Get Housing Industry Out Of The Tax Code?

[Micawber]

Exactly. Live within your means, not your neighbors or the Jone's down the block.

recipe for happiness: "Annual income twenty pounds, annual expenditure nineteen [pounds] nineteen [shillings] and six [pence], result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery." Micawber, Dickens

 

[cawacko]

That's pretty funny. I am not getting down on you when I say the advice I've heard (cliche ) is to buy the worst house in the best neighborhood. Seems you did the exact opposite.

The advice you've gotten is correct (unless the value isn't important to the buyer)

 

[MAGA MAN]

Those are all good reasons to own a home. You should pay it off as quickly as possible.

You will get all sorts of advice not to, but that advice is proffered by people who want to keep you a slave to debt

Economic freedom is having zero debt. You sleep better at night

Part true. I have two 30-year mortgages at 4% interest. This allows me to invest more in stocks, a balanced portfolio which grows at about twice that rate.

The other thing about a mortgage is that it protects against hyper-inflation. I need to have a certain amount of liquidity, call it "X", mostly cash in savings, and a ladder of CDs. What protects me if The Fed goes Venezuelan on us and gives us hyper-inflation? The trick is to have at least the value of X in outstanding debt.

My stocks are going to grow fast as the value of the dollar declines rapidly, so I'm protected long term. Same with the value of my house. But what about the cash? That shit will become worthless in no time.

In a hyperinflation scenario, I simply pay my loans off with my worthless cash, dropping a big load of shit right on the banker's lap.

 

[Cancel 2018.1]

That's pretty funny. I am not getting down on you when I say the advice I've heard (cliche ) is to buy the worst house in the best neighborhood. Seems you did the exact opposite.

I've always been a bit contra, enigma, go my own way, can't think of the word (you have a good vocabulary, what's the word?), but it works for me.
The money we saved allowed us to buy investment/vacation property in Hawaii and build a mother-in-law house in Germany.
Same with my bidness - I do pretty much the opposite of what those practice management consultants say to do but it works for me .

recipe for happiness: "Annual income twenty pounds, annual expenditure nineteen [pounds] nineteen [shillings] and six [pence], result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery." Micawber, Dickens

That's me!

 

[Cancel 2018.1]

The advice you've gotten is correct (unless the value isn't important to the buyer)

We saw value others didn't. We'll never get it back financially but we've got a million dollar view of the Kenai and Chugach Mountains, we catch salmon in a creek that's a four minute walk from my back door, world class cross country skiing 10 minutes from the front door and a decent ski mountain 45 minutes from the front door to sitting on the first lift plus grow loads of veggies on city property behind my house nobody cares about.
And we built a wooden fence to block out the view of Joe Dirt's junk pile next door.

 

[cawacko]

We saw value others didn't. We'll never get it back financially but we've got a million dollar view of the Kenai and Chugach Mountains, we catch salmon in a creek that's a four minute walk from my back door, world class cross country skiing 10 minutes from the front door and a decent ski mountain 45 minutes from the front door to sitting on the first lift plus grow loads of veggies on city property behind my house nobody cares about.
And we built a wooden fence to block out the view of Joe Dirt's junk pile next door.

I was speaking from strictly an investment (ROI) perspective. It goes back to why a home is considered consumption and not an investment. If you don't care about the return and love the home then that's all that matters.

 

[Althea]

LOL, it's crap to discuss eliminating the M.I.D.? So we shouldn't talk about changing anything? Do you think those who believe taxes should be higher should currently pay more in taxes than the law requires?

If a person thinks that they pay too little, they should send more money in. If you think you shouldn't have the MID, then by all means, don't take it.

 

[Sailor]

We saw value others didn't. We'll never get it back financially but we've got a million dollar view of the Kenai and Chugach Mountains, we catch salmon in a creek that's a four minute walk from my back door, world class cross country skiing 10 minutes from the front door and a decent ski mountain 45 minutes from the front door to sitting on the first lift plus grow loads of veggies on city property behind my house nobody cares about.
And we built a wooden fence to block out the view of Joe Dirt's junk pile next door.

Some things one cannot just put a price on Aloysious!

 

[cawacko]

If a person thinks that they pay too little, they should send more money in. If you think you shouldn't have the MID, then by all means, don't take it.

So you are in support of calling out those who want tax increases by saying pay more yourself?

 

[Althea]

So you are in support of calling out those who want tax increases by saying pay more yourself?

Read what I wrote before you post