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6) Major Financial Decisions

Rent vs buy analysis

You shouldn't buy a home just because renting is throwing money away. In the U.S., that is a myth.

Only buy if you plan to stay in the house for at least 5 years. Closing costs (taxes and fees) to buy and sell a house total about 10% of the home's value. If you sell too early, you will lose money.
Rent is the maximum you pay for housing. A mortgage is the minimum (you still have to pay for broken pipes, property taxes, and insurance).

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