All Forum Posts by: Terra Padgett
Terra Padgett has started 14 posts and replied 112 times.
Post: Would you rather have $1m in Real Estate Equity or $1m in Cash?
- Investor
- Houston, Tx
- Posts 113
- Votes 105
Quote from @Patience Echem:
Not sure I know what I will do with a million dollars in cash, so equity for me. Unless deployed thoughtfully, cash may end up in the dead money pool where it losses its value every day or is horridly invested in an instrument that may go south. So, equity in a great business will be my take unless?
Post: Would you rather have $1m in Real Estate Equity or $1m in Cash?
- Investor
- Houston, Tx
- Posts 113
- Votes 105
Quote from @Eric Gerakos:
Terra, are you stirring up trouble again after your 7 streams of income? Lol. Cash, all day long.
Post: Finish This Sentence…
- Investor
- Houston, Tx
- Posts 113
- Votes 105
Quote from @V.G Jason:
Quote from @Terra Padgett:
If I had $1M to invest in real estate, I would ______.
It's more if I had time. Then probably invest in technology that can disrupt the archaic aspects of this business plus add analysis for all types of homeowners, and products for home services.
This industry desperately needs disruption.
Post: Would you rather have $1m in Real Estate Equity or $1m in Cash?
- Investor
- Houston, Tx
- Posts 113
- Votes 105
Instant liquidity or long-term asset growth? What's your pick?
Post: Finish This Sentence…
- Investor
- Houston, Tx
- Posts 113
- Votes 105
@Becca F. I like your diversification strategy
Post: The Average Millionaire has 7️⃣ Different Income Streams
- Investor
- Houston, Tx
- Posts 113
- Votes 105
@Dan H.
You are free to have your own beliefs. You are also free to do your own research. It's sad this post has struck such an emotional chord with you. lol. Good day....
Post: The Average Millionaire has 7️⃣ Different Income Streams
- Investor
- Houston, Tx
- Posts 113
- Votes 105
Quote from @Dan H.:
Quote from @Terra Padgett:
Quote from @Dan H.:
Quote from @Terra Padgett:
Quote from @Eric James:
Is this based on some data regarding actual "millionaires" or is this just made up?
Also, what people do with wealth once they have it isn't necessarily how they made it to begin with
No, it’s not made up. There has been research done on the topic and it’s just a common theme found from analyzing financial habits of wealthy individuals.
Can you provide the source? There are a lot of things that people believe is fact but are not. In sports the belief that the more times you beat a team the better chance the other team has to win. Statistically this is false even though it is believed by many people. there are countless other samples.
I used to see on this site that investing for cash flow was king. There were some of us that would point out that statistically that was not true. Today the sentiment on this site is very different than 5 years ago.
Research from the IRS, the Census Bureau, and studies on self-made millionaires. 7 streams is more of a guideline or general rule per se rather than a strict hard rule for every single millionaire. The key takeaway being that diversifying income is a common trait.
The census bureau nor irs collect or releases that type of info. It is not in their responsibility. I use census data regularly (on virtually every underwriting) and am fairly familiar with their website.
I join the others that skeptical to your list unless you can provide a link to a half way reliable source showing the data. You may be simply passing on info you have heard somewhere, but that is NOT a reliable source
Both the IRS and the U.S. Census Bureau publish data on income sources and wealth distribution, but they don’t explicitly release reports stating, “Millionaires have seven income streams.” Instead, researchers analyze those datasets to draw these conclusions. You don’t have to agree or believe the trends. However many millionaires do, in fact, have multiple income streams.
Thank You for your comments and thoughts!
Post: Finish This Sentence…
- Investor
- Houston, Tx
- Posts 113
- Votes 105
Quote from @Dionna Graham:
id invest in the deals that my colleagues are trying to sell lol some good stuff out there!
Post: Finish This Sentence…
- Investor
- Houston, Tx
- Posts 113
- Votes 105
Quote from @Ron Ramsden:
Buy Land
Post: The Average Millionaire has 7️⃣ Different Income Streams
- Investor
- Houston, Tx
- Posts 113
- Votes 105
I generate income from 6 out of the 7. Some deliver greater returns than others and carry a larger share of the load. However still multiple income sources. Again, not a hard and strict rule for every millionaire but certainly a common theme