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6 REALLY COOL THINGS: BE the KING of your CASTLE!!!
6 REALLY COOL THINGS About Becoming the King of your Castle!
If you want to be a millionaire, if you want to be smart with your money, if you want to get ahead in life, build security, establish equity, and retire in confidence, then you must, simply MUST become the King of your Castle!
You need to buy your first home if you haven't taken this important step yet. If you have bought your first home already, then read on. I know you already are nodding your head in full agreement, but let's briefly review some of the really cool things that happens when you own your own home:
Thing 1 : All interest paid on your mortgage is a tax write-off at the end of the year.
Thing 2: You are building equity, and FAST!
Thing 3: No more landlords, No more thin walls!
Thing 4, the tax break, gives you breathing room financially.
Thing 5, Equity. Huge deal here.
Thing 6: The King of your Castle!
Thing 1 : All interest paid on your mortgage is a tax write-off at the end of the year.
That's HUGE. If you pay $1000 a month on your mortgage, the vast majority of this is interest.
You're write-off at the end of the year, will be around $12,000 as a scheduled deduction on your 1040 to the tax-man. See the massive benefit this has, come April 15th?
Watch your savings account thrive, or go on an awesome vacation to Jamaica, or buy a new car, or invest in a mutual fund. We’re talking thousands of dollars here, for most Americans, in realized tax savings!
If this isn’t enough to get you salivating, then I don’t even think a bag of money falling from the sky will elicit any kind of reaction from you. Come on! Thousands of dollars in tax savings! That IS, in fact, a big, bag of money! Huge, huge, huge.
Thing 2: You are building equity, and FAST!
Last year, mid-2003 to mid-2004, the average American home appreciated around 9.5%. Think that's good? In 74 housing markets, the appreciation was in the double-digits.
Generally, a low appreciation is considered to be around 4%. So, with that kind of amazing track-record, you need to sit down with your trusty calculator and start getting your hands around the reality that this could be YOU!
There's nothing that prevents you from buying your home. All objections can be overcome, and all obstacles can be reckoned with.
First, though, get to the point where you fully understand the power of leverage, as many homeowners have come to realize, with owning your own home.
Thing 3: No more landlords, No more thin walls!
No more neighbors behind sheetrock, no more carports, no more smelly garbage bins, no more gross washer/dryers, no more rude, late-night out of control parties, no more leaky faucets ignored, no more intrusive and neglected bugs and vermin! That was your old life. This is your new life.
This is your home. You own it. You run it. You are the master of your domain!
You maintain it, improve it, and take pride in it.
It is the American dream, of course, to own a piece of land that you can call your own. I know you feel it in your bones. I know, that you know, that this is true.
So, how does owning your own home, get you to be a millionaire? Well, that's incredibly simple:
Thing 4, the tax break, gives you breathing room financially.
Your tax return can be substantial, and this means more money in your pocket, less stress in your bank account.
This will give you a little more freedom, should you choose to act wisely with your money, and fit comfortably into a piece of property that might be slightly more than you thought you could afford.
In addition, often times, the breathing room from the tax savings, is just enough to get you out of survival-mode. It happens to many of us. We start thinking about saving, rather than spending, and we start thinking about the future, rather than just getting through
today.
Thing 5, Equity. Huge deal here.
You have to understand that the money you are already spending on rent, can be re-routed towards a home mortage.
So, if you spend $1,000 a month on rent, and then restructure your lifestyle so that you own a home, and spend $1,000 a month on a piece of property worth, let's say, $250,000, for example, and that piece of property appreciates 10% a year...How long will it take you to become a millionaire?
Get your trusty calculator out and learn how to crunch this number, because you are much closer then you realize. I come up with $1,263,617.57 in 17 years. Now, that's over One Million Dollars Equity in 17 years, just by re-routing the rent money that you already spend! It is effortless.
It requires no additional activity on your part. Just keep going to work, bringing home your income, and paying your mortgage. In 17 years, you will be a millionaire.
Furthermore, there are variables in this equation that can make this happen even sooner. For example, you could live in a metropolitan area with a much higher appreciation rate.
Last year, our homes in the Sacramento area appreciated at 15.5%. Now, there's no reason you couldn't live here, or maybe you already live in a high appreciation metropolitan area. Maybe you don't want to. You don't have to.
The point is, that if you wanted to speed up this process of getting to a million dollars through the passive investment of your residential home equity...You could....
Or, like I said, you don't have to. Just buy a home, and you'll get there in 17 years or less.
Thing 6, the King of your Castle:
Now, thing 6 doesn't necessarily award you a faster route to a million dollars, but what it does do is ensure that you have peace of mind, happiness, and balance in your life.
With the joy of home ownership comes it's own reward, and that will ensure that you won't just want to get up and bail out on your investment because you're miserable.
You won't be miserable if you buy the home of your dreams, and if you live in a place you love, the place you call yours, the place that is steadily growing equity, and tax benefits, and wealth.
This is the place where you are in total control of your life. This is the place where you are the king of your castle.
We’ve enjoyed providing this information to you, and we wish you the best of luck in your pursuits. Remember to always seek out good advice from those you trust, and never turn your back on your own common sense.
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Disclaimer: Statements and opinions expressed in the articles, reviews and other materials herein are those of the authors. While every care has been taken in the compilation of this information and every attempt made to present up-to-date and accurate information, we cannot guarantee that inaccuracies will not occur. The author will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within these pages or any information accessed through this site.
About the author:
Tom Levine provides a solid, common sense approach to solving problems and answering questions relating to consumer loan products. His website seeks to provide free online resources for the consumer, including rate-watch, tips and articles, financial communication, news, and links to products and services. Visit Tom at: http://www.ExpertLoan.Org/. This article is available in full format at: http://www.expertloan.org/article-king.htm. Copyright 2004, by www.ExpertLoan.Org.
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