- 5FB517CAB2A6E501B4483ED014F8CC0A

Buying a home is the escalator to wealth in America

Dated: 08/06/2018

Views: 18

         


Millionaire to Millennials: Owning Your Home Can Help You Retire Sooner! | MyKCM

In a CNBC article, self-made millionaire David Bach explained that: “Buying a home is the escalator to wealth in America. Homeownership can also help you retire early, that is, if you pay your mortgage off.

Bach suggests that homebuyers should, “Take out a 30-year mortgage, but with the intention of paying it off in 25, 20 or ideally, 15 years.”

How does he suggest you do this? Here’s the secret:

“…If you were paying $1,000 a month, now you’re going to make $1,100 payments every month. Inform the bank that you are doing this and that you want the extra $100 a month to be applied to the principal (not the interest).”

What will happen to your mortgage?

Bach explains that, “If you keep this up, you’ll wind up paying off your 30-year mortgage in about 25 years. Increase your monthly payment by 20 percent, and you’ll have that mortgage retired in about 22 years.”

Bottom Line

Whenever a well-respected millionaire gives investment advice, people usually clamor to hear it. This millionaire gave simple advice – buy a home and pay off your mortgage early so that you can retire sooner with the money you will have saved!

Call me today at 843-270-1272. 

Image title

Image title

Image title

Image title

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, the Wall Street Journal, Working Woman, Glamour, Family Circle, Redbook, Huffington Post, Business Insider, Investors’ Business Daily, and Forbes.

Republished with permission of Keeping Current Matters, Inc. The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein

Blog author image

Chris DeLoach

SERVING CHARLESTON, SOUTH CAROLINA BUYERS AND SELLERS SINCE 2001 ------------------------------------------------------------------------------------ Buying a home – or selling a home – can be one....

Latest Blog Posts

Supply Falling? Sales Falling??

According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), the inventory

Read More

Myths holding back buyers

Urban Institute recently released a report entitled, “Barriers to Accessing Homeownership: Down,

Read More

1 Hour

The Difference an Hour Will Make This Fall Every Hour in the US Housing Market: 596 Homes Sell278 Homes Regain Positive

Read More

Buying a home - do you need 20% down? Maybe not.

According to a new study from Urban Institute, there are over 19 million millennials in 31 cities who are not only

Read More