Home Ownership

Updated insider information by Chellie Campbell, author of “The Wealthy Spirit: Daily Affirmations for Financial Stress Reduction”

175-June 24

“The first payment is what made us think we were prosperous, and the other nineteen is what showed us we were broke.”—Will Rogers

Owning your own home is one of the American Dreams. But it seems to me that many people scrimp and save to buy a home and then are “house poor”—they can’t go anywhere or do anything because all their available income is going to pay their mortgage! In Rich Dad, Poor Dad, Robert Kiyosaki states he doesn’t even consider a home an asset. He says it’s because there are so many other attendant expenses that go with home ownership that it is a drain on most people’s income. It is a liability that “takes money out of your pocket” rather than an asset that “puts.” During recessions, we all know it is possible to lose money in real estate—it’s not a slam-dunk investment.

(Continued on page 175 of The Wealthy Spirit)


Today’s Affirmation: “I appreciate all my appreciating assets!”

This page is a big prophetic, since so many people have suffered in the housing bubble of the Great Recession. I feel so badly for everyone who lost their homes to foreclosure since they were under-water and owed more on the home than they could sell it for. Sure, some people did “liar loans” and were allowed to borrow more on the home at a bargain adjustable interest rate for a couple of years. They were gambling that housing prices would continue to go up and they’d make money on the investment and be able to refinance later because their homes would be worth more.

But when housing prices sank, they were caught with a losing investment and a loan they couldn’t pay. That’s the downside of the gamble. There is no slam-dunk investment where you get fabulous returns and make a fortune without risking this kind of a downside. You can take the slow and steady course and just buy interest-bearing bonds or CDs or other safe savings accounts. You won’t make much money, but your capital will be safe. Right now, that’s looking like a good choice.

To really get ahead, you have to make riskier investments with the chance you’ll lose some of your capital. There’s the rub.

What’s important to remember is that you aren’t doomed if you made a bad investment. Even if you lost everything, this is the land of opportunity and you can try again and do better next time. That’s why it’s a good idea to spread the risk and have a portfolio of many different kinds of investments – some risky and some safe. Don’t put all your eggs in one basket as the saying goes.

But if you do, and all your eggs break, clean off the basket and start collecting more eggs!

Prosperity is a habit. You have to practice it every day.

10 Minutes a Day to a Wealthy Spirit – Daily Facebook Live videos

Learn more about the new Facebook private group “The Wealthy Spirit Group” today!

Join Today
Chellie

Chellie

Chellie Campbell is a Financial Stress Reduction® Coach and the author of The Wealthy Spirit, Zero to Zillionaire, and From Worry to Wealthy. She is one of Marci Shimoff's “Happy 100” in her NYT bestseller Happy for No Reason and contributed stories to Jack Canfield’s books You’ve Got to Read This Book! and Life Lessons from Chicken Soup for the Soul. Past president of the LA Chapter NAWBO, she was "Most Inspirational Speaker" by Women in Management and "Speaker of the Year" by the Association of Women Entrepreneurs. She does daily inspirational videos in The Wealthy Spirit Group on Facebook.

Share this post

Share on facebook
Share on linkedin
Share on email
Share on facebook
Send me affirmations, insider tips,
exclusive event notification & deals
Name
This field is for validation purposes and should be left unchanged.
Would you like to flip through the pages in your own book?

Join Us for

Cheese & Crackers & Cash

Tuesdays @
2 p.m. PST

chellie campbell's cheese and crackers event on facebook