I’m angry (not what you think)

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I'm Angry

Fellow 10X’er…

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.

And…

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.

-Grant

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Star of Discovery Channel’s “Undercover Billionaire,” Grant Cardone owns and operates seven privately held companies and a private equity real estate firm, Cardone Capital, with a multifamily portfolio of assets under management valued at over $4 billion. He is the Top Crowdfunder in the world, raising over $900 million in equity via social media. Known internationally as the leading expert on sales, marketing, and scaling businesses, Cardone is a New York Times bestselling author of 11 business books, including “The 10X Rule,” which led to Cardone establishing the 10X Global Movement and the 10X Growth Conference, now the largest business and entrepreneur conference in the world. The online business and sales educational platform he created, Cardone University, serves over 411,000 individuals and Forbes 100 corporate clients throughout the world. Voted the top Marketing Influencer to watch by Forbes, Cardone uses his massive 15 million plus following to give back via his Grant Cardone Foundation, a non-profit organization dedicated to mentoring underserved, at-risk adolescents in financial literacy, especially those without father figures.