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Odysseusa
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Old 05-19-2017 , 01:42 AM     Odysseusa est actuellement connect  search   Quote  
http://www.financialsamurai.com/the-...llion-dollars/



The maximum mortgage interest indebtedness is $1 million dollars
according to the IRS. In other words, if you have a $2 million dollar
mortgage that costs $70,000 a year in mortgage interest, only
$35,000 of the mortgage interest can be deducted from your
income. Your tax savings is simply $35,000 X tax rate.

Last edited by Odysseusa; 05-19-2017 at 01:50 AM..
Odysseusa
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Old 05-19-2017 , 01:48 AM     Odysseusa est actuellement connect  search   Quote  
Alok Basu says

January 23, 2017 at 6:34 am

It is 2017 and Donald Trump is the president and the interest rates have inched higher. Does it still makes sense to take a $1 million loan in California?
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Financial Samurai says

January 23, 2017 at 6:50 am

Great question. Per the title, only if you can afford to carry a $1M loan and never default. Rates for a 30-year fixed are now around 4% – 4.5%, depending on credit, AFTER a 0.5-0.75% move after Trump won. If your total monthly liabilities is less than 33% of your total gross income, and you foresee good income visibility over the next five years, $1M is still the ideal mortgage amount.

That said, coastal city real estate prices are finally starting to weaken after 8 years of explosive growth. As a result, I’m NOT buying physical property now, and waiting for a 1-2 year fade into 2018-2019. Instead, I’m investing more surgically in the heartland of America through real estate crowdsourcing platform RealtyShares (free to sign up and explore). You can invest in higher yielding properties at much lower valuations for $5,000 – $10,000 minimums versus coming up with a $200,000+ downpayment and taking on $1,000,000 in mortgage debt for the median SF or NYC home price.

Fundrise, also another real estate crowdsourcing platform has a Heartland eREIT as well.

Related post: Why I’m Investing In The Heartland Of America
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Alok Basu says

January 23, 2017 at 9:42 am

Thanks for your comment and that kind of confirms my understanding too. However I am not just looking at it from an investment point of view. There are other things to consider as you are very well aware of in bay area like good school district etc. Also if you look at the other expensive locales around the world in terms of real estate like London , Sanghai, Singapore , HongKong, Mumbai, New York – don’t you think that the bay area is similar to those places (due to economic vibrancy and incoming migrant workforces) where the real estate prices can only go up and the median prices will be higher in 2018-19 than now? Yes, I know about 2007-2008 but that I consider an exception which banks probably will never repeat ever
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womanohone says

January 31, 2017 at 7:50 am

Hi-
Id like to believe this is possible, however having a hard time making the numbers add up. HHI is $325k (including bonus). So about $10k takehome per month (not including bonus). We live in NYC area, and have 400-500k for a down payment. So if we took out a 1MM mortgage for a 1.5MM house, taxes are about 30k/yr. All in thats about 7-8k/month. That only leaves 2k for everything else. That doesn’t add up! Cars/transportation/train/food/insurance/savings list goes on. We’d be so far in the red. I know we’d save a bunch of money on tax breaks from property taxes and mortgage payments, and Im not factoring in the 50k bonus (although really only like 25k). What would make sense here? What size mortgage would be prudent?
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Jon says

April 27, 2017 at 3:07 pm

This is ridiculous. It’s no wonder why the average american work until they’re 60s. Take this advice and you’ll surely regret it later as so many have. Among many issues, why in the world would someone spend after tax income only for a tax deduction? It doesn’t matter how much money you make, this is idiotic. I really hope this was for just amusement purposes.
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- See more at: http://www.financialsamurai.com/the-ideal-mortgage-amount-is-1-million-dollars/#sthash.bxbBtFxT.dpuf
Odysseusa
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Old 05-19-2017 , 01:52 AM     Odysseusa est actuellement connect  search   Quote  
Middle Class Millionaire says

September 15, 2016 at 9:32 am

It has been said that the easiest way to make a million dollars is to borrow a million dollars, buy a million dollars worth of property, and pay it off.

Now obviously if that property is income producing which pays for your debt service for you, all the better… but buying a million dollar home and paying off a million dollar mortgage serves the same purpose.

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Financial Samurai says

September 15, 2016 at 9:39 am

I agree. You write the point very succinctly.

I had to write a whole post called, Buy Real Estate As Young As You Comfortably Can, to make this point!

If you pay off your $1M property, you will be a millionaire!

But then again, $3 Million Is The New $1 Million thanks to inflation.
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- See more at: http://www.financialsamurai.com/the-ideal-mortgage-amount-is-1-million-dollars/#sthash.bxbBtFxT.dpuf
Odysseusa
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Old 05-19-2017 , 03:56 AM     Odysseusa est actuellement connect  search   Quote  
Money
7 signs you'll never be a millionaire
Kathleen Elkins | @kathleen_elk
Tuesday, 16 May 2017 | 4:00 PM ET
5 things to give up if you want be a millionaire
Things to give up if you want be a millionaire
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http://www.cnbc.com/2017/05/16/signs...r-be-rich.html








As self-made millionaire Steve Siebold says, almost anyone has what it takes to become a millionaire.

Are you on your way to striking it rich? Or does your behavior shoot up red flags?

To help you figure it out, we've rounded up some warning signs to watch out for. Of course, everyone's situation is different, but if you're routinely making these mistakes, it may be time to make some changes when it comes to managing your money.

You put too much emphasis on saving

Sure, rich people value the importance of saving and investing, but they also recognize that the key to getting really, really rich is to focus on earning.

"The masses are so focused on clipping coupons and living frugally they miss major opportunities," Siebold writes in "How Rich People Think." "Even in the midst of a cash flow crisis, the rich reject the nickel-and-dime thinking of the masses. They are the masters of focusing their mental energy where it belongs: on the big money."

That said, there's no need to completely disregard smart saving strategies. But if you want to reach seven figures, "stop worrying about running out of money and focus on how to make more," Siebold says.
Use this trick to get rich, says self-made millionaire
Use this trick to get rich, says self-made millionaire


You don't have goals for your money

"The number one reason most people don't get what they want is that they don't know what they want," writes self-made millionaire T. Harv Eker in his book, "Secrets of the Millionaire Mind."

If you want to build wealth, you have to have a clear goal, specific plan and hard deadlines. And when you're setting goals, don't be afraid to think big. The rich set their expectations exceptionally high and are up for any challenge, Siebold says: "No one would ever strike it rich and live their dreams without huge expectations."
Simple steps to get rich from a self-made millionaire
Simple steps to get rich from a self-made millionaire
You use phrases like "I want" and "I wish"

Just like your thoughts and habits can mean the difference between living a wealthy life and an average life, so can your choice of words. As Jen Sincero writes in her book, "You Are a Badass at Making Money," "if you're broke or not where you want to be financially, you can be sure that your language could use an upgrade."

Certain common phrases are particularly limiting, says Sincero, such as "I want" and "I need," which are different ways of saying "I lack." And "I wish," she says, is another way of saying "I'm not in control."

Instead, start saying things like, "I have," "I create" and "I choose."
Rich people use these 6 mental tricks to make more money
Rich people use these 6 mental tricks to make more money

You haven't started investing

Investing is one of the simplest, most effective ways to build wealth, and the sooner you start, the easier it will be to reach seven figures.

"On average, millionaires invest 20 percent of their household income each year. Their wealth isn't measured by the amount they make each year, but by how they've saved and invested over time," writes personal finance expert Ramit Sethi in his bestseller "I Will Teach You to Be Rich."

The good news is, it's easier than ever to put your money to work. Thanks to micro-investing apps such as Acorns, you can start by simply investing your "spare change." Other apps also aim to make investing simple and accessible, and automated investing services known as robo-advisors can work for you, no matter how much you have in the bank.
This CEO gifted his employees $500 to encourage them to invest
This boss gives each new employee $500 to invest


You have only one source of income

Sure, you can get rich on one stream of income, but your chances aren't great. As author Thomas C. Corley found in his five-year study of self-made millionaires, the rich "do not rely on one singular source of income," he writes in "Change Your Habits, Change Your Life."

"Three seemed to be the magic number in my study," he continues. "Sixty-five percent had at least three streams of income that they created prior to making their first million dollars."

These additional streams could be real-estate rentals, a side hustle or a part-time job.
How this UC Davis student made over $10,000 her junior year doing a side-gig

You rarely step outside of your comfort zone

The average person wants to be comfortable. Rich people, on the other hand, are stimulated by uncertainty.

"Physical, psychological and emotional comfort is the primary goal of the middle-class mindset," Siebold writes. "World class thinkers learn early on that becoming a millionaire isn't easy and the need for comfort can be devastating. They learn to be comfortable while operating in a state of ongoing uncertainty."
Self-made millionaire: You should work through the holidays
Self-made millionaire: You should work through the holidays

You think being rich is reserved for a lucky few

If you think getting rich is out of your reach, you're probably not going to make millions. The average earner remains average because they expect to, says Siebold: "The masses think they aren't worthy of great wealth. Who am I, they ask themselves, to become a millionaire?"

"The truth is, in a capitalist country, you have every right to be rich if you're willing to create massive value for others," he continues.

Start asking yourself, "Why not me?" After all, that's what the millionaires and billionaires do.

Don't miss: 9 thoughts holding you back from getting rich — and what to think instead
Kathleen Elkins
Kathleen ElkinsWriter, Make It
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