Hey what's up everyone.
I'm ready to help you increase your financial IQ, increase your net worth and show you how and where to invest.
Let's say for example you we're able to buy a stock.
Will call this stock house with the ticker symbol HOUSE.
Now this stock called house can go up in value anywhere from a couple percent per year to as much as eight to ten in one year. Sounds like a pretty good investment right?
In this example let's also say that in order to own this stock you will have high monthly fees that include but are not limited to- electric, heating, cooling, taxes, insurance, repairs and maintenance. Also this stock may need updating from time to time in order to keep it's current value.
Would you still be interested in buying this stock?
The answer is most likely not.
So why then is the American dream to own something that costs you more than that makes for yourself?
If you don't believe me on the American Dream being somewhat broken please search on the internet for stories of former lottery winners and former athletes on what happened to them and their dream homes after they no longer had a high income.
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I believe ESPN even did a 30 for 30 called Broke for a documentary of the many athletes gone broke after their playing days we're over. A lot of them bought very large houses thinking this was a good investment.
I'm not one to judge and since there is certainly nothing wrong with owning a beautiful home. However, I do think it's wrong to believe that a house is a good investment and it's wrong to believe that somehow the math works in your favor.
Your house is NOT going to increase enough in value to offset your expenses and allow you to retire early. If your goal is financial freedom or if your goal is time off from work then you will not want to spend a large portion of your earned income on something that is almost guaranteed to lose you money.
Agree? Disagree? Is a house a good investment? We love to hear from you in the comments! Thanks for reading.
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Posted in Financial Services Post Date 08/22/2015