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Millionaire To Millennials: The Costly Mistake Of Not Buying Now

8/5/2019

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On his personal website, self-made millionaire David Bach makes a striking statement:

 “Not prioritizing homeownership is the single biggest mistake millennials are making.” 
He further stated, “Buying a home is an escalator to wealth.”

Bach explains:
“Young adults in particular aren’t hopping on this escalator, and it’s a costly mistake…If millennials don’t buy a home, their chances of actually having any wealth in this country are little to none.”

He then elaborates on the game of homeownership:
“Start by crunching the numbers…actually do the math…This way, you’re really clear on your goals and you won’t just say to yourself, ‘I’ll never afford this!’

A good rule of thumb is to make sure your total monthly housing payment doesn’t consume more than 30 percent of your take-home pay.”

Bach concludes by saying,
“Oftentimes, buying your first home means you’re not buying your dream home…You’re just getting into the market.”

Bottom Line
Whenever a well-respected millionaire gives investment advice, listeners usually clamor to hear it. This millionaire shares some simple and straightforward insights: “The fact is, you aren’t really in the game of building wealth until you own some real estate.”

SOURCE KCM
#BuyingMyths #Millenials #RentVSBuy #SimardRealtyGroup #joineXpRealty
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  • Home
  • About
    • Contact
    • Testimonials
    • Promo Videos
  • Home Search
    • Financing >
      • Free Home Inspection
    • Mortgage Calculator
  • Listings
    • Open Houses
    • New Listings
    • Sold Homes
    • Listings Blog
  • Home Value
  • Resources
    • Real Estate Advice
    • Granby CT >
      • Granby area photos
    • East Granby CT
    • Simsbury CT
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    • Bloomfield
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      • Westfield MA
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