Last week,CNBCran anarticlequoting self-made millionaire David Bach explaining that not purchasing a home is"the single biggest mistake millennials are making"because buying real estate is"an escalator to wealth.”
Bach went on to explain:
"If millennials don't buy a home, their chances of actually having any wealth in this country are little to none. The average homeowner to this day is 38 times wealthier than a renter."
In his bestselling book,“The Automatic Millionaire,”Bach does the math:
"As a renter, you can easily spend half a million dollars or more on rent over the years ($1,500 a month for 30 years comes to $540,000), and in the end wind up just where you started — owning nothing. Or you can buy a house and spend the same amount paying down a mortgage, and in the end wind up owning your own home free and clear!"
Who is David Bach?
Bach is a self-made millionaire who has written nine consecutiveNew York Timesbestsellers. His book, “The Automatic Millionaire,”spent 31 weeks on theNew York Timesbestseller list. He is one of the only business authors in history to have four books simultaneously on theNew York Times, Wall Street Journal, BusinessWeekandUSA Todaybestseller lists.
He has been a contributor toNBC’s Today Showappearing more than 100 times, has been a regular onABC, CBS, Fox, CNBC, CNN, Yahoo, The View,andPBS, and has been profiled in many major publications, includingThe New York Times, BusinessWeek, USA Today, People, Reader’s Digest, Time, Financial Times, The Washington Post, The Wall Street Journal, Working Woman, Glamour, Family Circle, Redbook, Huffington Post, Business Insider, Investors’ Business Daily, andForbes.
Whenever a well-respected millionaire gives investment advice, people usually clamor to hear it. This millionaire gave simple advice – if you don’t yet live in your own home, go buy one.
Author:Chris Curtis Phone: 925-408-8902 Dated: January 5th 2017 Views: 94 About Chris: ...
Find a New Home in Four Steps Whether you’re a first-time homeb
"I've worked with a number of agents and Steve is by far the best. His skills as an agent far exceeded those of the agents I've worked with in the past. He is professional, reliable, honest, knowledgeable, responsive, and a pleasure to work with. Steve is an example of going above and beyond. He helped me steer clear of a couple problematic properties and advocated on my behalf every step of the process. Since I left town soon after I saw the property, the entire process from offering to closing was done while I was remote. Steve promptly resolved issues that came up. This included figuring out a loan issue, taking multiple trips to thoroughly inspect the property, and repairing an item that the seller failed to disclose. I'm grateful to have had Steve as my agent and definitely want to work with him again in the future."