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Manage your Personal financial affairs It is very important. From saving money, living without your capabilities, staying away from debts, and investing early and is often taking into account retirement, taking the right financial steps throughout your career can help ensure financial security (which is actually the final purpose of money).
For many people, part of the financial feeling of safety means having a house, which is the cornerstone of the classic American dream. In fact, the lending tree 2023 reconnaissance It is highlighted that 94 % of consumers say that having a house is part of the American dream, even if only 84 % say it is part of it they dream.
Check: 3 things you must do when your savings reach $ 50,000
Read the following: Suz Orman: 3 The biggest mistakes you can make as an investor
However, according to the financial teacher Suze Oman, the idea that ownership of homes is necessary to build wealth simply is not correct. In a modern episode of Orman’s PodcastI discussed this concept and explained the only thing you think is the “biggest mistake in life”.
See too Orman 1 money tip is completely different from most of the tips I heard.
In the podcast episode, he addressed Orman and her partner, Cathy Travis, a couple of California who contacted while searching for financial advice. The couple explained that to obtain any real clear value, they believed that they had to buy a house to build a clear value so that they can one day sell it and “in fact they are able to afford the costs of retirement.”
The couple wrote: “Although I know that many live this American dream of owning a house, of course, I have never followed the traditional path,” the couple wrote.
In today’s world, Orman emphasized that this is not completely the case. High costs of home owners, unconfirmed housing market, cost of property and maintenance taxes means that owning a very expensive house. She explained that she does not think that ownership of homes is necessary to build wealth.
Instead, she advised the couple not to commit what she considers the biggest mistake in life – compared to others.
Try this: Suz Orman’s first advice to build wealth is “very easy”
She said: “As long as you compare yourself to what others do, you are making the biggest mistake in life.” She explained that you should never try to be someone other than you. Make sure to think twice in making a huge financial decision, such as buying a house – especially if you are doing it just because what everyone around you might do.
Orman said the ultimate goal of money is to be safe. So, work to collect funds in Roth Ira and 401 (K), keep your expenses low, search for debts, and make sure that the time comes at a time when social security and distributions get from your retirement accounts at all your expenses.