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That's the kind of situation my parents are in. They own an asset worth over a million... but they're living in it and it doesn't pay the bills. It actually costs them money keep and run the place. 5 years into retirement, they're almost out of money and keep hitting me up for money for simple things like food.
I keep telling them to sell the place while the getting is good and invest the money. The dividend they would get is way more than they ever made while working and can easily pay rent or a mortgage on a condo. They'll still have a lot of money left over for the fun stuff too... or just reinvest it.
When it comes to retirement, it's not how much you have... it's how much you have coming in...
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"Damn fine car Dodge... Ran over me wife with a Dodge!", Zeke
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