"The most important piece of advice I've got to give anybody that wants to get started on the wealth-building track is this: buy your own home," says Dr. Joseph Simini author of Financial Security in an Unstable Economy.
The problem is that many people pay a landlord who uses the money to pay loans, fix up the property, and keep it in good repair. When the loan is paid off, the building belongs to the landlord, while the tenant owns only rent receipts.
Buying your own home is the most important step in building wealth. You can get started with a small down payment. You will benefit from paying your own mortgage, instead of paying rent and making the landlord wealthy. Owning your own home leads to tax benefits that can make a huge difference in your tax return.
Property tax and mortgage interest is deductable. These can be deducted from your regular income, leading to huge savings for you. The deductions are substantially more than the standard deduction allowed by the IRS.
Find a realtor who is willing to sit down and work with you. The real estate broker wants to help you because he or she is working toward a commission. Let the realtor know you are ready to buy and how much you can afford. He or she will find you the best deal for your investment.
Buying your own home is the foundation for building financial independence. Be proactive, take some action and change your financial future.
About the Author:
Dr. Proactive, Randy Gilbert enjoys producing the "Inside Wealth Success," hosted by Jay Aaron, who presents his insightful interview with Dr. Joseph Simini based upon the techniques from his book. You can hear the entire inspirational interview for free by going to:
http://www.insidesuccessradio.com/Guests/Joseph-Simini
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