Net-Worth obession

[Trijack]

My son Joey was recently interviewed by a New York Times reporter about net-worth. The article will be in this weeks New York Times magazine. They also sent out a photographer who took around 1400 pictures and used one. Now I know why professional photographers take great pictures.

No he does not play the horses even though I took him to the track in his younger days. Attached is link.

http://www.nytimes.com/2010/05/16/magazine/16Worth-t.html

[Robert Goren]

You need to charge more rent.:rolleyes:

[DJofSD]

All in all, he sounds like a very fine gentleman. Congrats, you've raised a good person, I expect you're very proud of him.

As far as still living at home, at least he's paying some rent. And while he'd be paying more if he rented outside the house, does he understand the mortgage deduction and what it does for his adjustments to his withholdings? $700/month would cover a substantial part of a mortgage on a condo -- maybe not all, or even half, but I would expect between the decrease in withholdings and using that $700, he'd be able own his own place.

And, if he has not yet read or listened to "The Millionaire Next Door" and the other books from the same author, have him do so. I think he might be surprised how high net worth people got that way and it will give him some confirmation about what he is probably already doing and not doing when it comes to money and attitudes about it.

[Trijack]

[QUOTE=Robert Goren]You need to charge more rent.

I will tell him that.

[Trijack]

Dj

Yes he understands all of that as I am a real estate broker. We have been looking for a house the last year and a half but he wants to live in Irvine which has high properties values. Even with the recent tax rebates he still couldn't get what he wants. He also does not want us to cosign for him.

[hazzardm]

As far as still living at home, at least he's paying some rent. And while he'd be paying more if he rented outside the house, does he understand the mortgage deduction and what it does for his adjustments to his withholdings? $700/month would cover a substantial part of a mortgage on a condo -- maybe not all, or even half, but I would expect between the decrease in withholdings and using that $700, he'd be able own his own place.


Took the words right out of Fannie, Freddie, and Barney's mouth.
But it's not really welfare. ;)

[DJofSD]

What was he like as a teenager?

[DJofSD]

Took the words right out of Fannie, Freddie, and Barney's mouth.
But it's not really welfare. ;)
Ya, I'm sure there are some people that consider the mortgage interest deduction a form of welfare. I won't argue either side. But, I will say it's out there, it's legal and using it has nothing to do with those corrupt institutions or the bane of Havard.

If anything, Trijack's son is the antithesis of the person that got us into trouble with the liar's loans and the real estate bubble.

[Trijack]

I might also add that he has been playing the piano since he was 3 1/2 years also he also played the piano for church services since he was 13 until 2 years ago. He now only fills in. He decided he needed Sunday' off.

He is a very family oriented person
He never gave us any problems growing up
He got that record keeping from his mother as she has always wrote down what she spends.

[kenwoodall2]

:ThmbUp:

[hazzardm]

I might also add that he has been playing the piano since he was 3 1/2 years also he also played the piano for church services since he was 13 until 2 years ago. He now only fills in. He decided he needed Sunday' off.

He is a very family oriented person
He never gave us any problems growing up
He got that record keeping from his mother as she has always wrote down what she spends.

He sounds like a good kid.

[ddog]

Just as there should be NO FANNIE AND FREDDIE THERE SHOULD BE NO GVT SUBSIDY FOR HOUSING.

I would toss him out of the house. It's way past time.

[DJofSD]

OK, then let's eliminate the double taxation of corporate earnings.

And since we seem to be on a path of eliminating all social engineering via the tax code, we can get rid of welfare.

Next?

[Trijack]

A follow up on after this article came out yesterday. His web site got over 12,000 hits in the first 2 hours. The power of the press.

[DJofSD]

You made the Yahoo finance web page: http://finance.yahoo.com/banking-budgeting/article/109545/net-worth-obsession?mod=bb-debtmanagement

[Fred]

I see he is one of us!

Go Steelers!


Freddy

[Robert Goren]

If you are adding it up, then then you don't have enough.;)