I see it stated a lot in social justice circles that the path to building ‘generational wealth’ is via home ownership, but having lived with homeowners, that doesn’t seem to make sense. From the outside it looks like something you throw money into for decades, and then die and the bank takes over. How does just having a mortgage start to accumulate wealth???
In: Economics
You pay off the mortgage before you die and the house goes to your kids. A mortgage is like a loan on a car, except the car is a house and it generally gains value instead of losing it. So you pay off the loan and then have an investment worth more than you paid that you can pass to your kids. The bank doesnt just get your shit when you die
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