Buy a house in america
If you are already a homeowner, you probably are grinning while you are reading these words because you know full well what goes on.
You’ve seen it firsthand. You know how it all plays out. You know the ins and outs of these issues, that’s why you’re probably grinning. You’re probably thinking to yourself, been there, done that. Well, welcome to the club.
A lot of people who just jumped in with both feet and bought their home are under a lot of pressure. You have to remember that given the current housing market realities in pretty much all of the United States, the rate of wage appreciation cannot even begin to hope to keep track of the price appreciation of housing. This is why it’s a good idea to already be a homeowner.
If you locked in in the years between 2008 and 2012, you are sitting pretty. You really are. Why? You bought in at the bleakest times of the American modern housing market. In other words, you bought either at the rock bottom or near it.
And the good news is that now you are holding a lot of paper profits. Of course, you can only realize the profits you made out of your home when you put it on the market and people buy it off of you. But in terms of valuation, you can see how much your home is worth if you decide to sell it today. You’re probably smiling right now. The problem is for the other guy.
If you are a person who just graduated from college and started your first real corporate job, you’re probably thinking of settling down, getting married, having kids, and of course, living in a nice home. This is, after all, the American dream.
The problem is, the American dream comes with a massive price tag. Depending on which part of the United States you live in, the American dream might set you back as much as a million dollars. That’s right. No joke. A million dollars.
And this is what depresses a lot of millennials. In fact, regardless of how much money many millennials make, a lot of them cannot seem to want to leave the comforting nest of their parents because of the tremendous uncertainty holding a mortgage brings.
So if you are in this position, my best advice to you is to live with your parents for the longest time until you have enough money for you to rent and then start building passive income. You should have a day job, but you should also build passive income.
Maybe you can write a book and have it sell many times on Amazon Kindle. You can build websites and have them process sales or payments for products you’re selling. Whatever the case may be, it’s a good idea to have digital side gig so you can get the necessary revenue streams you need to fund your mortgage.