In fact, if you look carefully at most stories of people who created exceptional wealth, you’ll notice they didn’t create it by buying a home and sitting in it for 30 years waiting for it to appreciate.

Most of them spent their younger years honing their ability to take calculated risks, maybe as an investor (think Warren Buffett) or entrepreneur (Richard Branson). The common denominator is they got good at identifying opportunities and taking risks that would pay off.

In contrast, what happens when a young person buys a home? For many people, having a big mortgage to service dampens their willingness to take risks.

Now, they feel they can’t afford to quit their job to explore other (potentially higher-paying) options (going back to school, changing careers, taking a break, moving countries etc).

Now, they feel they can’t afford to start a business, or invest in further career or financial education to help them make more money because they need every cent for the mortgage. Servicing their mortgage becomes the main priority.

So, right when they have the greatest capacity to take financial risks – which is what, in the long-term, would potentially reward them the most financially – they’ve taken out a massive loan that reduces their willingness and ability to take risk.

Sure, they could sell the property if needed, but that’s usually the last thing people want to do.

Most people don’t buy property intending to sell in a few years, and if you bought well, you usually shouldn’t because real estate is a long-term investment. That means, often people would not financially profit (or even break-even) if they have to sell their property within just a few years of purchasing it.

I’m not saying that buying a home is a bad thing. Particularly in later years, it is good to be able to retire with a fully paid-off home, so you don’t have to worry about housing costs.

All I’m saying is: Most people don’t consider the enormous and largely invisible impact that having a big mortgage at a young age has on their life choices and ability to take risks.

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So, what should you do instead?

If you really want to get ahead financially while you’re young, don’t focus on buying a home. Instead, focus on maximising your ability to make, save and invest money.

If you do this in your 20s, you’ll reach your 30s with a stronger financial foundation – a good income, cash in the bank, an investment portfolio, financial confidence and skills for life… And, ironically, you’ll eventually have a greater financial capacity to buy property without it becoming a stressful ball-and-chain that weighs you down and restricts your freedom.

Paridhi Jain is the founder of SkilledSmart, which helps adults learn to manage, save and invest their money through financial education courses and classes.

• Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions.