The Pros & Cons of Homeownership #2: Wealth Destruction - Financial Freedom, #203

The housing industry wants you to spend every dime on your house. If you don't have a plan, that's precisely what will happen. Owning a home is expensive and can become even more costly when you attach emotions to the situation.  Therefore, you must have an overall wealth plan before buying a home. Do you want to help your kids through college or with their wedding? Knowing these things is vital to understanding how much you can safely spend on your home while preserving your financial ability to provide for yourself and your kids.
It's tough. Good Luck!