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re: saving at the beginning of your career.
Posted on 11/12/13 at 6:20 pm to kingbob
Posted on 11/12/13 at 6:20 pm to kingbob
You stated your goal is to buy a house.
With the short timeframe of your intended goal, you can not reasonably expect a significant return on your investment and you are exposing yourself to substantial market risk.
Being young, you should be a big emphasis on retirement funding due to the power of compound interest.
However, funding for your housing goals should not go into the market. Keep it liquid. You would be risking thousands on the chance to gain hundreds otherwise.
Do not put anything in the market for a goal that you don't expect needing in the next 3-5 years (as an absolute bare mininum).
Best summary I can give of his point as I understand it
With the short timeframe of your intended goal, you can not reasonably expect a significant return on your investment and you are exposing yourself to substantial market risk.
Being young, you should be a big emphasis on retirement funding due to the power of compound interest.
However, funding for your housing goals should not go into the market. Keep it liquid. You would be risking thousands on the chance to gain hundreds otherwise.
Do not put anything in the market for a goal that you don't expect needing in the next 3-5 years (as an absolute bare mininum).
Best summary I can give of his point as I understand it
This post was edited on 11/12/13 at 6:23 pm
1
Posted on 11/12/13 at 6:31 pm to Volvagia
One point is I'm not planning on building a house with resale in mind. I'm planning on building a house that I'm going to live in for at least a decade or longer, with possible future additions, but not selling and moving on. One thing that should help is already having the lot, dirt pad, electrical, and sewage plant paid for. I'll also be designing it myself in Revit and AutoCad and already have any and all surveys and elevations done. Depending on my work load, I may even get licensed as a GC and run the job myself, hiring my own subs to save more money. I'm also coming out of college with zero debt, but also no credit, so financing too much makes me nervous.
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