Summary: Who Really Owns Your Home? Many Americans try to achieve financial independence but they do it in such a way that it's like they're trying to drive down the freeway with one foot firmly pressing on the brake pedal. The worst part is that most of them aren't even aware that they're doing it. What's slowing them down is how they're going about saving for the future. They are putting their money into tax-deferred retirement accounts like IRAs and 401(k)s or keeping it in real estate. The rude awakening they'll likely face comes when they're not in a lower tax bracket at retirement like they had anticipated. Many will work to get out of debt by sending extra principal payments to their mortgage company but there are better ways to get out of debt more quickly than this. <a href="http://www.petesisco.com/you-dont-own-your-home-and-never-will/">A recent article by Peter Sisco</a> from Resilient Personal Freedom Inc., points out that even people who think they own their home free and clear really don't own it at all. Instead, they lease it from the state in which they live. It's the state that sets the terms that let you keep your home or sell it to another person who will lease it from the state. The state owns the house and land in perpetuity since you cannot pay off your property tax bill. You can't add onto the house without permission. You can't subdivide without permission. How To Take Ownership What this means, depending upon your tax jurisdiction, is that when you die, the state may actually claim a large portion of the value of your home and your heirs may be forced to sell the home to pay the inheritance taxes. If this happens, the state then resets the clock with a new tenant. Remember, throughout the life of the home, the state contributes nothing to the upkeep or the costs of complying with its regulations. Sisco points out that claiming to be an owner under these terms and conditions begs the definition of what ownership means. The point here is that Doug has helped many people get their homes paid off through equity management strategies he teaches in his seminars. There are smarter ways that don't require sending extra principal payments to your mortgage company. They enable you to keep that money working for you and compounding tax-free to where you can pay off that home even earlier, if you wish. The funds also remain liquid meaning they're available if you need them. Ideally, you should be enjoying liquidity, safety of principal, a predictable rate of return and tax-free growth. There's no time like the present <a href="http://liveabundant.com/events/">to learn how</a>. Start by <a href="http://liveabundant.com/free-analysis/" target="_blank">visiting with a wealth architect</a> today. *Life insurance policies are not investments and, accordingly, should not be purchased as an investment.
