A couple of weeks ago, CNBC ran an article quoting the self-made millionaire David Bach. In it he relays that not purchasing a home is “the single biggest mistake Millennials are making” and that buying real estate is “an escalator to wealth.”
Mr. 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 on earth is David Bach….any way?
Mr. David 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, has been a regular on ABC, CBS, Fox, CNBC, CNN, Yahoo, The View, and PBS, and has been profiled in many major publications, including The 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, and Forbes.
The Takeaway
Whenever a billionaire such this man gives investment advice, people should generally take notice. This billionaire gave some simple advice – if you don’t yet live/own your own home, go buy one!!
To learn more about the process of owning your own home, call or text me at 727-755-3434 and I would be delighted to be your personal guide!!
