24/12/2017
Zibu MaSotobe
Advise that KILLS!
Banks have successfully spread the rumour that buying a house is an investment 😭😭 they tell you a how is an "asset" 😩 so when I started making real money I bought this "asset" 🙆🏿
Issa TRAP!! A house is a liability my people, it will drain money out of you. If you bought a 1M house (which is 3 bed/2 bath, nothing fancy) You will be expected to pay the following:
Bond = R8,900 which is really R3,000 capital and R4,900 interest for the BANK!! 😱
Rates = R1,200 monthly to the municipality
Maintenance = +/- 10K per annum JUST to make it stay the same way.
That is 7K you are paying MONTHLY that is not paying for your bond!! someone said "When you rent you are paying someone else's bond 😩😩" my dear friend, when you have a bond you are paying the banks interest 60% of the premium the first 7 - 9 years
What the banks DON'T want you to realise is that you don't OWN your home!! You are renting it from the bank at a MUCH higher price. This is why it's better to rent a cottage (Save on rates, save on home maintenance, save on banks interest) and rather invest your time an money in building an income stream that will allow you to buy 👇🏾 that house.
Your current house is NOT yours it belongs to FNB and it's NOT an asset!! If you haven't yet bought a home PLEASE 🙏🏿 calculate the true cost of your purchase and realise that what you are buying is "Social Inclusion"
If you are younger than 40 you should be focussing on buying cash generating assets NOT putting yourself in bo***ge, OFCOURSE they want you to think you will make money when you sell it ask yourself "Is it true?" house prices have dropped at worst and stayed stagnant at most the last decade.
We are getting into debt too early and never coming out, I meet 27yr olds with 600K vehicles and 800K homes and I want to cry because that's 2.5M debt that they want me to celebrate 😩😩
Each time a black person buys a new car we should fast because it's another one biting the dust! 😭😭 that's ✋🏾 5 years of debt that they have bought and bond = bo***ge!! Who wants to be in bo***ge?
Rent!! better yet get a commune or stay at home in the back room whilst you build but best of all get land and build 👇🏾 Get your copy of the Money Revolution Book
https://zibu-masotobe.myshopify.com/products/the-personal-finance-revolution-book-a
