One of the primary objectives of owning a home is to let the home appreciate over time and become a pillar of a family’s financial strength.
But before we can discuss “wealth”, we need to identify the stages to get there.
Having “Emergency Cash” is the first stage. It’s having $5-7,000 liquid for life’s inconveniences (the boiler breaking down, the car needing work, etc). When faced with the inevitable challenges that arise, many people are forced to run to their credit cards to make it through. They become stuck with high interest rate, non-tax deductible borrowing.
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The 4 Stages Of Wealth Building As A Homeowner