I want to be able to own a home by 30 (24 years old software developer currently living with my parents).
Income:
- Salary: $100k a year
- Other Income: $15-20k passive income
- Total Income after taxes: $75k-80k a year
Expenses:
- Rent: $500 a month (under parents)
- Lunch at work: $400 a month
- Gym/Phone/etc: $100 a month
- Total Expenses: $12k a year
Debt:
- 50k federal student loans
Total net income: ~ 60k a year
Amount saved so far: ~20k in assets, 10k in bank = ~30k
Goal:
- Move out of my parents apartment by 26 debt free
- Be able to mortgage or outright buy a condo in Manhattan (~$500k-$1m) before 30
The second goal seems much more difficult to do unless I win the jackpot or do a side project/ start a small company that generates more passive income.
Should I get into investing? Should I stay in my parents apartment till I'm 30. My parents won't mind but I want to start moving out and start being more independent. Should I put all my efforts into finding ways to generate small passive incomes (ie: create a mobile app/ web app/ start a small company?)
Submitted August 19, 2018 at 01:06AM by VitaminCeed https://ift.tt/2ONwCuJ
