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re: saving at the beginning of your career.
Posted on 11/12/13 at 8:51 pm to Reubaltaich
Posted on 11/12/13 at 8:51 pm to Reubaltaich
Some good stuff so far in this thread. A couple of things I'd add:
-Whoever mentioned about not investing anything you want to use in the next 2-3 years is spot-on. The market is at record highs, and it won't stay that way for long. Even if it continues, like someone mentioned, 2 years even at an incredible 20-30% return isn't going to change your life as far as what you're saving, but if you lose that much it could seriously derail your plans. Whatever you're planning on using to buy/build this house, keep it liquid.
-Having said that, you still want to contribute to a long-term investment/retirement portfolio as soon as you can due to the compound interest benefits mentioned already. This is more important at this age (IMO) than getting a starter home as fast as you can.
-It's smart to start investing young, but you don't need to turn into a 40 year-old overnight with a mortgage and all your money in investments. There's nothing wrong with getting an apartment, meeting people, having some fun, and only putting a little towards your retirement for the first couple of years.
-Whoever mentioned about not investing anything you want to use in the next 2-3 years is spot-on. The market is at record highs, and it won't stay that way for long. Even if it continues, like someone mentioned, 2 years even at an incredible 20-30% return isn't going to change your life as far as what you're saving, but if you lose that much it could seriously derail your plans. Whatever you're planning on using to buy/build this house, keep it liquid.
-Having said that, you still want to contribute to a long-term investment/retirement portfolio as soon as you can due to the compound interest benefits mentioned already. This is more important at this age (IMO) than getting a starter home as fast as you can.
-It's smart to start investing young, but you don't need to turn into a 40 year-old overnight with a mortgage and all your money in investments. There's nothing wrong with getting an apartment, meeting people, having some fun, and only putting a little towards your retirement for the first couple of years.
Posted on 11/12/13 at 9:34 pm to FootballNostradamus
quote:
It's smart to start investing young, but you don't need to turn into a 40 year-old overnight with a mortgage and all your money in investments. There's nothing wrong with getting an apartment, meeting people, having some fun, and only putting a little towards your retirement for the first couple of years
Nah, I think I've had enough fun
I already have an apartment, but I know it will get cost prohibitive to keep renting it long after graduation with my roommate moving out. I'll probably either downsize apartments or move back in with my parents (preferably not this, although it would save me a ton in rent and food) while I save up to build my house. I'll already be working a big boy job. My SO is 1 year behind me in school, so my goal would be to be able to start on the house (or even better have it done) about the time we would be getting hitched. She should then be able to provide a second income. That way, I can hit the ground running in my career and in three years already have the wife and the house and start building my empire (pun intended as I'll be in construction)
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