Hello all! My new husband and I have the below financial figures --
$30k in Retirement Accounts (we're not touching those -- they are a 401k and a Traditional IRA) $700 (spread over a Vanguard Brokerage acct + an Acorns acct) $10k (in Joint Savings Accounts, this is the wedding money) Income = $120k a year (but for living in Los Angeles, that's not a lot)
We're trying to figure out the best way to get to $200k+ over the next 5-7 years in order to save for a house in Los Angeles. I know, it's a big goal lol. We're both in our late 20s and will have higher income coming in, over the next few years, as we get job promotions, etc. But in the meantime, what's the best way to use the $10k to build towards a hefty downpayment? Ideally, we don't want to use all of the $10k to start (of course, we need some emergency savings). But even just investing $2-4k would be helpful.
I've thought about buying some land or real estate in developing parts of Florida or in Oregon, or Washington, but that seems a bit too far out of reach and that's more of a 20+ year investment to me. If investing in the market is the best way to go, which it feels like it might be, then what kind of portfolio would you recommend? Given our age I think an aggressive risk assessment is okay, but my husband is more inclined to less risk than I.
I've adjusted our budget to make sure that our lifestyle is lowered, allowing us to save more money a month. But is there anything else we can do? I don't foresee us receiving a large inheritance anytime soon nor are either of us okay with asking our parents for financial help (even as a loan) -- we want to try our best to do this on our own.
Many thanks!
Submitted September 10, 2018 at 10:08PM by crispyfresh21 https://ift.tt/2NxOrkh
