Thinking About Buying A Home? Don't Make This Mistake

"your home is an expense your housing costs are expenses which means they have to fit right here within your budget which means all the housing costs that I just showed you your mortgage your property taxes your insurance your upgrades and your maintenance all of these things have to fit here and still have money left over to pay for your food to pay for your cars to pay for your vacations and all the other expenses and you still have money left over to invest and you still have money left over to save"

"the way that you do that is you make money you don't spend all of your money and you have money to invest that's how wealth is built you have to own Investments you have to own assets every single wealthy person in the world is wealthy because they own assets and not because they make a lot of money from the job"

"your home is an expense not an investment the mistake that so many people make is they assume that if I'm making a mortgage payment I am building Equity so this money that I'm paying into my mortgage is part of my investment and that is a huge huge huge lie"

"no wealthy person truly wealthy person in the history of mankind has talked about how I became wealthy because I bought a home and then I paid it off they talk about how I became wealthy because I invested my money into stocks I invested my money into rental properties I invested my money into my business I invested my money into other businesses"

"if you get a 30-year fixed rate mortgage Banks frontload your mortgages what that means is for the first 14 years of your mortgage more than half of your mortgage payment is going to go directly into your Banker's Pockets with interest"

"it isn't until year 21 of your mortgage that more than half of your mortgage payments are going to pay off Equity as opposed to going into Bankers Pockets with interest"

"versus if you can come to to the table with a bigger down payment which is why I like to see a minimum of a 20% down payment if not 25% but ideally a minimum 20% down payment now you can avoid the fees like PMI you can avoid the higher interest rates and now get the best rates for you"

"plan for it know what your costs are going to be plan for the moving costs plan for the upgrades plan for whatever Furniture you need and put that money aside and budget for that ahead of time that way you don't have to go into debt"

"the question is are you going to pay for it now or you going to pay for it later plus interest I rather you pay for it now without the interest"

"what the real Rich are doing is they want to have so much money that they can go and buy the nice things and not have to worry about the price because it is their assets that are buying it for them"