A Costly Mistake?

By
Real Estate Agent with Keller Williams Realty - Topsfield, MA 92593-B

Below is a commentary by David Bach, a self-made millionaire offering his advice to Millennials regarding homeownership. Now is a GREAT time to BUY. Inventory is still low as are interest rates and it appears many markets are seeing price adjustments. All this favors buyers. 

 

Millionaire To Millennials: The Costly Mistake Of Not Buying Now

Millionaire to Millennials: The Costly Mistake of Not Buying Now
 

On his personal website, self-made millionaire David Bach makes a striking statement:

 “Not prioritizing homeownership is the single biggest mistake millennials are making.” 

He further stated, “Buying a home is an escalator to wealth.”

Bach explains:

“Young adults in particular aren’t hopping on this escalator, and it’s a costly mistake…If millennials don’t buy a home, their chances of actually having any wealth in this country are little to none.

He then elaborates on the game of homeownership:

“Start by crunching the numbers…actually do the math…This way, you’re really clear on your goals and you won’t just say to yourself, ‘I’ll never afford this!’

A good rule of thumb is to make sure your total monthly housing payment doesn’t consume more than 30 percent of your take-home pay.”

Bach concludes by saying,

“Oftentimes, buying your first home means you’re not buying your dream home…You’re just getting into the market.”

Bottom Line

Whenever a well-respected millionaire gives investment advice, listeners usually clamor to hear it. This millionaire shares some simple and straightforward insights: “The fact is, you aren’t really in the game of building wealth until you own some real estate.”

Who is David Bach?

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, as well as a regular on ABC, CBS, Fox, CNBC, CNN, Yahoo, The View, and PBS. He has also been profiled in many major publications, including the New York Times, BusinessWeek, USA Today, People, Reader’s Digest, Time, Financial Times, Washington Post, Wall Street Journal, Working Woman, Glamour, Family Circle, Redbook, Huffington Post, Business Insider, Investors’ Business Daily, and Forbes.

 

Thank you to the folks at KCM for sharing David's comments and website.

Posted by

I pray that God our Father and the Lord Jesus Christ will be kind to you and bless you with peace

2 Thessalonians 1:2

 

Doug Dawes REALTOR®, AWREP, LMC

Broker Sales Associate

KELLER WILLIAMS REALTY - Topsfield/Newburyport

49 Main Street
Topsfield, MA 01983
 978-887-3995  ~ Office
 978-270-3037  ~ Cell
 DougDawes@KW.com

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Will Hamm 08/24/2019 12:06 PM
Topic:
Real Estate Market Trends
Location:
Massachusetts
Groups:
FOR SALE BY OWNER - MARKETING(FSBO)
New Hampshire - Real Estate and Life in The Granite State!
MA REALTORS
Boston Area Real Estate
Tags:
buyers
mistake
real estate
millennials

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Rainmaker
3,170,297
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Doug,  Excellent blog and one that if it is okay with you I like to reblog sometime down the road.

 

Aug 05, 2019 07:44 AM #1
Rainmaker
769,156
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Good Morning Will Hamm 

By all means, do save a reblog. I'm glad you found it interesting.

Aug 05, 2019 07:47 AM #2
Rainmaker
3,170,297
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Very interesting Doug Dawes and more people need to see it here in the Rain.  

Aug 05, 2019 08:00 AM #3
Rainmaker
1,921,261
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good afternoon Doug Dawes - this is a costly mistake and good information to pass to millennials.

Aug 05, 2019 01:34 PM #4
Rainmaker
1,219,428
Sheri Sperry - MCNE®
Coldwell Banker Residential Brokerage - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

HI Doug Dawes - 

You can't argue with this logic.  I have never rented and it is the best decision I ever made.

Aug 05, 2019 04:18 PM #5
Rainmaker
769,156
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Hi Will Hamm 

Again, great minds think alike...lol

Aug 06, 2019 07:16 AM #6
Rainmaker
769,156
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Hi Grant Schneider 

Millennials, do need to hop on the bandwagon now before they find themselves on the outside looking in. 

Aug 06, 2019 07:18 AM #7
Rainmaker
769,156
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Good Morning Sheri Sperry - MCNE® 

When logic is sound it should be foillowed

Aug 06, 2019 07:19 AM #8
Rainmaker
5,383,527
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thank you very much, Doug, for sharing this advice.

Have an outstanding August.

Aug 07, 2019 07:26 AM #9
Rainmaker
769,156
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Thank you Roy Kelley I wish the same for you too

Aug 08, 2019 08:52 AM #10
Ambassador
3,315,310
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Agreed, Doug! I'm all about homeownership - in my mind, they can't buy one fast enough! LOL

Aug 22, 2019 11:35 PM #11
Rainmaker
769,156
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Hahahaha Debe Maxwell, CRS 

With these interest rates and the possibility of them going a little lower I hope it will shake some buyers out of the tree

Aug 23, 2019 05:53 AM #12
Ambassador
2,036,538
Michelle Carr Crowe,Altas Just Call...408-252-8900!
Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty - San Jose, CA
Family Helping Families Buy & Sell Homes 40+ Years

Hi there,

 

Thank you for sharing this helpful information about buying homes in your area.

 

Aug 24, 2019 05:20 PM #13
Rainmaker
3,608,237
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Doug. I think that David Bach is a very wise guy in the best sense of the expression.

Aug 25, 2019 05:20 AM #14
Rainmaker
769,156
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

You are very welcome Michelle Carr Crowe,Altas Just Call...408-252-8900! 

It is good information for every market, imho

Aug 25, 2019 06:28 AM #15
Rainmaker
769,156
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

And I think you are spot on at Sheila Anderson, Good Morning

Aug 25, 2019 06:28 AM #16
Rainmaker
652,752
Christine O'Shea
Christine E O'Shea Broker-Associate - Naples, FL

Excellent post, I would like to re-blog also and post to my millennial peeps!

Thanks so much!

Aug 25, 2019 12:35 PM #17
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