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[quote=briansd1]Interesting that so many are taking the philosophical approach to wealth.[/quote]

I hope you aren’t putting my comment in the “philosophical” bin. It is very practical, indeed.

Having time to do what you want takes cash, and lots of it. Even if you just want to sit there and do nothing, you have to have money to generate some income to pay for a place in which to sit.

You can have all the toys and square footage in the world, but if you have to work 16 hours a day to pay for it, you still aren’t wealthy as you don’t really get to use the toys and you truly don’t have the time to do what you want.

Of course, some have toys and houses they don’t use, AND they have time to do what they want, so they are really wealthy.

I like thinking about wealth in terms of time instead of money. It works for me. It keeps me focused on what I’m really trying to accomplish with my wealth-building activity.

If you need little more than you have, you are wealthy. That can come from having alot, or from not needing much, or a combination thereof, but for me it all boils down to – “how am I spending my time?”

Working all the time = not wealthy
Working some and playing some = average
Not working and doing nothing = pretty good
Not working and doing fun stuff = wealthy
Not working and doing extremely fun and expensive stuff that requires lots of expensive toys = really wealthy.

UCGal’s perspective is similar, and I think also not philosophical. Being free from worry about money is a very practical view of wealth.

[sdduuuude]

[quote=briansd1]Interesting that so many are taking the philosophical approach to wealth.[/quote]

I hope you aren’t putting my comment in the “philosophical” bin. It is very practical, indeed.

Having time to do what you want takes cash, and lots of it. Even if you just want to sit there and do nothing, you have to have money to generate some income to pay for a place in which to sit.

You can have all the toys and square footage in the world, but if you have to work 16 hours a day to pay for it, you still aren’t wealthy as you don’t really get to use the toys and you truly don’t have the time to do what you want.

Of course, some have toys and houses they don’t use, AND they have time to do what they want, so they are really wealthy.

I like thinking about wealth in terms of time instead of money. It works for me. It keeps me focused on what I’m really trying to accomplish with my wealth-building activity.

If you need little more than you have, you are wealthy. That can come from having alot, or from not needing much, or a combination thereof, but for me it all boils down to – “how am I spending my time?”

Working all the time = not wealthy
Working some and playing some = average
Not working and doing nothing = pretty good
Not working and doing fun stuff = wealthy
Not working and doing extremely fun and expensive stuff that requires lots of expensive toys = really wealthy.

UCGal’s perspective is similar, and I think also not philosophical. Being free from worry about money is a very practical view of wealth.

[sdduuuude]

[quote=briansd1]Interesting that so many are taking the philosophical approach to wealth.[/quote]

I hope you aren’t putting my comment in the “philosophical” bin. It is very practical, indeed.

Having time to do what you want takes cash, and lots of it. Even if you just want to sit there and do nothing, you have to have money to generate some income to pay for a place in which to sit.

You can have all the toys and square footage in the world, but if you have to work 16 hours a day to pay for it, you still aren’t wealthy as you don’t really get to use the toys and you truly don’t have the time to do what you want.

Of course, some have toys and houses they don’t use, AND they have time to do what they want, so they are really wealthy.

I like thinking about wealth in terms of time instead of money. It works for me. It keeps me focused on what I’m really trying to accomplish with my wealth-building activity.

If you need little more than you have, you are wealthy. That can come from having alot, or from not needing much, or a combination thereof, but for me it all boils down to – “how am I spending my time?”

Working all the time = not wealthy
Working some and playing some = average
Not working and doing nothing = pretty good
Not working and doing fun stuff = wealthy
Not working and doing extremely fun and expensive stuff that requires lots of expensive toys = really wealthy.

UCGal’s perspective is similar, and I think also not philosophical. Being free from worry about money is a very practical view of wealth.

[sdduuuude]

[quote=briansd1]Interesting that so many are taking the philosophical approach to wealth.[/quote]

I hope you aren’t putting my comment in the “philosophical” bin. It is very practical, indeed.

Having time to do what you want takes cash, and lots of it. Even if you just want to sit there and do nothing, you have to have money to generate some income to pay for a place in which to sit.

You can have all the toys and square footage in the world, but if you have to work 16 hours a day to pay for it, you still aren’t wealthy as you don’t really get to use the toys and you truly don’t have the time to do what you want.

Of course, some have toys and houses they don’t use, AND they have time to do what they want, so they are really wealthy.

I like thinking about wealth in terms of time instead of money. It works for me. It keeps me focused on what I’m really trying to accomplish with my wealth-building activity.

If you need little more than you have, you are wealthy. That can come from having alot, or from not needing much, or a combination thereof, but for me it all boils down to – “how am I spending my time?”

Working all the time = not wealthy
Working some and playing some = average
Not working and doing nothing = pretty good
Not working and doing fun stuff = wealthy
Not working and doing extremely fun and expensive stuff that requires lots of expensive toys = really wealthy.

UCGal’s perspective is similar, and I think also not philosophical. Being free from worry about money is a very practical view of wealth.

[sdduuuude]

Wealth is having time to do what you want.

[sdduuuude]

Wealth is having time to do what you want.

[sdduuuude]

Wealth is having time to do what you want.

[sdduuuude]

Wealth is having time to do what you want.

[sdduuuude]

Wealth is having time to do what you want.

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[quote=smshorttimer][quote=SD Realtor]

Hopefully that will change. I think the best chance you will see for that to happen is a rapid rise in interest rates.[/quote]

So your total payment might be the same, but you’ll pay a little less on property taxes and get some more deductible interest?[/quote]

Also requires a smaller down payment, and opens up an opportunity to refinance if rates drop.

Furthermore, if you buy now at low rate+high price instead of later with low price+high rate, you have taken a direct equity hit in after-tax dollars.

[sdduuuude]

[quote=smshorttimer][quote=SD Realtor]

Hopefully that will change. I think the best chance you will see for that to happen is a rapid rise in interest rates.[/quote]

So your total payment might be the same, but you’ll pay a little less on property taxes and get some more deductible interest?[/quote]

Also requires a smaller down payment, and opens up an opportunity to refinance if rates drop.

Furthermore, if you buy now at low rate+high price instead of later with low price+high rate, you have taken a direct equity hit in after-tax dollars.

[sdduuuude]

[quote=smshorttimer][quote=SD Realtor]

Hopefully that will change. I think the best chance you will see for that to happen is a rapid rise in interest rates.[/quote]

So your total payment might be the same, but you’ll pay a little less on property taxes and get some more deductible interest?[/quote]

Also requires a smaller down payment, and opens up an opportunity to refinance if rates drop.

Furthermore, if you buy now at low rate+high price instead of later with low price+high rate, you have taken a direct equity hit in after-tax dollars.

[sdduuuude]

[quote=smshorttimer][quote=SD Realtor]

Hopefully that will change. I think the best chance you will see for that to happen is a rapid rise in interest rates.[/quote]

So your total payment might be the same, but you’ll pay a little less on property taxes and get some more deductible interest?[/quote]

Also requires a smaller down payment, and opens up an opportunity to refinance if rates drop.

Furthermore, if you buy now at low rate+high price instead of later with low price+high rate, you have taken a direct equity hit in after-tax dollars.

[sdduuuude]

[quote=smshorttimer][quote=SD Realtor]

Hopefully that will change. I think the best chance you will see for that to happen is a rapid rise in interest rates.[/quote]

So your total payment might be the same, but you’ll pay a little less on property taxes and get some more deductible interest?[/quote]

Also requires a smaller down payment, and opens up an opportunity to refinance if rates drop.

Furthermore, if you buy now at low rate+high price instead of later with low price+high rate, you have taken a direct equity hit in after-tax dollars.

[sdduuuude]

Seems like there is a way to do this to limit risk.

First, make sure he is pre-qualified with a lender of your choosing. Second, get all his cash as a non-refundable down-payment. Third, charge him a solid amount of money for the deal. Be prepared to flip it if he backs out.

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