Pump Up Your Book Chats with Author Tom Graneau

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Tom Graneau is the author of Renters Win, Home Owners Lose: Revealing the Biggest Scam in America. Lately, he spent roughly ten years as a financial management coach, conducting workshops and private consultations for people in the military, government agencies, and the civilian community. His first book, Are You Financially Checkmate?, was published in 2005 and is now being revised.

Q: Thank you for this interview, Tom. Do you remember writing stories as a child or did the writing bug come later? Do you remember your first published piece?

Unlike many authors who started their writing career early, mine did not begin until my mid-forties. It came as a compulsion to speak about change, specifically about the mundane routines that seem to get us nowhere in life. My first major work was called, Are You Financially Checkmate? You live in an economic culture designed to keep you broke. Discover how to take control and free yourself from financial bondage. The book was released in 2005, but it’s now being revised to include more information and title change.

Q: What do you consider as the most frustrating side of becoming a published author and what has been the most rewarding?

For me, the most rewarding aspect of being a published author is having the knowledge of completing a difficult project and making it available for others to see. In the end, only I and those who have undertaken similar tasks, can truly understand the invested time and effort that went into the work. Conversely, most authors I know, including me, write to be read as widely as possible. Delays or barriers to having the work seen and read by others can be extremely frustrating.

Q: Are you married or single and how do you combine the writing life with home life? Do you have support?

I am married, and my children are grown and on their own. I live with my wife who is wholeheartedly behind my writing endeavor.

Q: Can you tell us about your latest book and why you wrote it?

The book: The real estate industry, including banks, mortgage companies, the government, and various other organizations have come together with one voice, claiming that home ownership is the most reliable path for financial prosperity. Presently, most Americans (70 percent, down from 83 percent in 2003) are preoccupied over the idea of owning a home as a financial investment. However, based on historical trends and statistical facts, Renters Win, Home Owners Lose: Revealing the Biggest Scam in America debunks the wealth claim linked to home ownership.

On the contrary, when the opportunity for wealth building is compared between home buyers and renters, those who rent have greater propensity for financial success. Data indicates that those who have purchased homes (in some cases, more than once) are not necessarily better off financially than those who haven’t. For instance, more than 85 percent of the 78 million baby boomers in the United States are home owners. Many of them have bought and sold several homes. Yet, close to 90 percent of them are broke. The curious question is, where is the wealth earned from the home.

Additionally, more than 2/3 (78 percent) of American families are home owners. Nonetheless, the majority of them are strapped for cash, have little or no retirement savings, and are deep in debt. Renters Win, Home Owners Lose is a stunning, thought-provoking work that unravels the realities of home ownership. All told, renting is a wiser choice than buying.

The inspiration for Renters Win, Home Owners Lose essentially started in 1996. While sitting in an economic class for a Bachelor of Science Degree, it occurred to me that most people in the United States are broke. By that time, many of my fellow students had admitted, in one way or another, that they were borrowing money for college—thousands of dollars in student loans that would take years to pay back. Furthermore, during my course of business, I noticed that more and more people used credit cards for purchases instead of cash.

Interestingly, I was in the same financial predicament. I was using credit cards to pay for things, not because it was convenient to do so, I simply did not have the cash available. At the time, I had recently separated from the military and had difficulty finding a job without a degree that paid more than the minimum wage. My six-dollar an hour job was barely enough to pay for essentials. To make matters worse, I was receiving foreclosure threats from my lender who was demanding money to bring the mortgage current. Meanwhile, my credit card balances were skyrocketing.

My desire to improve my situation led to research, which confirmed my suspicion about the financial condition of the masses. I discovered that the majority of Americans live from paycheck to paycheck regardless of income, education, or career position. The root problems are many, but nothing consumes more of our hard-earned income than the homes we buy. Hence the book, Renters Win, Home Owners Lose: Revealing the Biggest Scam in America.

Q: Can you share an excerpt?

The Sacrifice

If you talk to anyone in the country about your intent to buy a house sometime in near future, you will most likely get a reply that goes something like this: “Go ahead, do it! It’s a good idea.” The response is almost automatic.

Why is this? Could it be that most people think that home ownership involves no risks? Or are most people assuming that buying a home automatically guarantees success? Obviously, none of these is true. Yet, most of us confidently feel that we should purchase a house as soon as there is an opportunity to do so.

As flawless as it may appear, home ownership does involve major risks, many of which are exposed during the years of occupancy. But there are potential problems that can be spotted from the beginning, specifically during the purchasing phase of the home, which many people choose to ignore. The biggest mistake is the type of financial arrangement that some people make when purchasing the property. When you observe the extent to which some people go to buy a house, you will more than likely classify their behavior as insane.

The whole idea of buying a house conjures up good feelings: freedom, money, comfort, etc. On the other hand, potential home buyers usually use the word “sacrifice,” a term suggesting pain and suffering, when talking about their intent to buy a home. Psychologically, they are equating the benefits of the house to some type of penance they must make in order to qualify for it. And depending on who is talking, the atonement takes on various forms, most of which relate to money.

I read a story in a June 2006 issue of USA Today which depicts that trend. The writer was describing the escalating growth in the housing market and noted the extent to which a California resident had gone to purchase a house. A 31-year-old PhD graduate, obtained a $540,000 loan to buy her dream home; she had made a $27,000 down payment from money she earned as an egg donor. After purchasing the house, 70 percent of her gross income was being spent on mortgage payments.

It didn’t take long for her to start experiencing financial difficulties. Thankfully, she had a boyfriend who was willing to contribute $700 per month to help her make ends meet. Even then, she was elated about the idea of being a home owner. Her dream had finally come true.

A situation like this is not unique, especially during the time it took place. One can only assume that there are many similar stories throughout the United States—people who have reached beyond their means to buy houses they could not afford. No doubt, this is the type of behavior most people have come to understand to be a “sacrifice.” Sadly, these are also the types of stories that the media loves to cite as a display of courage, commitment, and bravery toward home ownership.

But if the meaning of “sacrifice” translates into senseless, irrational financial decisions, one has to wonder, “What’s the point?” Is it wrong to be content and financially stable as renters? Or is it right to own homes we can’t afford, just to have the title of “owner?”

Our behavior seems to indicate that we prefer to take the risk of owning a house (even if we have to lose it resulting from bad financial planning) than to suffer the shame of renting after being influenced by the housing industry and the media.

Q: Where’s your favorite place to write at home?

My home (a rental property) is secluded in an avocado grove, surrounded by natural landscapes and spotted fruit trees. My office has a window that provides view to passing coyotes, birds, and other wild life. This is where most of my writing takes place, morning and evening.

Q: What is one thing about your book that makes it different from other books on the market?

The topic. Because home ownership has been widely known as one of the best solutions to financial prosperity and is also seen as the ultimate accomplishment in life, Renters win, Home Owners Lose presents a different side on the subject, an eye-opening view, making the book extremely controversial and thought-provoking.

Q: Tables are turned…what is one thing you’d like to say to your audience who might buy your book one day?

It should be understood that I am not oppose to home buying. There are many people who are financially able to purchase any home they desire. Losses experienced on the property as a result of the mortgage, maintenance costs, etc., can be offset by gains from other investments.

First-time home buyers, on the other hand, who believe that they are investing in a home for financial gain should think again. Instead, they should consider stashing as much cash as possible in a moderately safe investment while they continue to rent. They will certainly make more money this way.

Meanwhile, they should be content in their position, not thinking necessarily that buying a house is the key to their financial success and personal happiness. In other words, having is home is no indication that a person is financially stable or becoming wealthy. It simply means that the individual has a place to live (for now) and is legally obligated and willing to comply with all the requirements to live in the home.

Upgraders need to re-consider their options. The answer to their financial solution is NOT in a second, third, or fourth home. The evidence is seen in the lives of others who have been convinced to purchase subsequent homes for financial gain but remain broke and cash-poor as a result.

Thank you for this interview, Tom. Good luck on your virtual book tour!

My pleasure. Thanks for the opportunity to speak with you. Here is one of my websites: http://www.renters-win.com/

Renters Win 2

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Question of the Day

How do you make sales happen for you?

A lot of hard work! I sponsor a lot of on line parties, festivals and contests. Book sales don’t magically happen, believe me. An author has to work hard to earn her readers. And then she has to work hard to keep them by giving them something they’ll enjoy reading. I try hard to make my books worth a reader’s time.

-- Sheila Roberts, Author of Winter at the Beach