A Costly Mistake?

Reblogger Will Hamm
Real Estate Broker/Owner with Hamm Homes

A Costle Mistake,  What a great title and what a great bolg by Doug Dawes.  Take a look and learn!

Original content by Doug Dawes 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.

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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Rainmaker
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Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Only time will tell but I totally know what you mean in that regard. All the very best!

Aug 24, 2019 12:08 PM #1
Rainmaker
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Jeff Masich-Scottsdale AZ Associate Broker,MBA,GRI
HomeSmart Real Estate - Scottsdale, AZ
Arizona Homes and Land Group/ Buy or Sell

Thanks Will Hamm and I like the phrase "escalator to wealth". Jeff 

Aug 24, 2019 12:58 PM #2
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Terrie Leighton
Ferrari-Lund Real Estate - Reno, NV
Reno Real Estate Agent ~ Selling Homes in Reno

It always helps back out motto "buying real estate is a great way to invest " when a self made millionair agrees and writes about it. 

Aug 24, 2019 01:31 PM #3
Rainer
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Sham Reddy CRS
H E R Realty, Dayton, OH - Dayton, OH
CRS

Great homework excercize for home ownership!

“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.”

Aug 24, 2019 01:35 PM #4
Rainmaker
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Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Will,

How nice of you to re-blog Doug Dawes post.  What a wonderful post.  Wishing you a great rest of the weekend.  A

Aug 24, 2019 02:18 PM #5
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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 #6
Rainmaker
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Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Good morning, Doug Dawes every year that one goes without owning a home is money lost.... there are folks who have never owned and what a grave error that was.

Aug 25, 2019 03:44 AM #7
Rainmaker
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Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Will. You have chosen a great blog to revisit. Now off to tell Doug.

Aug 25, 2019 05:18 AM #8
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Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

It is a good way to build wealth. Always sad when I hear of someone who is stuck in the rental status, some for a lifetime. Imagine all the money paid to help others build their nest egg.

Aug 25, 2019 06:56 AM #9
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Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good afternoon Will Hamm -  fortunately, all of the millennials that I know have taken this advice including my kids.

Aug 25, 2019 10:46 AM #10
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Christine O'Shea
Christine E O'Shea Broker-Associate - Naples, FL

Great read and excellent advice to Millennials!  Thanks for sharing!

Aug 25, 2019 12:32 PM #11
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Kate Smith
Brosda and Bentley Realtors- International Fine Realty - Hollywood, FL
ABR, CRS, E-Pro,TRC, LHM, SFR, CD

Great post indeed.

Aug 27, 2019 10:47 AM #12
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