Waterfront Poor

SIKSUKR · 01-14-2008, 02:19 PM

I'm so glad we don't have a political section on this forum cuz it really keeps those discussions from occurring!
I for one do not have liquid assets of a million but do have real estate that has equity of that.If you have assets of a million you ARE a millionaire.Can you assets lose value whether they are liquid or not?Of course.It does not matter if it's in your bank account or not.You are more likely safer with your asset in your home than in most other vehicles.

VitaBene · 01-14-2008, 08:07 PM

I think we are all getting wrapped up in the definition of "millionaire" when (and I hate to say this) being a millionaire aint what it used to be! Technically it is true that a person with assets of $1M or more is a millioniare but let's be realistic, that 1M today buys far less and means far less than it did 30 years ago.

I guess if I added my life up we would squeak into the millionaire category- I sure as hell don't feel like one! I live a good life, make a decent living, and like most of the folks on this board, live up to my means and essentially pay check to pay check (solid 401Ks and kid's college plans but according to the money guy not enough cash reserves if one of us lost our job).

I will certainly say that when using MA as a comparison state with a combination of property and income taxes I pay far more in MA combined than if I sold the MA house and NH Winni access house, and bought a nice, not extravagant Winni lakefront house. We pay $6K alone in property taxes on a $550K house (bought for 199.7K in 94).

Like most everyone else here, I hate taxes but love services

I personally favor a flat tax such as a sales tax so the richer people who consume more expensive goods pay more than those who do not.

There are two huge issues facing us that will certainly effect our taxes in the next 30 years- 1) unfunded pension liabilities (guess which taxpayers guarantee those) and 2) the spiraling costs of health insurance that most governments provide to not only for their employees and families, but also for most retirees for life (contracts were written when health insurance was not that expensive and it was an easy benefit to throw in). These two things are going to cost us a lot of $$$ as a country, state or town and therefore individually.

I feel bad that people have felt the squeeze of their property taxes. NH's system of taxation is not perfect but it is better than most. Perhaps those that are real estate millionaires will have to tap some of that equity.

Regards

01-14-2008, 02:19 PM	#1
SIKSUKR Senior Member Join Date: Apr 2004 Posts: 5,075 Thanks: 215 Thanked 903 Times in 509 Posts	I'm so glad we don't have a political section on this forum cuz it really keeps those discussions from occurring! I for one do not have liquid assets of a million but do have real estate that has equity of that.If you have assets of a million you ARE a millionaire.Can you assets lose value whether they are liquid or not?Of course.It does not matter if it's in your bank account or not.You are more likely safer with your asset in your home than in most other vehicles. __________________ SIKSUKR

01-14-2008, 08:07 PM	#2
VitaBene Senior Member Join Date: Jul 2007 Location: Moultonborough Posts: 3,605 Thanks: 1,653 Thanked 1,645 Times in 848 Posts	I think we are all getting wrapped up in the definition of "millionaire" when (and I hate to say this) being a millionaire aint what it used to be! Technically it is true that a person with assets of $1M or more is a millioniare but let's be realistic, that 1M today buys far less and means far less than it did 30 years ago. I guess if I added my life up we would squeak into the millionaire category- I sure as hell don't feel like one! I live a good life, make a decent living, and like most of the folks on this board, live up to my means and essentially pay check to pay check (solid 401Ks and kid's college plans but according to the money guy not enough cash reserves if one of us lost our job). I will certainly say that when using MA as a comparison state with a combination of property and income taxes I pay far more in MA combined than if I sold the MA house and NH Winni access house, and bought a nice, not extravagant Winni lakefront house. We pay $6K alone in property taxes on a $550K house (bought for 199.7K in 94). Like most everyone else here, I hate taxes but love services I personally favor a flat tax such as a sales tax so the richer people who consume more expensive goods pay more than those who do not. There are two huge issues facing us that will certainly effect our taxes in the next 30 years- 1) unfunded pension liabilities (guess which taxpayers guarantee those) and 2) the spiraling costs of health insurance that most governments provide to not only for their employees and families, but also for most retirees for life (contracts were written when health insurance was not that expensive and it was an easy benefit to throw in). These two things are going to cost us a lot of $$$ as a country, state or town and therefore individually. I feel bad that people have felt the squeeze of their property taxes. NH's system of taxation is not perfect but it is better than most. Perhaps those that are real estate millionaires will have to tap some of that equity. Regards