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we bought a home...we'll be rich!

June 9th, 2017 at 11:26 am

We closed on our house yesterday. Nothing different. Didn't even move. Just said thanks and ate dinner. Little less than 2 years.

Someone said to me "buying a home is the road to being wealthy." I said "I feel more poor because our mortgage is way more expensive than renting." The person rolled their eyes at me.

I said it doesn't matter whether you rent or buy. The person who becomes wealthy is one who can save in either situation. If you can save the difference between the rent and mortgage then you'll become wealthy. Truth is that anyone who saves the difference and invests it will come out ahead.

But owning is nice stability. FWIW renting probably put us behind because of the appreciation of homes in the areas we sold and bought in. But at the same time we did bank all the extra money and in 1 year we're back to where we should have been financially before we took a sabbatical.

So owning is NOT the end all be all to becoming wealth. Saving money is.

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