{"id":12002,"date":"2018-01-23T08:00:57","date_gmt":"2018-01-23T14:00:57","guid":{"rendered":"http:\/\/www.coolchecks.net\/blog\/?p=12002"},"modified":"2018-01-22T18:40:30","modified_gmt":"2018-01-23T00:40:30","slug":"not-buying-a-home-is-a-mistake","status":"publish","type":"post","link":"https:\/\/www.coolchecks.net\/blog\/managing-money\/not-buying-a-home-is-a-mistake.html","title":{"rendered":"Not Buying A Home Is A Mistake"},"content":{"rendered":"

\"Not<\/a>
\u201cThe average homeowner to this day is 38 times wealthier than a renter,\u201d David Bach asserts.<\/figcaption><\/figure>The single largest mistake America\u2019s Millennials are making is failing to buy a home, according to millionaire and finance guru David Bach.<\/p>\n

Although there is a school of thought that home ownership is the \u201cAmerican nightmare,\u201d Bach holds to his premise that failure to buy a home limits young earners in their quest for financial well-being. \u201cThe average homeowner to this day is 38 times wealthier than a renter,\u201d he asserts. \u201cBuying a home is an escalator to wealth.\u201d<\/p>\n

Bach, author of \u201cThe Automatic Millionaire,\u201d says he bought his first home in San Francisco. It skyrocketed in value. He then moved to New York, purchased another home and again saw a significant increase in value. He now owns a third home. <\/p>\n

You have to live somewhere, he reasons, so why not make an investment in something that will pay you back over time? A renter can easily spend half a million dollars in rent over the years and end up with nothing to show for the expenditure. <\/p>\n

\u201cOr 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.\u201d As an example, he cites the math: $1,500 rent per month over 30 years equals $540,000 \u2013 money down the drain, in his opinion.<\/p>\n

If you are considering the pros and cons of home ownership, he advises \u201cStart by crunching the numbers. Do the math, starting with the smallest options. When you\u2019re really clear on your goals, start shopping.<\/p>\n

Rule of thumb: Make sure your total monthly housing payment doesn\u2019t consume more than 30 percent of your take-home pay. Save for a down payment of at least 10 percent, more if possible. Don\u2019t go overboard. Your first home may not be your dream home, but it is a step toward that end. <\/p>\n

Buying a home puts you in the market, and, according to Bach, \u201cYou aren\u2019t really in the game of building wealth until you own some real estate.\u201d <\/p>\n","protected":false},"excerpt":{"rendered":"

The single largest mistake America\u2019s Millennials are making is failing to buy a home, according to millionaire and finance guru David Bach. Although there is a school of thought that home ownership is the \u201cAmerican nightmare,\u201d Bach holds to his premise that failure to buy a home limits young earners in their quest for financial […]<\/p>\n","protected":false},"author":53,"featured_media":12005,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[561,548,20,556,610],"tags":[],"_links":{"self":[{"href":"https:\/\/www.coolchecks.net\/blog\/wp-json\/wp\/v2\/posts\/12002"}],"collection":[{"href":"https:\/\/www.coolchecks.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.coolchecks.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.coolchecks.net\/blog\/wp-json\/wp\/v2\/users\/53"}],"replies":[{"embeddable":true,"href":"https:\/\/www.coolchecks.net\/blog\/wp-json\/wp\/v2\/comments?post=12002"}],"version-history":[{"count":4,"href":"https:\/\/www.coolchecks.net\/blog\/wp-json\/wp\/v2\/posts\/12002\/revisions"}],"predecessor-version":[{"id":12007,"href":"https:\/\/www.coolchecks.net\/blog\/wp-json\/wp\/v2\/posts\/12002\/revisions\/12007"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.coolchecks.net\/blog\/wp-json\/wp\/v2\/media\/12005"}],"wp:attachment":[{"href":"https:\/\/www.coolchecks.net\/blog\/wp-json\/wp\/v2\/media?parent=12002"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.coolchecks.net\/blog\/wp-json\/wp\/v2\/categories?post=12002"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.coolchecks.net\/blog\/wp-json\/wp\/v2\/tags?post=12002"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}