Millionaire To Millennials

Dated: 03/28/2017

Views: 62

Millionaire to Millennials: Buy Now! | MyKCM

Self-made millionaire David Bach was quoted in a CNBC article explaining that "the single biggest mistake millennials are making" is not purchasing a home because buying real estate is "an escalator to wealth.”

Bach went on to explain:

"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 his bestselling book, “The Automatic Millionaire,” Bach does the math:

"As a renter, you can easily spend half a million dollars or more on rent over the years ($1,500 a 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!"

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, has been a regular on ABC, CBS, Fox, CNBC, CNN, Yahoo, The View, and PBS, and has been profiled in many major publications, including The New York Times, BusinessWeek, USA Today, People, Reader’s Digest, Time, Financial Times, The Washington Post, The Wall Street Journal, Working Woman, Glamour, Family Circle, Redbook, Huffington Post, Business Insider, Investors’ Business Daily, and Forbes.

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.

Blog author image

Ernest Enriquez

Hi, my name is Ernest Enriquez owner/team lead of Elite Home Team. I am a dedicated agent who works hard for my clients whether your buying or selling. I'm here to make the process as stress free as p....

Latest Blog Posts


483SHARES437360100Saving for a down payment is often the biggest hurdle for a first-time homebuyer. Depending on where you live, median income, median rents, and home prices all vary. So, we set out

Read More

Latest NAR Data Shows Now Is A Great Time To Sell!

Let’s look at the data covered in the latest REALTORS® Confidence Index and Existing Home Sales Report.REALTORS® CONFIDENCE INDEXEvery month, NAR 

Read More

Whether You Rent Or Buy, Either Way You’re Paying A Mortgage!

There are some people who have not purchased homes because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize, however, that unless you are living with your

Read More

Como El Aumento De Los Precios Lo Ayudar A Generar Riqueza Familiar En 2018

3.5KACCIONES 2.7K 117 0 24 578 En los próximos cinco años, se espera que los precios de las viviendas se aprecien en promedio un 3,35% porñ

Read More