Hello guys.. I'm pretty new to financial planning since I am currently teaching myself everything right now. I'm interested in paying off debt and buying a home/ investing.
I read that investing into buying homes is beneficial in the long run. My situation is that I am in 3 massive debts right now. My credit score last year was at a 480 and I'm currently at 550. I know for a fact in order to buy a home I need a good credit score. However, my plan is to save for a big down payment as well.
Currently I'm working at a job that doesn't pay that well. I'm only making about $1800 to $2000 a month. I plan on staying at that job for at least 1 year to 1 1/2 years to finish college by 2020 with my degree in computer science and hopefully landing a career in the tech industry. If I'm still not in my career I don't have a problem finding another job for a few buck raise. But for right now I will stay at my current job.
3 massive debts I have that are currently in the $4K to 11K range are credit cards, student loans and car. I've been paying $120-$300 each paycheck to each loan. I pay more than what I truly owe. Slowly they're decreasing but I feel like it's going to take some time.
I'm also saving money in my savings account. About $50 -$100 each paycheck. I'm trying to build a 6 month emergency stash. Then I would like to save up for my home down payment.
Which brings me to homes. I've been researching and I'm a single girl with two dogs. I would like a home but I feel like I would be okay with a condo as well. My end goal is to buy either one of those and then rent them out later in life once they're paid off. However, I've been told buying condos are not a good idea.
I would like some insight or some good tips on how to move faster so I can accomplish my goals. Thanks guys~
Submitted May 13, 2018 at 01:13PM by wanderingsoul94 https://ift.tt/2rFlvdg
