How To Save For A Down Payment On A House Fast!

First thing you need to ask before saving for a house, is do you need a house and should a house be a priority for you.

Most people just think that buying a house is good investment and it’s a no brainer, that’s pretty stupid, a house is not an investment it’s security tool, it lowers your cost of living, gives you peace of mind, but as far an investment with all the cost you can only hope to break even

How to answer those questions above

Do I need a house
Should I prioritize savings first

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Remove the Friction

If you have a bunch of debt

You don’t need to add more debt

What you need to do is payoff your debt before you start to think about buying a home

Think about it like this

Picture you trying to lose weight with a hot dog in your mouth while you walk to burn off some fat

My response to this is good luck

Removing debt or the bad things you eat in your diet, makes it easier to save money

Stabilize

Before you start saving up for a home

You should have an emergency account first

Beucase whats the point of buying a home and going all out ( and staying with 0$ and then some thing happening and you cant pay your mortgage )

My point is this:

Save a minimum of three of expenses before you think about saving for a down payment

Go Crazy and hammer with a goal

Invest 10-20% ( lower if you will prioritizing buying a home )

But don’t forget compound interest is powerful

I personally only invest in low cost index funds

Finally to save up for your down payment you need two things

First a budget for the home

Second to know the amount the downpayment you need 10-20%

Third a Deadline ( deadlines are key )

MY rule is the 33% rule on a 15 year mortgage

Example; I made $1000 my budget for the home is $333 buck month per month

And that can buy me a box in down town LA

Crazy right ( but seriously that a 40k property )

And 20% of that is about $8000)

So if my goal is to save that up in 3 years ( I need to set aside $222 per month )

Boom

Link: https://www.bankrate.com/mortgages/mortgage-calculator/

Tip: remember buy the home you need not the house you want

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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