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Here are some expert opinions on whether or not homeownership is required to build wealth.
Canmillennials and Gen Z build wealthif they dont own homes?
While owning real estate can help you build wealth, its not the only option.
Young people can boost their savings through investing, for example.
Every dollar you dont spend on takeout or an unnecessary purchase is a dollar you could use to invest.
If they want to take their finances seriously, they can begin with any of the following actions.
Williams suggested that people open a high-yield savings account instead of tying up all their money in a house.
This way, they can take advantage of compounding interest while keeping their cash accessible.
You dont have to purchase a home to feel like youre building for the future.
Homeowners build equity, see their property value grow and get tax benefits that renters dont, he said.
The experts agree that the best way to build wealth depends on personal goals and risk tolerance.
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