In a CNBC article, self-made millionaire David Bach explained that: “The biggest mistake millennials are making is not buying their first home.” He goes on to say that, “If you want to build real financial security, real wealth for your lifetime, then you need to buy a home.” Bach went on to explain: “Homeowners are worth 40 times more than renters.
You might literally have to buy a small studio apartment, but that’s how you get started.” Then he explains the secret to buying that home!
Well, one, you pay the mortgage off 15-years sooner, that means you’ll be able to retire in your fifties.
Number two, you’ll save a fortune (on potentially hundreds of thousands of dollars in interest payments).” What will it cost to pay your mortgage in fifteen years?
He explains further: “For fifteen years, you got to brownbag your lunch.
This millionaire gave simple advice – if you don’t yet live in your own home, go buy one.
Bach is a self-made millionaire who has written nine consecutive New York Times bestsellers.
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.
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