My First Million
Why You Should Rent Even If You’re A Millionaire
Mar 6, 2024
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.
51:26
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Quick takeaways
- Renting can be financially smarter than buying a house in high-cost areas like NY, SF, LA.
- Run the numbers before making significant financial decisions like homeownership.
Deep dives
Renting vs. Buying: The Financial Debate
Deciding between renting and buying a house is a contentious topic. The podcast episode delves into the financial implications of this debate. Advocates for renting argue that while buying a home may seem like a smart investment, the math shows that it is not always financially prudent, especially in high-cost areas like New York, San Francisco, and LA. Renting can be a wiser choice depending on various factors like location, cost of living, and personal financial goals.
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