My wife and I recently closed on a house in Omaha, NE at $155,000 using a conventional loan. Since the closing/move, I've read a few books including "Set for Life". So as it stands now we are planning on saving $1,500/mo towards making our first investment towards wealth in 2021. Assuming we stay on track, we should have a savings of $24,000 by January 1st, 2021.
My question is, what is the best next step to gain early financial freedom? I know investing in an index fund while continuing to add savings would appreciate quickly, but I also know to jumping into REI will fast forward that process dramatically. I'm just unsure what would be the best way to go about that, practically.
If you had $24,000 in savings, at a savings rate of $1,500/mo, already owned a home and are trying to become financially free... What would you do?
