Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
#61
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Way back in 1999 I received sales pitches from a half dozen investment advisors with charts that showed my initial investment would grow at 8% per year until social security kicked in. The portfolio would be valued at $1,000,000 by then. Surprise! It never reached that valuation with the biggest hit during the Great Recession. Actually the best performance longer term was the 6 1/2% per year return for five years when my retirement money was in an American Skandia variable annuity. American Skandia was one of many investment scandals over the past twenty years.
I’m thinking the best chance at becoming a millionaire is buying a half million dollar starter home in California. Once the valuation reaches a million, cash out and retire to The Villages. |
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#62
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The best story I have heard is about an Air Force Academy grad who as a first lieutenant back in the late 1960's - early 1970's was stationed at SAMSO (now known as SMC). He bought a home for about $40k, refinanced it the next year to buy another house to rent out as it was then worth $70K. He kept going in this manner until he owned 21 rental homes in the Torrance/Palos Verdes area. He retired after 12 years seeing no point in continuing to work anymore. Those homes today have to be worth at least $1.5M each. I don't know if he still owns them...
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"No one is more hated than he who speaks the truth." Plato “To argue with a person who has renounced the use of reason is like administering medicine to the dead.” Thomas Paine Last edited by manaboutown; 03-14-2019 at 09:56 AM. |
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