Home Sweet Home by Jim Stovall

As a bestselling author of more than 50 books and having written over a thousand of these weekly columns, I’m always embarrassed to admit to my readers that when I could read print with my eyes, as you are doing at this moment, I don’t know that I ever read an entire book cover-to-cover. Now, as a blind person for over a quarter of a century—thanks to highspeed, compressed digital audio—I read an entire book every day.

As a part of this process, at least once or twice per week, I re-read a significant book that I have read in the past. This week, I re-read a title by one of my favorite financial authors who has consistently challenged my thinking with his theory that owning your home is not an asset. Instead, it is actually a liability. His theory is that assets are things we own that generate income, while liabilities produce expenses. While I certainly understand his thinking, I believe the reality is a bit more complex.

Most financial experts would agree that owning your own home is a wise financial decision, but it does indeed generate expenses while hopefully, it builds significant equity. For many families, the equity that has grown in their home represents their most significant source of wealth.

At this writing, we are in the midst of an extremely unusual real estate market, and it’s interesting to note that the average homeowner in America has seen their home equity grow in excess of $50,000 in the last year. This represents a 29% increase year over year—which is highly unusual. It’s important to remember that, unlike most investments, your home represents a local real estate market and may vary widely compared to other homeowners across the country.

In addition to the financial considerations, homeownership offers a lot of benefits for you and your family. Owning your own home creates a sense of stability and permanence. It allows you to design the living space you desire for your family and friends. It has been said for generations that homeownership is the great American dream, and I believe that is true. It’s just not the same kind of investment as your retirement plan, stocks, bonds, or other holdings.

While homeownership offers some financial benefits, the intangible benefits may be far greater.

As you go through your day today, enjoy all the benefits your home has to offer.

Today’s the day!

Jim Stovall is the president of Narrative Television Network as well as a published author of many books including The Ultimate Gift. He is also a columnist and motivational speaker. He may be reached at 5840 South Memorial Drive, Suite 312, Tulsa, OK 74145-9082; by email at Jim@JimStovall.com; on Twitter at www.twitter.com/stovallauthor; or on Facebook at www.facebook.com/jimstovallauthor.