“The Lord will make you the head, not the tail.” –Deuteronomy 28:13
“By wisdom a house is built, and by understanding it is established; by knowledge the rooms are filled with all precious and pleasant riches. It takes wisdom to build a house, and understanding to set it on a firm foundation; It takes knowledge to furnish its rooms with fine furniture and beautiful draperies.” –Proverbs 24:3-4
Home ownership is a necessity. You must make your living quarters a profitable investment in your life. Paying rent to someone who is getting a write off at tax time is giving your money away. If one can afford to pay rent, you can afford to buy a home. Think of it this way: you are living in your own rental property but you should be paying yourself. Renting from anyone means that you are increasing their wealth! You are not investing in yourself.
People have many excuses why they rent! When something goes wrong, they say, “I don’t have to get it fixed” or, “I don’t want the headache of owning my own home.” Look at the other side of owning your own home. If you own the home when you fix it, you are fixing your property. Some home repairs are tax deductible, especially if you know how to document all of the repairs.
You want to teach your children to invest in the future. If all they see is that you rent all the time, they believe that is what they should do as well. Homeownership increases your ability to purchase, invest, and become wealthy.
Investing in yourself is like tithing to yourself. Think of all the things that you could do if you would step out on faith and believe in you! There is security in home ownership. You are secure that this is your property. You are secure that when you open the door, you are walking into your very own dwelling place. You are secure that your children know where they will be in the future. You are secure in knowing that as you grow older, this property is an investment for you.
If you don’t believe me, talk to some of our seniors who own homes. I know a senior who purchased a house for $28,000 in 1960. Today, in 2018, her home is worth $480,000. Look at her investment! Most people get a 30-year mortgage; but if you’re smart, you can pay a 30-year mortgage off in 15 years. You pay your regular mortgage note and send an extra payment, telling your mortgage company to apply the extra money to the outstanding principal balance. Boom! That will start cutting down your mortgage.
This is when you stop spending all your money foolishly. This is where you stop spending foolishly and start investing your monies!
Some may ask, “Where am I going to get this money to cut down my mortgage?” I’m glad you asked! The answer is to control your spending. Go back to the previous steps. Step 2 talked about impulsive buying. Discipline is the key to impulsive buying. Take the money that you have now saved through discipline and invest in home ownership. Home ownership means that its occupants own the home!
