The Top 10 most expensive states for two working adults who are raising two children is listed as follows :
Because home values are so much higher today , the average mortgage balance debt is dramatically rising for many borrowers . Onetofour residential mortgage debt has also reached alltime record highs just north of $ 20 trillion dollars , as per the St . Louis Fed ' s Economic Data .
Investments and Wealth Creation
“ If you don ’ t find a way to make money while you sleep , you will work until you die .” Warren Buffett
If you ’ re fortunate to own assets , your net worth is probably rapidly increasing . If not , the declining purchasing power of the dollar is making it very challenging for tens of millions of Americans to pay their bills on time .
There ’ s another old saying that is somewhat similar to Mr . Buffett ’ s quote that ’ s as follows : “ Either you work hard for your money or your money works hard for you .”
Our towns , cities , states , and our nation are spending money like never before in U . S . history . The federal government continues to increase our debt at a pace of close to $ 1 trillion dollars every 90 days .
Between January 2020 and October 2021 , the M1 money supply ( cash or cashlike instruments ) grew from $ 4 trillion to $ 20 trillion as I ’ ve written before . The more money that is created and the larger our federal debt grows and compounds , the weaker the purchasing power of the dollar .
For those people who don ’ t own any real estate or stocks , they are not experiencing firsthand the record wealth being created for many Americans .
Inflation is more likely than not to grow at a faster pace in the near future than what we ’ ve seen over the past 50 years or so . If so , real estate has proven to be an exceptional hedge against inflation
“ If you don ’ t find a way to make money while you sleep , you will work until you die .”
as properties tend to appreciate on a historical average at least as high as the published annual inflation rates .
If you ’ re lucky enough to own one or more properties today , then you might consider pulling some equity out of the home to acquire more incomeproducing assets . For firsttime homebuyers , today may be the best time to start looking for properties .
A home near you that you consider to be “ too expensive ” might seem very reasonable five years from now as inflation keeps rising and our dollar gets weaker and weaker .
MEET RICK TOBIN
Rick Tobin has worked in the real estate , financial , investment , and writing fields for the past 30 + years . He ’ s held eight ( 8 ) different real estate , securities , and mortgage brokerage licenses to date and is a graduate of the University of Southern California . He provides creative residential and commercial mortgage solutions for clients across the nation . He ’ s also written college textbooks and real estate licensing courses in most states for the two largest real estate publishers in the nation ; the oldest real estate school in California ; and the first online real estate school in California . Please visit his website at Realloans . com for financing options and his new investment group at SoCal Real Estate Investors for more details .
Warren Buffett
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