howaldryan
Dryer sheet wannabe
Hello,
I have been reading this forum for quite a while and have been observing all of the great advice given on this forum. I wanted to introduce myself as I am about to make a big financial decision here very soon.
Just some info on myself. I am 20 years old, in College, working towards by Bachelors in Business Management. I have zero debt. I have had two credit cards since 18 which are paid off every month.
I know I have quite a bit to learn about everything in general however watching my Father lose his job twice in two years after being with a company 16 years has made me very aware of how important it is the be financially squared away. Im currently working for a large university making about 27K a year.
I have saved close to 40K, and have realized that I am very close to being forced to be entirely on my own. (Dads house close to Foreclosure).
I have decided as of the beginning of the year that I would start looking for my own place. Apartments around here are renting for around 700 to 900/month for a decent place. I have figured out that I could buy my own house for under 100K, which I have actually put in an offer on and should know officially wednesday. The house is a foreclosure that is in amazing shape. It was built in 2006 and currently no house in the neighborhood is selling for under 130K.
I decided to do an FHA loan due to being able to hold on to a large part of my liquidity if anything were to happen. (loss of job etc)
I do have a Girlfriend that is going to move in with me, we have been dating for 2.5 years, however my Name is going to be on everything. I don't consider it a trust issue but more of a CYA thing. She makes about the same as me and our financials would most likely be put together.
Now I do have some questions and I would love to hear some advice on my current situation.
I don't have any of my money in investments. I am incredibly paranoid about the financial responsibility of purchasing a house, and would love to be able to pay off the house as soon as possible, and hold off on retirement investments until that is done. I would love to hear opinions on this.
Thanks for reading and I look forward to all of your thoughts.
I have been reading this forum for quite a while and have been observing all of the great advice given on this forum. I wanted to introduce myself as I am about to make a big financial decision here very soon.
Just some info on myself. I am 20 years old, in College, working towards by Bachelors in Business Management. I have zero debt. I have had two credit cards since 18 which are paid off every month.
I know I have quite a bit to learn about everything in general however watching my Father lose his job twice in two years after being with a company 16 years has made me very aware of how important it is the be financially squared away. Im currently working for a large university making about 27K a year.
I have saved close to 40K, and have realized that I am very close to being forced to be entirely on my own. (Dads house close to Foreclosure).
I have decided as of the beginning of the year that I would start looking for my own place. Apartments around here are renting for around 700 to 900/month for a decent place. I have figured out that I could buy my own house for under 100K, which I have actually put in an offer on and should know officially wednesday. The house is a foreclosure that is in amazing shape. It was built in 2006 and currently no house in the neighborhood is selling for under 130K.
I decided to do an FHA loan due to being able to hold on to a large part of my liquidity if anything were to happen. (loss of job etc)
I do have a Girlfriend that is going to move in with me, we have been dating for 2.5 years, however my Name is going to be on everything. I don't consider it a trust issue but more of a CYA thing. She makes about the same as me and our financials would most likely be put together.
Now I do have some questions and I would love to hear some advice on my current situation.
I don't have any of my money in investments. I am incredibly paranoid about the financial responsibility of purchasing a house, and would love to be able to pay off the house as soon as possible, and hold off on retirement investments until that is done. I would love to hear opinions on this.
Thanks for reading and I look forward to all of your thoughts.