The "5 Quiet Enemies" of Wealth
Today I thought about how rarely we factor in the Quiet Enemies to growing wealth — instead we fixate on Performance Performance Performance — this is 1 part of the story!
What about....
1. FEES that can compound overtime❓️
2. TAXES that resize every gain before you ever touch it❓️
3. COSTS that pop up us e.g., medical, repairs, etc❓️
4. INFLATION that's like slow bleed on spending power❓️
5. DEBT that can impact the exit strategy
Example that I have RIGHT NOW!
I've been considering selling one of my rental properties then repositioning the $ into the market but then I did the ACTUAL math ➗️
🏡 Fair Market Sale Price: $225,000
- 25k realtor fees, closing costs
- 65k mortgage payoff
- 25k heloc payoff
- 40k taxes (cap gain, recapture, state)
Net Received: $70,000
At a glance, on paper 📃... things look great but taxes/fees add up to be about as much💲as I'd walk away with!
A tough truth that we can't forget about!
