If you’re in the wealth accumulation phase of your life, I think buying a home is a terrible decision (in most cases). Prove me wrong. Seriously. I’m not being rhetorical. I want to see if there’s math that says otherwise.
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For the record: I’ll buy a place one day soon. But it won’t be because it’ll help me make money. But because it’ll likely make me happy.
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this is why the "terrible decision" part in your original tweet is wrong. Might be a "terrible financial decision" but that doesn't make it a "terrible decision"
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Yes. That’s what I meant. Financial.
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Glad you clarified. I will like to own my own place even though I'm in the wealth accumulation phase. Heck! for the peace of mind.
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Tough to put a value on the stability a home can provide. The kind of work you can get done, relationships you can build, etc, are impossible to quantify, but are very real.
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what do you mean “work you can get done” and relationships?
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Trust me, at my age I realize it could be a waste of money depending upon your lifestyle. However, I will say this, in the 90s and 00s, you were able to buy a house in the mid-range and make $20K to $40K within 4 years. Today property taxes are insane.
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I only buy homes because I want to love and live in them, that being said buying and selling homes every few years has been helpful financially. Also mortgage payments are kind of forced savings.
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If you’re an entrepreneur with talent it can’t beat investing in yourself. But if you have a job and are investing to store/grow wealth, making a leveraged bet on inflation should be part of your portfolio, tho being there at the top of a debt bubble is dangerous short term...
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