So just a bit about me, due to my own bad decisions out of HS, I finished a 4 year bachelors, in 7. Throughout that time I was working dead end jobs and wasn't that wise with my money. Now a bit older and a bit more mature I hope to make wiser decisions in my life and am seeking as much advice as I can get. So I graduated in fall of last year and it took this long to find work but I am grateful to God that he finally gave me something.
It's a position that starts me off at $40k/year, I have about 1.5k in debt, and I am still living with my parents. We are blessed as we all get along really well and genuinely love each other's company. But I know the time is coming soon where I need to leave (actually I bet a majority of people moved away from their parents place @ 18-22y/o?), but I would like to prepare as much as I can before that happens.
So my plan as of now is to get stable at my job first, and if possible to just save up as much as I can (~90%) of my income for a mortgage on a house. I hate the idea of renting as I see it as just a money drain FOR ME PERSONALLY, as I have been blessed with a special opportunity now to have limited bills to pay and I don't want to squander it. And I see this as an opportunity to "catch up" in life, as again, I wasted so many years of my life after HS.
So I'm wondering how much will I need to save for a down payment on a house? (I live in LA county), I will try to limit my bills to just phone, gym, food, utilities, etc... basically everything except rent. How many years should I wait? Should I save up more than enough for a mortgage just to have a cushion to fall on? My main goals in life are to eventually get married and stuff like that, but also to be able to support my parents, like they have done for me throughout my entire life.
Submitted May 14, 2017 at 03:47PM by moneyisnteverything0 http://ift.tt/2qGsTHd
