第12部分(第3/7 頁)

o　houses；　I　point　out　that　most　people　work　all　their　lives　paying　for　a　home　they　never　own。 In　other　words；　most　people　buy　a　new　house　every　so　many　years；　each　time　incurring　a　new　30…year　loan　to　pay　off　the　previous　one。

2。　Even　though　people　receive　a　tax　deduction　for　interest　on　mortgage　payments；　they　pay　for　all　their　other　expenses　with　after…tax　dollars。　Even　after　they　pay　off　their　mortgage。

3。　Property　taxes。　My　wife's　parents　were　shocked　when　the　property　taxes　on　their　home　went　to　1；000　a　month。　This　was　after　they　had　retired；　so　the　increase　put　a　strain　on　their　retirement　budget；　and　they　felt　forced　to　move。

4　Houses　do　not　always　go　up　in　value。 In　1997；　I　still　have　friends　who　owe　a　million　dollars　for　a　home　that　will　today　sell　for　only　700；000。

5。　The　greatest　losses　of　all　are　those　from　missed　opportunities。 If　all　your　money　is　tied　up　in　your　house；　you　may　be　forced　to　work　harder　because　your　money　continues　blowing　out　of　the　expense　column；　instead　of　adding　to　the　asset　column；　the　classic　middle　class　cash　flow　pattern。　If　a　young　couple　would　put　more　money　into　their　asset　column　early　on；　their　later　years　would　get　easier；　especially　as　they　prepared　to　send　their　children　to　college。　Their　assets　would　have　grown　and　would　be　available　to　help　cover　expenses。　All　too　often；　a　house　only　serves　as　a　vehicle　for　incurring　a　home…equity　loan　to　pay　for　mounting　expenses。　In　summary；　the　end　result　in　making　a　decision　to　own　a　house　that　is　too　expensive　in　lieu　of　starting　an　investment　portfolio　early　on　impacts　an　individual　in　at　least　the　following　three　ways：

1。　Loss　of　time；　during　which　other　assets　could　have　grown　in　value。

2。　Loss　of　additional　capital；　which　could　have　be