Last week,CNBCran anarticlequoting self-made millionaire David Bach explaining that not purchasing a home is"the single biggest mistake millennials are making"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 consecutiveNew York Timesbestsellers. His book, “The Automatic Millionaire,”spent 31 weeks on theNew York Timesbestseller list. He is one of the only business authors in history to have four books simultaneously on theNew York Times, Wall Street Journal, BusinessWeekandUSA Todaybestseller lists.
He has been a contributor toNBC’s Today Showappearing more than 100 times, has been a regular onABC, CBS, Fox, CNBC, CNN, Yahoo, The View,andPBS, and has been profiled in many major publications, includingThe New York Times, BusinessWeek, USA Today, People, Reader’s Digest, Time, Financial Times, The Washington Post, The Wall Street Journal, Working Woman, Glamour, Family Circle, Redbook, Huffington Post, Business Insider, Investors’ Business Daily, andForbes.
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.
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Private, 1.31 acre lot nestled in the desert hills and
"Working with eXp Realty was a pleasure. When we started, we had no idea what we wanted, but our buyer agent helps us figure out the pros and cons of all our options. Our agent went the extra mile willing to put in the extra effort to answer our questions, to make sure we were happy with our decisions, and educated about the market and local area."