{"id":14495,"date":"2022-08-19T12:28:59","date_gmt":"2022-08-19T17:28:59","guid":{"rendered":"https:\/\/www.fitbux.com\/articles\/?p=14495"},"modified":"2022-08-27T11:37:55","modified_gmt":"2022-08-27T16:37:55","slug":"home-equity-build-wealth","status":"publish","type":"post","link":"https:\/\/www.fitbux.com\/articles\/home-equity-build-wealth\/","title":{"rendered":"How To Use Home Equity To Build Wealth"},"content":{"rendered":"

There are many \u2018tricks\u2019 in the world of finance.\u00a0 These tricks will put $500k to $2 million extra in your pocket over time.\u00a0 One is how to use home equity to build wealth.<\/p>\n

There are generic articles that discuss things like paying off high rate debt.\u00a0 However, there is one financial planning<\/a> strategy that is often overlooked.<\/p>\n

The strategy involves using a home equity line of credit (HELOC) to reduce your emergency fund<\/a>.\u00a0 In short, you can use this knowledge to build an additional $50k – $200k in wealth.<\/p>\n

A warning before we get started.\u00a0 This strategy takes financial discipline and an understanding of HELOCS. I highly recommend reading more about HELOCs<\/a> so you understand how they work as well as their disadvantages.<\/p>\n

Background To Using Home Equity To Build Wealth<\/h2>\n

In order to take advantage of this strategy, you have to understand two items.\u00a0 Your home being a dead assets and the probability of an emergency.<\/p>\n

A Dead Asset<\/h3>\n

Your home isn\u2019t really a dead asset because the value goes up and down.<\/p>\n

In reality, home equity is a dead asset.\u00a0 Home equity goes up in two situations. Either you pay off debt or the value of your house goes up.<\/p>\n

This is important to understand so I\u2019ll explain further.<\/p>\n

You can\u2019t make money in housing if you don\u2019t own a house.\u00a0 However, once you own a house, it doesn\u2019t matter how much equity you have.\u00a0 You get 100% of the upside.\u00a0 In fact, the lower your equity is the greater your return.<\/p>\n

For example, if I have 20k in equity and my home value goes up 20k then I have a 100% return.<\/p>\n

If I have 100k in equity and my home value goes up 20k then I have a 20% return.<\/p>\n

Probability Of An Emergency<\/h3>\n

I also have experience in financial planning.\u00a0 Therefore, I familiar with the typical advice given to consumers.<\/p>\n

The typical advice for an emergency fund is to save six months of expenses in checking and savings accounts.\u00a0 This is a great strategy in regards to reducing risk.<\/p>\n

However, there are those that disagree with it because checking and savings accounts pay so little in interest.\u00a0 Plus you will most likely not need the money for an emergency.<\/p>\n

In a former life, I used to work for a bank.\u00a0 Therefore, I had access to many internal and industry research reports.<\/p>\n

One of the reports analyzed the probability of individuals needing more than 33% of their emergency fund for an actual emergency.<\/p>\n

In other words, if you have a 6 month emergency fund, this report analyzed the probability that you\u2019d have an expense greater than 2 months.<\/p>\n

Let put that into numbers\u2026<\/p>\n

If you have monthly expenses of $5,000 then a six month emergency fund would be $30,000.\u00a0 This report analyzed the probability that you would need more than two months (or more than $10k) for an emergency.<\/p>\n

The probability that was given in the report was less than two percent.\u00a0 That means in my example above, the person would have 20k in savings and had less than a 2% probability of ever needing it!<\/p>\n

That is the definition of a dead asset!<\/p>\n

Combining This Knowledge To Your Benefit<\/h2>\n

Combining the knowledge above gives you the ability to use home equity to build wealth in one of two ways.<\/p>\n

Strategy #1<\/h3>\n

I\u2019ll use an example to illustrate and I\u2019ll also be conservative.<\/p>\n

The probability you will need more than two months of an emergency fund is small. However, to be conservative you decide to keep three months in checking and saving. Going back to my example above, this means you\u2019d keep 15k in checking and savings.<\/p>\n

The other 15k you can now invest in something like the stock market.\u00a0 You can also be more conservative and put into a 5 year CD.\u00a0 That will pay you a lot more than having it in a checking\/savings account.<\/p>\n

The probability of you having a large expense, such as a medical expense, and the stock market going down at that exact time is extremely low.<\/p>\n

Therefore, depending on the rate of return on your investment you can generate an extra $50k to $200k over a 30 year period.<\/p>\n

That is one conservative way to use home equity to build wealth.<\/p>\n

Strategy #2<\/h3>\n

This is an advanced strategy and I only recommend this if you know money very well.<\/p>\n

The first step is exactly the same as strategy #1 above. However, in addition to investing the extra money, you also draw on the line of credit and invest that also.<\/p>\n

This is only possible if the rate of return on your investment overtime is greater than the interest rate on the line of credit.<\/p>\n

Caution<\/h2>\n

There is always risk in financial strategies.\u00a0 This strategy has minimum risk if you do it right<\/strong> and you understand investments.\u00a0 If you need help, be sure to become a FitBUX Member and ask your FitBUX Coach.<\/a><\/p>\n

By Joseph Reinke, CFA<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

There are many \u2018tricks\u2019 in the world of finance.\u00a0 These tricks will put $500k to $2 million extra in your pocket over time.\u00a0 One is how to use home equity to build wealth. 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