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Updated 1 day ago on . Most recent reply
Saving Over 40?
Hello
I am 40 years old and I can't decide how I should save my money to go towards my first Long Term Rental. I can't decide if I should stick to a Savings Bank Account, Roth IRA or an Acorns investment account. So at my age of 40, which investment plan would make the most sense to put away money and collect interest, with the goal of putting it towards a down payment for a Long Term Rental?
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#3 General Real Estate Investing Contributor
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#3 General Real Estate Investing Contributor
- Real Estate Agent
- Kansas City
Can you get your income up? 35K is super tough to save and invest. I would focus on increasing that and getting rid of consumer debt before looking or thinking of real estate. You need the right foundation to set yourself up. If you can get your income up and get rid of debt I would look into house hacking a 2-4 unit place but that'll be down the road. At 40 your money won't compound as much as a 20 year old so having higher income to throw at stocks, real estate will accelerate things.
- Caleb Brown