In a CNBC article, self-made millionaire David Bach explained that “the single biggest mistake millennials are making” is not purchasing a home 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 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’sToday 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 theNew York Times, BusinessWeek, USA Today, People, Reader’s Digest, Time, Financial Times,Washington Post,theWall Street Journal, Working Woman, Glamour, Family Circle, Redbook, Huffington Post, Business Insider, Investors’ Business Daily, and Forbes.
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.
Source: Keeping Current Matters
Author:Peter McNaughton Phone: 951-232-5881 Dated: October 11th 2017 Views: 74 About Peter: ...
"I worked with Kim for about a year to help find my home. I first started my search in Corona, but as my job situation changed I started looking in OC. As a medical professional, I was really impressed with Kim's flexibility. My schedule was very hectic and sometimes I had to take time between patients to contact her. However, she was always prompt with her replies and good with all of her paper work and electronic communications. I would certainly recommend her to anyone looking to buy or sell a home."