Man, I’m fired up today. I’m hot under the collar.
It has to do with interest rates… but not what you think.
You see, Jerome Powell is about to raise interest rates again.
For the 4th time this year.
A 30-year fixed mortgage is already at 5.125%…
And it’s about to jump at least another ¾ of a percent.
Which will raise payments on a $500K house another $200 a month.
This means a lot of people on variable rate mortgages… or who have to renew… or who are trying to get into the market… are screwed.
But That’s NOT Why I’m Pissed
I’m pissed because the talking heads are still selling this “dream” of home ownership.
People seem to think once you own your own home, you’ve made it.
But, as you’ll see in a minute, that’s just dumb.
Not only is it dumb, but it has people over-stretching… setting themselves up for financial disaster.
They spend so much on a house – a week without pay would break them.
When you ask them why they do it, they’ll tell you that they’d rather invest than give a landlord their money.
That renting is just throwing money away. And that someday – their home will be their retirement fund.
Well, many of those people are too young to remember how some homeowners got slaughtered in 2008.
The real estate market is cyclical. And if you‘re forced to sell when the market is down, your ‘golden years’ might be filled with Ramen noodles instead of filet mignon.
Not Only That…
But buying a home is a terrible investment, as I said before.
That’s because In most areas of the country, it’s cheaper to rent.
Investing the difference into cash-flowing real estate will yield much better over the long haul. And you can still get appreciation too.
Real assets cash flow. Your personal home doesn’t do that. It sucks your cash flow instead.
I’m not saying never buy a house to live in… I’m saying buy when you have enough cash flow to cover all your bills – and then some.
That’s true financial independence.
Why You’re Being Sold the Dream
If owning the home you live in is such bad financial advice… why does everyone believe it?
Because the government wants you to buy a home.
It makes their job of keeping the economy rolling easier. The bankers want you to do it too. They make a fortune on fees and interest.
So, they sell the dream.
But they’re all doing it on your back.
Which is what has me so pissed.
10X, every day.
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