Quote from @Ray Hage:
Quote from @Branden Hernandez:
Quote from @Ray Hage:
Hi Branden,
Your best bet in the short run is to minimize expenses which means living with room mates and sharing those expenses. I would also cut out many of the unnecessary expenses like going out to eat/drink, major vacations, etc. After a year or so, you should have a lot of extra money sitting around that you didn't have before. You could aim to buy a duplex or SFH that you could house hack and live with room mates for a while till you have a decent side income plus the jobs you already have. I know it sounds terrible and a lot of effort and sacrifice, but if you don't, it will be far more difficult to get out of your current rat race.
To give a little more context I’m 25, I live with my parents so I don’t have to pay rent and I cut down on expenses as much as possible. If I don’t have to go anywhere I don’t. I try and find cheaper alternatives for everything I do. I also have 2 jobs and with those jobs I’m able to save about 100-200 every month. With that context. Do you have any advice?
Thanks for the context. It's great that you don't pay rent! I was in a similar situation in my younger years and it helped a ton. It sounds like there aren't many more expenses that you can cut.....so you have to increase your income to increase your savings. I am not trying to offend here (but I will say it frankly), you are probably either underpaid or under-skilled. At your current savings rate, it will take forever to get enough money together to get a property without partner.
Can I be nosy and ask what you do for work at each job and are you learning a ton that you could eventually apply to a side hustle or your own business to make a much better income? You will also want to have that in an LLC to maximize your tax write-offs, which will help keep more money in your pocket. I can't help you directly with getting a better job or starting your own business but I try to shine the light in the right direction.
I’m a software developer that makes 63k a year. To be more frank, my monthly income is 3526.14 my monthly payment for my loan is 2k a month and the rest of my expenses goes to phone bill, food for the house, car insurance and helping pay for my grandmother health expenses which leaves me with not a lot of money to save.
