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and by that I mean liquid assets worth a million. Say for example someone lives in an average suburban home(say 300-400k), has a decent car and a steady income and he has a net worth of one million dollars.
By who's standards?
Mind you, in countries ridden with inflation a lot of people are "millionaires", but those "millions" don't buy them much! Take Italy as an example.
Then, I seriously doubt that "so many" are millionaires in the US that it is no longer some kind of "trend"!
The people you name above are, and will continue to be a minority. To pay that much for a house is also quite ridiculous.
$300-400k for a house?...In L.A that barely puts you in a rundown house in some of the worst areas these days!..Of course property prices in L.A have gotten ridiculous.
That's twice that you have quoted yourself this week in order to make this personal. .... < Yawn! >
Oh, and BTW, it's Lowexpectations. There is no space like, say, the book title: Great Expectations.
Quote:
Originally Posted by Tall Traveler
My brother always says, I hope to have to pay a million in taxes this year. And I think some years he had to... thanks to his positive attitude.
Just to be clear, having a million check to cut on Apr 15 is not the same as having a million dollar tax liability in a given year
Quote:
Originally Posted by PhotoProIP
By who's standards?
Mind you, in countries ridden with inflation a lot of people are "millionaires", but those "millions" don't buy them much! Take Italy as an example.
OK, I'll take it. This thread is about people with $1million in assets. What doe Italy or inflation in any other country have to do with how much that money will buy?
If anyone hates paying the tax rates on the money they make , send the money to me . I will happily pay the taxes on it.
Of course I am grateful for being in a high tax bracket, but that doesn't mean it's fair for the top few percent to pay most of the income taxes. Government could be much smaller, more efficient, and less obstructive to entrepreneurship and growth.
This is an example at not really looking at the entire possibility. If you have a house worth 1.3mm and are living off of ss or pensions you could certainly move to a lower cost of living a monetize your millionaire status. Just because it's all tied up in real estate doesn't mean it's not real or couldn't provide for a different lifestyle
Well there are tax consequences... both income and property tax depending on if and where you moved and made a purchase... plus selling has it's own costs and then there is the Obama Health Care surtax...
Most that execute what you are saying sell and move out of State... friends have moved to Alabama, Arkansas, Idaho and Oregon... Nevada too...
None of this helps when you are leaving your friends and family behind...
Renting is also problematic because many can live in the Million Dollar homes for much less than renting something more modest...
Well there are tax consequences... both income and property tax depending on if and where you moved and made a purchase... plus selling has it's own costs and then there is the Obama Health Care surtax...
Most that execute what you are saying sell and move out of State... friends have moved to Alabama, Arkansas, Idaho and Oregon... Nevada too...
None of this helps when you are leaving your friends and family behind...
Renting is also problematic because many can live in the Million Dollar homes for much less than renting something more modest...
The first 500k in cap gains could be tax free for a married couple and more if you purchase another house I belive. All that aside it's all about choices. Being a millionaire, even house rich you have option
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. And I think some years he had to... thanks to his positive attitude.
