Yes
You may spend a few million dollars a year on the property tax, utility bills, and maintenance of that home.
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Yeah. No need to spend all that money if you donāt have any interest in living in such a big house.
If you want it, cool. If not, there are other ways to use that money, for sure.
But itās cool to rent it once in a while and enjoy it.
Same as renting a luxury sports car. I have no interest in owning one, but renting one and driving it around a track for a while would be fun. Certainly not a bad way to spend an afternoon.
āHey, broā¦.yeah, Iām good. Iām about to test drive a crazy fast $2M sports car. Whatāchu up to?ā
Work hard to get the life you want.
āHey, man. This new manager is really stressing me out. Can you talk?ā
āNot right now. Iāll call you later. Iām taking a horseback riding lesson.ā
āYouāre what?!ā
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āThings are cool. Carla and I are gonna take an intensive salsa dancing course. Over in Colombia.ā
āThat sounds fun. You mean that dance studio over on Columbia street?ā
āNot Columbia street. COLOMBIA.ā
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Let me ask you something.
A few years ago, I came across an article from Beverly Hills, California, about a couple who lease a mansion for 400k per month because their mansion was going to be renovated and it was going to take a year and a half to remodel their mansion, leasing that mansion amounted to $7.2 million ($400,000 multiplied by 18 months).
Suppose you have over a billion dollars. What strategy would you adopt while your house is undergoing renovations, and how much would you be willing to pay on renting a mansion until your home is completed?
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Iām not sure within which boundaries you want me to answer.
Honestly, even with a billion, I wouldnāt live in a mansion.
But, if I wereā¦ā¦
I would spend less than 30% of my disposible income on housing. And why would I need a mansion while my home is being renovated?
I donāt wanna move all my stuff, get settled, then move it all back. Besides, those kinds of projects always take longer than expected.
Put that stuff in storage, and get an apartment. Or better yet, go travel. Iāll pack up my mobile trading station, some clothes, a book, and Iām out. Deuces.
I canāt imagine spending 12 months in a place that costs $400k per month.
Even as a billionaire, I canāt imagine spending that much money. Itās such a waste. What are they gonna do with such a big house? Thereās probably 20 bedrooms, and theyāll never even see most of them. Whatās the point?
Honestly, Iād just donate more money to a cause of my choice. Iād feel better about myself if I used that money for good than to spend it on a mansion whose rooms Iāll probably never even see 95% of.
If a couple canāt live off of $10k per month, I feel like somethingās wrong.
But, hey, if youāre a billionaire, and you worked your tail off to get there, live your life.
@SmallPaul Can you see yourself living in a mansion that big? No judgement either way.
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Mansion or not, Billionaire or Trillionaire, Iām not paying 400,000 a month for a rental house until my home renovations are finished; thatās 7.2 million thrown away if you ask me. itās their money, thatās their choice, but I would definitely opt for a far less expensive solution.
Of course, If a person want to build or buy a mansion from their hard work, why not?
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Well, if itās a mansion, why not just stay in the part of the mansion thatās not being worked on?
Stay in the east wing, while they work on the west wing. When the west wing is done, you can go back. Easy peazy.
But, how cool would it be to stay in a huge mansion like that? Poker night with the guys, or a weekend with your girl.
If the money is rolling in heavy. I could see myself renting a beautiful luxury villa for a week for $10k.
