The Magic of Homeownership
One of my first investment interests was real estate, and it's still one of the nation's most lucrative financial opportunities. If you don't own your home today, I recommend that you get educated and stop renting. In many parts of the country, homeowners have seen their personal real estate values expand drastically during the past few years. As a matter of fact, many homeowners have doubled, tripled and in some cases quadrupled their wealth in just five years because of exploding real estate values in some of the nation's hottest real estate markets.
Many people feel that the "American Dream" is unattainable, but there are so many different financing options available today that can make the possibility of homeownership fairly commonplace. Get the education you need through books, magazines, seminars or simply pick up the phone and talk with a mortgage broker or real estate agent.
Renting is seldom the best way to use your money. Occasionally, depending on your regional real estate market, there may be some short-term advantages, but normally renting property just isn't a great deal. You continue to spend money without actually gaining anything and over a period of time, thousands of dollars will slip through your fingers and be lost forever. Buying a home will allow you to build equity and take beneficial tax deductions. And remember, every time you make a mortgage payment, you save money. Each month you reduce your loan balance, and that helps you build valuable equity. The longer you live in your house or apartment, the more equity you create, the more you save and the wealthier you get!
My bestselling book, Operation Financial Freedom, highlights the basics of real estate investment. But if you want to get specific, check out my new book, How to Buy and Sell Real Estate for Financial Freedom, which should be in the bookstores in the next few weeks. In it, I disclose the secrets for building long-lasting financial freedom through real estate investments. I'll also walk you through every aspect of building long-lasting, bulletproof wealth through buying and selling real estate. It's an important opportunity that shouldn't be ignored or delayed.
By the way, according to a Federal Reserve study, the average homeowner is more than 30 times richer than the typical renter. If you're not a homeowner today, this may lower your morale a bit, but remember it's never too late to get started. Real estate has done very well over the past few years and, while there may be reason to believe growth may slow, it will probably never stop growing completely.
Originally published in the Outspoken e-newsletter.