Lesson #98-Is your house an investment or a liability?
I'm hosting a webinar on Tuesday March 8th at 9PM EST for the Pre-Launch Party for my new book "A Tale of Two Houses-Our journey of buying a home the right way after buying one the wrong way." I hope to see you there, if not there will be a replay made available.
So is your house an investment or is it a liability? On today's podcast we dive into that question by looking at both sides of the question. Like most things in life it is not a black or white issue. Just shades of gray.
We breakdown each one and attempt to answer the following
For me whether or not your house is an investment or a liability depends mostly how you buy it. If it is a modest home for your income, you have a manageable payment, and plan to pay off your mortgage, then your house can be an investment. However I'm not treating my house like a typical investment in that I'm counting on it to produce income in the future.
If you are house poor, struggling to make the payment each day, and can't make any traction in paying off your consumer debt, or can't start to save for retirement then your house is probably a liability in the grand scheme of things.
Today's quote of the lesson is brought to you by my new book A Tale of Two Houses
"'Good' or 'bad', debt costs money if you're not paying in full each month, which prevents reaching other financial goals.” – Unknown
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