Owning your own home is a great way to build wealth. Any smart money person will tell you this. Instead of paying someone else's mortgage while renting, home ownership allows individuals to build equity in their dwellings, turning a living situation into an investment. Home ownership is one of the easiest pathways to wealth and financial stability, but many people either can't afford a down payment for a mortgage or neglect home ownership altogether out of ignorance.
That's why it was so nice to see the Daily Mail reporting that Manchester City starlet Tosin Adarabioyo, 20, has purchased himself a home. And at a reasonable price!
Adarabioyo, who earns about $1.75 million per year from his Manchester City contract, was able to find a house in a nice neighborhood for just above $3 million. That's less than two years of his salary. Now that's what I call a smart financial decision.
According to the Daily Mail, Adarabioyo's new house has six bedrooms, five bathrooms, a cinema and a gym. That's great, because, as a professional athlete, it's almost certain Adarabioyo has to work out a lot.
The most important thing, though, is that every month, when Adarabioyo goes to pay his mortgage, he's effectively putting that money away until he sells the house and reaps the benefits of his investment.
Let's all try to be as smart with our money as Tosin Adarabioyo, maybe someday we'll be able to afford houses too.
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