I am married now, with kids. We own a house.
I would never encourage anyone to plan for buying a house until/unless you are ready to raise a family OR have so much money sitting around you just don't know what to do with it. In my opinion, the decision to buy a house really is driven by a thousand factors unrelated to finances. Of course, finances is a big part, but you will want to consider where your job will be, where a future spouse's job will be, where the schools are good, where you want to raise kids in general, where you parents and siblings are located relative to the location of your potential partner's parents and siblings, etc. Owning a house entails a massive commitment to one specific area and a commitment to never-ending maintenance.
That's fantastic you investigated what you can afford with the mortgage calculators! Keep doing that kind of financial investigation and self-learning. It will make you smarter and your life easier. But, with so many unknown variables, how can you know the cost of the type of house you'll want?
I think you should invest the extra money all into an S&P 500 index fund and let the interest compound for another 30 or 40 years, then use that in retirement. Or take some out and use it to help pay for the kids' college. Or their weddings. Who knows.
I would never encourage anyone to plan for buying a house until/unless you are ready to raise a family OR have so much money sitting around you just don't know what to do with it. In my opinion, the decision to buy a house really is driven by a thousand factors unrelated to finances. Of course, finances is a big part, but you will want to consider where your job will be, where a future spouse's job will be, where the schools are good, where you want to raise kids in general, where you parents and siblings are located relative to the location of your potential partner's parents and siblings, etc. Owning a house entails a massive commitment to one specific area and a commitment to never-ending maintenance.
That's fantastic you investigated what you can afford with the mortgage calculators! Keep doing that kind of financial investigation and self-learning. It will make you smarter and your life easier. But, with so many unknown variables, how can you know the cost of the type of house you'll want?
I think you should invest the extra money all into an S&P 500 index fund and let the interest compound for another 30 or 40 years, then use that in retirement. Or take some out and use it to help pay for the kids' college. Or their weddings. Who knows.
Statistics: Posted by HappyPappy — Sun May 19, 2024 5:10 pm — Replies 11 — Views 1063
