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"I think the purpose of Table 8-8 in Stanley's book is simply to illustrate the point of millionaire wealth compared to their current home value. The IRS study suggests nothing about the purchase price of these homes or how these millionaires treated their mortgages. Stanley's findings, however, taken together do just that."

I refer you to page 28 of TMM, for STanley's summary of his results.

"Most of us have mortgages, but 40% have no mortgage at all. Less than 5% have an outstanding balance of 1 million or more. Only about 1 in 3 have an outstanding balance of $300,000 or more.

What is the median outstanding mortgage balance for those in our millionaire group? It is just under $100,000, or about 7% of the current market value of our homees. We are not, as some people refer to them, credit types."

endquote

And that inlcudes his super millionaires of over 5 milion net worth......

7% of house value as mortgage....7%......7%......7%....

And that is Stanley's figure....

If we take the IRS figure of average house value of a millionaire at 277K, and figure out that the average millionaire, the 2/3rds that still have a mortgage, and the remaining balance is, on average, $20,000.

I hate to burst your bubble......

Then again, that's what TV and marketeers promote...borrow, spend, like there is no tomorrow....

Like to refute Stanley's statement, page 28?





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