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"People" who own a house (1 Viewer)

tone1oc

tone1oc

Footballguy
And believe it is an asset.. I don't get it, it's very simple to understand that your house is in fact a liability.  Unless you are renting your 1BR bungalow on Airbnb, stop it.

 
I'm pretty sure all Footballguys pay cash for our houses and have no debt.  We also have multi-million dollar umbrella policies to prevent an unexpected lawsuit from a guest getting hurt at our house.  I will go ahead and chalk my home up as an asset.

 
Don't Noonan said:
I'm pretty sure all Footballguys pay cash for our houses and have no debt.  We also have multi-million dollar umbrella policies to prevent an unexpected lawsuit from a guest getting hurt at our house.  I will go ahead and chalk my home up as an asset.
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Still no.

 
Don't Noonan said:
I'm pretty sure all Footballguys pay cash for our houses and have no debt.  We also have multi-million dollar umbrella policies to prevent an unexpected lawsuit from a guest getting hurt at our house.  I will go ahead and chalk my home up as an asset.
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Yeah, no.  We take the 5mil note at 3.5% and invest the cash.

 
Why is the word people in quotes? Do you think people that buy houses are actually not people, but alien organisms or something?

 
proninja said:
It's been a long time since I was in business school, but seems like the house is an asset and any associated mortgage debt is a liability
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Seemingly, but you are wrong.

 
Don't Noonan said:
I'm pretty sure all Footballguys pay cash for our houses and have no debt.  We also have multi-million dollar umbrella policies to prevent an unexpected lawsuit from a guest getting hurt at our house.  I will go ahead and chalk my home up as an asset.
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You obviously have a firm grasp on what constitutes an asset.

 
For some reason our synapsis are wired to think homes are an asset when we know they are a liability.  Weird.

 
Asset:
 
a useful or valuable thing, person, or quality.
"quick reflexes were his chief asset"

synonyms:


benefit, advantage, blessing, good point, strong point, selling point, strength,forte, virtue, recommendation, attraction, resource, boon, merit, bonus, plus,pro



"he sees his age as an asset"









  • property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies.
    "growth in net assets"

    synonyms:


    property, resources, estate, holdings, possessions, effects, goods, valuables,belongings, chattels



    "the seizure of all their assets"








  • military equipment, such as planes, ships, communications and radar installations, employed or targeted in military operations.
     
     
    li·a·bil·i·ty

    ˌlīəˈbilədē/

    noun

    1.

    the state of being responsible for something, especially by law.

    "the partners accept unlimited liability for any risks they undertake"

    synonyms:accountability, responsibility, legal responsibility, answerability; More

    2.

    a person or thing whose presence or behavior is likely to cause embarrassment or put one at a disadvantage.

    "he has become a political liability"

    synonyms:hindrance, encumbrance, burden, handicap, nuisance, inconvenience;More

    So, it's both.



 
A house isn't a liability, the mortgage and upkeep are.  The equity you have in the house is an asset.

Source: my CPA license.

 
Considering I purchased in 2004 and our market crashed,  yeah... mine is definitely not an asset.  :angry:

 
(HULK) said:
Asset:
 
a useful or valuable thing, person, or quality.
"quick reflexes were his chief asset"

synonyms:


benefit, advantage, blessing, good point, strong point, selling point, strength,forte, virtue, recommendation, attraction, resource, boon, merit, bonus, plus,pro



"he sees his age as an asset"









  • property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies.
    "growth in net assets"

    synonyms:


    property, resources, estate, holdings, possessions, effects, goods, valuables,belongings, chattels



    "the seizure of all their assets"








  • military equipment, such as planes, ships, communications and radar installations, employed or targeted in military operations.
     
     
    li·a·bil·i·ty

    ˌlīəˈbilədē/

    noun

    1.

    the state of being responsible for something, especially by law.

    "the partners accept unlimited liability for any risks they undertake"

    synonyms:accountability, responsibility, legal responsibility, answerability; More

    2.

    a person or thing whose presence or behavior is likely to cause embarrassment or put one at a disadvantage.

    "he has become a political liability"

    synonyms:hindrance, encumbrance, burden, handicap, nuisance, inconvenience;More

    So, it's both.


Click to expand...
Yeah, no..

 
xulf said:
A house isn't a liability, the mortgage and upkeep are.  The equity you have in the house is an asset.

Source: my CPA license.
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Perhaps predatory lenders will let you borrow against the equity of your house, but this is unfortunately wrong as well…

 
tone1oc said:
Sadly, it never was.  Sorry duder
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Meh. It's OK. We like the neighborhood and had no plans to jump to the next house. By the time it's paid off it'll be time to find something without stairs. 

I remember the mortgage broker trying to talk me into a interest only loan. Uh... no. 

 
Bought in 1994 for $170k, paid off the mortgage in 12 years. Could sell it easily for $650k now.

Not an asset?

 
My portfolio made a less percentage than my adjusted mortgage interest last year. I said #### it and paid off my mortgage. My broker said it was backward (market) thinking, but now I get to live in an asset. 

 
avoiding injuries said:
My portfolio made a less percentage than my adjusted mortgage interest last year. I said #### it and paid off my mortgage. My broker said it was backward (market) thinking, but now I get to live in an asset. 
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I wish I had my condo paid off, I'm jealous, but you are still living in a liability.

 
proninja said:
So how do you define asset and liability?
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C'mon guys. With that post, it went beyond obvious that he is in full schtick mode. No one can be that inept when it comes to finances. Well, other than Steady's wife.

 
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