I need Help with money

[Tye Laviolette]

I’m 19 years old, I still live with my parents where I fortunate enough to pay no rent. I don’t have any student debt, I have a good paying job where I make 18.55 an hour. As of now, I put 20% of my paycheck into a Roth account where my employer matches 5%.

I have had a plan for a long time that my first big purchase would be a multi unit house or a duplex, ideally a 2-3 unit building where I could live in one, and rent out the other. I have no idea what I should be doing with my money right now, I get paid about $800 every two weeks if I don’t work any overtime.

I put just about all of my money I earn into my savings account. I need help of finding a better place for it, is it that the best place?

-What should I be doing with my money?

-How much should I plan on putting as a down payment on a multi unit? 20%? 10%? As much as I can?

-instead of putting 20% into my Roth, should I do 5% and do something else with the 15%? (That way I still get the 5% match)

[Alan Pederson]

-I would continue to put the 20% in the Roth to get the employer match.

-You're going to need 20% down plus enough to cover 6 months payments for any investment loans you might get. You might be able to get away with less if this is your primary home. It's a pretty big leap going from living with parents and no bills to buying a multifamily unit. A duplex might be a good idea. Live in one side with a roommate and rent the other side.

-Save what you can and work some overtime if you're able so you can save more.

-You could look for a money market account that pays better interest than a regular savings account

Good luck.