Owning Your Home Is a Wage Slave Trap!

[@TomScryleus]

*🔥IF YOU LIKED THIS VIDEO, check out this one:* Escape Wage Slavery - By Leveraging Perspective: kzbin.info/www/bejne/gGKsgZxuiL2oiKs

[@jzk2020]

So I guess you sold your house ?🤷🏽‍♂️

[@user-ry1vi1jc7o]

It's interesting that in all the comments, nobody is addressing the thing that has been first and foremost on my mind as a happy renter regarding homeowners these days. The number one reason I wouldn't want to buy a home right now is the rise in natural disasters (natural or not - think Maui), fires, hail storms, tornadoes, hurricanes, floods, landslides, not to mention skyrocketing crime, and what used to be a safe home is now in a very unsafe area. some people can't even renew their homeowners insurance because the risks are too great. If any of these things happen, I can pick up and find another apartment in a snap. But if you own a home, it's going to be very tough to recover from something like that.

[@realfreedom8932]

This really gets me, 300 years ago you picked a spot, built a dry wall, chopped some wood for the roof and you had a house. You built it in a few weeks/months and you had it for life. 300 years later with all this technology, someone has to work their whole life for a house and have almost no free time just to pay that house...i hope this damn scam of society collapses

[@KD6-3.7.2]

tbh i don't. i hope it stays running on the backs of the normies who never give the bigger picture a second thought. that way i can live comfortably with my niche way of circumnavigating it. If it collapses then 100 percent of us are in deep shit lol

[@realfreedom8932]

@@KD6-3.7.2 what is your way of circumventing it?

[@christinec8818]

Don't forget get forever taxes. So even if you play be the rules, you still have to pay to keep it! Disgusting tyranny!!!

[@Iv4Bez]

*there were no modern heating/water/infrastructure/lighting/furniture (?)

[@alamond3318]

@@KD6-3.7.2 What is your niche way of circumnavigating it?

[@occamsrazor1285]

Employers LOVE employees that are two things: Married, and own a home. It makes them obedient.

[@TomScryleus]

yes, you know you got yourself an stable and obedient worker who will never complain. its kind of sad that most people in their 20s don't realize how free they are, and so briefly, before they fall for the security of an "adult life" where you are more stuck than ever.

[@zakuma22]

Careful with what you say. Normies will get pissed off.

[@occamsrazor1285]

@@zakuma22 Lol. Dude; I have Asperger's. Normie's getting pissed at the things I say is the norm for me.

[@Anubis424242]

@@occamsrazor1285I appreciate that you're honest when interacting with normies. I've ruined my whole life keeping my opinions quiet and trying to keep them happy by doing what I *thought* I was supposed to do. It's soul crushing.

[@occamsrazor1285]

@@Anubis424242Yeah, I gave up on that for the most part. I "studied" people in my 20s to try to emulate them, but eventually realized that the data I was getting was flawed (I couldn't be aware of ulterior motives and arrived at false conclusions due to bad data). So I just be me, now. Luckily I'm pretty good at my job and am empathetic. That solves about 99% of the social problems. The only issues I really have (in the workplace) now are what I call the "incompetency mafia." Most people aren't good at their jobs and are just hoping no one figures it out. I have a low tolerance for incompetence, so I see it. They see I see it, and they don't so much conspire as they all have the same self-preservation tactic: they all independently report that I'm "hard to work with." And that's how you get rid of someone that sees through your disguise.

[@Jaime-eg4eb]

I don't consider having a mortgage owning a home. If anyone owns anything the bank owns a contract forcing you to pay them every month.

[@TomScryleus]

100% agree

[@robinsonfamily222]

That part. People with MORTgages have been brainwashed to believe they're above everyone renting. They have a false sense of security and chip on their shoulder as if the bank still doesn't own their property. They also forget that this government can easily use eminent domain to get their property. They are very obsessed with screeching about how much their home is worth. Who cares? Unless they plan on always trying to sell a house vs building a stable family in one place. Even companies are starting to leave states like Florida and not cover homes. They've drank the Kool aid the powers that be established to make mortgage (mort) payers feel like they're better than everyone else.

[@James_36]

Wrong but okay keep thinking that, the bank has no incentive to take your house it is a costly and awful process in the uk

[@Jaime-eg4eb]

@@James_36 I didn't say they have an incentive to do that. But they will if you stop paying. Maybe you could call that conditional ownership or something, but it's very different from owning it outright. The fact that people use the same phrase ("I own that house") is a marketing trick created by the issuers of mortgages if you ask me. It might still be a good option relative to renting depending on your circumstances, that's a different issue.

[@WindsongSoundBath]

Yes, and even after the mortgage is paid off you still don't really own it. The government can take it away anytime..

[@Colin-wr4nb]

Buying my home was the best decision I ever did. Bought it at 23 and paid it off before 30. Rent out a side room to my friend (which pays utilities) and now can save bank. Don’t have to worry about anything either since I own it.

[@TomScryleus]

That sounds like a good investment. But you do have to worry since you own it you mean? Repairs and such.

[@HealthyWealthy808]

Nice - I got mine similar age. I’ve just turned 28 with £75k to go 😱 wish me good luck

[@schuylergeery-zink1923]

People don’t realize that apartment complexes make a PROFIT off of you renting from them. They wouldn’t rent to you if they didn’t profit off of it - that means that yes you do pay for the maintenance, repair, property taxes, and inflation through the rent + margin for the investors and business owners. It doesn’t feel as much bc there’s some cost charging when they cram everyone into those buildings per the square footage of land. But you’re all still paying for it. Our total house cost is less than our rent. Yes, there’s repairs and maintenance but we got a house built in the 1980s in the countryside so all our repairs thus far have been super affordable. When we rented we had issues like sewage backing up in the sink and they didn’t send anyone to help for that weekend and then got mad bc we bought a bucket to drain the sink ourselves all bc they refused to respond to our request for help in a timely manner! It’s their responsibility bc the line backed up outside our building but they still don’t want to pay for it 🤦🏼‍♀️

[@kettlebellcarnivore-vr5cw]

​@@KevinM88TR11 Some are too busy working and juggling life to do those repairs. Not to mention unskilled, don't have the tools, and no mental energy left.

[@RikLeedsMusic.77]

@@KevinM88TR11 ...pfffff hahahaaaa....wait till you've been taking care of that house for 30 years and then get back to me...fucking kids are so cocky i swear 🙄

[@neogaines2418]

I totally agree. Love this video btw. Most people "buy" houses because they are obedient. But as you grow older and hopefully mature you may come to realize many of your "dreams" aren't yours.

[@TomScryleus]

thank you. Im glad you enjoyed the video. have a great weekend.

[@TheElectronicaman]

These criminals levying property taxes need to be held accountable.

[@YourCapyFrenBigly_3DPipes1999]

Yeah I'm not sure I agree with taxes on ones primary residence.

[@devox3291]

It means the government has taken ownership of YOUR property. You are paying rent.

[@RikLeedsMusic.77]

These criminals levying rent for profit need to be held accountable.

[@YourCapyFrenBigly_3DPipes1999]

Regardless of what property taxes are use for, the problem in my eyes is that they are used as the driver in criminal schemes to take your home if you can't pay them. Alternatively, councils have been known to be even more scandalous, and have even stooped to artificially inflating the valuation of working-class homes in order to essentially firce the removal of the occupants with a minimum of muss and fuss, because by doing so this process drives up their property taxes which these individuals who are already struggling and with little to no extra money available cannot pay for. With local judges often corrupt or weak or crooked, he easily grants the county the green light to steal the homes and it's a wrap. Now, this process is an absolute illegal crime but it's happened in more than one municipality in recent years. It's been used as an easy way to force out residence in majority black and brown working-class neighborhoods through the years in order to pave the way for gentrification. With or without perceived cause, one's county comes to take the home, and may or may not give you the difference after its auctioned off at an oftentimes below or sharply below market value like it's a piece of stolen art. Every bit of this is a crime of superhuman proportions, and often illegal, but it is being currently engaged in everywhere because people profit from this. Home flippers and corporations LOVE this and local county leadership doesn't give a shir about their citizens or they wouldn't participate in this. This is a criminal racket which needs to be treated as such & criminalized at the state and federal level- home seizure by local authorities should be a crime no matter the reason - unless the primary owner is convicted of secks trafficking, but of course it won't be, because wherever there's an illegal or criminal dollar to be made the whole groups just waiting to take it. So it's not so much the taxes I mind, I just mind that they're used as a reason to throw a family or an individual out on the street. Yes people can fight back but if you're barely keeping your head above water you oftentimes can't afford a good lawyer and not enough lawyers want to take on low rate or pro-bono work. Throw in a greedy/corrupt judge who is only too ready and willing to greenlight these criminal scams, and the local county enforcers are off to the races. THAT'S why I hate property taxes. Because a county cannot steal your home without them. Even the most scandalous of banks aren't going to foreclose on you if you're current on your mortgage so this is the only other way that a county or city has to quickly depopulate an area that they're trying to gentrify or just take a bunch of homes bec hey... why not??? I mean they have the Monopoly on organized Force so I mean why not go for broke and just take what they want? "Is a crime if the government does it ??" They certainly don't think so. It's the purest essence of white collar crime, but it happens right here in the open, everywhere. I want to find a way to stop this. Just like HOAs, these are are open and naked crooked rackets and unjust behavior masquerading as legitimate law.

[@YourCapyFrenBigly_3DPipes1999]

Regardless of what property taxes are use for, the problem in my eyes is that they are used as the driver in criminal schemes to seize your home if you can't pay them. Alternatively, councils have been known to be even more scandalous, and have even stooped to artificially inflating the valuation of some working-class neighborhoods in order to essentially force the removal of the occupants with a minimum of muss and fuss, because by doing so this drives up their property taxes which these individuals, who are already struggling, cannot pay for. With local judges often corrupt, weak or crooked, they easily grant the county the green light to move forward and it's a wrap. There are a few of any morals or conscience left in our courts these days from the reports that make it to my ears. Now, this process is absolutely illegal but it's happened in more than one municipality in recent years. It's been used as an easy way to force out longtime residents in majority black and brown working-class neighborhoods in order to pave the way for corporate-driven gentrification. Every bit of this is a crime of superhuman proportions, and often illegal, but it is being currently engaged in many places because people profit from this. Home flippers and corporations LOVE this and local county leadership doesn't give a shit about their citizens or they wouldn't participate in this. This is a criminal racket which needs to be treated as such at the state and federal level- home seizure by local authorities should be a crime no MATTER the reason - unless the primary owner is convicted of secks trafficking, but of course it won't be, because wherever there's an illegal or crooked dollar to be made there are whole groups just waiting to pounce. So it's not so much the taxes I mind, I just mind that they're used as an excuse to throw human beings out on the street. Yes people can fight back but if you're barely keeping your head above water you oftentimes can't afford a good lawyer and not enough lawyers want to take on low rate or pro-bono work. Throw in a greedy/corrupt judge who is only too ready and willing to greenlight these criminal scams, and the local county enforcers are off to the races. THAT'S why I hate property taxes. Because a county CANNOT steal your home without them. Even the most scandalous of banks aren't going to foreclose on you if you're current on your mortgage so this is the only other way that a county or city has to quickly depopulate an area that they're trying to gentrify or just take a bunch of homes bec hey... why not??? I mean they have the monopoly on organized force so I mean, why not go for broke and just take what they want? "Is a crime if the government does it??" as they say. The answer is of course hell yes, but who's going to stop them? It's the purest essence of white collar crime, but it happens right here in the open, everywhere. I want to find a way to stop this. Just like HOAs, these are are open and naked predatory and unjust behavior masquerading as due process.

2:50 Couldn’t have said it better myself. Got to play by the society’s rules to 100% when you got loads of loan. I’m almost 40 years old now, I live by myself in a tiny rental apartment, and I’d say I’m rich as hell in inner peace

[@TomScryleus]

Yeah its terrible if you also consider that you have a family and you are stuck in this "mortgage prison". One thing I forgot to mention in this video, is that studies have shown how little space people actually use in their homes. Its actually a lot less than people would have guessed. But I think its good that you figured out this trap before its to late. :)

@@TomScryleus That’s so true. I optimize the space in my apartment and if I were to move to a bigger place I actually don’t even think I would enjoy that space. There’s this weird feeling of happiness that comes from keeping things simple and minimalistic when there’s no need to have it any other way. I also wanted to take the chance to say that I have been watching a good chunk of videos from you, from different channels through the last 5 years, and I’m really impressed by your latest content about this exact topic. This is in my humble opinion your best work so far, and I will return to this channel for honest and no-bullshit videos about topics that really matters for our well-being

[@TomScryleus]

I remember you from the Tommy Starsson days. :) I appreciate your kind words. Well i've noticed that whenever I talk about wage slavery and escaping 9-5, I get a lot of views. I think this topic is not usually covered.

@@TomScryleus Yeah, those were good times! Many years has passed, and we’re still doing it, this KZbin-thing!🤣👌

[@laaaliiiluuu]

But now you depend on the generosity of your landlord. If he doesn't want you anymore he can just kick you out.

[@playpal9950]

Property tax means you are still renting. It just means you are renting from the government. You don’t own it if you still have to pay the government for it or else risk losing it.

[@dakotadak100]

EXACTLY "buying" a home is really just buying out that lands lease to the governemnt. Try tearing down your home or adding to your home without government permission!

[@scottshingleton7659]

The only homes you can actually own are either tiny homes or mobile homes if you own the land underneath them. You can save up and buy them outright in a few years, you have low property taxes, and you can go solar (even off grid) and have a well and septic as these types of homes are typically located in rural areas. They are also easier to maintain due to their smaller size. I'd rather live in a tiny house on 10 acres than live in a mansion.

[@ultramax6442]

that is also what im thinking

[@censoredeveryday3320]

Yes and having 5-10 acres means you don't have to deal with your neighbors as much.

[@2pacorwhat]

Owning a property with enough land to grow your own food, have your own animals, have enough wood to keep you warm and a water source will be more valuable than any nonsense on a computer screen in 10 years.

[@soldatheero]

not to mention how volatile and risky investing in crypto is

[@KevinInPhoenix]

I doubt that you can grow wood as fast as you need to cut it down for fuel. Subsistence farming is tough and you starve if the crops fail and the animals die. It's all a nice fantasy but reality is pretty harsh.

[@2pacorwhat]

@@KevinInPhoenix you're pretending that this isn't what people have been doing since forever. Do you know how long the concept of supermarkets exist? I know this might all seem a bit overwhelming to you but just like the majority of people you can learn this too. It doesn't take a genius.

[@Zindarak137]

I watched a video recently about a guy who lives in an abandoned house in the Japanese countryside. Not like a squatter, it's a program they have where you can get cheap, rural housing, so long as you to maintain the property. In return, he lives a quiet, simplistic life for super cheap, but with limited ameneties due to it being so rural. He doesn't do more than a few odd jobs around his local community and has sworn off consumerism. Anyway, something he said stuck out to me as simple, but poignant. "People look at the simple way I live my life and say, 'Aren't you worried if it doesn't work out? What if it doesn't work?' But that's the thing about Nature... It's always worked."

[@idontcare1102]

@@KevinInPhoenix no one said it was easy lmao

[@theplasmacollider6431]

I would prefer to just have an apartment. However, if you want to prepare for harsh times, it's nice to have a property where you can work the land and grow food.

[@IMAN7THRYLOS]

Partially agree, partially I disagree. I have been paying rent for the last 12 years. During the last few years, it felt as if I was actually working for my landlord. It felt as if my landlord had more authority over my life choices, life styles and opportunities than my employer. Well that is enough. I am buying a house this month. I am not falling for the trap though of obtaining a mortgage for 25+ years that equals 3+ times my gross annual income. I am buying a cheap house in a small rural town, 45 minutes drive from a major city. The mortgage will be for 15 years and is 190% of my gross annual income.

[@gppizza8979]

dont forget the opportunity cost of commuting vs living near everything.

[@ahansen9583]

I completely agree with this, renting means having nearly every aspect of your existence micro-supervised by the land owner/manager. From what products you can use, who you can have over and when, how many vehicles you can have and what kind, what kind of pets and how much your pets can weigh if you can have any at all, what you can put on the walls and in your windows, what time you can do laundry, what temperature it can be inside your rental, if you can work from your rental or not, ect… Rent is wildly expensive and never decreases and can be increased at any time, you can be evicted at any time, you are still responsible for some general maintenance and repairs, you can have your rent indefinitely increased as a result of a repair, you can be sued for damages and have actions against you placed in a public record. It’s a terrible, unstable and risky way to live.

[@gppizza8979]

@@ahansen9583 a lot of what you describe can be implemented by a HMO. CAVEAT EMPTOR

[@souljakoye]

He also forgot to mention how annoying neighbors living all around u can be. Parking wars…etc. just watch “fear thy neighbor”

[@IMAN-hc3fz]

I did the same thing in 2022. I'm about 1 hr from a major city. Luckily, I work from home.

[@jarinorvanto4301]

Well said. One potential benefit of owning your house, is the opportunity to remote yourself from the worst neighborhoods. It is vital for your health, peace of mind and recovery from the rat race, to be able to withdraw to a functional, orderly and harmonious dominion.

[@ellicesanchez3194]

Very true, statistically speaking, your zip code will determine how many years you will live.

[@toddspangler6669]

It's a wage trap for those who buy above their means. My 1st home i bought in 2002 for 85k. Yes, there was a lot of maintenance, but it was paid off in 10.5 years. Since the house was smaller (950sqft), the taxes in the rural area are cheaper than the city. We moved and now that house is a rental that has paid back all that i paid in mortgage payments and is still going strong!

[@toddspangler6669]

@RuckFussia I agree, you can't find anything like that now. Living rural would have ended my wife's life if she had had her VTach out there. I'm glad we live close to everything now because the emts were here in 5 mins which saved her. Interest rate at the time was around 7.5%.

[@schuylergeery-zink1923]

We just bought our first house for $185k at 1,100 sq feet 30 mins outside of the city we commute to / I work from home, too as “broke millennials” on half an acre! It’s brought so much peace to stop giving MORE money to an apartment - our housing cost is less than our rent. We have a 2006 Toyota Prius as a commuter car. It’s already gone up in value allegedly it’s worth $200,000+ now. I believe it bc the previous owner bought it for $145k and sold it to us for $185k two years later 😭 so we’re happy to be homeowners now. Our dog is happier out here too!

[@HazzyWazzey]

So your home WAS an investment! More solid proof to discount this brainwashing landlord promoting ‘renting is great (for me!)’ narrative.

[@gppizza8979]

@@toddspangler6669 so, are you renting now or another mortgage?

[@toddspangler6669]

@@gppizza8979 We have another mortgage, but the rental's Net income more than covers it.

[@alastairtheduke]

You're right in the sense that a house that you live in isn't really an investment, but it does allow you more options. The biggest plus of owning is that you don't have to pay rent which inflation will keep increasing. With a house, you lock in the cost of inflation into the price of the house. Look, countless studies have been done showing that in the long run, owning IS CHEAPER RENTING. It shouldn't be thought of as an investment, but in the long run it is still a better option.

[@tiffanyjohnson9989]

Why do y’all never talk about the property taxes or home insurance? Depending on where you live those can be very expensive.

[@ryancraig2795]

Can be, but in my case I've done the math, and even accounting for taxes, maintenance, condo fees, etc, owning, even with a mortgage, is cheaper. The math might work out differently if I was buying today rather than 10 years ago as I did, though.

[@ylpea5170]

My boss lately told me that if I don´t work overtime anymore, I would earn less money. I answered that that´s not a problem, he didn´t know what to say. A little later I bought a house, he asked "so, what´s your interest rate?" and smiled. I answered "there is none" - he stopped smiling. YOU DON´T OWN ME!

[@TomScryleus]

Haha!! I love that story. Thank you for sharing

[@WHOTHAFUCK]

how did you have the money to buy a house just like that without any dept?

[@mikeflynn5910]

I owned a home for 25 years- last one was a very nice house on 5 acres of wooded property with 300 feet against a rocky-bedded creek...I sold it during a divorce and now live in an apartment and am happier (not just because of the divorce of a deranged marriage) but it sucked so much time, worry and money. I'm now 59 and love (and value) my time, not being a slave to my property and limiting my unforeseen expenses. I agree- own a home if never have- experience it, but realize the financial and other costs...GREAT video!!!

[@TomScryleus]

thank you, really appreciate that you shared your experience. I love how you phrased it that you value your time, and not being a slave to your property. Sounds like you did alright in life. :)

[@James_36]

So now your just a slave to your landlord who can decide to get if of you or put your price up when he feels like it? Amazing choice

[@gppizza8979]

what makes you think youre not paying property tax, insurance, maintenance, utilities.....in other words, everything you paid for before...now?

[@minimalist_monk]

It wasn’t the house that was a problem. The marriage set you back big time.

[@andysmoo3448]

@@gppizza8979 A small apartment will only incur about a quarter of those costs compared to a large property.

[@2frogland]

mortgage is for 25 years rent is for life and monthly payments are about the same

[@TomScryleus]

depends on what you rent. You can always find cheap living. And use the surplus to invest, or work less to work on your business.

[@carsella11]

Also, mortgage repayments are fixed at the price of the year you purchased. Yes, they fluctuate with interest rates.. but the purchase price isn’t indexed like rent.

[@Trox2018]

Has nobody heard of MAINTENANCE a large cost of owning any property. Do you know how long your roof will last?

[@2frogland]

@@Trox2018 maintenance isnt a great cost unless your adding an extension

[@2frogland]

if you mean council tax /rates ,thats payable while renting too

[@schuylergeery-zink1923]

Buying a house was the BEST decision my husband and I made to get out from under wage slavery BUT, we bought a small/modest home in the countryside that our house cost is less than renting in the city. Owning something (or at least building equity in it) is a source of respecting ourselves. We gave $60,000 to an apartment complex over 4 years which is such a waste for the longterm. If you can’t afford to buy a house outright like us, plan on paying it off early to save interest to the bank. You pay property taxes and fees to the apartment and they profit off your back and hike rates every year to keep with inflation! Our income couldn’t keep up with the increases so we felt like we were getting squeezed. It felt like slavery to be chained to that kind of life. It’s so freeing to have a small house with half an acre in a peaceful location. We get to renovate it to suit our needs when we’re ready and DIY if we don’t want to pay too much. And we have space to garden and have chickens, to slow down and enjoy life instead of getting caught in the rat race. Don’t buy a house just to look cool or something overpriced bc of a comparison game. Buy a house as a step to financial freedom when/if you’re ready to and use it strategically to help build wealth by keeping expenses low as possible.

[@aseidinfo]

By definition owning a house should mean without mortgage, if you mortgage it's not really yours, you're a slave to the banks if and until you are not anymore.

[@newtonmoon]

Owning your own place is liberating. Here where I live people often have to struggle with greedy landlords who wants to avoid the law forcing them out under threat to rent it out for much higher. But yes, a lot of things are to be born in mind when buying. If you rent out your place, you run the risk of having a tenant that doesn't pay. Even if you get your legal right, you will not get your money if they can't pay.

[@hawkkim1974]

I got a big house from my parents. It's 45 years old and has many rooms. It's nothing but a headache to me. Sometimes I have to spend almost all my time fixing it. Hiring a contractor for the fix costs too much money. Why don't I sell it? Yes I want to. There are just no buyers these days. Go small people. Go small. Like someone said, you don't own a property. Property owns you. I'm honestly sick and tired of owning a big house.

[@AsusMemopad-us5lk]

Big house. Zoning compliant. Perfect example of the “investment” model that everyone is talking about. Perfect example of how USELESS that model is for quality of life.

[@derekwallace4144]

People forget that the rent price increases bake in all of those taxes, insurance, maintenance, etc. Compare the rent on your current space from 20-30 years ago to now. If your rent is 2K per month now it will likely be 5K for the same place in 20-30 years from now. My house will be paid off well before that.

[@alphaomega1351]

Not if you outright own a home. It's a mortgage you gotta watch out for. 😶

[@TomScryleus]

Well obviously.

[@anniesshenanigans3815]

after owning a home, and then moving out into an apartment, I found that I could no longer 'rent'. I just felt different. Like I was no longer 'stable'. So I bought another home. BUT even with a huge down payment I still have a mortgage. AND I have insurance and taxes that are bigger than I expected. AND NOW I have things that need to be repaired. UGH!! You are right. It is not an 'investment'.

[@thefrankring]

Owning a house might be great but it comes at the cost of freedom. Your energy is locked on maintenances and repairs of the house. You can't focus on the things that truly matter to you. Your money is locked on the house. You can't invest in better potential assets. Your location is locked on the house. You can't move with ease.

[@whisper2441]

All true, but the question is how long are you in this mortgage prison? If you are lucky like me bought house at 21, 2nd house at 27 and completely debt free by 35, then it's not so bad. Now I feel completely free with zero debts and plenty of cash and income, also fully retired at 55. It's all about timing though. I got in young and got stuck into it, and was lucky it turned out great for me. Replicating my experience today would be a struggle though, the world is different.

[@thefrankring]

@@whisper2441 It doesn't look so bad for you. I think it depends on your goals and what you want to do. For me, I don't know how to take care of a house, so I'd have to learn everything about that. I have a business that needs time, energy, money and investments. So a house becomes inconvenient. I'm thinking about travelling for long periods of time in the future. I can't bring the house with me. For now, I'm single and no kids so an apartment makes more sense to me.

[@entrepreneursfinest]

This has some valid points, but it's not accurate in all circumstances. For instance - I bought my house and land outright with no mortgage. It was a very good deal because it needed tens of thousands poured into it for roofing, new electrical, and plumbing as well as the wood floors refinished. For me this was great because I'm proficient at carpentry, running wiring, and installing plumbing. I simply traded my time at the same rate of pay as a plumber/electrician/carpenter plus a helper which is about $110 an hour where I live. I refinished the floors myself which would have been around 18K and only used about 800 dollars in materials which brought the house up 15K in value. Not too shabby. The plumbing, electrical, and carpentry work added an additional 40K to the property with less than 9K in materials. Roughly 45K in value gained within 6 months where I don't have a note. Aesthetic improvements done as I had time to devote added even more value to the land with no more investment than elbow grease and some diesel for the tractor and implements. Additionally the area I live in is rural and has very low taxes (about $175 a month on my property), and the tax assessor is rarely if ever seen. Because I have new electric, plumbing, roof, and floors there is little to no expenses for upkeep or maintenance and what there is can be chalked up to materials only. This has freed up more capital for me to use every month than I could have ever dreamed of having if I was renting, and the overall cost of the home over time decreases with every year I live there. So it's not that owning a home is a bad investment. It can be one of the most freeing and lucrative investments you'll make. It's that owning a home by conventional loan methods and without the proper home-owner skill sets is a terrible idea and a money pit. If you plan to own a home and property you need to first be financially stable enough to do so. Then you need to develop the necessary skill sets to be a good steward. Great video as always! Wonderful information that the current denizens of the world need to hear!

[@TomScryleus]

Obviously no morgage is a whole different thing.

[@IamaNewCreature]

@@TomScryleus LOL exactly!

[@IamaNewCreature]

@@TomScryleus LOL exactly! Thought people would see that it’s not the same thing.

[@KevinInPhoenix]

I am 6 months away from paying off my mortgage. After that I just need to pay homeowners insurance and property taxes which currently amount to about $3,000 per year or $250 per month. Not owning a house means that you will pay ever increasing rent for the rest of your like. Have fun with that. If you rent and are not paying renters insurance then you could lose everything if there is a fire or other disaster. There is no return on your rent payments. You build no equity as a renter. If rent was a small fraction of the cost of a mortgage payment then it might be worth renting, but rents these days are not a lot cheaper than mortgage payments. Unless you live rent free, where are you getting the funds to invest instead of paying for rent or a mortgage?

[@pwalker1360]

When I was 10, I could go to the local store and buy a 500mL soft drink and a 50g chocolate bar both for a $1.00. Today, a 355mL bottle is now $2.69 and the now a 41g chocolate bar is $2.39.

[@TomScryleus]

Inflation. Yeah I have similar experience. Remember how much movie tickets and comic books used to cost.

[@Ziegfried82]

None of the fiat currencies are wealth. They are all debased constantly, devalued constantly. That's why investing is so important. And real estate is only an investment if you rent it out and become a landlord. As someone who has been a landlord let me tell you...other investment instruments are flat out better. Not that I failed to make a profit as a landlord, it's just that the profits were nothing incredible. 8% for a lot of work.

[@phillipbuckley-pu7my]

Never made sense to me buying a house! Ball & chain round your ankle for years? Fuck that...I want freedom...not a Monday to Friday slave all year round...

[@TomScryleus]

Most people dont see the value of freedom. Something very sad about that…

[@DaFIZZZ]

I think it’s more of *thinking* you own the home. Since most people just have a mortgage and don’t actually own their property.

[@TomScryleus]

agree 100%

[@lpslancelot05]

It’s semantics, at the end of the day, you’ll always owe something to someone. Whether you have a mortgage or not.

[@James_36]

This is wrong, you do own it

[@newtonmoon]

@@James_36 If you can't pay anymore, I think you will see who owns it.

[@James_36]

@@newtonmoon no they have to go to court and get a ruling, they don’t own it you are factually 100% wrong

[@hackmedia7755]

I got my house for only 138k. I'd rather pay for my house instead of rent. Later on I can sell my house if I want and move to a cheaper house overseas.

[@TomScryleus]

thats fine. and it doesn't sound like a bad idea at all. but its still a wage slave trap.

[@lpslancelot05]

@@TomScryleusno it’s not bro, if you purchase intelligently, you can make out like a bandit. A home you live in can definitively be a good investment. I made $100k on my first home purchase, minus $4000 in repairs, total payment (PITI) was under the cost of rent in area. All done in 4 years. Bought smart, sold smart, also got a little bit lucky. What would you consider that? Yes, homes can be traps, but this is not a hard and fast rule that you’ve decided that it is. Adding nuance here will help the audience and come off honestly rather than ideologically driven. The wage slavery topic is important, but I’m worried here that you’ve decided this is true, when I can clearly show you why it’s not. There are a lot of exceptions, AND I MEAN A LOT.

[@KingJames-ne1lk]

I agree bought a house for 114k when Covid was at its worst… 2% interest rate.. costs 750$ a month. I rent it out right now. I pay 1,200$ to rent a condo. It’s all about the same with the costs. If you have to pay 2k-3k for a home a month then yeah that’s crazy no one should be buying a home in this economy.

[@ravenkushner]

"There's a difference between a dream and an investment." Well said. Also, just to toss in there - if you buy a home within a master plan, there will be HOA fees. You will be stuck paying those fees, no matter what they raise them to, for as long as you own the home. You also can be fined if your lawn is too long, or if you do something to your house that they don't like. And they will force you to comply with the rules of the HOA. If you're buying a home to have more freedom, these things are something to consider. Also, to those who argue that the monthly costs are the same, I understand where they're coming from, but it's not quite that simple. First of all, you have to save up the down payment which you won't get back, as opposed to the security deposit. And, the maintenance fees are not always predictable. If your pipes suddenly burst, you can't wait until you feel like spending that money. Regardless of what you thought you were buying that month, you now have to fix those pipes. And if the city does an improvement on your street, your property value will be reassessed. You can't negotiate that or move. You have to just pay it. The positive side is that, theoretically, you will one day own the home and, if you get a fixed rate mortgage, you at least know what that payment will be. But most people never own their homes outright. And once they sell and have to move somewhere else, they are in the same position as renters - being faced with higher prices for a comparable home.

[@kirill4531]

Watched a couple of videos with really detailed comparison between having a mortgage VS investing in stocks. It turnes out the difference is very subtle and easily can shift to either side depending on lots of conditions. But personally I would bet on a mortgage for a simple reason: We are not robots and not a formula in Excel sheet. And if you have a house to pay off you will be more frugal and dedicated to this goal. Whereas when you rent and you have spare money on your hands you often have an illusion that you will be in this situation forever, with solid income and good career and the chances you will live frugal life and invest all money are really low.

[@James_36]

How do you have spare money. Everyone I looked at renting vs my own home the rent was more than my mortgage for the same house size and value - with renting you get less house, no equity and no security - renters are coping and lying to others

[@schuylergeery-zink1923]

Yah buying our first home in 2022, renting felt like slavery. They were constantly hiking the rent every year. We went from paying $1,300 to $1,700 plus $100 per month for a second garage 🙄 over the course of 4 years! Guess what - our salaries did NOT compete so we were so squeezed from both ends. We bought a house and locked in at $1,500 per month. We could refinance it for less interest down the road or just pay it off early. We could sell it and have equity built up already. We could stay here forever if we don’t outgrow it or turn it into a rental property or Airbnb. The important thing is it gives us options!

[@fe7kh]

Rent is more than a mortgage now. It was generally more before 2020. Owning is not all bad.

[@childfreesingleandatheist8899]

I never see my home as an investment. I see it as a very good place to live in with a lot of privacy and satisfaction. There is no way I would feel the same pleasure and satisfaction than if I lived in an aparment, condominium, rented house, duplex, etc. Not to brag, but I paid my home in 7.5 years. And I'm not even wealthy. I really think that what keeps men enslaved, mentally, physically and financially, is their wife and the costs of having children, especially if they live here in the USA. Marriage and divorce are just a scam against men.

[@MrT-nh6di]

1000%

[@Ferdinand208]

Buying a home or renting the home equals to the same amount in the end. The difference comes from either you own the home and you have the risk of the home or you are not the owner so you don't have the risks but you also don't own a house. It is a trade off between living easy and with less risk or having more choice and more risk. A home owner has the power to do almost anything with the home. The renter must hope the home owner does good things for them. So renting is low risk. Buying the home is riskier. Buying a home to rent out has even more risk. With risk there is a possibility of reward. But if you are not good at renting out a house you can easily loose money instead of earning it.

[@alastairtheduke]

It's the same amount in the end. Countless studies show long term home ownership wins out in the end taking everything into account, even opportunity cost.

[@anteeko]

Also people forget about risk, I got stuck in legal dispute with the place I bought some years and that was brutal. Owning a house come with a lot more risk than people realise.

[@TomScryleus]

yes I agree. But in general, I think people are actually to defensive when it comes to investments. I would rather that people become more offensive in their investing strategy. (Not saying careless though). Stop looking for "safe investments" etc.

[@anteeko]

@@TomScryleus "Stop looking for "safe investments" etc." I have nothing wrong with risky but the problem is peoples thinking real estate is not risky. I would argue real estate is very risky because it concentrates the risk in one illiquid, very expensive asset.

[@JessieStolar]

100% true. The slave system goes way deeper than most know

[@stugots2863]

Even if you don’t own your own home to live in it, you still need to live somewhere. So you’ll rent. Assuming costs to own and costs to rent are comparable, living in your home is more of an investment than renting given you experience capital growth. As you pay down your mortgage, you build equity. This happens at the same time the market is manufacturing capital growth. It’s just not a good investment. It’s a sliding scale rather than a Boolean yes or no answer. You’re better off renting and then purchasing multiple investment properties. That’s high on the ‘is it an investment’ scale.

[@awrooo_rrruff]

Renting in my area is 3x the cost of an average mortgage. So actually is a better choice for many people.. it’s just near impossible to get on the property ladder in the first place.

[@Ryan-cx5zr]

Depends how you do it. Going straight out for your dream home is crazy. Teaming up with your partner to buy something affordable and paying it off quickly is a great move.

[@zakuma22]

Most people are unable to do mental math to make sense of investments. This is why everyone follows trends without asking. Outstanding video!

[@TomScryleus]

thank you 🙏😃

[@swojnowski453]

that's not mental math, I'm yet to find a person who can calculate compound interest without a calc. Anyways, there are many other costs. You meant arithmetic, but that's still not a mental one.

[@zakuma22]

@@swojnowski453 Not trying to be specific here (to what purpose?). Colloquially speaking, people also call it "if it passes the smell test".

[@BigBrother04]

That works both ways. Most home owners in NZ saw their homes double or triple in value in last 15 years...and since rent was high and interest rates low, they have been probably paying as much as rent.

[@Diecastinator]

I enjoyed this video. I owner occupy my rental duplex. I live in one unit and rent the other one out. I bought it in my 20s and had it paid off by my 30s. Just from making the mortgage payments and then applying the rental income towards the mortgage as well.

[@stephenadams6455]

Nice. I would say (house hacking) would flip owning a home to an asset since it is generating income.

[@rafaelmercer21]

The key is having a paid off, well built, duplex in a nice area with a good tenant. Live on one side and rent the other side to pay for all of the taxes/maintenance

[@mindcache5650]

Only if you pay cash and/ or develop a new build or renovate in cash do you make real money in property. If you borrow 60,70,80% then the deposit of 40%+ is dead money, earning 0. Meanwhile the Banks ( who actually own the property,not you , until it’s paid off ) will be making 12% in the stock market from your deposit and all of the monthly payments. While you are paying , the Bank can call in the loan in full at any time. Average U.K. mortgage rates have been 4.9 % since 1980 . Average real increases annually in property have been 5.9% . Then add your costs of government taxes, energy invoices, maintenance, buyers tax, sellers brokers and legal costs. By the end of 25-30 years the Bank would have trebled its income on investments, and you would probably have paid double the initial amount for the property. Worth noting. If you’d invested $1000 in Apple on listing in 1996, you’d have $997,000 today by reinvesting the dividends. Oh, by the way, you’re a slave because the house is a storage unit. Whilst working your 80-100 hour weeks it’s sitting their uninhabited, unused.

[@TomScryleus]

thank you!! good examples.

[@h4xi0rek]

In the grand scheme of things, financially, renting evens out with owning a property. In case of mortgage, your costs are the interest on the loan, the maintenance costs of the building itself and the opportunity cost of lost returns from the money you paid on principal. In case of renting it's just rent + maintenance costs. And for the people saying anything about treating home as an investment - you can buy REIT shares while renting your house, the returns will be pretty similar but the risk much smaller and it is much easier to sell/liquidate than to try and sell your house quickly. You also do not get locked to a single location for years and don't have to fear about natural disasters or unsafe neighborhoods.

[@antonioperez4091]

Most renters pay property taxes for the owner, it gets transferred

[@TomScryleus]

not directly.

[@donlawler9510]

owning your own home is peace of mind

[@TomScryleus]

still not an investment.

[@donlawler9510]

@@TomScryleus a house can be a very GREAT investment! I bought a house in '94 for 40k. It's worth 6x that on today's market. The greatest guaranteed financial return available to people is the savings when they pay down the principle on the front half of a mortgage. example: the first month on my 40k house, i paid an extra $100 and that gave me an instant savings of $350 of interest. An amortization chart can really be an eye opener. A home is a great thing. Home ownership is the foundation of financial well being.

[@karhukivi]

@@TomScryleus Renting is a sunk cost, no present or future value at all. Furthermore, there is no security as the landlord can get you out at some unspecified date.

[@anirudhbalaji1042]

Im 27 years old and My parents (god bless them) bought me an apartment worth 80k USD in my name. We own 3 properties at this point and I feel fulfilled. I'm sure that by the time im 47 years old, it'll be worth much more. im happy. thank you universe/god/mom&dad

[@2frogland]

@@TomScryleus it is in the fact that at the end of the mortgage you have a large asset whilst at the end of renting you have nothing,and a relatively risk free investment unlike a business or speculation

[@hlumeloBRF]

This is, without a doubt very true. But one thing that I have realised is that for most people it doesn't matter. This is not just with owning a home, but everything centred around finances. I don't know about Americans, but in Africa,almost everyone does not care about financial education. When I mention things like these, it's more like an insult to most people because all they know is what they were taught - go to school, get a degree, a job, a house, retire, and that's it. Again I don't know how things are in America, but one thing I can say is that most people will probably won't care about knowledge like this. I mean the secrets to wealth are very well-known now, but we all know there will always be wealthy people, that are the minority, and the rest - poor and middle class (if that exists anymore). I think it's good that knowledge like this should be shared, like you are doing, but we have to accept that "wage slaves" will never see themselves as slaves. thank you for this video sir.

[@TomScryleus]

Glad you liked it, and thanks for sharing your thoughts. I think of that movie ”the matrix” how people are a part of the system. They believe in the system thats why they dont question it. Questioning it would affect their sanity.

[@hlumeloBRF]

very true sir, just know that your work is changing someone's life, may not be every single person who clicks on your videos, but you're igniting a spark in someone out there. @@TomScryleus

[@James_36]

It is financial suicide to rent your entire life so where are you getting these finances from precisely?

[@jezisvole]

After previously having made enough money, I bought a house 20 yrs ago (for cash) i.e. no mortgage. For 20 yrs I/we have been working part-time, as it suits me/us, just to cover our low monthly costs, and to not touch the other invested money. Now the house is becoming too big for us considering our age (50+) and no "young dependants" Thinking and confused about new options ... Would welcome some ideas. We like that your videos initiate the thinking process of what goes on in life nowadays. thx.

[@Chnacatsnflr]

With changing weather conditions, insurance companies are dropping coverage in vulnerable areas. Your little "investment" could literally turn to ashes in a wildfire, or obliterate in a hurricane.

[@dakotadak100]

This is what is so confusing to me, so. My family has been in this country for about a 100 years with each generation buying a house. Yet our newest generation still is paying a mortgage. Why don't we already have seven houses?

[@kmnl926]

One needs to life somewhere. An affordable house owned free and clear is a peace of mind and your kids will be happy too. Everything you own requires time and money for upkeep, make sure it takes little of both and you have plenty left for other purposes.

[@BigBrother04]

Depends. Bought my house about 5 years ago for 300k and 60k deposit. My outgoings including interest and principal payments plus insurance and rates were still lower than what i would pay to rent the same house. Now the house is valued at 470k. Thats over 50% capital growth, while i was living in it at a cost less than potential rent. If you consider that i only had to come up with 20% deposit, thats even a better return on my cash. It is very reckless to repeat kiosaki without doing ones research. 😂

[@kkop4982]

It depends on multilple factors. Country, legislations, intrest rates, inflation, housing markets. Worked as a house seller for multiple years. Paying rent is always losing money, but less responsibility. I have bought 3 houses in my life, every single one of them i bought as unused. The first 2 were profitable. Now when the intrest rates went up and housing market crashed the third one might not be plus investment, well see.

[@buckhorncortez]

I had a mortgage for two years. Then paid off my house. There are certain costs associated with owning a house, but if you're going to pay rental or lease costs for 30 years - what's the payoff at the end? None. I don't see that as a win. I built my own house and the day it was finished it was appraised at $50K more than my cost for land and building. Today, it's worth three times my original investment - what's the payoff for spending money on a lease or rent? Nothing.

[@TomScryleus]

well said.

[@Chillax-rb7it]

The payoff is the freedom to walk away at any time and not be stuck if your landlord gives you sh*t you can just move. Your property is only worth as much as people are willing to pay for it

[@kanstantsin-bucha]

service is the new standard to make you work harder. You rent a car, next will be house, next you will literally pay monthly for everything down to a coffee machine in a kitchen. That is because business set price for services, and there is always a good reason for top up. So rental will not free you.

[@MagicManAleister]

I am working on buying a mobile home for about $70k. I've known a few people who have done this. Great alternative.

[@TomScryleus]

Love it

[@scottshingleton7659]

I bought my mobile home for $10k, brought my land for $11k, installed the home for $8k, installed septic tank for $3k, installed well for $7k, and installed solar array for $20k. Paid cash for everything and the solar array is in my backyard. I don't put anything on my roof as that will damage it. Even my wood stove chimney is through the wall. My only energy sources are electricity and wood. Mobile homes and tiny homes are the only homes anyone can own as long as you own the land outright as well because the taxes are low, you can save up the cash to buy them outright including the land in a few years, you can generate your own electricity and even go off grid.

[@kenyu4258]

As a home owner myself, if I had the choice to ‘redo’, I said I would still buy a house… simply because financially speaking renting is “paying your landlord’s mortgage”… I’m sure anyone would rather pay your own mortgage than someone else…. Your own house IS an investment, because although it does not pay you every month, just like most stocks (non-dividend), you don’t get anything money back until you sell them. A house (that you live in) is the same concept, you hope it’s value will increase every year (like your stocks), then when you sell it, you will get your money back and it’s appreciated value… Again, compare to renting it’s definitely the less of two evil.

[@hatebreeder999]

Owning your home on the loans is worse form of wage slavery specially if its grossly miscalculated.

[@DeyvsonMoutinhoCaliman]

A house is an investment if you have children, they will have something to inherit. Worse than being a wage slave is being a rent slave.

[@dakotadak100]

This is some of your finest work. Excellent video!!

[@TomScryleus]

thank you. One of the earlier wage slave videos, I really felt the message was important, but a lot of people hated it. :)

[@dakotadak100]

@TomScryleus YES, most people are wage slaves and most people have most of their wealth in home equity. Their dislike highlights the videos importance.

[@luxboss2388]

I told people owning a home is the biggest scam ever and now people starting to see it a few got lucky but for a majority it was a nightmare!!

[@youtubelearning2990]

It’s not a house, it’s a home. Kids need a home. It’s the cost that we shouldn’t be paying but a need for children to have. People who don’t have kids would say this. Growing up in a home is such a mental strength.

[@TomScryleus]

A rented apartment can be a home as well. I know, I grew up in one. Happiest days of my life.

[@dickieblench5001]

I grew up in a 4 bed house in the country. Bored out of my skull. Now live in a small apartment in luxury block. Much happier in the city

[@morganlancer]

I want to correct the thumbnail title a bit. It's not that owning your home is a wage slave trap. It is the ILLUSION of owning your home that is a wage slave trap. Because think about it - until you have paid the entire morgage, you don't actually own the house, the bank does. The only differences between buying a house on loan and renting it is 1) the promise that if you pay "rent" for your house through the entire period, you will finally own the house for real, and 2) if you fail to pay rent on your apartment, you simply get evicted and the unpaid rent with legal fees as debt. If you fail to pay a morgage on your house, you owe the bank the entire remaining borrowed amount + interest. Therefore, only buy a house if you have saved enough money to buy it with your own cash. In america and most of the western world, this practically means "don't buy a house at all" since the practice of borrowing has inflated the price of the houses to a degree that it would take 2 generations to save money for it. However, If you go to another country where prices are much cheaper, this is way more reasonable. I am married to a filipina and live with her in the philippines. I paid 4000 USD for her to build a 54 m2 house out of concrete blocks. I am not allowed to own land in the philippines so of course I had to put the house in her name. The house was so cheap though, that even if me and her would break off after a couple of years, I still would have saved money on living there instead of paying rent. I saved the money from 1 year of working in Latvia. I have lived in the philippines with her now for only 1,5 year, and I already have a family, a biological son, the ability to make my living online and experience a tropical climate people would pay many thousands of dollars to experience just for one month.

[@mattb9664]

All these points are very true, after having made my own mistakes. 'They' also use the house as a way of eventually knowing what everyone's commute times are and then using that as a way to keep people in the office longer or using it as a way to tell people that they should simply be leaving home 10 minutes earlier when the weather is bad or if there is construction. And they know they got you once you have that home mortgage too.

[@Gorketh]

Understand your point. Definitely a country by country situation. In Australia, until recently renting near your work and buying elsewhere to rent out was very beneficial as you can deduct any losses from the rental against your work salary.

[@mikell.6064]

I disagree. Rents can drastically increase 50, 100% or higher. People that bought homes and got cheap loans before 2020 are amongst the happiest people I know. For most people, buying a house IS an investment because even with all the costs you talked about they will see some return. Plus they have a tangible asset which is extremely emotionally grounding. Not everyone can become a crypto millionaire. Not everyone wants to live a life that is “different “. It is Lao easy to speak about something when you have it. It’s like me saying “I hate owning my car” while having one. Of course I could make so many things with the money I spent on my car, but the price of not having one is not worth paying. It really depends on the circumstance, absolutisms are absurd.

[@austintomkewitz3981]

My mom bought the house I live in in 2018 and we've had to work on it like mad men for many years I'd have over $100,000+ saved if we rented by now and the opportunity cost of having to work on the roof while COVID was around passing all my investment opportunities away was beyond heartbreaking FUCK owning a house

[@FurkanSavas]

Owning a home is a long term investment, the alternative is renting which gets higher each year. You can also still rent out your own home(s). For me its a early retirement investment. If you are stuck at renting getting out of it is almost impossible (alone) and it gets a problem when you're getting older. If you wanna escape the so called '9 to 5' then its this is at least a good start.

[@TomScryleus]

Its not. Its a wage slave trap

[@FurkanSavas]

@@TomScryleus If owning a house is a wage slave trap then how come you got free from it? Imagine being 60 and still worrying about paying rent. Which one is the wage slave here?

[@CaptainUnusual]

Nothing wrong at all with apartment living. Never own real estate that you can't lease out.

[@lpslancelot05]

Unless your can 2k-4x your investment. There are ways to do this.

[@GalacticTradingPost]

You are wrong. Crime is higher in apartments. Better to own the whole damn apartment building and control the lives of your neighbors.

[@markjivko]

I respectfully disagree. Firstly, full home ownership - meaning paying for it upfront with cash - is a great shield from inflation, and a "passive income" generator in the form of rent you no longer pay. In fact, paying for your home in cash is almost free if you consider it as just "temporarily parking" your money in that property; notary fee not included, of course. Some maintenance costs can often be offset with the right insurance. Property taxes vary greatly, but they can be quite low in relation to inflation. All in all, I would consider home ownership a viable asset, not a liability. Secondly, there is no relationship between what you do for a living and buying a property. Who said you NEED to be an employee and you NEED to apply for a loan to own a home? Cheers!

[@baller15g]

If I didn’t own my rent would be double. Sometimes it’s necessary, everyone who is doing well has owned their home for a few generations.

[@TomScryleus]

Not if you include what you paid for the house.

[@baller15g]

@@TomScryleusyes even if you include the initial cost of acquiring the home. I can only speak for the US. Renting can be 3-4K a month. Owning will be 1500-2k. If the home was paid off then it can drop to 300 a month. This doesn’t even count the folks who purchased the home for 100k and can now sell for 700k plus !

[@advhawk6455]

Own nothing, be happy. I've heard all these arguments before. As a wealthy 51 year old combat vet and landlord, here's a clue: I don't pay a dime for the house in which I live. My passive income from rentals pays for every expense in my life, with a generous amount on top to invest in new properties for more passive income. It all started with one house, which was the house in which I lived. If I followed your advice, I would still be making a landlord rich instead of living in *financial freedom* . I can move to Monaco tomorrow and live on a yacht, rent out the house in which I'm living, and make even more money. The fastest way to make F-you money is in real estate, and the fastest way to get started in real estate investing is to buy a house, live in it while improving it, and sell it for a profit.

[@TomScryleus]

You didnt pay a dime for that house? I dont think you are being truthfull there. In any rate, those dimes could have been used to invest i rental property which would give passive income. Which im totally for. Im saying paying morgages for the rest of your life is a wage slave trap. That is the message.

[@advhawk6455]

@@TomScryleus Rental properties are bought with mortgages. Paying on a mortgage is the best way to build credit to qualify for the next mortgage. And the next. This is how landlords build real estate empires, leave their wage-slave jobs, and become financially free. Renting gives zero benefit toward buying investment properties. We sold our "starter" home and walked away with a $210k profit 15 years ago. That's profit above all interest, fees, maintenance, renovations and improvements, and commissions. So I ended up recovering every dime we paid for our first house, plus $210k. That money bought two duplexes, and our investment company hasn't stopped growing since. I have 17 mortgages and I haven't been a wage slave since 2010. For anybody who wants financial freedom, renting is just wasted money. Love your channel, but you missed on this one.

[@jordanwright5795]

I realize your advice is not for everyone but as a counter point, my wife and I purchased our first house about 10 years ago here in Southern California. I’m self employed, work from home and did all the maintenance, remodels etc myself and ever paid out of pocket. We sold that property in Anaheim for more than double what we paid. Used the profit to buy a larger property with more land where we have now horses, ostriches, mini pigs, mini fainting goats and a lot of other resort style amenities. In my business I work as a VFX artist from home and I’m able to use the space we have for projects and my wife has turned our mini farm into quite the financially profitable location for hosting events which alone covers most of the mortgage. Meanwhile the property continues to appreciate in value. I don’t think we could have the life we have without property investment being part of the formula we used to get here. We hope to retire in our late 40s sell the property further padding our retirement even more and paying for what will probably be a smaller but nice place in Hawaii.

[@Tirful]

Well thought out video and good work, however I do disagree with the sentiment in the title. As someone living in a city with high rent, I would MUCH rather be paying mortgage payments (which are significantly cheaper than average rent here) - as renting is an even worse wage slave trap for me and my family. It's frustrating giving the majority of your income to landlords and knowing that money is getting you nowhere, but saving is so hard when you're stuck in this situation. Property ownership seems totally out of reach right now, so I've been investing any extra earnings into side businesses instead in the hopes that I can create some financial freedom through assets which might give me more options in the long run. Anyway, it seems to me like there are elements of wage slavery in being bound to a mortgage as you're discussing, but it's still a big step up from renting, which many of us feel imprisoned by. The story is probably very different for anyone living in a country with a government that caps or even subsidises renting - I believe this model is underrated and a very progressive way of equalising living costs - it gives renters a lot more security and financial freedom and is the one exception where I could see it being a positive choice for people.

[@sam8007]

In my country renters have to pay the tax and insurance, too. The only thing the landlords have to pay is repairs above a certain amount of money. Anything else can be distributed on the renters.

[@apriloneal3397]

Im living in a house that is 100% free and clear. Why? I bought and sold my 1st house in a much nicer market. Yes this property isnt as nice but it its plenty. Recently quit my State job. Cashed in my pension. I wont need it. My house is my retirement and i feel great stepping off the hamster wheel. I paid every greedy credit card off. I dodged a bullet and i wish others can too

[@HumunculousInPants]

This almost makes sense, but if you are investing in crypto or stocks while renting a home, you are using your spare income only. So whatever your rent is each month is going to someone else. Even if the bank is making money from your mortgage, at least the money you literally have to pay out to live in a home is mostly going to you. Plus, a mortgage is usually much cheaper than renting.

[@stephenadams6455]

I almost bought a house a couple weeks ago, but realized it would’ve been a mistake. Great video

[@adb012]

Well... yes but. Food is an expense too, but you need it (just like a home, whether you own it or not). If you find a way to obtain the food you need for less expense than other way, then the less expensive way makes a lot of financial sense. Property tax, maintenance, insurance, etc are costs for the owner of the house no matter if they live in it or if they offer it for rent, which means that all these cost are passed to and ultimately paid by the renter. In other words, the person who lives in the house pays those cost whether they own it or rent it. Another thing to consider is that the payment of a fixed-rate mortgage never goes up for the whole term of the mortgage, while everything else (like rent, homes, salaries, etc.) keep going up. So over the decades of the term of the mortgage, the financial burden of the payment goes down, while a rent would keep increasing. Finally, when you pay the rent, that is 100% expenses. When you pay a mortgage, a good chunk of that is equity. You are buying a good that you can sell or rent in the future and recover at least part of what you paid. As an example, I lived in a house for which I was (still am) paying the mortgage and when I moved, instead of selling it I offered it for rent. Today it is rented and the rent pays for all fixed expenses (property tax, insurance) plus a 10% reserve for maintenance plus a 10% for vacancy 10the interest of the mortgage plus the interest PLUS THE PRINCIPAL plus a very small positive cashflow. While the cashflow is very small, the tenant is buying me a house. Tom Scryleus would say "I told you that owning a property to rent it, not to live in it, is a good investment for passive income, just don't live in it". But put yourself in the shoes of the tenant. Wouldn't they be better off paying the mortgage and building some equity, even if they have all those other costs, rather than paying the mortgage and all the rother costs to me in the form of rent and staying with nothing for themselves? Ah but here is the catch: If they want to buy the house today, their mortgage payment would be substantially higher because the price of our home has gone substantially up (and also the rates). So you can say "no, they would not better off paying for the mortgage". But... what enabled me to have this house that now I can rent with a good profit in the first place? That I bought it for living instead of paying a rent and kept it for some years while the prices went up and while my fixed-rate mortgage payment stayed the same (and will stay the same for the next couple of decades). This is the deal: If you can invest in real estate and that investment gives you enough resources to a) pay the rent and b) fund the next real estate investment (both of them, not one or the other), THEN don't buy a house and use that money for the real estate investment.

[@harryseibert457]

Owning your home is consumption. Owning a rental home that generates cash flow and appreciates is the start of freedom from wage slavery.

[@WindsongSoundBath]

Yes, and instead you pass on the slavery to your tenants.

[@harryseibert457]

Not necessarily you assume I live in a home I own. I rent and invest.

[@Zoie3x8]

If a home is never an investment, then .... would buying some sort of a business property, be an investment (auto-shop, office-building, restaurant, some other business property) at which you can generate income, and if nothing else, can maybe secretly bare-minimum live at (cot, some form of kitchen, some form of toilet) for a limited span of time ?

[@danag812]

I largely agree with what you're saying in this video, but I think it depends on where you live and how reckless you are in your choices. For instance, I live in Vancouver, Canada, one of the most expensive cities in North America if not the world. The cost of rent here versus the cost of owning your home with a mortgage are very comparable. And if you're not constantly looking to upsize, you can have a pretty decent cost for your home and hopefully sell it down the road for sizable profit. An added bonus is that no one can kick you out of your rental because they want to sell their home or want to get more rent than what's allowed by law as an increase. This happens a lot here and it's very disturbing. I personally chose to downsize and no longer have a mortgage. I'm ok with paying a maintenance fee for my building maintenance and the occasional special levy to do more major repairs on the building. Is definitely way cheaper than rent. But your point is good. You need to make the decision to 'own' a home carefully so that it doesn't become a trap.

[@thedude8526]

I enjoy owning a home. It has its perks such as being able to remodel things the way you want, not being forced out by a landlord and really doing whatever I like within reason. However, you need to make good money in order to maintain the home. There are repairs to be done and sometimes it's very expensive. And of course, property taxes are for life.

[@TomScryleus]

I enjoy living in my own home too. :)

[@jaydoubleli]

home ownership is a myth. you merely rent from the state via property tax

[@TomScryleus]

Exactly

[@aaronosborn7395]

I think owning a home is good decision for majority of people. I couldn’t imagine paying outrageous rent every month. My theory is buy less house than you qualify for. Pay extra towards the principal try to pay it off within 10 years. 15 years max.

[@TomScryleus]

Thats a good idea. Ps. The rent covers a lot of costs.

[@ryancraig2795]

Bought my house for $220k 10 years ago, on my way to owning it less than 10 years from now. Now worth around $500k. I couldn't rent a comparable place for what this place costs me, even including property tax, maintenance, condo fees, etc. In fact I couldn't rent a 2 bedroom apartment for what I pay now to own. Now if we didn't have massive price increases for houses and a very tight rental market in Canada, it might be different, but this has been financial gain for me compared to renting.

[@AndyShell]

I get it now. Ty. Lightbulb kinda moment at the end

[@ladybird491]

Taking over my husbands family owned RUINED OUR LIFE. I tried to tell him to not take the house but he didnt listen, now we are screwed.

[@millenialmemoirs]

Over the last three years I have built a small family and an investment portfolio from scratch. We currently rent, and can sell off some of those investments to buy a house but are choosing not to. Houses aren’t investments, they are luxury liabilities. I work in the home services business and see so many house poor people who would be far better off renting and putting money into financial markets or businesses. It is a debt slavery trap like college for most people.

[@CameronKiesser]

You just have to be smart. A humble small house could be more doable. But yeah, big homes are a no-go. Whatever gets you out of the rat race is what you should do. Whether it's eliminating cost or getting more cash flow by investing in a business and niche.

[@ianandersen265]

Unfortunately, in today's rental market, home ownership is the best way to escape the high cost of rent. My rent was about to increase from $850 a month to $1200 a month. In retaliation, I used my savings and got a mortgage on a small house. Now my long term expenses are much lower. Yes, it is not an investment, but it allows more financial flexibility, provided I keep the costs of repairs under control. Also, I have more freedom. The lawn mowing does not take me more than 1 hour and it is good exercise. My peers tell me I chose a good house. I feel less like a wage slave, and feel like I can save money again.

[@oscarcaballero8692]

I know a guy started running his textile company from his house and garage fast forward 20 years he has a ware house now and doing great

[@andysmoo3448]

If I was an employer I would only hire only young men who have been recently married and either have their first child or one is on the way. In my 35 years of corporate life (now retired), it was always these ones who would work fanatically and volunteer for absolutely every scrap of overtime available. You can see the eagerness and desperation on their faces, and they would inevitably top the list for the best KPI's.

[@BunnyRabit-yo3lx]

Why do I want my own home? A place where I belong; a safe shelter; somewhere to raise my family and kerp my children safe; a place of stability. Society has capatalised on that need.

[@realfreedom8932]

They are in the lookout to capitalise everything. My bet it freedom of movement will be capitalised soon, you will have to pay to travel to certain zones

[@chrisbale5640]

Everything you said makes sense, but personally, it all depends on what stage in life you are in. If you are somewhere between 18 and 30, I'd say it makes no sense to own a home. If you have some extra cash sitting, purchase an investment property to generate an income. However, I believe as you get older, it can be an advantage to own a home later in life. WHY? As you get older, you actually need more money. You will probably have a wife and kids to support. Hence, you will need to fork out either more rent money or a mortgage. So, if you own your home already in your mid 40s, the extra cash could go somewhere else than wasting it on rent or interest payments. If you get to the age of 55+ or even closer to retirement, you can be certain no-one wants to work as hard anymore than they used to in their 20s or 30s, perhaps you only want to work 30 hours per week. Well, that's gonna be hard if you need to keep paying the same bloody rent or mortgage you did for the last 20-30 years. It's even worse if you are retired and still have to pay rent. Besides, you can be sure you will be spending more money on other things like medical insurance. Also, considering the current housing crising in a lot of western countries, a lot of people renting or owing mortgage payments to the bank, and being on a tight budgets, are pretty much screwed! Overall, I have never been happier owning my home in my 40s. I am sleeping very well that no-one can take that away from me...

[@kimwarburton8490]

My plan is an alternative, as i do not have the personality to deal with renters and HATE giving companies like banks and estate agents money; Invest heavily into an index ETF (within a tax wrapper, such as UK's stocks and shares ISA) and take advantage of living in social housing being cheaper than private renting. Wait until i either have enough money in the pot for both my retirement and buying a home and buy the home outright. OR, wait until i can buy a home twice over before buying. My needs are minimal; a 1-2 bed home with a decent-sized garden and potential for solar PV

[@marcuslerret6842]

The problem comes when you buy a house you can not afford, in my case I saved money for 7 years, I could paid 80% of my house (little house not in residential area), now the monthly mortgage is super low, I rent that house now, And as my mortgage is low I can pay monthly from money receive from rent with no worries and problaby will pay my debt in 2 years from now, literaly the house is now payying by itself

[@TomScryleus]

Sounds great. Good for you

[@Casmige]

What if…. You buy “your house” However? You put it into an LLC. Then? Lease it out. As a “business”? You now can spend income fixing-it-up, future-proofing-it, & improving it. As a business? Usually you’re allowed to deduct expenses from income to render a net profit (or loss) which would offset any kind of personal income tax you earn from doing something else. This means items NOT usually deductible as your personal home endeavour are in fact deductible as a business: * Property taxes * Home insurance * Utility’s * Upgrades/Improvements * Maintenance * Mortgage Interest * Renovation/Remodels * Appliances. …& more. Then? Once you’ve covered all the remodel/updates/future-proofing & etcetera?? Off-setting losses from profit?, to a break-even point?, You move in & make it “your home”.