Ramit Sethi Is Begging You Not To Buy That House, Even if You're Rich
Ramit Sethi, a multimillionaire and host of Netflix's 'How to Get Rich,' advises against buying a house, even for the wealthy, citing four myths about homeownership. He argues that buying can be more expensive than renting, especially in big American cities.
Ramit Sethi, a multimillionaire and host of Netflix's 'How to Get Rich,' has shared his financial wisdom on YouTube, advising against buying a house, even for the wealthy. Sethi broke down the reasons into four parts, debunking common myths about homeownership. He argues that real estate prices can go up or down, and there's no evidence that a house doubles in value every decade. Homebuyers who spend three times their annual salary on a house may end up underwater. Sethi notes that expenses to own and maintain a house increase with its price, and leverage can work both ways. He also points out that mortgage interest tax deductions are based on money that wouldn't have been spent otherwise.
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