Why Entrepreneurs Should NOT Buy Homes

Editor?s note:?James Altucher?is an investor, programmer, author, and entrepreneur. He is Managing Director of Formula Capital and has written 6 books on investing. His latest books are I Was Blind But Now I See and FAQ ME.?You can follow him?@jaltucher. Many people have said to me in the past few months, ?I?m going to buy a home.? Or, ?What do you think of the idea of me buying a home?? Everyone thinks: Well the housing crisis is now over so I should buy a home. They think: It's probably a good investment. They think: Time to put down "roots".? I've owned a home. A couple of times. I bought a home once after I sold a business. I then lost that home. I then went almost completely insane trying to sell it. Two things:?If you are about to do a startup or if you are in the middle of startup-phase then you definitely can't afford to waste the time or money to buy a house for reasons I explain below. Second, when you sell your startup?? everyone wants to buy a house with the proceeds. Don't. It's just part of the American mythology. You know the myth: the white picket fence, the yard, the pool, the walls that you can paint, the keeping up with the Jones' family. Just don't. You'll go broke. At least, if you are as stupid as me. I might be dumber than most though. The other story I have of owning a home is still too personal. Its filled with about as much pain as I can fit onto a page. Oh, I have a third one also from when I was growing up. But I don?t want to upset anyone in my family so I?ll leave it out. Oh, I have a fourth story that I just forgot about until this very second. But enough about me. Lets get right to it.

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