Today, the C.E.O. of Bank Of America, at a summit of state attorneys general, said that some people should not think of their homes as an asset. He was only referring to people who live in areas where there is low population growth and where, therefore, demand for housing won't create pressure to increase home values.Personally, I agree. Even though I stopped reading his books years ago, I still subscribe to Robert Kiyosaki's definition of an asset as something that puts money into your pocket. By that definition, your home is not an asset.
Tuesday, April 12, 2011
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4 comments:
Thanks for the link! That's why I always tell my Fort Collins real estate clients that their primary motive in acquiring a house is for a great place to live in, not an investment.
Have to agree about the definition of an asset. It's not what some people want to hear, but is more grounded in reality.
Owning a house becomes an asset only when it is rented out or else it is a liability
I have to agree with the CEO, because building a costly house is a dead investment..thanks for posting..
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