The 2 Biggest Financial Risks You Could Make in a Lifetime

The James Altucher Show

James Altucher

Education, Business

4.6 • 2.7K Ratings

🗓️ 21 March 2019

⏱️ 49 minutes

🔗️ Recording | iTunes | RSS

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Summary

Steve and I were going to do this podcast on "The 10 Commandments of the American Religion." Which is an article I wrote (and got tons of hate mail about) back in 2016. But we only got through #1 and #2. Which happen to be about 2 worst financial risks you could take. Listen to find out what they are, how to avoid them, and why. Plus I'll show you all the money you COULD save if you avoid these two mistakes. I write about all my podcasts! Check out the full post and learn what I learned at jamesaltucher.com/podcast. Thanks so much for listening! If you like this episode, please subscribe to "The James Altucher Show" and rate and review wherever you get your podcasts: Apple Podcasts Stitcher iHeart Radio Spotify Follow me on Social Media: YouTube Twitter Facebook Linkedin Instagram ------------What do YOU think of the show? Head to JamesAltucherShow.com/listeners and fill out a short survey that will help us better tailor the podcast to our audience!Are you interested in getting direct answers from James about your question on a podcast? Go to JamesAltucherShow.com/AskAltucher and send in your questions to be answered on the air!------------Visit Notepd.com to read our idea lists & sign up to create your own!My new book, Skip the Line, is out! Make sure you get a copy wherever books are sold!Join the You Should Run for President 2.0 Facebook Group, where we discuss why you should run for President.I write about all my podcasts! Check out the full post and learn what I learned at jamesaltuchershow.com------------Thank you so much for listening! If you like this episode, please rate, review, and subscribe to "The James Altucher Show" wherever you get your podcasts: Apple PodcastsiHeart RadioSpotifyFollow me on social media:YouTubeTwitterFacebookLinkedIn See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0	This isn't your average business podcast and he's not your average host.
0:06.4	This is the James Altiger Show on the Choose Yourself Network.
0:12.4	Today on the James Altiger Show.
0:15.2	In general, people say it's better to own a home.
0:18.2	Do you have anything to add to bear argument?
0:20.8	I don't own a home. I mean, I think like I've always felt guilty a lot of times about not doing it.
0:27.2	But then because I think for that very reason, because it's been imbued in me, you know, about home ownership and hey, you are throwing away money.
0:35.6	Well, let's just examine the math of that.
0:37.6	Compound interest. This is my favorite calculator.
0:40.0	If you look at the actual numbers, owning a home and going to college, which everybody does, you basically cost yourself between one and five million dollars, depending on how you do it, in the time of your life, which was the money you needed to retire.
0:54.4	And without doing anything else, you could have just by not owning a home and not going to college, all of your kids will be able to take care of themselves.
1:04.4	Wow.
1:13.4	All right. Steve Cohen on the podcast with me were answering questions and just and just riffing.
1:21.4	Yes, it's exciting to be back with you James.
1:23.4	So I wanted to talk about I wanted to update something I wrote about a long time ago, which were the 10 Commandments of the American religion. I feel like advertising and marketing and branding has created these beliefs among US citizens that have hurt our society, hurt everybody's pocketbooks and and people irrational.
1:47.8	I want to ask you to the bone to stand up for these things that are just not so smart.
1:53.4	So one of them, which everybody will argue with me about and I get it, but one of them is owning a home. Everybody wants to, everybody feels like it's good thing to own a home.
2:05.0	They say if you're renting, you're fushing money down the toilet.
2:08.6	Sure.
2:10.2	The idea is it goes up in value and it's a good source of savings as opposed to the stock market. It's very rare for home prices to go down.
2:19.4	It's only happened once in the past 60 years, which is a financial crisis. And in general, people say it's better to own a home.
2:27.6	Do you have anything to add to their argument?
	...

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