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asragovParticipant
A time to buy “Coming shortly” is a relative question – we are still probably a few years away from a bottom.
Does your 401k allow loans (they have to be repaid when you leave the job)?
If not, I believe that you can withdraw $10,000 from a tax-deferred account without penalty to buy a home.
Remember that people with wealth typically made it through ownership in businesses, whether their own small business, or in substantial stock holdings.
You might want to consider buying a business (which uses agents, escrow, etc.).
The most important difference is probably in quality of life (yes, you work more in a small business, but it’s for you, and it’s completely different. Really.).
There are many places to look at this, such as (get professional agent representation and advice):
There are substantial numbers of professionals (lawyers, physicians, accountants, etc.) who now have their own (unrelated) businesses.
Maybe it’s an option to consider.
Also, it’s probably worth reading The Millionaire Next Door:
asragovParticipantA time to buy “Coming shortly” is a relative question – we are still probably a few years away from a bottom.
Does your 401k allow loans (they have to be repaid when you leave the job)?
If not, I believe that you can withdraw $10,000 from a tax-deferred account without penalty to buy a home.
Remember that people with wealth typically made it through ownership in businesses, whether their own small business, or in substantial stock holdings.
You might want to consider buying a business (which uses agents, escrow, etc.).
The most important difference is probably in quality of life (yes, you work more in a small business, but it’s for you, and it’s completely different. Really.).
There are many places to look at this, such as (get professional agent representation and advice):
There are substantial numbers of professionals (lawyers, physicians, accountants, etc.) who now have their own (unrelated) businesses.
Maybe it’s an option to consider.
Also, it’s probably worth reading The Millionaire Next Door:
asragovParticipantA time to buy “Coming shortly” is a relative question – we are still probably a few years away from a bottom.
Does your 401k allow loans (they have to be repaid when you leave the job)?
If not, I believe that you can withdraw $10,000 from a tax-deferred account without penalty to buy a home.
Remember that people with wealth typically made it through ownership in businesses, whether their own small business, or in substantial stock holdings.
You might want to consider buying a business (which uses agents, escrow, etc.).
The most important difference is probably in quality of life (yes, you work more in a small business, but it’s for you, and it’s completely different. Really.).
There are many places to look at this, such as (get professional agent representation and advice):
There are substantial numbers of professionals (lawyers, physicians, accountants, etc.) who now have their own (unrelated) businesses.
Maybe it’s an option to consider.
Also, it’s probably worth reading The Millionaire Next Door:
asragovParticipantTwo Irresistible Reasons Housing Will Retrace to 1997 Prices:
http://www.oftwominds.com/blogaug07/RE-retrace.html
Not bad….
asragovParticipantTwo Irresistible Reasons Housing Will Retrace to 1997 Prices:
http://www.oftwominds.com/blogaug07/RE-retrace.html
Not bad….
asragovParticipantTwo Irresistible Reasons Housing Will Retrace to 1997 Prices:
http://www.oftwominds.com/blogaug07/RE-retrace.html
Not bad….
asragovParticipantNo bailout can work – the problem is too big. Many events have already occurred for which there is no “bailout” solution.
Government is too disorganized, and the loans are in too many locations (bank’s portfolios, FNMA, CDO’s, hedge funds, etc. etc).
I am sure that many bailouts will be tried.
We can only hope that the fallout does not affect the rest of us too harshly.
I think that a lot of the people on this site forget that, to a certain extent, we are all in it together. The coming crash in real estate prices will negatively affect the demand for many different goods and services. Hopefully, our livelihoods are not affected, probably only true if you work for the government.
asragovParticipantNo bailout can work – the problem is too big. Many events have already occurred for which there is no “bailout” solution.
Government is too disorganized, and the loans are in too many locations (bank’s portfolios, FNMA, CDO’s, hedge funds, etc. etc).
I am sure that many bailouts will be tried.
We can only hope that the fallout does not affect the rest of us too harshly.
I think that a lot of the people on this site forget that, to a certain extent, we are all in it together. The coming crash in real estate prices will negatively affect the demand for many different goods and services. Hopefully, our livelihoods are not affected, probably only true if you work for the government.
asragovParticipantNo bailout can work – the problem is too big. Many events have already occurred for which there is no “bailout” solution.
Government is too disorganized, and the loans are in too many locations (bank’s portfolios, FNMA, CDO’s, hedge funds, etc. etc).
I am sure that many bailouts will be tried.
We can only hope that the fallout does not affect the rest of us too harshly.
I think that a lot of the people on this site forget that, to a certain extent, we are all in it together. The coming crash in real estate prices will negatively affect the demand for many different goods and services. Hopefully, our livelihoods are not affected, probably only true if you work for the government.
asragovParticipantWe have seen quick reactions on the way down.
How about on the way up? Do jobs get created that quickly? Probably not.
The longer a bubble has been drawn out, the longer it will take to deflate.
You may or may not be a fan of the Austrian economics / libertarian commentary of Sean Corrigan, but he makes a persuasive case for why this will hurt significantly on the way down:
asragovParticipantWe have seen quick reactions on the way down.
How about on the way up? Do jobs get created that quickly? Probably not.
The longer a bubble has been drawn out, the longer it will take to deflate.
You may or may not be a fan of the Austrian economics / libertarian commentary of Sean Corrigan, but he makes a persuasive case for why this will hurt significantly on the way down:
asragovParticipantWe have seen quick reactions on the way down.
How about on the way up? Do jobs get created that quickly? Probably not.
The longer a bubble has been drawn out, the longer it will take to deflate.
You may or may not be a fan of the Austrian economics / libertarian commentary of Sean Corrigan, but he makes a persuasive case for why this will hurt significantly on the way down:
asragovParticipantThey are hiring a ton of staff for essentially subsidized loan programs. This will NOT:
– Offset large job losses elsewhere in the mortgage industry
– Help profitability in the banking system
– Allow people who cannot afford a 30 year amortizing loan to really afford it
– Make much of a dent, since $1 billion will not go very far (it’s only 5,000 x $200,000 mortgages). Even $10 billion is only 50,000 mortgages
– Affect the general American mentality that “someone else must be to blame”asragovParticipantThey are hiring a ton of staff for essentially subsidized loan programs. This will NOT:
– Offset large job losses elsewhere in the mortgage industry
– Help profitability in the banking system
– Allow people who cannot afford a 30 year amortizing loan to really afford it
– Make much of a dent, since $1 billion will not go very far (it’s only 5,000 x $200,000 mortgages). Even $10 billion is only 50,000 mortgages
– Affect the general American mentality that “someone else must be to blame” -
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