My First Million

Why You Should Rent Even If You’re A Millionaire

279 snips
Mar 6, 2024
Guest
Ramit Sethi
Ramit Sethi, author and personal finance guru, joins to discuss the surprising financial sense of renting, even for millionaires. He emphasizes viewing home purchases as luxury decisions rather than investments. Ramit dives into the real costs of ownership and the importance of aligning housing choices with personal values. He advocates for a debt-free approach to large purchases while challenging traditional perceptions of wealth and homeownership. The conversation stresses the benefits of flexibility and cost-effectiveness when renting.
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ADVICE

Run the Numbers

  • For the biggest purchases, like a house, run the numbers.
  • Sometimes it's financially better to buy and sometimes it's better to rent.
INSIGHT

Controversial Opinion

  • Saying that buying a house isn't always the best financially is controversial.
  • Especially in expensive cities, renting can be more beneficial.
ANECDOTE

Sam's Home Ownership

  • Sam Parr currently owns a home but is moving and renting.
  • He got lucky with his home purchase and made a profit.
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