Before we get to how to make💲MILLIONS, let’s address the elephant in the room🐘. I often hear a lot of excuses or reservations about why people aren’t ready to buy a home. Some examples are: “I’ll buy a home when…” followed with either, I’ve got a better job, I’m staying put for awhile, when I’m older and settling down, etc. The truth is, you don’t have to have a family, a dream job, or even be staying in the same location forever to buy a house and start reaping the benefits.💸 Buying a home doesn’t have to be stressful or overwhelming, it’s a financial investment that can make you money long-term, if not short-term too! Here are the top 3 reasons to own your own home:
APPRECIATION – Owning a home is a great investment because it “appreciates”. It goes up in value 2-3% EVERY year. That’s 2-3 % of the total value of the home, NOT of the money you put into it! You may have to put down just $10,000, but your property is appreciating based on the total value at say $300,000 (depending on the size, market region, etc).🚨NEWSFLASH: THAT MEANS your worth about $8-9,000 more each year JUST by owning a home.
GAINING EQUITY – How much you would make from selling your home goes up every month based on you making your mortgage payment.🏋️ Every time you make a payment, a portion of your payment reduces what you owe. When you sell your home later on, you will get that money back! Restated: Paying your mortgage = owing less each month, and in 30 years, owing nothing! Meanwhile, those property values continue to rise and your investment starts to look better and better.💡THINK ABOUT THIS??? Contrast that to paying rent each month for someone else’s property? What will you get back at the end of your time there? Memories are nice, but you can have both those and be working your way toward millions ;)💲
FIXED MORTGAGE – The third reason to own your home is that it puts you in control of your money. I personally don’t like it when people increase the price of gas🚗. It makes it more expensive to live and then I can’t afford other things. Average rental cost increases 2-4% every year. With home ownership, you can lock in your mortgage rate for 30 years. Payments don’t change, which means instead of your rent going up, you can pocket that money and plan how to invest it in the future. 🙂
It’s a long term game, with a high payout. If you can do something now to set yourself up for success in the future, why not get started sooner than later. Besides, if you spend too much time overthinking this one, it will be more expensive to purchase in the future.💲Keep us posted on your journey to 1 MILLION😉