If you're a first time home buyer looking to purchase their first home in Temecula, Murrieta or other portions of Riverside and San Diego Counties, you have to be wondering how did so many first time home buyers end up in such financial trouble and in many cases losing their first time home to foreclosure?
There's been a lot of finger pointing (some justified, some not) at mortgage lenders, Realtors, the federal government for our current housing crisis and even the families who are now facing foreclosure. 
Sometimes bad things happen to good people and their problems may not be their fault. But many of these economic problems are because these first time home buyers were "pretending" to be rich.
Thomas J. Stanley, author of "The Millionaire Next Door" says the current housing and credit crisis has presented us with an opportunity to cure the "pretenders".
If you're in the market for your first home, make sure you're not a "pretender" by taking a cold hard look at your balance sheet and at your life to determine if you are truly ready for the responsibility of owning your first home.
Stanley recently released a new book "Stop Acting Rich...And Start Living like a Real Millionaire". (buy the book here) In his new book a millionaire is defined as someone with net value investments of $1 milllion or more. The investments include such items as cash, stocks, bonds, mutual funds and equity shares in a private business.
You'll notice he doesn't include the traditional measure of equity in real estate, which is not tangible and really only relevant if you happen to be selling at any given point. Some may disagree, but the housing crisis has shown us that equity is a very fleeting concept.
To read the complete article, Click Here
Here's some interesting facts that Stanley discovered in his study of the wealthy.
- 86% of all prestige or luxury makes of motor vehicles are driven by people who are not millionaires.
- Typically millionaires pay $16 (including tip) for a haircut
- Nearly four in 10 millionaires buy wine that costs about $10
- In the U.S. there are nearly three times more millionaires living in homes with a market value under $300,000 than there are living in homes valued at $1 million or more.
- The number one preferred shoe brand worn by millionaire women is Nine West. Their favorite clothing store is Ann Taylor
If you're a first time home buyer, now is the time to quit "pretending to be rich" and manage your financial life with a goal to "start living like a real millionaire".
To speak with a first time home buyer specialist, call or email us. For more valuable first time home buyer information, subscribe to our blog: http://firsttimehome.us.
Comments(4)