So you’re dreaming of owning your own home.
You’ve been told that’s the way forward.
You want to make a smart investment...
To begin to build on your future.
This, you believe, is the way to go...
What if I told you that to follow this path blindly may be the most foolish decision of your life?
Would you be surprised?
Would you disagree?
It’s okay to be defensive of such a dream. It’s ingrained in many of us from an early age.
Our parents tend to own their homes. And society considers home ownership a benchmark of sorts.
If you own your home you’re doing well for yourself…
But are you really making the right choice?
Let's talk about opportunity cost.
Should you decide to purchase your own home you forfeit the option to invest in anything else.
Often you plow huge portions of your capital into the purchase.
Now aside from any concern you may have about the diversification of your assets, what money could you make elsewhere with that kind of cash?
Over the last 120 years (year 2020) global investment returns have equities (stocks) have remained the best long-run financial investment, providing annualised real (after inflation) returns of 5.2%.
This includes the effects of two world wars and market crashes.
Over the last decade, 7.6%.
A well managed portfolio can receive upwards of 15% or more (S&P500 garnered 16.26% 2020).
What about homes?
Well depending on the area you live the average tends to fall around 3%.
The other glaringly obvious issue with throwing all of your capital into a home is the cost of maintenance.
How much are you going to be spending per month on your new investment?
What care and attention will the property require when you first purchase it?
Are you going to do this yourself? Are you going to pay someone else to do it?
Now, you could buy smart.
Create yourself an asset that provides a great income stream.
Yes, you could really change your life.
But let me tell you one thing.
If you live in this house, it's a liability.
It’s money you have to spend each month in order to sustain yourself.
You miss a payment, they come after your house.
It requires management, your time and a portion of your cash flow each month.
Property can be a really strong back-bone to a fantastic investment portfolio. But it won’t print money like the general consensus. It carries the same risks as any investment and diversification is always key.
This isn’t to say don’t buy a home.
But engage that investment mindset before you throw yourself at it.
Is your money better somewhere else?
Do you have a plan to better ensure your financial security?
Are there greater benefits in accessing wider markets?
Remember, the revolutionary technology available to us is new. This opportunity wasn’t available to our parents on the scale it is to us.
If you’re interested in long-term financial success, perhaps it’s time to learn about investing.
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