David Bach

You have to stretch and stress

to make it work.

I bought my first house.

It was a quarter of a million dollars in California.

I could not afford the house, which is why I bought it with a best friend and we split it.

We split the down payment, which was 10%.

We took our $12,500 each, which we had saved and saved and saved to do.

We had almost nothing left to pay the mortgage.

In fact, we had to rent bedrooms to other broke friends who could afford to rent from us to help us make our mortgage payments.

And then we spent a year fixing that house up.

That's how I bought my first house.

You know, it's funny as you just said this.

I mean, it is funny.

So first of all, the only wealth that will transfer for the most part across the globe, the only wealth that transfers from one generation to the next is home equity.

When you look at the difference between families that are wealthy, that create generational wealth, meaning that the next family has wealth.

It's because they bought a house.

So what's gonna happen in the real world is if you're a renter family, there's no wealth to pass.

So if your parents rent, you'll never inherit anything.

If you're a parent who's renting, your kids will never inherit anything.

I mean, this is just the truth.