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29-year-old CEO who manages $1 billion warns young people: Buying a home can be a ‘terrible investment’

To buy or not to buy?

Michael Katchen, the 29-year-old co-founder and CEO of millennial-focused investing company Wealthsimple, says that while many young people work hard and save to buy a home, it can be a really bad way to spend your money.

"I see a lot of peers, young people, that say, 'I have got to buy a house because I have got to get into the real estate market because it is a great investment.' And then they take all of their money and they put it in a house, and then they put all of their income and they put it towards their mortgage," Katchen tells CNBC Make It.

"And suddenly they have this house that they can barely afford."

Between the down payment and mortgage payments, Katchen says new homeowners end up having to limit the amount that they go out with friends or visit their families because they are cramped by making payments toward their house.

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