So I’m currently a supervisor at a major retailer and my salary is $66,000 per year, along with ~$11,000 bonus and $5500 in company stock per year. I was tired of debt so I paid it all off and sold my car. I currently live at home and have about $40,000 cash, $6,000 in a savings account (emergency fund) and a few thousands in diversified investments (crypto, single stocks). My company does a 6% match on 401k and I’m currently contributing 12% (18% total). I live at home and have little to no expenses.
My questions are 1) how much to spend on a car since I am in major need of one and 2) how much money should I have down to put on a home in the next year or two.
I hate debt so I’m going to buy a car with cash but I don’t want to have half of my net worth on a depreciating asset. I also want something that’s good on fuel since gas is rising and doesn’t seem to be stopping anytime soon. I find myself struggling to spend anymore than $8,000 or so on a car. Do I need to just set my budget higher($12,000-$15,000) so I can get a better car that would potentially last me longer?
As far as the home goes, I am thankful enough to live in an area with very low cost of living so you can find very nice homes for around $80,000-$120,000. I’m single with no children so I could honestly lean towards the lower end of that. It’s always been a dream of mine to buy a home with cash and I think I could realistically achieve that in the next couple years. Is that a ridiculous goal? Should I just take out a 15 year mortgage like many others?
As you can tell, I have a difficult time spending the money I spent so long saving. Thank you all
Submitted March 08, 2022 at 11:38PM by loganbsexybeast https://ift.tt/3wUYXlG
