Rich Habits Podcast 2: Debunking the "Financial Tips" that Keep You Poor
20 snips
Mar 7, 2023 Debunking common financial advice, focusing on multiplex property investments vs. primary homes, leveraging debt strategically for wealth building, and cautioning against quitting a 9-5 for a side hustle without solid financial foundations.
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Primary Home Not Best First Investment
- Buying a primary residence first is financially less beneficial than purchasing a duplex or foreplex to generate income.
- Primary homes often tie up capital and credit without appreciating enough to beat inflation and expenses.
Use Realtors for Pocket Deals
- Research duplex or multi-family properties and rental markets thoroughly before involving a realtor.
- Use realtors to access pocket deals—properties offered before hitting the public market.
Differentiate Good vs Bad Debt
- Pay off high-interest consumer debt first before investing.
- Use good debt like mortgages or business loans to leverage investments and build wealth.