think to myself; boy has a fancy belt buckle but he ain't got no cows.
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Junkyard Hog

Re: The Millionaire Next Door
« Reply #24 on: January 06, 2016, 04:21:06 pm »

When I see a guy with a 70k truck, a 100k house, fancy sunglasses, living off credit cards, I think to myself; boy has a fancy belt buckle but he ain't got no cows.

Big hat, no cattle.
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ricepig

Re: The Millionaire Next Door
« Reply #25 on: January 06, 2016, 04:27:27 pm »

When I see a guy with a 70k truck, a 100k house, fancy sunglasses, living off credit cards, I think to myself; boy has a fancy belt buckle but he ain't got no cows.

Likes his truck more than his house?
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IronHog

Re: The Millionaire Next Door
« Reply #26 on: January 06, 2016, 06:40:56 pm »

I'll say as a retired rice farmer that is 57, with three children, that the portrait is pretty close, very interesting.


Million ain't nothing in row crop anymore.

Buy less than 200 acres of real rice base?
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ricepig

Re: The Millionaire Next Door
« Reply #27 on: January 06, 2016, 07:05:01 pm »


Million ain't nothing in row crop anymore.

Buy less than 200 acres of real rice base?

Nope, it's high priced these days, farms have sold in excess of $8100/acre, and it wasn't precision leveled. Some people have more money then sense.
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IronHog

Re: The Millionaire Next Door
« Reply #28 on: January 06, 2016, 07:27:03 pm »

Nope, it's high priced these days, farms have sold in excess of $8100/acre, and it wasn't precision leveled. Some people have more money then sense.

Ouch.
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ricepig

Re: The Millionaire Next Door
« Reply #29 on: January 07, 2016, 09:40:45 am »

Ouch.

Yeah, it's good if you want to sell, hard on those looking to buy, haha. Obviously it was well heeled investors/farmers, but way out of line in my opinion.
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IronHog

Re: The Millionaire Next Door
« Reply #30 on: January 08, 2016, 02:45:59 pm »

Yeah, it's good if you want to sell, hard on those looking to buy, haha. Obviously it was well heeled investors/farmers, but way out of line in my opinion.


Even 200bu rice won't give much return at those prices.

Seen some pretty sorry bean dirt bring 3500 here......just crazy.

Timberland is no better.

My dad is pretty much the guy the article is talking about.....while others were buying toys he bought land.  I've not been able to replicate that model with these prices though......won't cash flow.
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Karma

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Re: The Millionaire Next Door
« Reply #31 on: March 30, 2016, 11:01:26 am »

I've read and enjoyed this book. For another perspective, read Fooled By Randomness. One of the best books that I've ever read.

That book specifically discusses the Millionaire Next Door and says that looking at people who currently have X number of dollars is not a good way to chart a path to get their yourself.  Survivors bias, etc.

Both are good reads.
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Karma

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Re: The Millionaire Next Door
« Reply #32 on: April 21, 2016, 12:11:58 pm »

On another note, I didn't realize the author of millionaire next door recently died in a car accident.
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HawgWild

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Re: The Millionaire Next Door
« Reply #33 on: February 03, 2019, 05:57:01 pm »

The 30-year mortgage is one reason why most people don't become millionaires, according to author Chris Hogan, who surveyed 10,000 American millionaires.

He did the math: A homeowner with a $225,000 mortgage at a 4% interest rate could save more than $87,000 in interest by opting for a 15-year fixed mortgage over a 30-year fixed mortgage.

To be like the average millionaire and pay off your mortgage early, Hogan recommends following a strategy he calls the Purchase Price Paydown method.

The method suggests using the first three numbers of the purchase price — 2-2-5 in the example above— to make an extra monthly payment. In this case, it should be $225.
One of the most common decisions people make when buying a home can also prevent them from building wealth.

"If you want to know why most people don't become millionaires, look no further than the 30-year mortgage," wrote Chris Hogan in his book,"Everyday Millionaires: How Ordinary People Built Extraordinary Wealth — and How You Can Too." In partnership with the Dave Ramsey research team, he studied 10,000 American millionaires (defined as those with a net worth of at least $1 million) for seven months.
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HiggiePiggy

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Re: The Millionaire Next Door
« Reply #34 on: February 03, 2019, 06:20:48 pm »

People don’t become millionaires because they like to spend money and not save. 
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HAWG MAFIA

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Re: The Millionaire Next Door
« Reply #35 on: February 25, 2019, 09:50:33 pm »

Anyone can become a millionaire! It just takes the right plan and execution of that plan.

All the books mentioned are great reads.
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woodrow hog call

Re: The Millionaire Next Door
« Reply #36 on: February 26, 2019, 03:37:34 pm »

We did a fifteen year loan and still pay about 300 extra per month, so it will pay off early, but I doubt it helps me get to be a millionairey, mainly because of what Higge posted. I never have wanted a bunch of money, but I have a bad habit of wanting a bunch of stuff.
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HawgWild

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Re: The Millionaire Next Door
« Reply #37 on: February 26, 2019, 05:12:48 pm »

Just think, pay off your mortgage and you'll get the house payment amount plus $300 extra in your bank account each month. It'll be a great feeling. That'll buy a bunch more stuff.
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hawgrunner

Re: The Millionaire Next Door
« Reply #38 on: March 04, 2019, 03:08:00 pm »

Anyone can become a millionaire! It just takes the right plan and execution of that plan.

All the books mentioned are great reads.

Ditto.

https://www.amazon.com/Everyday-Millionaires-Ordinary-Extraordinary-Wealth_and/dp/0977489523
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onebadrubi

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Re: The Millionaire Next Door
« Reply #39 on: March 04, 2019, 03:48:18 pm »

Just think, pay off your mortgage and you'll get the house payment amount plus $300 extra in your bank account each month. It'll be a great feeling. That'll buy a bunch more stuff.

With mortgage rates where they are for such a long time though, many people have backed off this idea.

Indexing has proved to provide a bigger return on your money than paying a mortgage off.  So if you lock in a rate, why not just use the funds that would go against early pay of into a total stock market index, net out better, right?  While not a guarantee return, history has shown us enough date that over 30 years it's going to average a little better than rates have been the last decade?
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HiggiePiggy

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Re: The Millionaire Next Door
« Reply #40 on: March 04, 2019, 04:42:23 pm »

With mortgage rates where they are for such a long time though, many people have backed off this idea.

Indexing has proved to provide a bigger return on your money than paying a mortgage off.  So if you lock in a rate, why not just use the funds that would go against early pay of into a total stock market index, net out better, right?  While not a guarantee return, history has shown us enough date that over 30 years it's going to average a little better than rates have been the last decade?

Overall yes it would be better to put it into stocks, but so much can happen in 30 years as far as job wise that could stop you from being able to invest because of a loss of job and from there you would have to use that money you saved up in stock to now pay on your house while looking for another job.  I am doing both at the moment. I have money I put into stock I have money I put on top of what we already pay each month on the house.  The faster a house is paid off the more room you have in your life to invest.  If you can do both I would do that. Having no house bill makes life feel so much better knowing you are usually debt free when that house bill is gone. Plus you then have a house that is worth depending on the house. Ours is close to 250k.

HawgWild

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Re: The Millionaire Next Door
« Reply #41 on: March 04, 2019, 05:12:46 pm »

I bought my current home in May 2004. My other home was paid off but didn't sell until July 2005. I had a 15 year 4.25% loan on the new home and ploughed all the proceeds from my other home sale into that loan. I paid that loan off in the summer of 2009. Then I started putting all the freed up mortgage money into my ROTH,  403b and 457b plans. I managed to avoid all the market downturn that happened in 2008.

I can tell you that I did think about investing the proceeds from my home sale in the market but I valued being out of debt more. In my instance it worked.
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majestic

Re: The Millionaire Next Door
« Reply #42 on: March 04, 2019, 05:22:23 pm »

I paid off the house because I didn't want that payment hanging over my head in the event of a change in my income. Being debt free is a great feeling.
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farfromgroovins

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Re: The Millionaire Next Door
« Reply #43 on: March 04, 2019, 05:51:37 pm »

One kid in college and about to have another.  529 plans for both to take a little of the sting off.  Hopefully, they are done in 4-5 years which is about the same time our house will be paid off.  No more private school/college tuition.....no more house payment....teenage drivers off insurance....gas money....trumpet/dance lessons.....10 missing bags of Doritos each week.....

Of course, someone told me you have all that planned out and then plans change.....life happens.  All the more reason to try to stay ahead.

Just bought a "brand new 2005 Toyota Camry" with only 27k miles.  Little old lady car that went to church and back.  They only wanted $3,850 so we bought it.  Did we "need" a car?  No, but I'm ahead of the game now with cheap, reliable transportation.......but it won't sync with my iPhone :)  j/k, Android for my household.



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99toLife

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Re: The Millionaire Next Door
« Reply #44 on: March 04, 2019, 05:58:08 pm »

I paid off the house because I didn't want that payment hanging over my head in the event of a change in my income. Being debt free is a great feeling.

It is a good feeling, but I had to explain to a young friend that I still pay almost $600.00 a month in property taxes and insurance.. He thought when you paid your house off you were 100% free and clear.  young uns...
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majestic

Re: The Millionaire Next Door
« Reply #45 on: March 04, 2019, 06:06:53 pm »

It is a good feeling, but I had to explain to a young friend that I still pay almost $600.00 a month in property taxes and insurance.. He thought when you paid your house off you were 100% free and clear.  young uns...
Where do you live? I don't even pay half that each month.
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HawgPilot

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Re: The Millionaire Next Door
« Reply #46 on: March 05, 2019, 11:02:06 am »

Where do you live? I don't even pay half that each month.

Maybe FL or CA?  Its not uncommon to pay 6-10K for property tax/ insurance on a modest home.

I pay just over $5k/yr on both living in Central Ark.
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99toLife

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Re: The Millionaire Next Door
« Reply #47 on: March 05, 2019, 11:08:44 am »

Maybe FL or CA?  Its not uncommon to pay 6-10K for property tax/ insurance on a modest home.

I pay just over $5k/yr on both living in Central Ark.

Exactly, I don't live in California or New York either..
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Großer Kriegschwein

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Re: The Millionaire Next Door
« Reply #48 on: March 07, 2019, 03:06:32 pm »

Where do you live? I don't even pay half that each month.

I'll be at about $115 once mine is paid off. For both taxes and insurance.
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99toLife

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Re: The Millionaire Next Door
« Reply #49 on: March 07, 2019, 03:10:58 pm »

I'll be at about $115 once mine is paid off. For both taxes and insurance.

No offence intended but do you live in a shed?  What is the breakdown between the two, just curious.. I'm not try to be mean, just curious...
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