Buying a Home

Home ownership is one of the keys to financial freedom.  According to David Bach, author of "Start Late, Finish Rich" annd "The American Millionaire", the one bit of advice he would give when it comes to money would be - buy a home.  According to the Federal Reserve, the average renter in America today is basically broke (worth less than $5,000) while the average homeowner is worth more than $171,000.  David Bach states, "Nothing you will ever do in a lifetime will realistically build you as much wealth as buying a home."  If you're renting right now, start saving to buy a home.  Bach relates that it's the smartest investment you'll ever make.

In spite of the downturn in the market, making a wise investment in a home that is within your budget is a long term good investment. Much of the hype that we have heard in the past few years regarding the housing market resulted from purchases that were disproportionate to the financial capabilities of the borrowers.