There's a myth out there that millionaires don't own homes despite data proving otherwise. John Hope Bryant is on a mission to fight this myth holding back everyday Americans from building generational wealth.
In our interview together, Author and Financial Educator John Hope Bryant explains why this myth exists and the truth about the wealth-building power of long-term real estate ownership.
Overview: Becoming a Millionaire Through Homeownership w/ John Hope Bryant
John Hope Bryant reviews the following:
- Why millionaires own homes
- How his family built generational wealth through real estate
- Mistakes he made along his wealth-building journey
Listen or Watch Here
Key Takeaways from John Hope Bryant
Here are my top three takeaways from my conversation with John Hope Bryant.
Real Estate Appreciates Over Time
The average home price in America was around $152,000 30 years ago. Today … it’s over $500,000!
If you paid off your mortgage over that 30 years, you would own a half-million-dollar asset today.
That is our family’s story! Ten years ago, we bought a $350,000 house. It is now valued at $600,000 and we are mortgage-free. This is an asset we can sell when the time is right.
We can live off of those proceeds in retirement or we can leave the asset to our children.
Combining Stock, Home, and Small Business Ownership Can Build Wealth Faster
Investing in stocks (preferably broad market low-cost index funds) can be another piece of our wealth-building puzzle.
Taking advantage of this through workplace 401ks and IRAs allowed me and my wife to soar our family net worth over the $1 million mark.
And now, my solopreneur efforts are allowing me to build passive income streams that give me more time freedom.
Use Time Freedom and Wealth To Give Back
John’s story about the banker who came to his school when he was young was incredible. He used his time freedom to make an impact in young people’s lives.
Now John is doing the same thing. He’s using his wealth and time freedom to positively make an impact on the world.
He’s learned so much over his life. The ups, the downs, and what it really takes to disrupt struggle, advance financial freedom, and build a new American middle class. I applaud him for this work and I’m honored to have been able to share his message today.
Guest Bio – John Hope Bryant
John Hope Bryant is an American entrepreneur, thought leader, philanthropic executive, and a leading expert in financial and economic inclusion.
He is responsible for financial literacy becoming the official policy of the U.S. federal government (President George W. Bush and Obama), and is the only American citizen to inspire the renaming of a White House campus building; US Treasury Annex, to Freedman’s Bank Building, in honor of Lincoln’s unfinished work to teach freed slaves about money, in 1865.
His latest book “Financial Literacy For All: Disrupting Struggle, Advancing Financial Freedom, and Building a New American Middle Class” is available now.
Carpe Diem Quote:
“I would like to be remembered as a person who wanted to be free … so other people would be also free.”
Rosa Parks
What do you think of our discussion with John Hope Bryant? What do you think of the myth that millionaires don't own homes?
Please let us know in the comments below.
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