Buying a home is "an escalator to wealth," according to the author of "The Automatic Millionaire" David Bach.
As reported on CNBC self-made millionaire David Bach thinks that not prioritizing homeownership is "the single biggest mistake millennials are making." Buying a home is "an escalator to wealth," according to David. Young adults in particular aren't hopping on this escalator, and it's a costly mistake, Bach warns: "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."
"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!"
Recognize that "oftentimes, buying your first home means you're not buying your dream home," Bach tells CNBC. "You're just getting into the market."
A lucrative market, that is. "The fact is, you aren't really in the game of building wealth until you own some real estate," Bach writes.
Renting can certainly be the best answer for many situations however home ownership can undeniably be a critical key to building real financial wealth.
Having an experienced professional on your side while navigating the real estate market is the best way to guarantee that you can make the home of your dreams a reality! What are you waiting for? Contact your local real estate specialist at Forefront Real Estate!
(307)224-1523
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Casper, WY 82601
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