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Updated about 6 years ago,
To Scott Trench: What is a good personal finance foundation?
In @Scott Trench's latest post on a potential crash, "Yes, I’m Afraid of a Real Estate Bubble—But I Continue to Invest Anyway. Here’s Why." He says,
"I buy well within my means, with a rock solid personal financial foundation, and spend extremely little on my lifestyle. I maintain a high savings rate and have stashed away a large cash reserve. I also own a stock portfolio."
I'm really curious what a rock solid personal financial foundation looks like. As someone just starting out, looking for my first property, what should my personal finances look like before I buy? Eliminate all debt, including safe-ish debt like student loans? What about savings reserve? If my first purchase is a house hack like a duplex, how much reserve cash should I have on hand beyond a downpayment?