Money Myths: You Don't Own Your House, The Bank Does! Money Tips, Tricks & Tactics #16.pdf
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Money Myths: You don’t own your house, the bank does! Money Tips, Tricks & Tactics #16 In today’s video we discuss the money myth, You don’t own your house, the bank does! Is it true? Or just made up? Well in reality, there are a number of people who live in homes, some people rent, some people own their home outright, some people own their property with a mortgage, some people are in social housing and much more. So it really depends, but the issue is mainly to do with the fact that your house is a home, not an investment, so treat it like this, then focus on acquiring a house that can pay you, not the other way around. So what do you reckon, is it true or false?
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Money Myths: You Don't Own Your House, The Bank Does! Money Tips, Tricks & Tactics #16.pdf
- 1. MONEY MYTHS: YOU DON'T OWN YOUR HOUSE, THE BANK DOES! Money Tips, Tricks & Tactics #16
- 4. TODAY'S AGENDA Is it true? 1 The facts 2
- 5. TODAY'S AGENDA Is it true? 1 The facts 2 The problem 3
- 6. TODAY'S AGENDA Is it true? 1 The facts 2 The problem 3 What next 4
- 7. IS IT TRUE? It depends. There's a large share of the population who own their property outright, but there's also a large share who own their property with a mortgage, additionally there's also a large share who are renting or receiving social housing. So it really depends?
- 8. 61.6% of homes owned outright were 65+ years old THE FACTS Did you know? According to the department for communities and local government, 61.5% of homes owned outright were by people 65 or over. Whilst 1.5% (25 - 34 yrs), 3.3% (35 - 44 yrs), 23.9% (55 - 64 yrs) and 9.5% (45 - 54 yrs). Meanwhile, 29.3% of homes owned with a mortgage were by people 35 - 44 years old. Whilst 4.4% (65 + yrs), 13.7% (55 - 64 yrs), 28.7% (45 - 54 yrs) and 22.5% (25 - 34 yrs). 1 80.5% of homes owned with a mortgage were 25 - 54 years old 2 1.5% of 25 - 34 year olds owned their home outright 3
- 9. When something needs fixing in your home, but you don't have a landlord, so you've got to fix it.
- 10. THE PROBLEM
- 11. THE PROBLEM Your home doesn't pay you, you pay for it.
- 12. THE PROBLEM Your home doesn't pay you, you pay for it. People confuse their home for an investment, when in reality it's a liability. Your home doesn't pay you, you pay for it. People confuse their home for an investment, when in reality it's a liability.
- 13. WHAT NEXT So what's the solution? How do we turn this all around. Well begin by doing the opposite of the norm.
- 14. WHAT NEXT Understand that you still need to plan for your financial future 1 Although the statement is true, not all debt is bad. Debt, which is used to create wealth for yourself is good. i.e. BTL mortgage for an investment property which generates rental income Live in a modest home, bigger is not always better, less is more. 1 WHAT NEXT So what's the solution? How do we turn this all around. Well begin by doing the opposite of the norm.
- 15. WHAT NEXT Understand that you still need to plan for your financial future Understand that taking good care of your personal finances increases the possibility of a better financial future. 1 2 Although the statement is true, not all debt is bad. Debt, which is used to create wealth for yourself is good. i.e. BTL mortgage for an investment property which generates rental income Live in a modest home, bigger is not always better, less is more. Rent where you live, buy what you can rent out to others, first! 1 2 WHAT NEXT So what's the solution? How do we turn this all around. Well begin by doing the opposite of the norm.
- 16. WHAT NEXT Understand that you still need to plan for your financial future Understand that taking good care of your personal finances increases the possibility of a better financial future. 1 2 Although the statement is true, not all debt is bad. Debt, which is used to create wealth for yourself is good. i.e. BTL mortgage for an investment property which generates rental income Live in a modest home, bigger is not always better, less is more. Rent where you live, buy what you can rent out to others, first! 1 2 Don't sink money into your home, on unnecessary stuff. 3 WHAT NEXT So what's the solution? How do we turn this all around. Well begin by doing the opposite of the norm.
- 17. I know how hard it can be to resist, but your stronger than you think, you can do this!
- 18. ACTION ITEMS Your action items for today's video are as follows... 1
- 19. ACTION ITEMS Your action items for today's video are as follows... 1 ONE Set yourself the goal to own a property, which pays you!
- 20. ACTION ITEMS Your action items for today's video are as follows... 1 Set yourself the goal to own a property, which pays you! ONE TWO Begin saving towards that goal, today. With as little as £1.
- 21. LIKE, SUBSCRIBE & SHARE Leave a comment below & I'll give you my 2 cents...