During the holiday season, I took some time off and read The Autmatic Millionaire by self-made millionaire David Bach. In his book he explained that “the single biggest mistake millennials are making” is not buying a home (Boston luxury condo) because buying real estate is “an escalator to wealth.”
Bach went on to explain:
“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.”
In his bestselling book, “The Automatic Millionaire,” Bach does the math:
“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!”
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..
Bottom Line
Whenever a well-respected millionaire gives investment advice, people usually clamor to hear it. This millionaire gave simple advice – if you don’t yet live in your own Boston luxury condo, go buy one.
For more information on the Boston luxury condo market please call Robert Veek at 617-720-5454.
Updated: 1st Quarter 2018
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