Hello r/FinancialPlanning,
As I stated above, I am a 19 y/o, currently have a job in the UAE. I have got a good income from my day job as well as the freelance job I do and I save more than 50% of my income. Currently i have saved around AED 14,524 (USD 3,950) and I am planning on a vacation to my hometown in October 2017, by which time I would have saved almost AED 44,000 (USD 12,000). That is if everything goes as planned and any unexpected expense doesn't pop up.
The amount that I have stated above is currently the only valuable thing that I have. I don't have any other kinds of investments or emergency funds or deposits or anything. That much amount is enough to pay 50% down payment for a good apartment in a good suburban neighborhood in my country. Which is exactly what I am thinking of doing this October.
Should I just go for it? Or should I slow down for a while and save more? I am planning on putting in all the money I have for the house. My holiday expense will be sponsored by my dad and when I return I will be broke for around 15 days until my first paycheck after holiday comes in. My roommates are also willing to let me stay for a 2 months after I return after which they will want me to payback. I think I will have made enough money by then to pay back all my bills and rents. Does this sound like a good idea to you as it does to me? Or is this just plain stupidity?
Any more info if you need I will be happy to provide it... Good Day r/FinancialPlanning.
Submitted July 23, 2017 at 01:10AM by SRTaher http://ift.tt/2unMATl
