I know. The nerve of some people to suggest a totally impossible scenario.

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Ben
1987 190d 2.5Turbo

Is he unemployed and/or incapable of paying the mortgage he has on the property?

I used to think it was unethical. Not so sure anymore.

- Peter.

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2021 Chevrolet Spark
Formerly...
2000 GMC Sonoma
1981 240D 4spd stick. 347000 miles. Deceased Feb 14 2021
2002 Kia Rio. Worst crap on four wheels
1981 240D 4spd stick. 389000 miles.
1984 123 200
1979 116 280S
1972 Cadillac Sedan DeVille
1971 108 280S

Regarding walking away from the mortgage.

It has absolutely nothing to do with honor or ethics. If you don't have the money to pay the mortgage, the mortgage is not going to get paid. It is as simple as that.

There are consequences of course (stained credit, etc.), but it has absolutely nothing to do with ethics.

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Ben
1987 190d 2.5Turbo

Well, what's the take on "Mr. Ft. Meyers" that apparently can vacation in FL in a house he no longer pays for? Ethical or not?

AFAIK, he's employed in sales. He is probably incapable of paying the mtge, according to a client of mine who is, err, was a partner of his in another (sour) venture.

edit: As I said, sooner or later he will pay the piper, and likely have forgiveness of debt tax problems, along with the aforementioned stained credit, etc. But I suspect he's channeling his resources into trying to save the (marginally, imo) better venture .

You picked up on one of Buffett's wonderful quotes. I remember reading it years ago. If you follow his advice (as I have) over the years, in my estimation you have a better shot at growing your net worth exponentially. Especially if you are a younger person, since time is your friend in investing.

Some of the remnants of Enron were bought by Berkshire-Hathaway's MidAmerican Energy division after the Enron debacle. When Ken Lay bought Northern Natural Gas company in Omaha, he stated it would stay in Omaha. Lay lied, he moved it to Houston, Texas. Northern Natural Gas is now back in Omaha. Not that it helps any of the former retired millionaires in Omaha that risked-it-all by foolishly leaving all their retirement dollars in Enron stock.

listen mr. "glass half full", again, don't confuse luck with genius. if or when things go bad for you, you will understand, and perhaps have empathy.

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"The law, in its majestic equality, forbids the rich as well as the poor to sleep under bridges, to beg in the streets, and to steal bread."

"The harder I work, the luckier I get."

-Samuel Goldwyn

sadly, the anecdotal does not trump the empirical.

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"The law, in its majestic equality, forbids the rich as well as the poor to sleep under bridges, to beg in the streets, and to steal bread."

I'm not so sure, most "lucky" people I know are in the habit of making good decisions. Conversly, people who live on the edge are always at more risk from external forces. The individual who buys a house he can't really afford in an area with an inflated real estate market shouldn't be shocked when he ends up in trouble. Bad stuff happens, the "lucky" people are the ones with options.

Weird. I seem to encounter that quite a bit. Not that every time it works out but quite often. OTOH, when I just "go thru the motions", it fails more often than not. Not sure why. Maybe it is just luck. That is it.

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01 Ford Excursion Powerstroke
99 E300 Turbodiesel
91 Vette with 383 motor
05 Polaris Sportsman 800 EFI
06 Polaris Sportsman 500 EFI
03 SeaDoo GTX SC Red
03 SeaDoo GTX SC Yellow
04 Tailgator 21 ft Toy Hauler
11 Harley Davidson 883 SuperLow

If it is true luck, I don't think anyone can be lucky enough to succeed in life. Even if it is pure luck that you find a $100 bill on the road, you still have to get off the couch and walk out and pick it up.

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01 Ford Excursion Powerstroke
99 E300 Turbodiesel
91 Vette with 383 motor
05 Polaris Sportsman 800 EFI
06 Polaris Sportsman 500 EFI
03 SeaDoo GTX SC Red
03 SeaDoo GTX SC Yellow
04 Tailgator 21 ft Toy Hauler
11 Harley Davidson 883 SuperLow

Yup, that's the point. I don't believe in luck over the long term. Someone may be lucky enough to have an opportunity, he/she has to act on it.

For my self I operate on the idea that the harder I work and think the luckier I will be.

However, I know lots of folks who work plenty hard but still are not fortunate financially or in other ways.

Being lucky in marriage goes a long way in life.....how does anyone know? I married my wife after knowing her less than six months and it has been wonderful, but I consider myself very very lucky in that respect. (I wasn't so lucky the first marriage!)

I don't advise anybody to rely on luck but in my own case I feel very lucky for what I have and what I have been given through no effort of my own.

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[SIGPIC] Diesel loving autocrossing grandpa Architect. 08 Dodge 3/4 ton with Cummins & six speed; I have had about 35 benzes. I have a 39 Studebaker Coupe Express pickup in which I have had installed a 617 turbo and a five speed manual.[SIGPIC]

..I also have a 427 Cobra replica with an aluminum chassis.