Why A House Is The Biggest Wealth Killer

I learned two valuable lessons this year from my rich uncle about money. A lot of people go broke trying to fulfill a good dream, second what will make you happy doesn’t always feel good.

So, what does this have to do with a buying a house, and a house being the number one wealth killer In America. Well in this video, I’m going to tell you why should wait to buy a home and what you should instead. By the way, I own a home and it’s paid of full and I get the idea that’s a dream for a lot of people, but sometimes it doesn’t make sense.

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1. The Number 1 wealth Creator ( is not income but its disposable income )

-This means income you don’t need or don’t use or set aside for other purposes

-Most people use their disposable income to sign up for long term agreements that are usually terrible deals

For example:

-I ask you to tie up your income for 5 years and then I will give you have the money back ( you would say no, but that’s a car loan )

-I ask you to tie up your income for 30 years and then give you back the same amount of money ( you would say no, but that’s a mortgage )

-Or I ask to tie up your income for 30 years ( and you could make money but even if you don’t, I get one third; you say no but those are active investing fees )

2. What are all Down Sides of Owning a Home

-First it’s an ongoing expenses that usually goes hand in hand with its growth in value

-Second it’s expensive, their a reason you need 15-30 years to pay off, its like 20-40% of your life trying to pay it off

-Third it takes away flexibility; you cant just grab a house and move it

I’ll share with you guys a personal story, I only with my friends

-I once heard of a man, that spent years paying a home, and towards the end of his life he fell on super hard time

-But in those years, his focus was on paying that home, paying for life and just trying to live

-He later lost the house, he had no other investments than that, and the house value was flipped so he didn’t walk away with anything

My point is: the results are pretty but you have to be smart

3. Some Good Advice and benefits

-A home is awesome, but it’s not an investment; what it is though is security and its lubricant for building wealth

Benefits

-Once you own a home your cost-of-living cost down

-Retirement is made easier because you have more disposable income

-Reduced stress

Warren Buffet says: Buy a Home when you need one

Dave Ramsey says: Try to own home as fast you can

Tommy Bryson says: Use Common sense and don’t go off being able to afford payments instead being able to afford the home

Closing Remarks: Owning a home that you cant afford is very stupid, here is a simple rule that I follow. The home I buy will not be more than 33% of my monthly income including all the cost of owning it with a 15 years mortgage. I will wait until I’m debt free and have a full-blown emergency account to buy a home, so this way I can handle the storm.
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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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