Millionaire To Millennials Owning Your Home Can Help You Retire Sooner

Dated: 08/08/2018

Views: 54

Millionaire to Millennials: Owning Your Home Can Help You Retire Sooner!

Millionaire to Millennials: Owning Your Home Can Help You Retire Sooner! | Keeping Current Matters

In a CNBC article, self-made millionaire David Bach explained that: “Buying a home is the escalator to wealth in America. Homeownership can also help you retire early, that is, if you pay your mortgage off.

Bach suggests that homebuyers should, “Take out a 30-year mortgage, but with the intention of paying it off in 25, 20 or ideally, 15 years.”

How does he suggest you do this? Here’s the secret:

“…If you were paying $1,000 a month, now you’re going to make $1,100 payments every month. Inform the bank that you are doing this and that you want the extra $100 a month to be applied to the principal (not the interest).”

What will happen to your mortgage?

Bach explains that, “If you keep this up, you’ll wind up paying off your 30-year mortgage in about 25 years. Increase your monthly payment by 20 percent, and you’ll have that mortgage retired in about 22 years.”

Bottom Line

Whenever a well-respected millionaire gives investment advice, people usually clamor to hear it. This millionaire gave simple advice – buy a home and pay off your mortgage early so that you can retire sooner with the money you will have saved!

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


Call me, Ashley Davis, to help you become a homeowner, so you can retire early. 832-868-1478 

Blog author image

Ashley Davis

A Real Estate Agent That Truly Cares About You! I became a real estate agent to help you! After buying my first home, expecting to move in, I found out that my home had been broken into and all....

Want to Advertise on this Site?

Latest Blog Posts

EXCITED ABOUT BUYING A HOME THIS YEAR HERE IS WHAT TO WATCH

Excited About Buying A Home This Year? Here’s What To WatchAs we kick off the new year, many families have made resolutions to enter the housing market in 2019. Whether you are thinking of finally

Read More

Digital Floor Plan Apps

CREATE DIGITAL FLOORPLANS WITH THESE SMARTPHONE APPS By:  REBAC Staff Posted:  12/17/2018Have you ever toured a house you really liked, but can’t quite remember some aspects of

Read More

The Price Is Right

Selling Your Home? Make Sure the Price is Right! If you’ve ever watched “The Price is Right,” you know that the only way to win is to be the one to

Read More

Average Interest Rate And Mortgage Payment Across Time

Some Highlights: With interest rates still around 4.5%, now is a great time to look back at where rates have been over the last 40 years. Rates are projected to climb to 5.0% by this time next

Read More