cj
Full time employment: Posting here.
- Joined
- Jun 21, 2005
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- 517
Thought this was fascinating:
washingtonpost.com
washingtonpost.com
It reminds me of all the lottery winners who wind up broke in a couple years. Give something of significant value to someone who has never learned how to manage their money or build wealth, and this is what you get.For the benefit of others: The OP is a link to a story about a home that was the subject of an episode of the TV show "Extreme Makeover." The home, located in Atlanta, is now in foreclosure.
Samclem, thanks for clarifying. I guess I was just so flabbergasted, I didn't know what to say! Here is more: "When they returned, they had the biggest house on Ahyoka Drive, with all the appliances and furnishings, plus enough money to pay taxes on it for decades, plus a fund to send their children to college.
The house will be auctioned off, according to the Atlanta Journal-Constitution, next Tuesday on the steps of the Clayton County Courthouse.
The Harpers had used their home as collateral on a $450,000 loan from JPMorgan Chase and fell in arrears..."
So it wasn't even that they got this new, big house and then couldn't pay the taxes & utilities. I'm just shaking my head.
CJ
It reminds me of all the lottery winners who wind up broke in a couple years. Give something of significant value to someone who has never learned how to manage their money or build wealth, and this is what you get.
Though I do feel bad for the people who get these great home upgrades for the show, but they can no longer afford to live there. I wonder if there is anything in the contracts stating that they are not allowed to sell the house...
But then the kind of people who enter this type of contest are rarely likely to ask that sort of question.
That's interesting. It makes sense but I figured that more would have tried to actually live in it; and have it drag them down."In the 10 years that HGTV has run the contest, the Cruzes are the only winners who've chosen to live in the Dream Home.
Most of the rest sold, happily pocketing the cash."
Uh, oh!"The Cruzes say they too had offers, for millions. But as soon as Don saw the house, he was determined to find a way to make it home."
Interesting. Some handcuffs come with this great deal. I wonder why it's set up this way?"Don found out that he doesn't own the land under the house but instead has a 30-year lease"
And it goes on..."Upkeep is $2,900 a month. Homeowners insurance runs $7,000 annually. The insurance and gas bill on the Cruz fleet (they own seven vehicles, including the SUV they won in the contest) costs $1,000 a month."
UFB! I don't know what to say. They've finally realized the folly of their ways but it was an expensive lesson. I hope their time in the house was worth the huge amount of money they've blown in the process."The upshot: The Cruzes have just $36,000 left from their winnings. What's more, to pay off the tax bill, as well as cover other expenses, they had taken out a $1 million loan. Monthly payments on it are around $8,000. They won't be able to pay it off in full until they sell the house."
I've heard that complaint from Habitat For Humanity volunteers-- when the "sweat equity" family rolls up to the home site in an expensive SUV.Its stuff like this that makes people who donate time and money to the needy a little less interested in continuing with it.
I've heard that complaint from Habitat For Humanity volunteers-- when the "sweat equity" family rolls up to the home site in an expensive SUV.
I guess that volunteers have to do it because they believe in the cause, not so much in the beneficiaries...
We've been donating to:I'm speaking about the folks that contribute to food banks, serving meals for the needy (e.g. the folks that have come upon hard times) or what I do (OK, I'm promoting Meals on Wheels again).
We've been learning that donating the money gives us more value than donating our time. Maybe someday that'll change.
Give a man a fish, feed him for a day; teach a man to fish ...
I've heard that complaint from Habitat For Humanity volunteers-- when the "sweat equity" family rolls up to the home site in an expensive SUV.