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I remember when I drew the diagram for my dad showing him the direction of cash flow.
我還記得我畫了下面這張圖向爸爸說明他的現金流。
I also showed him the ancillary expenses that went along with owning the home.
我也向他指出了擁有房子后帶來的附屬支出。
A bigger home meant bigger expenses, and the cash flow kept going out through the expense column.
房子越大支出就越大，現金就會通過支出不斷地流出。
Today, I'm still challenging on the idea of a house not being an asset.
今天，我仍在向"房子是資產"這個觀念挑戰。
I know that for many people, it is their dream as well as their largest investment.
我知道對許多人來說，房子是他們的夢想和最大的投資
And owning your own home is better than nothing.
而且擁有自己的房子總比什么都沒有強
I simply offer an alternate way of looking at this popular dogma.
但我仍想用另一種方法來看待這一教條。
My wife and I would love a bigger, more flashy house to impress the Johnsons.
即使我和我妻子要買大而豪華的房子
But we know it is not an asset. It's a liability since it takes money out of our pocket.
我們也很清楚那不是資產，而是負債，因為它把錢從我們口袋中掏走了。
So here is the argument I put forth.
因此我提出這個富有爭議的觀點。
I really don't expect most people to agree with it.
我并不指望所有人都同意。
Because your home is an emotional thing and when it comes to money, high emotions tend to lower financial intelligence.
因為房子還有感情層面上的意義。此外，對于錢的熱衷也會降低財商。
When it comes to houses, I point out that most people work all their lives paying for a home they never own.
對于房子，我要指出大多數人一生都在為一所他們從未真正擁有的房子而辛苦地工作。
In other words, most people buy a new house every so many years,
換句話說，大多數人每隔幾年就買所新房子。
each time incurring a new 30-year loan to pay off the previous one.
每次都用一份新的30年期的貸款償還上一筆的貸款。
Even though people receive a tax deduction for interest on mortgage payments,
即使人們住房按揭貸款的利息是免稅的
they pay for all their other expenses with after-tax dollars,
他們還是要先還清各期貸款后
even after they pay off their mortgage, then their property taxes.
才能以稅后收入支付各種開支。
My wife's parents were shocked when the property taxes on their home went to $1,000 a month.
當我的岳父岳母知道他們每月要為房子繳納的財產稅漲到1000美元的時候，簡直被驚呆了。
This was after they retired.
他們已經退休了。
So the increase put a strain on their retirement budget, and they felt forced to move.
這筆稅款無疑使他們的日子很緊張，他們時常感到不得不搬出房子了。
Also, houses do not always go up in value.
房子的價值并不總是在上升。
I still have friends who own a million dollars for a home that would today sell for only seven hundred thousand.
1997年，我的一位朋友有一所價值100萬美元的房子，而今天這所房子在市場上只值70萬美元了。
Finally the greatest losses of all are those from missed opportunities.
最大的損失是致富機會的損失。
If all your money is tied up in your house,
如果你所有的錢都投在了房子上
you may be forced to work harder because your money continues blowing out of the expense column,
你就不得不努力工作，因為你的現金正不斷地從支出項流出
instead of adding to the asset column
而不是流入資產項
the classic middle-class cash-flow pattern.
這是典型的中產階級現金流模式。
If a young couple would put more money into their asset column early on, their later years would get easier.
如果一對年輕夫婦能夠早點在他們的資產項中多些投入，他們以后的日子就會過得輕松些。
Especially if they prepare to send their children to college.
尤其是他們準備要把孩子送入大學。
Their assets would have grown and would be available to help cover expenses.
他們的資產會不斷增長，自動彌補支出。
All too often, a house only serves as a vehicle for incurring a home-equity loan to pay for mounting expenses.
通常情況下，買房子只不過是為了取得抵押貸款以支付不斷攀升的開支。
