Advice For Millenials

Dated: 10/11/2017

Views: 115

Millionaire To Millennials: Buy A Home Now!

Millionaire to Millennials: Buy a Home Now!

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’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.

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.

Source: Keeping Current Matters

Want to Advertise on this Site?

Latest Blog Posts

Are You Being Spied On During Showings

Are You Being Spied On During Showings? DAILY REAL ESTATE NEWS | FRIDAY, MARCH 16, 2018 Be careful: You and your buyer may be under surveillance when touring a property. Some sellers are using

Read More

5 Things To Think About When Buying Your First Place

5 Things to Think About When Buying Your First PlaceAs a renter, you have the luxury of choosing a place that meets your needs at the moment. Buying a home is a much bigger commitment,

Read More

Home Features Repeat Buyers Call MustHaves

Consumers in southern california and cross the Us  who’ve bought a home before know what they want the second time around, but some may be surprised to learn that the laundry room

Read More

5 Surprising Stats About Buyers

5 Surprising Stats About Buyers DAILY REAL ESTATE NEWS | WEDNESDAY, MARCH 14, 2018 Millennial buyers are more diverse and mobile than their predecessors, and expect real estate professionals to be

Read More