MILLENNIALS MAY BE TEMPTED TO RENT, BUT ACCORDING TO MILLIONAIRE DAVID BACH — DON’T...

Millionaire David Bach has a message for Millennials, don’t wait to buy. It is nearly impossible to build retirement and personal wealth without home ownership. For example, if one rents a 2 bedroom apartment for the approximate average rate of $1,800 — after 3 years a total of $64,800 will have been spent. Assuming rents aren’t risen until year 4, which is unlikely, but to be generous, let’s say at year 4 it rises to $2,000 a month, after 3 years, the Millennial has just spent another $72,000. But you spend the same or more on a house payment right? Maybe. But you also have a tax deduction, equity buildup and appreciation. When you rent, you make other people wealthy. Food for thought. See you next month.