For millions of Americans their home is the biggest source of wealth. Yet for many they don't enjoy their home. Here's a new approach that cultivates wealth at home.
What Many Wealthy Families Do To Have the Home They Always Wanted
- Could you have this in common with Mark Zuckerberg when it come to home?
- What if you could have the privacy, security, and extras you desire anywhere?
- How to turn a liability into an asset starting where you sleep at night?
Why Did This Rich Family Live in a Ordinary Home When They Could Afford One Overlooking a Golf Course?
When I first learned about this wealth strategy I thought it was unusual. It was a party, the host a well known owner of a ten-million dollar plus business. A top earner leading a wealthy family.
Yet his home was humble, overlooking a pond, not a lake, with a large yard in a modest neighborhood. Everything about the place was for entertaining, a casual and social environment. Nothing fancy about this home.
What was most interesting is the owners attitude towards the modest place. While he could afford a larger square foot home with more amenities the home was old fashion in many ways.
The 1970's kitchen with modern appliances, a small dining area with an oversized deck all in an older neighborhood. Lovely gardens, neat landscaping, but not an ounce that would stand out as unusually middle class.
Another party goer asks “When will you move closer to the club?” The homes around his country club were starting at $820,000 where this house was all in at $200,000 easy. Near the club you overlook a nicely cut golf course and nearby lake.
His response was unusual. “You know how much I travel, if the house was any bigger I wouldn't enjoy it as much.” What the guest didn't know is that he owns several homes on the same street, has a part time care taker, and he was only a resident during “season.”
A sitter could stay in this small home while his family travels to exotic locations, or doesn't attract any attention when on business travel. The same handyman and landscaper cares for his house and the rental.
Sure, his kids were enrolled in a private school. His neighbors were quiet, it was only a 15 minute drive to the club for gold, dining, and plenty of access to other interests. No mortgage, real estate income, and tax benefits makes this home pay for itself.
You can get more from your home for less, or even grow your wealth through your home when you manage it the right way. Whether for real estate investing, or to expand your privacy, this episode has keys to a home paradise now.
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A business analyst and publisher. Had $250,000 in his retirement by age 25 while losing it all in the dot.com bubble. Invested more than $575,000 in the expense of experience that showed him what works for increasing net worth. Discovered value of actually listening to mentors.