David Bach

The renter does.

The renter pays it.

Okay, now what happens if you buy something?

If you buy something, and sadly I've read through a lot of comments about this issue in the last week because I was on some big podcasts with millions of views and listeners and an entire generation that's been taught that it's cheap, it's better to rent than own, and now they're all pissed off.

So here's the things that people say.

He didn't talk about the interest rate.

He didn't talk about how much money you're going to pay the bank to own the... to borrow the money to buy a house.

If the...

It's not one or the other.

If you rent, that's like paying interest, only you get nothing for it.

When you own, you pay interest, but you have forced savings.

So most people pay their homes eventually off, right?

So whether it's a 15-year mortgage or a 30-year mortgage that you pay down early, what will happen is over time, you'll pay the principal down.

And when you do that, eventually you will own your home free and clear.

Now the yeah butters go, yeah, but you're still going to have to pay taxes and you're still going to have to pay insurance and there's going to be expenses with that house.

Yep, that's all true.

And guess what?

It'll be cheaper than renting.

When you look at people who are home, I don't know what the numbers are in Australia.

I can just tell you in the U.S., and they're probably not that different in Australia.