Millionaire To Millennials: Don’t Get Stuck Renting A Home… Buy One!
In a CNBCarticle, self-made millionaire David Bach explained that:“The biggest mistake millennials are making is not buying their first home.”He goes on to say that,“If you want to build real financial security, real wealth for your lifetime, then you need to buy a home.”
Bach went on to explain:
“Homeowners are worth 40 times more than renters. Now, that first home doesn’t need to be a dream home, it can be a very small home. You might literally have to buy a small studio apartment, but that’s how you get started.”
Then he explains the secret to buying that home!
“Don’t do a 30-year mortgage. You want to take that 30-year mortgage and instead pay it off early, do a 15-year mortgage. What happens if you do a 15-year mortgage? Well, one, you pay the mortgage off 15-years sooner, that means you’ll be able to retire in your fifties. Number two, you’ll save a fortune (on potentially hundreds of thousands of dollars in interest payments).”
What will it cost to pay your mortgage in fifteen years?He explains further:
“For fifteen years, you got to brownbag your lunch. Think about that! Brownbag your lunch literally for fifteen years. You can retire ten years sooner than your friends. You’ll have real wealth, because you bought a home – you’re not a renter. And you’ll be financially secure for life.”
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.
Who is David Bach?
Bach is a self-made millionaire who has written nine consecutive New York Times bestsellers. His book, “The Automatic Millionaire,” spent 31 weeks on the New York Times bestseller list. He is one of the only business authors in history to have four books simultaneously on the New York Times, Wall Street Journal, BusinessWeek and USA Today bestseller lists.
He has been a contributor to NBC’s Today Show, appearing more than 100 times, as well as a regular on ABC, CBS, Fox, CNBC, CNN, Yahoo, The View, and PBS. He has also been profiled in many major publications, including the New York Times, BusinessWeek, USA Today, People, Reader’s Digest, Time, Financial Times, Washington Post, the Wall Street Journal, Working Woman, Glamour, Family Circle, Redbook, Huffington Post, Business Insider, Investors’ Business Daily, and Forbes.
Author:Julie Boyadjian - CA DRE #01820721 Phone: 619-250-1129 Dated: February 18th 2019 Views: 286 About Julie: San Diego Top Realtor, Julie Boyadjian has delivered excellence in real estate since 2007, and is ve...
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San Diego Top Realtor, Julie Boyadjian has delivered excellence in real estate since 2007, and is very appreciative of the fact that the greatest percentage of her business is from satisfied repeat clients and those who have been referred by her past customers. Her enthusiasm and high energy are among the many traits that make her a top professional. Julie knows the meaning of hard work, client satisfaction, and time management. Her entrepreneurial skills and work ethic are a beacon to all those who know her. Julie loves San Diego County where she was born and raised. She has real estate knowledge about markets in all areas of the county. It's no surprise that Julie was "Rookie of the Year" when she entered real estate sales, she has continued that exemplary performance for the past ten years. Julie has been voted a Neighborhood Favorite in the San Diego Union Tribune Readers Poll year after year. "This profession offers numerous emotional awards." she states, "That feeling that comes from handing a first-time buyer their keys to a home or helping seller get the maximum return possible on their investment make me very happy that I chose to pursue a career in residential sales."