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Old 04-21-2010, 12:43 PM   #81
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"As a second home / vacation home owner I think some folks might be confusing LBYM with Frugal."

Bingo. The person who said that a second home precludes LBYM is just plain wrong with respect to those who do have the means. Bill and Melinda Gates definitely live beneath their means. As for the snarky comment that people with excess means should give to charity, I'm pretty confident that the tens of billions of dollars that they've donated to the Bill & Melinda Gates Foundation exceed the total amount donated to charity by everyone on this board from the beginning of time until the end of time (unless Warren Buffett is lurking here somewhere).

I have a question for whoever it is that believes a person with a second (or a third) (or a fourth) home "should" rent it out: Do you do that with your own clothing? Why not? Is it not "wasteful" to let a suit or a dress sit in your closet, unutilized for even a year or longer, when you could rent it out instead and thereby generate cash flow? And how about your second car (if you have one)? Is it not "wasteful" of you to let it sit in a garage, possibly for weeks at a time, when you could instead rent it out and generate cash flow? Hmmmm. You say renting it might be a waste of your time -- that you have better things to do? Or you don't want other people to use your clothes or your car because they might not care for them the way you do? Or that you like the flexibility of using your things whenever you feel like it, not only at scheduled times? Hmmmmmm. Interesting.... Do you think that some of us might feel that way about where we sleep, eat, work and play?
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Old 04-21-2010, 12:50 PM   #82
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SEC Lawyer, as I said, I think you should buy as many homes as you want. But at the moment shouldn't you be out there protecting us investors rather than spending your time debating lifestyles of the rich and not-so-rich on an internet forum?
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Old 04-21-2010, 12:54 PM   #83
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I know I will offend some with this but the Bible has a great story about charity: "The widow who gave here last two 'cents'". This scripture explains how giving should be. It is also not just about money.
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Old 04-21-2010, 12:55 PM   #84
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Possibly my name is misleading. I am actually an ex-SEC lawyer. I no longer protect you.
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Old 04-21-2010, 12:57 PM   #85
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Possibly my name is misleading. I am actually an ex-SEC lawyer. I no longer protect you.
Well that's a relief!
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Old 04-21-2010, 01:03 PM   #86
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Originally Posted by SEC Lawyer View Post
"As a second home / vacation home owner I think some folks might be confusing LBYM with Frugal."

Bingo. The person who said that a second home precludes LBYM is just plain wrong with respect to those who do have the means. Bill and Melinda Gates definitely live beneath their means. As for the snarky comment that people with excess means should give to charity, I'm pretty confident that the tens of billions of dollars that they've donated to the Bill & Melinda Gates Foundation exceed the total amount donated to charity by everyone on this board from the beginning of time until the end of time (unless Warren Buffett is lurking here somewhere).

I have a question for whoever it is that believes a person with a second (or a third) (or a fourth) home "should" rent it out: Do you do that with your own clothing? Why not? Is it not "wasteful" to let a suit or a dress sit in your closet, unutilized for even a year or longer, when you could rent it out instead and thereby generate cash flow? And how about your second car (if you have one)? Is it not "wasteful" of you to let it sit in a garage, possibly for weeks at a time, when you could instead rent it out and generate cash flow? Hmmmm. You say renting it might be a waste of your time -- that you have better things to do? Or you don't want other people to use your clothes or your car because they might not care for them the way you do? Or that you like the flexibility of using your things whenever you feel like it, not only at scheduled times? Hmmmmmm. Interesting.... Do you think that some of us might feel that way about where we sleep, eat, work and play?
Good point. A second home is always a contentious issue, especially with those folks who say they "just don't get it." I could rent out my vacation home in the mountains, but quite frankly, it isn't worth the hassle. I want to go up there for a week or a weekend, and know what I am and am not going to find when I get there. I don't want strangers sleeping? in my bed, don't want to clean up after folks who have no interest in how the place looks when they leave, or have to worry about how the place is being treated in my absence. I didn't buy a Motel 6 for investment purposes. My cabin is paid for, taxes are relatively low, maintenance is minimal, and I enjoy working on it in the clear mountain air. I bought the place in 1994 as a fixer-upper project- as a getaway from the oppressive PHX summers, and my busy work and travel schedule. I do offer it to friends and family unconditionally, but never take a dime in compensation. (whack a few weeds while you are there if you really feel the need to pay me back...) As for LBYM, I wouldn't have purchased it if I couldn't afford it; I'm not apologizing to anyone for owning a second home. In fact, after reading some of the liberal moralistic arguments here, I may just go buy another.. Anyone know of any good waterfront fixer-uppers on the Olympic Peninsula. ?
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Old 04-21-2010, 01:26 PM   #87
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I have a question for whoever it is that believes a person with a second (or a third) (or a fourth) home "should" rent it out:
Who said that? I don't see any post advocating you should rent it out - now you've gone and got Westernskies all riled up for no good reason
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Old 04-21-2010, 01:30 PM   #88
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Relax SEC. You will never win your argument on this board. HAHA makes a good point -being LBYM is almost a religion here. Makes you feel better. You know what happens when you discuss religion. Again-I say if you have it spend it-however you want. Isn't that what America now is all about?
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Old 04-21-2010, 01:49 PM   #89
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You can't legislate morality...
I said nothing about legislation.
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Old 04-21-2010, 01:52 PM   #90
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Who said that? I don't see any post advocating you should rent it out - now you've gone and got Westernskies all riled up for no good reason
Sometimes, I don't need a reason...
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Old 04-21-2010, 01:52 PM   #91
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"As for the snarky comment that people with excess means should give to charity, I'm pretty confident that the tens of billions of dollars that they've donated to the Bill & Melinda Gates Foundation exceed the total amount donated to charity by everyone on this board from the beginning of time until the end of time (unless Warren Buffett is lurking here somewhere).
I did not criticize the Gates, who do seem to take philanthropy seriously.
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Old 04-21-2010, 01:57 PM   #92
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Possibly my name is misleading. I am actually an ex-SEC lawyer. I no longer protect you.
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Old 04-21-2010, 01:57 PM   #93
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I did not criticize the Gates, who do seem to take philanthropy seriously.
Any well off person in the US is giving plenty to a mandatory charity with bloated administrative costs- the US Government. Her rate of giving is soon to increase markedly also.

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Old 04-21-2010, 02:02 PM   #94
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I did not criticize the Gates, who do seem to take philanthropy seriously.
What about Buffet? I think he display the LBYM attitude much better than Gates.
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Old 04-21-2010, 02:07 PM   #95
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I said nothing about legislation.
You did not. My point was... "There ought to be a law...." is a common theme when folks discuss their thoughts around morality.
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Old 04-21-2010, 02:14 PM   #96
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What about Buffet? I think he display the LBYM attitude much better than Gates.
yeah.... why does he NEED to own all those companies? Wouldn't it be better (and more moral ) for him to own just one, and LBYM on his billions?
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Old 04-21-2010, 03:02 PM   #97
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So owning, setting the place up the way we like it and becoming part of the community sounds better to me. I know that's the expensive route and maybe I've got it wrong!?
Like all things, it's a personal decision based upon your wants/desires/lifestyle.

For me/DW? It would not make sense. We travel extensively every year and surly have "paid" for more than one home over the years. However we could not see ourselves going to the same place over and over (we have our personal home for that).

Nor do we wish to maintain a home and try to do a "swap" as some have done. Too much of a hassle for us. We would rather pick a place on the globe, pay somebody to arrange it, and have a guide (if needed) once we get there.

Of course, that's only our POV (which counts for nothing )...
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Old 04-21-2010, 04:18 PM   #98
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Still there is something to be said for arriving at your vacation place with your clothes in the closet and you cars in the garage.
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Old 04-21-2010, 04:39 PM   #99
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Still there is something to be said for arriving at your vacation place with your clothes in the closet and you cars in the garage.
I like having my whole vacation home on wheels!

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Old 04-21-2010, 04:44 PM   #100
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SEC, welcome to the board.
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