Today I wanted to go over some advice self-made millionaire David Bach has for millennials about owning a home.
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Last week, CNBC ran an article quoting self-made millionaire, David Bach, explaining that not purchasing a home is the biggest mistake millennials are making, because buying real estate is an escalator to wealth.
Bach went on to explain that 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. According to Bach, as a renter, you can easily spend $500,000 or more on rent over the years, and in the end, wind up right where you started, owning nothing. Or you can buy a house, spend the same amount paying down a mortgage, and wind up owning your own home free and clear.
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So who is David Bach He’s a self-made millionaire who has written nine consecutive New York Times Best Sellers. His book, The Automatic Millionaire, spent 31 weeks on the New York Times Best Sellers List. He is also one of the only business authors in history to have four books simultaneously on the New York Times, Wall Street Jorurnal, Businessweek, and USA Today best sellers list. Additionally, he has been a contributor to NBC’s Today Show, appearing more than 100 times, and has been on many other news networks as well.
If you want to gain wealth, you need to quit renting.
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So, the bottom line is, whenever a well-respected millionaire gives investment advice, people are usually eager to hear it. This millionaire gives simple advice; if you don’t live in your own home, it’s time to buy one.
If you or anyone you know is thinking of buying or selling a home, or if you have any other real estate-related questions, please don’t hesitate to give me a call. I would be happy to help!
