Rich People Don't Follow the Crowd, Here's What They Do Instead

Wealthy people truly understand the numbers behind owning a home. Simply having funds in the bank to cover the mortgage does not mean you can afford the house. This same principle applies to car loans. When the majority or all of your income is tied to debt servicing, it is extremely difficult to build yourself up. This video talks about the 28-33% rule that tells us if we can afford a home. Back to wealthy people --- they don't lock themselves into an unaffordable mortgage just because the bank says they qualify. They understand the phantom costs of home ownership as well as the opportunity cost of not being able to save/invest. This video was inspired by Ramit Sethi's video linked below:
• Renting vs Buying a Ho...
This video was day 17 of my 30 day vlog challenge where I talked to the camera for 30 straight days about finance/money. You can check out the other days I've posted on my channel if you're interested.
#financialfreedom #financialindependence #homeownership
About: This video talks about the true costs of home ownerships that people often miss when running the numbers on the biggest purchase of their lives.
DISCLAIMER:
This video is for educational purposes only and should not be considered as investment advice.