The Canadian businessman advises that those who are ready to form a family look into purchasing a home. “You’re going to be raising your children and you need a safe place for them. And that’s the time when you think about buying a home, assuming both of you have a job and you can afford to pay the mortgage.”

O’Leary also states to avoid attempting to pay for a home that’s too costly, the mortgage payment should come out to only one third of after-tax income.

“Don’t let it get more than that or you’ll find yourself in financial stress.”