The key to building wealth is living in a home you can easily afford, according to a researcher who studied more than 600 millionaires.
She found that most of the millionaires she studied lived in houses that cost below their means, allowing them to save and accumulate more wealth.
Several well-known millionaires and billionaires, like Warren Buffett and Mark Zuckerberg, live in affordable homes that cost little compared with their overall wealth.
The key to building wealth? Living in a home you can easily afford.
That’s according to Sarah Stanley Fallaw, the director of research for the Affluent Market Institute. She’s an author of “The Next Millionaire Next Door: Enduring Strategies for Building Wealth,” in which she surveyed more than 600 millionaires in America.
She found that no factor plays as big a role in accumulating money as where you choose to live. Most of the millionaires she studied had never purchased a home that cost more than triple their annual income. Even some high-profile, ultra-rich people — from Mark Zuckerberg to Serena Williams — have purchased homes well below their means.
To compile the list below, we compared each person’s net worth with the cost of their homes. We didn’t have the data to determine their net worth at the time of purchase, so we adjusted the house purchase price for inflation using an inflation calculator to compare that with their net worth today.
For example, the billionaire investor Warren Buffett bought his home in 1958 for $31,500. Adjusted for inflation, that’s equivalent to $274,357 in today’s dollars, or just 0.0003% of his $82.1 billion net worth.
Everyone on this list owns a home less than 5% of their net worth.
Sarah Stanley Fallaw, director of research for the Affluent Market Institute, studied more than 600 millionaires for her book, “The Next Millionaire Next Door: Enduring Strategies for Building Wealth.”
If you live in a pricey home in an affluent neighborhood, you’re more likely to mirror your neighbor’s consumption habits and less likely to accumulate wealth over time.
Borussia Dortmund Signs Hazard
Borussia Dortmund have completed the signing of Borussia Monchengladbach winger Thorgan Hazard.
The Belgium international has signed a five-year deal with the Bundesliga runners-up having spent five years with Gladbach.
He becomes Dortmund’s second summer signing after Germany left-back Nico Schulz completed his move from Hoffenheim on Tuesday.
The final fee for Hazard has not been disclosed by either club, with reports suggesting it could be anywhere from €25 million (£22m/$28m) to €40m (£35.2m/$44.7m).
Hazard has had an agreement in place to join Dortmund for some time, with only the technicalities of the deal between the two clubs required to get it over the line.
The 26-year-old leaves Gladbach having made 182 appearances for the club in all competitions, scoring 46 goals and laying on 44 assists.
PHOTOS Of One Of The Alleged Prostitutes Who Set Up Junior US Pops Up
Alleged photos of one of the said prostitutes who connived with the armed robbers who killed Nana Yaw Opoku aka Junior US in Philadelphia in the USA are fast going viral on social media.
The photos began trending barely 24 hours after the Philadelphia Police Department released footage of when Junior US was murdered in his home.
In the video just as was reported earlier by Ghpage.com, it was some ladies he was hanging out within his house a few hours to his birthday party that invited the killers to his house.
The footage started off with the girls and Junior in the house and then a knock sounded. One of the ladies rushed to open the door but and Junior US followed her to the door.
Two black men in black hoodie entered and shot him dead right at the gate. They proceeded to enter the room and searched for something later fled with the girls in the same car.
Social Media users are already circulating these photos alleging its one of the girls in the video who were hanging out with Junior US and invited the killers to the house to kill him.
Philadelphia Police Department has promised an amount of 20,000 US dollars to anyone who provides information leading to the arrest and conviction of the killers.
Deadly Storm Brings Hail, Flooding And 132 Reports Of Tornadoes In Central US
KUBILIVE – A deadly spring storm unleashed drenching rain, flash flooding and hail in the central United States — along with more than 130 reports of tornadoes in five days.
At least one person drowned in Oklahoma after driving around a barricade on a road in Perkins, the city’s Emergency Management office announced.
A majority of tornadoes were in Kansas and Missouri, CNN meteorologist Taylor Ward said. Of the total number, Friday had the most tornadoes reported at 39 and Tuesday was a close second at 32.
About 28 million people are under the threat of severe weather Wednesday, mostly in Texas, Oklahoma, Kansas, Missouri, Iowa, Illinois, and Ohio, CNN meteorologist Michael Guy said.
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