May 8, 2015
Chase.com quoted me in 5 Myths About Your Money. It opens,
There’s no shortage of money advice out there, but each person’s financial situation is unique. So there are times when conventional wisdom can be just plain unhelpful.
With that in mind, here are five money myths that experts say deserve to be reconsidered.
Myth #1: Your Home Is Primarily an Investment
A house can be an excellent investment, but David Reiss, professor of law and research director of the Center for Urban Business Entrepreneurship at Brooklyn Law School in New York, cautions against thinking of it only that way.
After all, he says, the housing market can be hard to predict, so it’s better to make decisions based on your own needs. You’re not just owning the house; you’re living in it.
“Make decisions about buying, remodeling, and refinancing your home because it makes sense for you and your family,” says Reiss. “If you make decisions based upon your guesses about the future and about what other people will do, there is a good chance that you will end up frustrated.”
Should you upgrade that bathroom? Is it solely an investment decision? Or is there also value in improving your quality of life?| Permalink