When I start my first job, I had no money in bank. My monthly earnings were $500. Guess what? I drove a 10 year old Jalopy and lived in a romming house with 1 room and a shared bathroom. I was saving half of my wages! When I had $5000 saved, I bought a condo for $25,000 with $5000 down. This was in 1970. Once my condo was paid off, I sold it for a profit and upgraded to a house and repeated this process of upgrading. After owning firsts residence, life becomes easy.
Problem with most young people is they want to spend all their wages and live the best lifestyle possible. That makes them permanent renters.
quote “After owning firsts residence, life becomes easy.
Problem with most young people is they want to spend all their wages and live the best lifestyle possible. That makes them permanent renters.”
BINGO!!!
Bingo hit the nail on the head! The 1st one is the hardest, because you have to cut expenses to save for that original down payment. But buy something affordable as the first one! Once you have the first one, you now have the difference between what your rent used to be and what your payment is now to help save up for another downpayment.