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Re: Housing prices, emotions, futility
Old 04-07-2006, 10:17 AM   #21
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Re: Housing prices, emotions, futility

Yes, a lot of wealth has been created by the housing market. You can envy the 30 year olds that have made several hundred thousand or if you have the nerve and the luck, you can or could have taken advantage of it. I built a house, sold it and took my tax-free gain and made the equivalent of 10 years worth of savings in 18 months. I then bought a house with cash in a less expensive area. I'm not a big risk taker, but I saw an opportunity that looked good and it worked out. It wasn't easy but it was worth it. I knew other people doing similar transactions and I told them that my biggest worry was interest rates going up. They looked at me with a blank stare. They weren't worried at all. Some of the risk takers may not fare all that well. Back in the late 90's there were lots of reports of people making a killing with dotcoms. You don't see them in the press much anymore and the same may happen to the real estate gurus.

The way I see it, you got two choices. You either gotta get busy livin'...or get busy dyin'.
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Re: Housing prices, emotions, futility
Old 04-07-2006, 10:32 AM   #22
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Re: Housing prices, emotions, futility

Originally Posted by tryan
GREAT !* If they keep the economy working ... the economy works for us.* *
Yes - if the majority of people in the US decided to try to ER it would cause a MAJOR economic slowdown. Most people would cut out their frivolous spending and would try to lower their debt. Economies that have a high percentage of savers tend to be slow.


Well, I thought I was retired. But it seems that now I'm working as a travel agent instead!
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Re: Housing prices, emotions, futility
Old 04-07-2006, 12:02 PM   #23
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Re: Housing prices, emotions, futility

I didn't mean to imply that I'm a big fish. Certainly my lifestyle is low key, as I would feel uneasy purchasing a car new and my idea of a nice dinner out is Subway on 2 for 1 Tuesdays. I work around a bunch of big fish so I feel like I need to continue to save, invest, and save some more. I agree that the most important thing is to teach your kids how to handle any wealth you pass on to them. Nothing in the world makes me happier than watching a truly rich kid blow lots of money, and in the process, establish habits that I know will contribute to the loss of even more money later on. Someone in their family earned it, and now they are giving it all back! Seems fair to me.

Originally Posted by Lusitan
A quote from the character Herman Blume (Bill Murray) addressing the student body of a private school in the movie Rushmore:

"You guys have it real easy. I never had it like this where I grew up. But I send my kids here because the fact is you go to one of the best schools in the country ... Now, for some of you it doesn't matter. You were born rich and you're going to stay rich. But here's my advice to the rest of you: Take dead aim on the rich boys. Get them in the crosshairs, and take them down. Just remember - they can buy anything, but they can't buy backbone. Don't let them forget it."

Don't worry, Mac - there are plenty of people out there gunning for you, economically speaking. Most inherited wealth is fritted away in a couple generations, so it's all a part of the cycle. The trick for all of us is finding happiness in life outside of material wealth.
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Re: Housing prices, emotions, futility
Old 04-07-2006, 10:08 PM   #24
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Re: Housing prices, emotions, futility

Real esate wealth and "profit" could be just an illusion.... unless you cash out NOW.


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