I have over a million dollars in assets (real estate), own a business and I always feel broke.
Same here.
RE: I have over a million dollars in assets (real estate), own a business and I always feel broke.
1) Do you FULLY OWN the real estate assets, or do you still owe money to the banks or lending company?
2) How much do you have to pay on maintenance and property taxes on your real estate? Are they stable or going up above inflation?
3) Are your tenants reliable and trustworthy?
4) How are property prices trending in your area?
Your answers to the above question will tell us why you feel broke or confident about your finances.
[I have over a million dollars in assets (real estate), own a business and I always feel broke.]
I should feel financially comfortable today. However, I am very worried about the future. A fluke, such as Bernie seizing power, could wipe out my assets and plunge the country into chaos like we haven’t seen in 150-plus years, if ever.
Could Bernie win? The CIA has overthrown numerous foreign governments in the past, occasionally through direct action, and we now know for a fact that CIA leadership was part of the ongoing effort to remove the duly-elected President of the United States. No, I don’t feel at all rich or comfortable given that uncertainty.
Have a buddy up in Mendocino north of San Francisco, 40 acres of hillside full of redwoods and looking over vineyards, “land rich” is the term I believe, probably worth $2million but not a dime in his pocket, was happy to get his $750 social security when he turned 62, most income he ever had outside of growing weed and with it legal now he lost that money.
A lot of millionaires are in that position.
Asset rich and cash poor.
Keeps you working and off the streets.
I know what you mean. By the time we became millionaires (on paper) it was nothing to write home about.
I have over a million dollars in assets (real estate), own a business and I always feel broke.
Is your name Elmer J. Fudd, and do you own a mansion and a yacht?
Let’s face it - the reality is that inflation has eaten away at the value of wealth. Back in 1980, a new car cost maybe about $3,000. Today, the average car costs $30,000.
My parents bought their 40 acres and a farmhouse for $27,000 back in the 70’s. Today, a modest home on a postage stamp goes for 250K+.
So on and so on.
Today’s millionaire is simply yesterday’s 100,000-aire. It’s nice, but in the end it’s meaningless.
(Because if it really did mean anything, I’d quit my job today.)