Millionaire To Millennials: Don’t Get Stuck Renting A Home… Buy One!

Millionaire To Millennials: Don’t Get Stuck Renting A Home… Buy One!

Millionaire To Millennials: Don’t Get Stuck Renting A Home… Buy One! | MyKCM

In a CNBC article, self-made millionaire David Bach explained that: “The biggest mistake millennials are making is not buying their first home.” He goes on to say that, “If you want to build real financial security, real wealth for your lifetime, then you need to buy a home.”

Bach went on to explain:

“Homeowners are worth 40 times more than renters. Now, that first home doesn’t need to be a dream home, it can be a very small home. You might literally have to buy a small studio apartment, but that’s how you get started.”

Then he explains the secret to buying that home!

“Don’t do a 30-year mortgage. You want to take that 30-year mortgage and instead pay it off early, do a 15-year mortgage. What happens if you do a 15-year mortgage? Well, one, you pay the mortgage off 15-years sooner, that means you’ll be able to retire in your fifties. Number two, you’ll save a fortune (on potentially hundreds of thousands of dollars in interest payments).”

What will it cost to pay your mortgage in fifteen years? He explains further:

“For fifteen years, you got to brownbag your lunch. Think about that! Brownbag your lunch literally for fifteen years. You can retire ten years sooner than your friends. You’ll have real wealth, because you bought a home – you’re not a renter. And you’ll be financially secure for life.”

Bottom Line

Whenever a well-respected millionaire gives investment advice, people usually clamor to hear it. This millionaire gave simple advice – if you don’t yet live in your own home, go buy one.

Who is David Bach?

Bach is a self-made millionaire who has written nine consecutive New York Times bestsellers. His book, “The Automatic Millionaire,” spent 31 weeks on the New York Times bestseller list. He is one of the only business authors in history to have four books simultaneously on the New York Times, Wall Street Journal, BusinessWeek and USA Today bestseller lists.

He has been a contributor to NBC’s Today Show, appearing more than 100 times, as well as a regular on ABC, CBS, Fox, CNBC, CNN, Yahoo, The View, and PBS. He has also been profiled in many major publications, including the New York Times, BusinessWeek, USA Today, People, Reader’s Digest, Time, Financial Times, Washington Post, the Wall Street Journal, Working Woman, Glamour, Family Circle, Redbook, Huffington Post, Business Insider, Investors’ Business Daily, and Forbes.

Read the Original Article Here: Millionaire To Millennials: Don’t Get Stuck Renting A Home… Buy One!

About the Author

FD Bell is a founding partner and Broker of Southeast Land & Homes - serving land, commercial, and residential clients. Contributing years of experience in real estate and commercial lending to the success of her clients.


FD's real estate career began in the late ‘90’s representing clients in commercial real estate with acquisition and disposition of properties in Central Florida. She has also had the opportunity to expand her real estate knowledge into commercial lending as a representative for a Central FL CDC, CIT Group (a Commercial Lender), as well as a midwest banking group.


FD has earned her Broker’s license in multiple states. She has held the distinguished honor of being 2016 Past President of Georgia Chapter REALTORS® Land Institute.


She also holds the following professional memberships:

  • East Metro Board of REALTORS® / Director 2018-2020
  • Georgia Association REALTORS®
  • National Association of REALTORS® / Professional Development Committee
  • REALTORS® Land Institute / Education Committee / Governmental Affairs Committee
  • GA Chapter REALTORS® Land Institute / 2016 Past President / Director 2017-2018 / Administrator 2019-2020
  • Academy of Land Specialists / Director
  • Georgia MLS - Member 

The love of working on the land follows FD home to her and her husband’s hobby farm, located comfortably south of Atlanta, where they always have a DIY project, gardens, or farm family critters to keep them busy.