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Tony Robbins to Millennials, Don't buy a Home
Tony Robbins has been writing investment books lately and on an article on the home page of MSN, he said that young people should not buy a personal home. The simple reasoning he gave for this is that a home to him is not a good investment for them. His feelings is that without income being produced they are only buying a hedge against inflation. Now I know that Mr. Robbins is not against home ownership completely because he has a pretty nice spread as his main home, but I found the advice interesting as well as fitting with my experience with younger California investors who work in the tech sector.
Recently I have had a good number of Millennials who work at Facebook and Google buying investment homes in the Oklahoma City area. Almost all of them don't own a home but they are wanting multiples of investment property. Maybe one compelling reason for not buying is the cost of homes in places like Palo Alto where it is better to rent than to buy, and there philosophy which was different from what I learned growing up in that they would rather have $4 million worth of investment homes instead of one residence. Now ... more

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