My story was living in a one-bedroom apartment and scrimping and saving until I built up about $50,000 in savings. It only took me about 5 years, and I was only making about $15 back then. I used that right at the bottom of the 2008 crash to buy a house for $325k. Four years later I sold that house for $550k and used that for a down on a house for $640k, which is now worth close to $1 million. So, for the past 10 years I have paid about $225,000 for mortgages and about another $55,000 for property tax. That works out to ~$280,000. If I was forced to liquidate today for $1 million I would cash out about $640,000. So, on net, I would have lived the last 10 years rent free and get paid another $360,000 cash money for my trouble.
My story was living in a one-bedroom apartment and scrimping and saving until I built up about $50,000 in savings. It only took me about 5 years, and I was only making about $15 back then. I used that right at the bottom of the 2008 crash to buy a house for $325k. Four years later I sold that house for $550k and used that for a down on a house for $640k, which is now worth close to $1 million. So, for the past 10 years I have paid about $225,000 for mortgages and about another $55,000 for property tax. That works out to ~$280,000. If I was forced to liquidate today for $1 million I would cash out about $640,000. So, on net, I would have lived the last 10 years rent free and get paid another $360,000 cash money for my trouble.
(post is archived)