So I'm 22 years old and earn a very decent income. I'm studying Financial accounting (online) to head for the CA route. I don't have any existing degrees, but have a very nice CV as I've been lucky with jobs straight out of high school.
I had a look at what bonds I can get and the best was for R290,000 where I'd be paying back about R3,500 every month. This is not nearly enough to buy a place in Cape Town.
So the idea is that I buy a flat with about 4 rooms, where I'd stay in one and I'd rent out the other three. This would basically allow me to pay off my bond.
What can I do? I am saving about R3,000 every month and am investing it into the Allan Gray equity fund. I am sitting at around R25,000 now. Would my plan of the flat be decent? Should I save more and go for it or should I consider something else?
The idea of a business scares me a bit, mostly because I have no clue what to do. The flat thing is nice because I can be hands-on. My first job was a glorified handyman, the actual title was junior Joiner and then senior Joiner after a year. I fixed anything from plumbing to light fixtures and antennas for an old TV set.
Good advise would be much appreciated.
Submitted October 21, 2017 at 08:06AM by Heineken94 http://ift.tt/2gVFcZR
