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RE: WHEN THE INCREDIBLE BECOMES UNIMPORTANT – Lamenting the Obvious Disconnect of Modernized Civilizations and Possibly Losing $324,000
Wonderful post @papa-pepper. I see that there is a big movement for people to not own things now too, rent everything - have nothing to show for it in the end. You see it all over, don't own a vehicle - rent it. Don't own a home - rent one, and so on.
They say how that gives you freedom because you are not tied down, to me it is just another step towards slavery.
It is a sad scheme, even "mortgage" means "death-grip" and will cost you way more in the end.
People are free to choose, but I hope that we can start choosing wisely.
Check out the post today from @krnel for some more great ideas along with line of thought.
I was in that thought camp as well for a while, but if the whole thing is going to go down again the ownership is not prudent. The ROI can disappear in a blink and property taxation will skyrocket. Even having a property bought and paid for is no guarantee... you must look at what and how change is occurring, it's general trend and hope on timing it well.
Allodial vs feudal land rights - we lost allodial rights in the US a long time ago. We're all serfs now.
I completely agree that "bought and paid for" property in no guarantee.
For now though, ownership gives one opportunity, and that is what I would like, opportunity.
I had some fine fixins a beach house (sold due to increasing taxes, insurances, and being a target (lawsuit or robbery), a Porsche or two, etc. I got hit in 2008 but hung on to the property... sold the Porsche/s as they were just targets (foolishly I used to collect my rents in my low income properties in that... talk about a stupid thing to do). I also sold those as well, bought after 2008 crash for pennies on the dollar, now I am awaiting the next paradigm shift to find out where I will park my old carcass and or what to invest in. But yes you are correct the tax breaks for property are still beneficial... wish I still had me some of that.
Wow... rolling with the punches of life.
Yeah I've been punched a lot... that's why I'm in the business I'm in.