Welcome to another eye-opening episode of the Building Your Money Machine Show. Today, I’m pulling back the curtain on a financial “truth” we’ve all been sold: that buying a home is the ultimate American Dream. If you’ve ever felt pressure to own a house—or worried that renting means you’re “throwing money away”—this episode is for you.
Let’s get real. For decades, we’ve been told that a mortgage is a rite of passage and a path to prosperity. But when you dig deeper (and I do that with real numbers from both high-cost and more affordable cities), home ownership can end up being the fastest way to lock yourself into years—sometimes decades—of financial stress. It’s not just about the monthly payment. There are surprise roof leaks, HOA letters about your mailbox color, skyrocketing insurance costs, and a host of phantom costs nobody ever posts about on Instagram.
Whether you’re contemplating your first purchase or just questioning the hype, I walk you through my free Rent vs. Buy calculator, so you can see for yourself whether buying a home stacks up for your unique situation.
IN TODAY’S EPISODE, I DISCUSS:
- The origins of the “American Dream” of homeownership
- Why just focusing on your mortgage payment is a costly mistake
- The REAL costs of owning a home
- What most people get wrong about the rent vs. buy debate
- Step-by-step walkthrough of actual numbers in LA and Minneapolis
- Why renting isn’t “throwing money away”—unless you spend the savings
- The 6 essential questions to ask yourself before you ever buy a home
- How to use my free Rent vs. Buy calculator to make your own decision
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- Why Most Americans Never Escape the Middle Class Trap: https://youtu.be/VBMqrkvvHrY
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- If You Don't Understand Bonds, You Don't Understand Money: https://youtu.be/7d9Lz0D0uzA
- 7 Things I Wish I Knew Before I Retired: https://youtu.be/t5DL9bZYRiw
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