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Mt. lakes is nice but I don't get the whole "it's beautiful"? It's located on a main drag..heavy traffic! Houses are nice but you can do better for less in neighboring towns. Plus the school system isn't no. 1 anymore..even if it was, it doesn't justify paying 32K/yr. in property taxes..send them to a posh private school if that's the case. Over-rated in my opinion! In morris county...I would choose Long Valley over Mt. lakes anyday! (you can rep. me later T )
the old style house is beautiful, I agree with some of it. Rockaway Valley and By Charlottesburg Reso.is beautiful!!
Now, I'm no financial genius or anything, but I've seen this comment in the past, and it makes absolutely no sense to me.
So I take out a mortgage that, for example, requires me to pay $1,000/month in interest, so I'm paying $12,000/year in interest- money that I never see again, and in exchange for paying this $12k, I get to deduct it on my tax return. Let's say I'm in a 25% tax bracket, so I write off the $12k, and I get back $3,000 of the taxes that I've paid for the year (25% of $12k, right?). By my fuzzy math, I'm still short by $9,000, no?
Of course, if I don't have the money to pay cash for my house, I really don't have a choice in this matter, and getting back $3k in exchange for $12k is better than paying $12k and getting nothing. Unless I'm missing something, the only way this is a winning situation for me is if I have money in the bank or in investments equal to the mortgage amount, and it's returning me more in interest/dividends/growth than the mortgage interest is costing me, right???
Agreed 100 percent. Many people assume you can take that money and put it in the stock market and make 20-30 percent a year. If you put it the market last year you would be 20 percent in the hole. Good point Bob. As for myself I moved up with 4 house sales making money on each one. I worked over 30 years many, many times double shifts. Wife works for close to 30 years FULL TIME. Bought a bayfront house on Barnegat Bay during a depressed market and will probably work until I drop dead. Thats how I did it. The Smith Barney old fashioned way. I EARNED IT.
Agreed 100 percent. Many people assume you can take that money and put it in the stock market and make 20-30 percent a year. If you put it the market last year you would be 20 percent in the hole. Good point Bob. As for myself I moved up with 4 house sales making money on each one. I worked over 30 years many, many times double shifts. Wife works for close to 30 years FULL TIME. Bought a bayfront house on Barnegat Bay during a depressed market and will probably work until I drop dead. Thats how I did it. The Smith Barney old fashioned way. I EARNED IT.
Nobody said anything about putting it in the stock market. CD's will do the trick.
Nobody said anything about putting it in the stock market. CD's will do the trick.
Yeah but I just got a CD at Wachovia for 4 1/2 percent and the last time I checked there were no loans available for less than 5 percent. I agree with the scenario of having some home loan but in this sliding, horrible stock and housing market I don't agree.
Yeah but I just got a CD at Wachovia for 4 1/2 percent and the last time I checked there were no loans available for less than 5 percent. I agree with the scenario of having some home loan but in this sliding, horrible stock and housing market I don't agree.
i own 2 homes, no mortgages, and just learned from this thread that apparently i am not financially savvy. i sure do sleep well at night though.
Me too. The greatest bulk of our assets is in stocks, bonds and cash. I suspect that too many have the equity of their home as their primary source of wealth. That's too risky for me.
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The Smith Barney old fashioned way. I EARNED IT.
