Frugal Millennials Yell FIRE: Financial
Independence, Retire Early! I say Bravo!
Many almost married millennial
couples are skipping the big
traditional weddings, with an
eye on the future, and building
wealth long term.
Couples are especially eager to
enact real estate investing
strategies with money that would
have been spent on a big wedding
or another traditionally expensive
milestone.
The millennial population sees
this choice as empowering,
even romantic. They call it the
FIRE movement. FIRE means
Financial Independence, Retire
Early.
This movement has
millennials gobbling up
rental properties for
retirement planning.
What everyone needs to be
aware of, including the
millennial culture which is very
aligned with how to retire with
dignity and financial security,
is that there is a huge benefit to
being married even in the FIRE
plan which some versions
include foregoing the marriage
for the mortgage.
Single-family homes as long-term
investments are the least risky: 5, 10,
and even 20 homes truly are within
your reach, particularly in less
expensive markets. I have hundreds of
investors who have reached the
FNMA loan limit of 20.
In fact, if you're a married couple, and
you have the knee-jerk reaction to put
both of your names on the loans, resist
it because you may be wasting your
best wealth-building moves because
you didn’t know any better. Now you
can.
If both of your names are on the
loan, you only get 10 FNMA loans.
But let's say you make a salary from
your company, and your spouse
makes a salary, and you can each
qualify separately just on your own
strengths.
Well, you can get 10 loans only under
your name, and up to 10 loans in your
spouse’s name. Now your family’s total
is 20 investment rental properties with
FNMA loans. If you put both of your
names on the loan, it's only 10 for the
household.
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