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Originally Posted by JManc
Depends on your income. My grandparents generated more wealth from their home than any savings or retirement. If you don't make a lot, you're probably not going to have much by the time you retire. A 100k doesn't go very far but buying a modest house and spreading the mortgage over 15-30 years is pretty accessible and likely will result in a bigger investment over time.
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Your grandparents most likely worked jobs with employer provided pensions, but that doesn't exist for most people in this era (unless you work for the government). Nobody in the modern era should be buying a house without contributing to their retirement savings.
Quote:
Originally Posted by JManc
It's also why many in the black community are further behind the 8 ball in wealth accumulation due to their grandparents/ great-grandparents not having equity to pass on.
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That isn't because there weren't black homeowners. It's because, due to systematic racism, black homeowners weren't able to pass along equity to their descendants.