If you’re a millennial pondering whether or not to buy a Morris or Sussex County home, listen to this: a CNBC article quoted self-made millionaire David Bach as explaining that "the single biggest mistake millennials are making" is NOT purchasing a home because buying real estate is "an escalator to wealth.”

Bach explained:

"If millennials don't buy a home, their chances of actually having any wealth in this country are little to none. The average homeowner to this day is 38 times wealthier than a renter."

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In his bestselling book, “The Automatic Millionaire,” Bach calculates for you:

"As a renter, you can easily spend half a million dollars or more on rent over the years ($1,500 a month for 30 years comes to $540,000), and in the end wind up just where you started — owning nothing. Or you can buy a house and spend the same amount paying down a mortgage, and in the end wind up owning your own home free and clear!"

Why Listen to This Guy?

Bach is a self-made millionaire who wrote nine consecutive New York Times bestsellers. His book, “The Automatic Millionaire,” spent 31 weeks on the New York Times bestseller list. He’s 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 contributes to NBC’s Today Show, appearing more than 100 times and also contributes regularly on ABC, CBS, Fox, CNBC, CNN, Yahoo, The View, and PBS. Many major publications ran profiles of him, including The New York Times, BusinessWeek, USA Today, People, Reader’s Digest, Time, Financial Times, The Washington Post, The Wall Street Journal, Working Woman, Glamour, Family Circle, Redbook, Huffington Post, Business Insider, Investors’ Business Daily, and Forbes.

The Takeaway

When well-respected millionaires provide investment advice, people usually pay attention. This millionaire gave simple advice – if you don’t yet live in your own home, go buy one. Ready to buy that Morris or Sussex County home now? Team Nest Builder’s here for you

Source: KeepingCurrentMatters.com