Feb 18 2019 37430 1

Dated: 02/18/2019

Views: 55


Millionaire To Millennials: Don’t Get Stuck Renting A Home… Buy One! | Simplifying The Market

Millionaire To Millennials: Don’t Get Stuck Renting A Home… Buy One!

   First Time Home Buyers, For Buyers, Millennials, Move-Up Buyers,Rent vs. Buy

In a CNBC article, 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.”

Bottom Line

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.



You might also enjoy reading...

Blog author image

Team H and L Miami

Team H&L Miami @ Real Estate Empire Group is a fast growing boutique Real Estate firm established in 2001. It began to revolutionize property sales as well as marketing through brokers, agents, and an....

Want to Advertise on this Site?

Latest Blog Posts

Feb 18 2019 37430 1

Millionaire To Millennials: Don’t Get Stuck Renting A Home… Buy One!  Monday February 18th, 2019  First Time Home Buyers, For Buyers, Millennials, Move-Up

Read More

Feb 17 2019 37430 1

How to Choose a Color Scheme for Your Homeby Henry & Laly Sanz 02/11/2019Many people find choosing the right color scheme to be the most overwhelming part of their home decoration process.

Read More

Feb 15 2019 37430 1

5 NEGOTIATING TACTICS THAT KILL A SALEThe article below is for real estate professionals to use on their own blog or website copyright free.Negotiation is a subtle art in real estate, but skilled

Read More

Feb 13 2019 37430 1

How to Choose a Color Scheme for Your Homeby Henry & Laly Sanz 02/11/2019Many people find choosing the right color scheme to be the most overwhelming part of their home decoration process.

Read More