What are your thoughts on the below.

Someone inherits a completely paid off house in worth $1,000,001, they have no debt, no other assets and an emergency fund($8,000 or so)
For emotional attachment reasons they can’t/won’t sell the house.

Are they a millionaire(assets-liability=NW) or are they currently a broke bastard with a place to call home and an emergency fund?

They’re not broke, but not smart either. Why would anyone keep a house worth a million dollars because of “emotional attachment “??

It’s a house, sell it and do something with the money.

A millionaire in assets but actually worse off than before because now they gotta pay the taxes on that new place. I have no desire to own a million dollar house, even for free. If it was a $200k house surrounded by $800k in land, i would rake and scrape the rest of my life to make sure the taxes got paid.

Somewhere in between.

The taxes are going to end up getting the house sold at well below market/appraised value. Might as well sell it now while still ahead.

Not bless with that problem thank god

Millionaire. My question has always been if you have a million in the bank, and buy a happy meal, are you still a millionaire?

Sell the house to pay the property tax or lease the house to pay the taxes. Either way they should come out ahead, maybe a little or maybe alot.

Also, the insurance and maintenance with only $8000 in spare money aint gonna last a month or two.

Withdraw the $8k and have a heck of a party in my new million dollar house. Only live once.

Joking of course.

He still broke. Just house broke.

Hookers and blow? Or are we gona splurge on the crack and heroin this time, speedball our way into oblivion and let someone else worry about this problem?

I know a good realtor.

Yeah, you’d be a millionaire, won’t be long unless start making some good business decisions.

Sell the house..buy at&t stock with the money..have $6-8k per month passive income from the dividend..begin to live on a self set low income budget and compound your savings while working a regular job over the couse of 2-5 years..reinvest parts of that money and start a franchise of crispy kreme donut shops…become a real millionaire…buy a couple thousand acres…sell your krispi kreme franchise…buy stock in apple and some of musks future ventures…..disappear forever never to be heard from again..

Are they the kind that will sell the house and blow the money in a few months?

I just stay broke

A broke ass millionaire.

They’re certainly not broke, but as others have stated the insurance and taxes are going to be difficult.

Think about the light and a/c bill on a million dollar house. If you dont run the a/c then mold will set in on the house. Gotta keep water running through the pipes of those 5 bathrooms and kitchen too.