I’m a 24 year old college student with zero debt, and another year left before I finish my associates degree at my local community college.
Aside from being a student, I am also an elite athlete, I work a part time job, and I’m developing a passion for public speaking, business, athletics and entrepreneurship. My future is looking bright. Although my future career is not set in stone, I believe I will be financially well off with the amount of opportunities provided to me. I would also like to continue my education further, at some point.
I only make about $2,500 a month at my part time job, but I have $130,000 sitting in a money market account account and I would like to use it wisely.
I currently rent an apartment with a reliable roommate that we split at $1,600/mo (800ea). We’ve been doing this for 3 years now. Our current lease is up in June.
Would I be better off putting $60k down on a house and buying? I live in Phoenix, a growing real estate market and I know I will be here for another 2 years, at least. My roommate would be willing to rent a room for $5-600 a month.
Or
Should I keep renting, and invest my money into a mutual fund and keep focusing on my passions and education and try to raise my income?
I know that sounds like a smarter option, but I hate the idea of renting, and with my current income I feel like I’m basically throwing my money away. I envision my income increasing significantly within the next 5-10 years but not in the next 12-24 months.
Also I have been dipping into the money market account lately, which is not ideal.
Submitted February 05, 2020 at 06:48PM by eriktyy https://ift.tt/384bkCX
