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I think you are using the stastics of the super millionaire to try and show the 1-5 million dollar net worth folks are living a high consumption life style...they aren't.

The statistics I am using are from the 733 Stanley studied. Average home purchase occured in 1986 for $560,000 with a remaining mortgage of $300,000. The median wealth of this group is $4 million. The median income is $400,000. Never once did I use statistics from the ALL millionaire IRS study or the "super-rich"(as you're suggesting).

Per page 335, quote:

According to the IRS databse, which encompasses all milionaire households nationwide (ed: including Bill GAtes), and thus includes certain deodemographic cateories not surveyed in my study, such as farners and others, the average value of the American milionaire's home is estimated to be $277,640. "

Would you like to argue with that quote?


No I don't want to argue this quote. This is exactly my original point. That the IRS study, NOT THE 733 STUDY, is the one that suggested the average home of ALL millionaires was $277,000 (even with the Gates'). These are the statistics you used to make your argument, not me.

BOTTOM LINE: MOST MILLIONAIRES, AT ALL LEVELS, CHOOSE TO CARRY MORTGAGES WHEN THEY CAN AFFORD TO PAY THEM OFF.
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