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Updated over 6 years ago on . Most recent reply

User Stats

8
Posts
2
Votes
Nicholas Norris
  • Norcross, GA
2
Votes |
8
Posts

Quickest way to save for a good downpayment!

Nicholas Norris
  • Norcross, GA
Posted

Hey Guys!

So I had a question of opinion for anyone just starting out/veterans. What is the quickest way to start saving? So ill give you the scoop on my life and budget.

I work full time for Publix. I have the stock options, great retirement, and pretty good pay. i make about 29k-30k a year right now and I'm 20 years old. So I don't think thats too shabby. However, life is expensive as hell! Im barely breaking even on my budget and I really only have a 3,000/month budget. I am slowly putting away cash, and my tax returns always go into the bank/pay off debt. 

Anyone have suggestions? I picked up a second job delivering food for postmates and I start soon. But even If i add another 1500 a month straight into the bank. I'm very far from reaching the 20-40k I need to buy a multi unit property. Suggestion suggestions suggestions please!!!!

Most Popular Reply

User Stats

118
Posts
119
Votes
Jason Powell
  • Beaverton, OR
119
Votes |
118
Posts
Jason Powell
  • Beaverton, OR
Replied

This may be unpopular, but I'd say focus on earning more for now, much much more. Focus on honing in one skill that makes you more valuable in the workplace. There's no way I ever could have started my real estate investing on a 30k/yr income. Not even double (I do have higher geographic cost).

Jobs that make 100k+ with no college degree: sales (insurance, cars, software, medical, RVs, real estate, etc), trades (plumbers, electricians, even carpet layers in my area make 120k/yr). Radiology tech can make 100k with 2 yr degree.

A side gig with Postmates will always be capped near minimum wage. Focus on a skill with steadily inreasing earning power, even if its not overly attractive the first year or two. It does take time but will explode your earning power and ability to invest. Saving money with frugality is great, but I imagine it would suck with $2,500/Mo in gross income.

The "invest with no money" strategy is 95% of the time a pipe dream. Some people certainly pull it off, but that's definitely a much harder path than just earning more. I mean no judgement, as I've worked some of the crappiest low paying jobs out there! 

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