Home Ownership and Financial Independence
Weekly Gleaner, The; North American ed. › August 21, 2009
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Summary
"Not only are you getting income from your salary, but you also have investment income and overtime, this can build up in such away that you'll find yourself in a position that investment income even exceeds the income you get from your regular salary."
Giving a personal example, [Frank Harrison] said, "I bought an apartment in 1991 for $950,000, a huge amount for me at the time. I paid down $50,000 and I borrowed the balance of $900,000. Today that same apartment values about $16 million, and even at 10 per cent appreciation the value is going to increase by $1.6 million in a year's time."What if I had put the $50,000 in a savings account and relied on the accumulation of the interest, would I have gotten anywhere? I don't think I would have gotten very far. Do you believe that my savings would have been worth $16 million today? Certainly not."See the full content of this document
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Home Ownership and Financial Independence
YOUR HOME is your castle, but it can also be the means by which you achieve financial independence.
Frank Harrison of the Victoria Mutual Building Society, ...See the full content of this document
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