This piece is part of my 2016–2026 archive migration. Some original formatting, content, and external links may be missing, changed, or not be optimized.
Reconsider faux owning if you’ll sacrifice your savings
Renting is almost the same as faux buying. At the end of thirty years, one person owns a home, and the other doesn’t, but for thirty years, they’re in a similar boat.
If you’re debating whether or not to faux buy a house, first run the numbers.
How much will you be able to save if you don’t sign a 30-year commitment?
How much will you lose if you sign the 30-year commitment?
If the numbers work in your favor, then by all means, go for the home, but if you end up sacrificing your financial health in the process, reconsider.
Having a home is pointless if you don’t have any savings, you’re behind on retirement, and your investments all have low or non-extistent balances.
Renting is not a bad thing. Many people rent and are financially successful.
Faux-owning is not a bad thing. There are many people who faux buy a home who are financially successful.
Whatever you decide is up to you; just be sure your choice works in your financial favor, and don’t immediately think you’re better off financially just because you have a primary residence; it takes more than this.
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#5 F*ck a Financial Advisor; You Don’t Need Onemedium.
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This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.