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Updated about 3 years ago on . Most recent reply

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What am I supposed to do now?

Posted

I'm 20 years old with no debt. I own my car, have an associate's degree, and rent. I have my emergency fund, I've maxed out my Roth IRA for this year. I'm just not sure what to do now. How do I grow my wealth? Should I buy a house or continue to rent? Is the real estate market expected to dip as the stock market is? I would like some opinions/advice of how to grow and diversify my portfolio and what the next best step is. I'm excited to hear from you all!

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198
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136
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Michael J.
  • Real Estate Agent
  • Greenville, SC
136
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198
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Michael J.
  • Real Estate Agent
  • Greenville, SC
Replied
Originally posted by @Cory Lucas:

@Briana Leigh McLaughlin I second what @Michael J. said, at 20 if you start buying just one multifamily unit every 2 years, you could have 10 doors by the time you're 30 for example, which it could grow much quicker, but that's just an example. And if they're cashflowing just $200 a month (modest) you'd have $2,000 a month coming in each month. And trust me those numbers are on the conservative end, not to mention the tax savings, and the appreciation you'll realize if you implement this strategy

This right here!!  Don't sleep on this strategy!  If I could go back to 20 and do it I absolutely would!

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