When I’m I Going To Stop Renting

I’ve rented and then owned a home, and now I’m back to renting…until when?

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1. My mindset is a lot more different than the average person who claims to be an investor
– And that’s because my mindset is not really mine
– I learned from the top investors in the world, by reading books and spending a lot of time watching and analyzing them
– And what seems to be popular is rarely what these people do

For example:
– When everyone was going crazy about bitcoin: I was saying don’t do it
– When people were going out and buying meme stocks ( I was saying don’t do it )
– When folks were going crazy about house hacking and flipping ( I was saying I’m not interested )

I believe to be successful you need to do three things:
– Monkey see monkey do
– Ignore shiny things and go for what you understand
– Delayed gratification is powerful

2. Here is the truth
– Last year I made a massive mistake
– I bought a home and I paid cash for it
– The mistake wasn’t that I paid cash for it, the mistake was the reason I bought it

Society makes seem like:
– If you keep renting then you are wasting money
– And in a way you are in the long term
– But in the short term it might make sense to rent

My advice is this:
– Never buy a property just because it’s the next thing on the list

What ended up happening to me:
– I sold the house a little over a year later
– Because my plans changed
– I was better off renting and staying flexible.

3. When will I buy a property and financially stop renting
– The answer is, when I need a house, I’ll buy a house
– And when is that
– The criteria I have chosen is this, Married and with kids potentially and my wife is asking for a house for stability and for setting roots (it’s not like she the only one that wants it, but that’s a sign that’s its time to get one )

So in the meantime: how do I know if I’m wasting my money
– Let’s use some average numbers first and then let’s use my real numbers
– My friend pays in rent $1,600 dollars a month
– And she could have a house right now in that area for about $400,000 dollars
– This means that owning is better than renting after 6 years or so

Now here is my math:
– I pay in monthly rent no joke about 169
– When I would like to would cost me about 180k

However the Goal is not to read that number and say, I’ll rent forever
– The goal is to read that number and understand, that it’s okay to wait a little longer to buy a home
– If you spend 3 or 5 years renting, then that’s okay
– Then buy a home when you know you are ready and need one

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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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