Things like these make me emotional, because it always reminds that “ what works, works and what doesn’t doesn’t.“ I remember a few years ago, I wanted a house that was a Half a million dollars, a car that was 200k dollars and I wanted all these things but all things were like very nice chains that would have kept me trapped forever.

So these decision that I made, I owe them first to God, Second my mothers and third all the great men that I never meant but served as mentors. Men like Warren Buffet, Thomas J Stanly and especially Charlie Munger.

I have to be honest with you guys, this is not the house I wanted, it’s the house I needed. What I wanted was a 300k home in fancy neighborhood, BUT THAT WOULD HAVE BEEN A TERRIBLE MISTAKE.

So in this video, I’ll tell you about the steps that I took to buy this home

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1. The Rules I set for myself based on my Math and Thomas J Stanley

-I new from research that the average millionaire didn’t pay more than 300k for a home

-The home was no more than 20% of NetWorth

-And the home they bought was usually no more than 2x their annual household income

In additional I added some more rules:

-I wanted make sure the home was only 33% of my monthly income

-I wanted to make I could pay it off in 15 years no problem

-And that I could put down 20% at least

here what I did:

-I limited my search to less than 200k a house (because this was within those rules for me, and far below them actually )

-I found a property selling for 130k that was bought for 166k at one point and I could invest some money to make how I liked it

-60k later with about 10k of unplanned spending, I have this home of mine

2. Here is the math

-A house like that would have giving me a mortgage of about 1250 a month

-I was fortunate enough to be able to pay for the property in cash

-So don’t have mortgage but that’s not the point of the video

The point is:

-I could have qualified easily for 500-700k property with my income

-But I learned that a house is a tool, not a trophy

-And that would have made me poor

Mistakes That I saw

-My grandpa ( he got exactly what he wanted and is still paying for it and his only hope of retirement is the equity in the house )

-The good My mom and my grandma ( my mom has never had a mortgage, she bought the land and built the house )

3. My Personal Goals

-I want financial freedom

-I want to be comfortable and work from a solid foundation

-I don’t care about people opinion about my house or impressing them

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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