Should I start saving up for a house?

Question

I realize that with my current pay rate of 14 a hour, this will take time. Should I try it tho or wait till after college to do it?

Anonymous · Accepted Answer

Well it’s always good to start saving as early as you can. But you need to invest it into something that’s going to work for you even when you’re sleeping. Putting your money in a savings account in a bank is for “losers.” For every dollar I believe you put in a bank they can loan out $9, maybe $10 I don’t recall the math. They loan that money out at a whopping interest rate while paying you maybe 1% if that. So they’re utilizing your money to make a fortune. To the bank your money is a liability to them as well because they have to pay you interest, even if it is 1% or less. So I’d look into things that you could invest in that will make you more money. Real estate is always a good thing to invest in. But now, at such a young age if you still live at home as opposed to when you’re in your 30’s or 40’s when you’re hopefully on your own by than. For now yes toss some cash in the bank till you figure out what to do w it. You have to find a way to beat the inflation rate, I think maybe it’s like 3-4% increase each year. So if you can find something to invest in that’s going to pay you more than 3-4% a year you’ll make money rather than lose it. This year $25,000 may be able to purchase you that car you want but come next year it may go up to $27,000, your fiat currency is losing value. I purchase about 10-15% of gold and silver each paycheck. Right now silver is at about $19 per Oz. If you’re really interested in learning how to make your money work for you I’d suggest spending some money on educational books, there’s a lot of free ones as well or money magazines. Also YouTube is filled w a lot of advice on finances, passive incomes, etc. I don’t like reading so I listen to audio books. If you can come up w at least 6 sources of income that are considered passive you’ll do well. You can’t depend on your one job. What happens if you get fired? Company closes? Burns down? A lot of things can happen. In a way life is sort of like the game monopoly, when you purchased the red and green house. People landed on them. Income started coming in. If you aren’t going to school right away maybe you can put some money into a 529 plan. Good luck.

OlderAndWiser · Accepted Answer

You should begin saving now with the expectation that

1. you will not have enough to buy a house untl at least a few years after college

2. you are starting now so that you develop a lifelong habit of saving

3. and what you can accumulate now may be useful for some other personal emergency that arises in the meanwhile, but at least you will be prepared financially.

Bratsondanielle · Accepted Answer

Saving is always good. With the inflation we have right now with biden ('s handlers) fucking things up, savings will quickly become less valuable thou. You might consider investing in something. Crypto is at an all time low currently. You can do gold, stocks, bonds... but if you earn enough that you technically don't need it all, sure, save it.

The housing market is fairly uncertain right now, but be sure to buy when it's down, and that is easier said than done...

But GOOD LUCK !!! by the way something like loan vs inflation * rates... I don't know

Sirenboobzilla · Accepted Answer

Saving in general is always good. General rule: 30% of your paycheck should go to savings. But then that will vary with everyone as depending on your expenses you may not be able to set that aside. Save what you can and at some point when you feel comfortable with having a down-payment, go for it

hahahmm · Answer

The U. S. is in rapid decline. When the Roman Empire collapsed a lot of people were surprised even tho the signs had been there for a long time. If I'm you I would focus on developing skills & career likely to be worth something regardless of the state of society. Skills are inflation proof. Cash stuffed in the bank is not.

That said.. if you want to save for a house, go for it. Simply buying a house can change your mindset in ways people who never owned property can't comprehend.

Lliam · Answer

Save all the money you can for the future to use for college tuition, a house, retirement, or whatever. Don't waste money. I started paying $2000 per year into any IRA when I was young.

AviatorTom · Answer

You should always try to save part of your paycheck. A goal of buying a house is admirable, and you can also just save for the future... whatever you decide to do then.

Waldoe · Answer

Start Now... 5 to 10% of your gross pay, put the money aside before buying anything else... as your wage goes up, the 5% Dollar amount will go up... make it a Habit... you will never miss the money and it WORKS.

Alwayreckles93 · Answer

That's good money to start a savings. When I was your age I got paid 7.25 hourly. Nothing.

exitseven · Answer

Savinjg is always a good strategy. You can always use it for something else if you don't want to buy a house.

lpoots · Answer

how can you afford to save while going through college

Should I start saving up for a house?

Most Helpful Opinions

What Girls & Guys Said

Should I start saving up for a house?

Most Helpful Opinions

What Girls & Guys Said

We're glad to see you liked this post.