Tuesday, April 2, 2013

How To Get Rich - Learn the Real Estate Mayhem

Do you know someone who is living in their dream home ?

Do you think they may be wealthier than anyone else ?

Chances are if you do, they are not as wealthy as you may think !

Choosing Your Castle

An old saying once said that a man's home is his castle. As outdated as this saying may seem today, many are making a very good living on this very thought. All you have to do is turn on the Home and Garden channel on tv. Many, many home renovation and home purchasing reality shows. What a gold mine, for the producers that is.

The problem for the individuals watching these shows is it makes them less content in their current situation today. Why does one need the latest and greatest renovation ? Why does one need a huge, luxurious home ?
Correct answer is they don't !

My recommendation is to tune out these shows and be happy with what you have today. If having a more luxurious lifestyle is one of your dreams, start making plans to increase your income in order to afford one. Do not go into uncomfortable debt when choosing your home. If you do, you may become a prisoner of your own creation.

Defining House Poor  

House Poor is a term that is used for someone that works just to pay their house operating costs. Their taxes, their mortgage, their utilities, etc. etc. There are many individuals in developed societies that live this way today, but why ? I'm not really sure but my best guess is that they cannot wait to achieve their dreams, they want them now !

With today's continuing record low interest rates, the problem is increasing. I cannot imagine their life once interest rates rise and they cannot make enough to pay their home costs. Wow, what a thought !

Create Wealth Not Obligations

Pouring all of your income into a home that you hope will someday rise in value is a recipe for disaster. There are so many factors that control Real Estate markets, no one really knows what the future will bring. Many Real Estate agents and other Gurus lead you believe they know, but they don't. No one can see into the future.

Instead, live in a modest home that you can afford comfortably today and put your savings towards building assets that put money in your pocket. Your home does not put money in your pocket, it takes money out of your pocket. A fact that many don't realize until it is too late.

Creating real wealth means you will never become house poor. You will be investing in order to increase your income level and thus making your life much more comfortable. The percentage of your income needed to pay your living costs will become less and less over time.

Tune out the Real Estate Mayhem and understand it for what it is. A Business that makes money for the producers and sponsors. Nothing more. Do you think they care if you go bankrupt ? If you do then you have really fallen for their scam.

As always, I welcome your comments and suggestions for future topics.


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