I am sure everyone has heard both points of view in the debate between whether it is smarter to be a renter or a homeowner. Obviously there are some significant advantages and disadvantages of both, and neither is right for EVERYONE. Personally, I have always been an advocate for homeownership. The main reasons being that you can deduct the interest paid on your mortgage, debt pay-down/equity buildup from each mortgage payment, and market appreciation. To me, these 3 things make homeownership more advantageous over renting. Not to mention I plan on my home eventually becoming a rental property that will generate passive income, a nice addition to my real estate portfolio.
David Bach’s book “The Automatic Millionaire Homeowner” really reinforced the advantages of homeownership to me. In this book, he outlines how you can become a millionaire automatically by owning a home and maybe a few rental properties. He shows you how you can make payments automated, and how to set up payment systems that will pay off your mortgage(s) early. His methods do not require any skill, special knowledge or any extra effort on your part. His system literally will make anyone a millionaire “Automatically” over time.
This book should be at the top of your list to read this year if you’re goal is to become a millionaire.
You can order the book here: