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Kuli24 t1_j8wjtdh wrote

Reply to comment by elpajaroquemamais in Tyler Perry to donate $2.5M to help older Atlanta homeowners by AmethystOrator

0.25 percent. If you're worth $250,000, you would give... $625??? That sure doesn't seem like a lot.

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elpajaroquemamais t1_j8wnvnh wrote

Keep in mind net worth isn’t cash in the bank. For someone who owns a home that’s worth $400000 and only owes $150000 on it but other wise isn’t rich, yeah, $625 is a lot of money.

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Kuli24 t1_j8wopbz wrote

I know that. And no, in that situation, $625 isn't a lot of money. It's like buying a ps5 console with no games, or a used graphics card.

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elpajaroquemamais t1_j8wpz6m wrote

Just because it isn’t a lot to you doesn’t mean it isn’t a lot.

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Kuli24 t1_j8wqupl wrote

I mean that's pretty much my situation, which is what I was going off of. How did the $250k get paid off if there isn't enough to cover a simple $625 cost? That's a set of tires. That's a car repair bill. We probably just define "a lot" differently, which is alright.

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elpajaroquemamais t1_j8wztyx wrote

You are describing exactly why you need to save that money instead of spending it on a PS5 or charity. Thanks for proving my point.

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Kuli24 t1_j8x0n6p wrote

I'm saying that $625 is a typical expense we are already used to paying. What's one more of them? I'm saying if you have $250k of the house paid off, chances are you can drop $625 without it affecting you. And no, we shouldn't save all of our money. Buy a PS5 and enjoy if it doesn't hurt you financially.

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elpajaroquemamais t1_j8xmldz wrote

The house may have been worth $200000 when you bought it. But when it becomes more valuable it increases your net worth. That’s my point. It’s not cash in hand.

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Kuli24 t1_j8xr7rg wrote

Ohhh that's what you meant. I thought you meant a $400k mortgage with 150k remaining.

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