Comments on How You Can Own Two Homes with No Debt on $33,000 a YearTypePad2007-02-07T19:24:00ZNAhttps://www.freemoneyfinance.com/tag:typepad.com,2003:https://www.freemoneyfinance.com/2007/02/how_you_can_own/comments/atom.xml/Jesse Joyner commented on 'How You Can Own Two Homes with No Debt on $33,000 a Year'tag:typepad.com,2003:6a00d83451bcbd69e20115704cd7da970b2009-04-24T18:05:55Z2009-04-24T18:05:55ZJesse Joynerhttp://www.JesseTheJuggler.comI just find it interesting that their names are the "Economides"; talk about living up to your name.<p>I just find it interesting that their names are the "Economides"; talk about living up to your name.</p>Lana commented on 'How You Can Own Two Homes with No Debt on $33,000 a Year'tag:typepad.com,2003:6a00d83451bcbd69e200e5503a400688342008-02-08T20:29:26Z2008-08-29T00:41:16ZLanahttp://lifeworkmoney.blogspot.comFrom the article: "Right now, we need $3,400 a month to cover everything," said Steve Economides. "Then we take everything...<p>From the article: <br />
"Right now, we need $3,400 a month to cover everything," said Steve Economides. "Then we take everything over that amount and split it into three. One third goes into a house fund, to cover any house emergencies. One third goes into a 'fun' account, for vacations, and one third for our family goes to charity, but for other families can go to mutual funds or other kinds of savings."<br />
If they need $3400 a month to cover their expenses I dont see how they're doing that on $33,000 per year...$3400 x 12 = 40,800. I mean, I realize their income might be more this year because it says $33,000 average over the past years (he is a freelancer after all), but still...this makes the article a bit misleading. </p>Tight Fisted Miser commented on 'How You Can Own Two Homes with No Debt on $33,000 a Year'tag:typepad.com,2003:6a00d83451bcbd69e200d83518ccde69e22007-02-13T21:35:54Z2007-04-29T22:50:40ZTight Fisted Miserhttp://www.tightfistedmiser.comI think that their being able to buy two homes is still quite an accomplishment even if they did do...<p>I think that their being able to buy two homes is still quite an accomplishment even if they did do it in a cheaper market. I don't think the point of the article was that everyone can buy 2 homes in 10 years but it was just giving an example of what is possible when you spend less than you earn.</p>Lazy Man and Money commented on 'How You Can Own Two Homes with No Debt on $33,000 a Year'tag:typepad.com,2003:6a00d83451bcbd69e200d83517084b69e22007-02-07T23:54:50Z2007-04-29T21:53:44ZLazy Man and Moneyhttp://www.lazymanandmoney.comHmmmm, that home could be well over 1,000,000 here in Silicon Valley. I think that makes the "they own two...<p>Hmmmm, that home could be well over 1,000,000 here in Silicon Valley. I think that makes the "they own two homes" statistic kind of irrelevant.</p>
<p>It's fairly easy to own two cars if you want ones that are old and barely run. It's a lot harder to own two new Ferrari's.</p>
<p>Good job by them, but there are lots of people doing the same thing. My mom used to be able to get 20 bars of soap for 9 cents total after coupons. Sometimes the store would pay her to buy things because the cost was negative after the coupons. I'm not convinced they are the cheapest family in America.</p>The Financial Ladder commented on 'How You Can Own Two Homes with No Debt on $33,000 a Year'tag:typepad.com,2003:6a00d83451bcbd69e200d83516fb2169e22007-02-07T21:12:48Z2007-04-29T21:52:07ZThe Financial Ladderhttp://www.thefinancialladder.blogspot.comThey're a fine example of how to manage money. Good enough to write a book!<p>They're a fine example of how to manage money. Good enough to write a book!</p>Rhonda Schaffer commented on 'How You Can Own Two Homes with No Debt on $33,000 a Year'tag:typepad.com,2003:6a00d83451bcbd69e200d83516fa3b69e22007-02-07T21:11:56Z2007-04-29T21:52:01ZRhonda SchafferBut, on another hand, I live in South Dakota, and I bought my house for $7,500. Yes that's a correct...<p>But, on another hand, I live in South Dakota, and I bought my house for $7,500. Yes that's a correct figure with no typo's. It all depends on where you live, city or rural. I just happen to live in a smaller town. If you don't mind driving an hour into the city or getting a "local" job then getting 2 houses is perfectly reasonable under the circumstances provided.</p>Nick commented on 'How You Can Own Two Homes with No Debt on $33,000 a Year'tag:typepad.com,2003:6a00d83451bcbd69e200d834e19ba753ef2007-02-07T20:44:07Z2008-08-29T17:03:15ZNickYou obviously have to take cost of living into account. The article states that this couple paid off their house...<p>You obviously have to take cost of living into account. The article states that this couple paid off their house in 9 years on a salary of $33,000. First, congratulations to them, that's quite an accomplishment.</p>
<p>On the other hand, I live in Washington D.C. and a house that could accomodate 7 people (three bedrooms, two baths) costs approximately $200k. To pay it off in 9 years with an interest rate of 5.75% you'd have to make payments of $2,375 a month. Considering that this family only makes $2,750 a month before taxes, that would be impossible to do in this market. This family is from Arizona and in Phoenix, a 2 bed/2bath house can be purchased for $70k. That's a mortgage payment of $830 a month which is much more reasonable.</p>