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Millionaire To Millennials: Don’t Get Stuck Renting A Home… Buy One!

Share

Millionaire To Millennials: Don’t Get Stuck Renting A Home… Buy One!

David Bartels

Meet David Bartels - Selected as one of America's Top 100 Real Estate Agents, he is among the Top 1% of of all agents nationwide and leader of the #1 ...

Meet David Bartels - Selected as one of America's Top 100 Real Estate Agents, he is among the Top 1% of of all agents nationwide and leader of the #1 ...

Feb 19 3 minutes read

In a CNBC article, self-made millionaire David Bach explained that: “The biggest mistake millennials are making is not buying their first home.” He goes on to say that, “If you want to build real financial security, real wealth for your lifetime, then you need to buy a home.”

Bach went on to explain:

“Homeowners are worth 40 times more than renters. Now, that first home doesn’t need to be a dream home, it can be a very small home. You might literally have to buy a small studio apartment, but that’s how you get started.”

Then he explains the secret to buying that home!

“Don’t do a 30-year mortgage. You want to take that 30-year mortgage and instead pay it off early, do a 15-year mortgage. What happens if you do a 15-year mortgage? Well, one, you pay the mortgage off 15-years sooner, that means you’ll be able to retire in your fifties. Number two, you’ll save a fortune (on potentially hundreds of thousands of dollars in interest payments).”

What will it cost to pay your mortgage in fifteen years? He explains further:

“For fifteen years, you got to brownbag your lunch. Think about that! Brownbag your lunch literally for fifteen years. You can retire ten years sooner than your friends. You’ll have real wealth, because you bought a home – you’re not a renter. And you’ll be financially secure for life.”

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.

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There's lots of programs for 1st time homebuyers, such as Grants (that you don't have to repay!), downpayment assistance, help with closing costs, low downpayment mortgages, and more! 

Click the button below, or alternatively you can Call or Text us at 818-962-4150 for more info!

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