This month marks the 27th anniversary of homeownership for me!  When I was a young adult I wanted to own a home before I owned a European car or expensive handbag.  In fact a fancy car and handbag weren't even on my list, imagine that!!!  Expensive items like that were things that only rich people owned and everyone knows rich people don't rent, right???  I might have well tattooed the word STUPID on my forehead if I had purchased an expensive car when I was renting my little house in Burbank.  Does that sound a bit harsh to you?  It's was meant to! 

I scratch my head when I sit down with first time buyer's who tell me they make great money but carry a lot of debt so they only have 5% to put down on a home.  They then go on to tell me that they only want to live in certain areas and they want at least 2 bathrooms and the house has to have central air and a dishwasher in the kitchen and blah blah blah blah!!! 

Seriously, when I purchased my first home I was still driving my first car which I bought myself by the way! I purchased a fixer which did NOT have 2 bathrooms or central air.  Had I held out for my dream home I would never have ended up purchasing a home period.  It's mind boggling to me to see how many young people are living such extravagant life styles yet they have no money in the bank and are far from ever realizing the American dream.  Instead they chose to live in a fantasy world which during these tough economic times will only guarantee that they will NEVER experience homeownership. 

So take it from me, forget about that Rolex, BMW and LV handbag!  You are only exhibiting ignorance by having such material things before you can afford them!  Save your money and buy a house!!!