Is it no longer a big deal to be a millionaire? (economist, dollars)
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Not at all true for the millions of Mom and Pop housing providers...
Most have negative margins... some for decades... the only way I was able to get a toehold was to work for free plus having a "Real" job to subsidize my tenant's rental.
Every low income household in California gets a break on the cost of housing... discounted water, gas, electric, energy savings program...
Remember, HUD includes utilities and appliances under cost of housing.
In addition, low income households have extra protection under various rent controlled jurisdictions such as where I live and do business.
There are far more "Weekend Landlords" than professional landlords... the local Rental Housing Associations are comprised of almost all Mom and Pop providers...
I bought my last residential rental in 2004 and I am still subsidizing my tenant to the tune of $280 per month and this does not include my time...
My saving grace is the property has recently appreciated significantly which would require going out of business for me to realize ANY return on my investment.
That's ok because I'm in it for the long term and eventually the mortgage will be retired... meanwhile my great tenant gets to live in a neighborhood they would have to pay double to own... not including maintenance.
Just another service us landlords provide helping people to maximize their housing dollars...
By the way... a few weeks ago they told me they were out home shopping and came back depressed... the reality of having to double their housing expense simply to become owners of what they now rent...
Their plan is to eventually retire and leave the SF Bay Area to realize home ownership...
Landlords provide an essential service subject to the whims of the market and as history shows... one wrong calculation is all it takes to wipe out years of effort.
I bet most low income childless non-seniors get squat (zilch, zero, nada, ungatz) for utility assistance.
Although I guess it is theoretically possible, California is a different animal.
public assistance is everywhere but new York is the king of attracting unskilled labor for all the reasons I listed according to crains and that is despite the fact we are one of the highest col areas . .
I have to crane my neck in the subway to read (someone else's copy of) that rag.
really . all it is ,is facts and business news. we all know you would never read anything pertaining to work.
Where on earth (or any other planet) do you come up with this stuff? I read the WSJ every opportunity I get.. (A surprising number of people leave part or all of it on buses and trains.) In addition to the wealth of useful news and information it contains - there's a lot of content there, that's not specific to business or investing, especially in the weekend paper. They surprisingly have a quirky sense of humor much like mine.
e.g. earlier this week: Akorn Drives Investors Nuts
My favorite, from several years ago: Economy Continues to Dog Cerberus.
My two fantasy jobs are (1) WSJ copywriter, (2) Chris Berman's job at ESPN.
No longer a big deal, bacause a million just doesn't go as far as it used to. Millionaire is defined as having a net worth over $1,000,000. There are many millionaires that are merely middle-class, with modest incomes of less than 6 figures. For example, friends in CA who bought their home new in the early 1980s, for $185k, now paid off and worth 1.3 million. With no mortgage, little credit card debt, and low Prop. 13 taxes, they are living on pensions (not on Social Security yet) but have a net worth qualifying them as millionaires. A relative recently retired at age 60, he still owes a couple of hundred thousand on the home worth 1.2 million, but since he took his retirement in a lump sum, has over 1 million in the bank. Also living a modest lifestyle, depending on that lump sum and what he can get by investing part of it to live on for the rest of his life.
I believe primary residence is normally excluded when talking about being a millionaire... at least according to the sources I have seen in the past.
(I believe we have very roughly 9 million millionaires in the USA with about 2 0r 3 or those having a worth over 5 million.)
I've heard accredited investors must have $1million excluding their homes or make $200,000 .
The rules are changing though . I thought this was ridiculous as anyone can lose all their money in the stock market but people that don't have $1million is not allowed to invest in the next Facebook if they wanted to .
Just because someone has money doesn't mean they are smart about it or understand anything about investing .
I've heard accredited investors must have $1million excluding their homes or make $200,000 .
The rules are changing though . I thought this was ridiculous as anyone can lose all their money in the stock market but people that don't have $1million is not allowed to invest in the next Facebook if they wanted to .
Just because someone has money doesn't mean they are smart about it or understand anything about investing .
That's government for you.
Actually, government does not let just anyone lose all their money in the stock market. I once tried to open a brokerage account and was denied because my credit report address did not match the address on my brokerage app. Apparently an address mismatch does not comply with the PATRIOT Act, according to the letter the brokerage sent me.
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