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Over the years I have known many people that spent too much on a home they bought or a place they wanted to rent. Then something happens to them like a job loss or going to a new job where they made less money and now, they couldn\u2019t make their payments anymore.

That is a reason that we taught our boys to have their total Home Mortgage plus Property Taxes and Insurance to be less than 25% of their take home pay. Same goes for if they are renting a place to live instead of buying a place.

Of course, our first choice for the boys would be that they would pay cash for a house they decide to buy someday. The second option if they do decide to buy a house before they have enough money saved then they get a 15-year mortgage.

As always, I am not giving you any Financial Advice and you should seek advice from your Professional Advisors to see what is best for your situation. See my Disclaimer at MillsWay.com. This is for entertainment only.

We want the boys to stay debt free their whole lives but if they choose to go into debt for their house then we hope they will follow the Mills Way to Financial Freedom steps that we taught them and pay it off even faster than the 15 year old mortgage they took out. Listen to the whole Podcast show for all the details.

If you would like to be a guest on my Podcast drop me an email at bruce@millsway.com or Text me at 480-389-6224

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