what line of work are they in? how do they afford it and afford everything else too?
2007-04-05 10:10:09 · 9 answers · asked by cochic 2 in Business & Finance ➔ Personal Finance
Generally people who make a lot of money can afford the home. Another thing to note is that a million dollar piece of real estate isn't what it used to be so these types of homes are becoming more and more common.
What you may also not be aware of is that many people who live in expensive homes really can't afford it. Sadly, it is a material world and some people will do whatever they can to look like they are wealthy. So some of these million dollar homes may be owned by people with modest incomes, but their sole asset is their home. They may have virtually no money saved up, nothing put away for retirement, and simply work to pay the mortgage.
So, basically if you have good income and can afford it, you can own a lavish home. If you make modest income and have good credit and want to sacrifice everything to squeeze into a home like that you can go that route as well.
2007-04-05 10:18:07 · answer #1 · answered by genxfinance 3 · 2⤊ 0⤋
not all of them do. with the rash of recent articles about foreclosures reaching record numbers, it seems that the image and it's costs have finally met the reality of circumstances and people are having to abandon their houses all over the nation.
truly wealthy people who have stable income sources frequently pay up front or arrange tax deductions so that their houses are not a liability for long or at all.
Entreprenuers like Bill Gates and others of his ilk in the computer software industry made their money from brain power.
Some multi-millionaires made their money through shrewd investment and partnerships in businesses and trusts. Warren Buffet is one of these. He sits on the board of several major business interests and consults for money in other areas of business endeavor.
They afford it by making wise investment choices and by being careful money managers. They also don't fall for every Harry Hardluck and Sally Sobstory pitch that thinks because they have money they should give it all away.
2007-04-05 10:21:41 · answer #2 · answered by stonechic 6 · 3⤊ 0⤋
You're talking about communism and it doesn't work, russia proved that. Some one will always want to be at the top of the ladder, and have more, and be richer, no matter how they get there even if it is taking the bread out of some one else's mouth. I like your utopia idealism but the reality is that we are humane and fall into those humane instinct guidelines, one being that the strongest shall prevail.
2016-05-18 00:22:16 · answer #3 · answered by ? 3 · 0⤊ 0⤋
You can borrow the money with no money down as long as you qualify. Most of these loans are good for a couple of years then convert to an adjustable @ the current APR.
2007-04-05 10:26:59 · answer #4 · answered by mapper 2 · 0⤊ 3⤋
Interest only mortgages. Most of these people are probably totally overextended and up to their eyeballs in debt. Other people are voice actors.
2007-04-05 10:42:14 · answer #5 · answered by monger187 4 · 0⤊ 2⤋
You really need to hire me as your Portfolio Manager.
I bet you don't even know what a Portfolio Manager does.
2007-04-05 15:30:42 · answer #6 · answered by Anonymous · 0⤊ 2⤋
honey...you need to be a millionair to own of them. who else can afford one...
2007-04-05 10:18:58 · answer #7 · answered by Anonymous · 0⤊ 1⤋
lawyers, doctors, architects, celebrities...or they're just mortgaged to their eyeballs!
2007-04-05 10:18:11 · answer #8 · answered by Cheryl 3 · 3⤊ 0⤋
a lot of them own their own businesses
2007-04-05 10:14:15 · answer #9 · answered by Anonymous · 2⤊ 1⤋