I've been at my current job for over a year now and it's got solid pay ~$60k/yr. I've still been bumming it at my parents with the goal moving out by buying my own place - likely with a friend who'd pay me rent.
However, with the housing market as it is with 8% interest rates and low supply it seems I'm stuck kicking back with my parents again.
At the same time, I feel like I'm stunting my development as I'd held off any serious relationships until I have my own place.
Renting doesn't seem ideal unless my parents kick me out (unlikely, we all get along and I pull my weight) as I just see it as lighting money on fire I could be saving for an actual house.
ATM I'm thinking of bitting the bullet for inflated interest rates as I'm in a good place financially (I have zero debt) but it does make me concerned that the “you will own nothing” seems less and less like a conspiracy theory for the Zoomer generation.
Is this r-slurred? What is the best move here?
.webp?h=8 "Merry Fistmas!")
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Aren't you saving? Even with the interest rate hikes the fact that you're bumming off your parents (sensible) should be enough to put you over any down payment minimum within 2 or 3 years easy, especially at 60000.
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Yes I'm putting away 30% of my paycheck directly into savings along with 4% pretax to 401k and 3% to stock purchase plan.
It's very fosstard / zoomer but I also buy BTC weekly for a long shot investment.
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Sorry yeah, I read the rest of the thread. If the issue isn't your saving but whether to take another year out to save then I'd say do so tbh. Not sure what rent is like in your area/the area you'd plan to buy in eventually but if it's in decent demand you can take any mortgaged house and rent it out on a room basis to get you anywhere from 1.5x - 2x the mortgage cost from the tenants and use that to do anything like funding another mortgage on top of that (the building equity meme) to other more risky investments. Could even use it to move to the center of the hustle and bustle for where you live and catch up on anything you fear you're missing out on right now.
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that is a good tip. I could see doing that in my house especially if my friend and I get along well with the roommate situation.
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If buying a house really is a priority for you it should be above buying BTC on your personal finance agenda. Pause it for now and redirect that money into your savings. You can resume it after you're settled into your comfy house.
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We're talking $2.5K over the last year or so, not nothing but I'm also comfortable with that for an investment.
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Mind you I'm not saying this to criticize what you're buying or investing in, I'm just saying that taxable investment should be one of the lowest items on your priority ladder right now.
Just my personal approach though. I'm a minmaxxer when it comes to saving and I either pause or minimize the lowest priority, nonessential stuff to feed more cash flow into savings when I have a major savings goal.
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That is certainty a good point and I'll agree it's not 100% rational and is more based in putting my money where my mouth is w/r/t FOSS software.
What I need to do currently w/r/t bad cash flow choices is figure out how I'm planning some vaycays with my buddy who lives paycheck to paycheck on six figures.
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