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Subject:  Re: TMM Ch. 8: The Home (Correction) Date:  3/7/2001  5:25 PM
Author:  telegraph Number:  93 of 220

All this to say, that I think my assessment of the Stanley millionaires, the 733, is right on.

- They tend NOT to pay off their mortgages early
- 60% of all surveyed carry mortgages
- 80% of those that bought their homes less than 23 years ago carry mortgages
- 45% of those that bought their homes less than 23 years ago carry mortgages of more than $300,000

And they are likely the ones still working to make their payments...<g>.....not smart enough to realize that if they could cut their high consumption lifestyle (ie, million dollar houses, furnished with $100,000 in furniture, with $10,000/yr tax bills and $10,000 utility bills).....they could have retired 15 years earlier.......ho ho ho....

The smart 20% have retired early before 55.......and live in houses worth $227,000 average.....

So, you can be a 'consumer' , or you can be retired.....but as Stanley noted in his survey, only 20% of his millionaires were 'retired', despite the typical age being 57.

That means, if you have a $300,000 mortgage and live in a 1.4 million dollar current value house, you have an 80% chance of having to work to pay for your lifestyle...

Love it......

I'm sure many out there will emulate them.....lifestyles of the rich and not so smart...

happily retired at 52 with no need to ever even think about going back to his $200,000 house with NO mortgage.......

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