The average person these days usually earns just about what they spend each year. If someone is disciplined about saving, they can usually put 5% or 10% of what they make into savings. And this is good, but it won’t amass true wealth.
So how does one go about becoming wealthy? One way is to marry someone rich, another is to win the lottery. And some of us have the drive and the ability to start a business and make it a success. And these ways work.
But for the majority of us, the best way is to own a home. And the appreciation in value of a home over a long period of time as a fantastic way to increase your wealth. It’s not uncommon for someone who purchased a home thirty years ago for $160,000, to sell that home for $600,000 – or more. Even short term, a house purchased today for $400,000 will probably be worth, in five years, around $475,000. And since that $400,000 home was purchased with a minimal down payment, that is an amazing increase. Remember, using OPM (other people’s money) is a great way to multiply your investment.
Do – if you want to increase your personal wealth, buy a home. And use OPM to do so.
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