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Are you buying an asset or a dead weight around your neck? I often BEG would-be first time home buyers NOT to buy. It's the conventional wisdom that is so overpowering (and wrong) It goes like this: Save your money, put 10 or 20% down, and pay TRIPLE the cost of the loan for your home over the next 30 years, thanks to all the interest expense. If you are a good little taxpaying citizen, you'll have a free and clear home, which you can then turn around and get a REVERSE MORTGAGE on to take care of you when social security fails. Excuse me? Here's what I tell young first-timers: Save your money, rent, get your savings into a REAL investment - one that grows rapidly, and ideally is sheltered from the tax man. Do NOT buy a home until you have the funds set aside to DEVELOP YOUR OWN (thus saving tens of thousands, even as much as one hundred thousand in the process). Then, you can look forward to 30 years of rent-free, mortgage-free living. At current tax rates, the argument that you give up all those wonderful tax write-offs just doesn't hold up. Lose the mortgage monkey from your life, and you'll experience a lifestyle that most only dream of.

Contributed by Steven W Johnson on March 10, 2008, at 11:04 PM UTC.

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This intel was contributed by Steven W Johnson Steven W Johnson

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