A self-made millionaire who retired at 37 says buying a home was 'probably the worst financial decision' he ever made - Business Insider

A self-made millionaire who retired at 37 says buying a home was ‘probably the worst financial decision’ he ever made – Business Insider

A website about business news has published a piece about the advisability of owning a home. The article notes the conventional wisdom that buying is better than renting a home because the buyer is making a good investment. The article cites a millionaire who states that belief is in fact not always true. in the millionaire’s case, he saved $40,000 to buy a house. In the end, he lost money when the house sold. He also lost the potential money he would have made by investing the $40,000. The article recommends investing in stocks rather than buying a home.

Key Takeaways:

One self made millionaire thinks that buying a home was a personal mistake. He retired at 37 and had some setbacks to report to people.
There is a tug of war going on with the financial decisions out there. Buyers don’t know whether they should simply rent or buy the house outright.
It is clear that home ownership is not the right way to go. Do the math and decide whether buying is the best choice.

“If you’re angling for the biggest return on your money — rather than finding a forever home to raise a family — it’s clear that homeownership is not the way to go.”