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Making the most out of home equity as wealth management strategy
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[QUOTE="Yusra3, post: 305477, member: 31907"] If you've got equity in your home and want to do something with it, here are some ideas: 1. Downsize. If you're looking for a condominium or apartment, consider downsizing. You'll move into a smaller space without losing any of the space advantages (storage and entertaining) that come from having a larger home. 2. Buy an investment property that makes money for years to come. You can also use your equity for mortgage payments or simply as a down payment on another purchase and if you're renting out your old place, you might be able to generate income that way, too! 3. Put the money into retirement accounts like a 401(k). This is one of the most popular ways people use their home equity nowadays and it's not just because they have more money to invest now (although they do). The biggest reason people use their homes as investments is because they can: they own the place outright, so there isn't any risk of losing value in the future; they don't have to pay taxes on their gains; and they have access to tax-deferred growth opportunities (like Roth IRAs). [/QUOTE]
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