Earlier this week, CNBC published an article on self-made millionaire David Bach, explaining that not purchasing a home is "the single biggest mistake millennials are making" because buying real estate is "an escalator to wealth."
Bach explained further:
"If millennials don't buy a home, their chances of actually having any wealth in this country are little to none. The average homeowner to this day is 38 times wealthier than a renter."
In one of his bestselling books "The Automatic Millionaire" Bach writes:
"As a renter, you can easily spend half a million dollars or more on rent over the years ($1,500/month for 30 years comes to $540,000), and in the end wind up just where you started - owning nothing Or you can buy a house and spend the same amount paying down a mortgage, and in the end wind up owning your own home free and clear!"
So who is David Bach?
He is a financial author, TV personality, motivational speaker, and founder FinishRich.com. He has written 12 books and has sold over seven million copies including nine straight New York Times Bestsellers. One of a handful of authors to have four books simultaneously on the New York Times, Wall Street Journal, Business Week, USA Today.
Whenever a well-respected millionaie gives investment advice, people clamor to hear it. This millionaire gave simple advice - "If you don't yet live in your own home, go and buy one."
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