Am I crazy to keep putting all my money into index funds the next few years even if I have enough for a downpayment?

[thoughtkeeper]

@caljreich Bull run in market most likely means easy conditions which would mean bull run in real estate.

 

[divanir]

@caljreich Kind of in the same shoes. I’ll consider it at 6% but I want to be in a position where I can easily accelerate it so I don’t pay a ton in interest. If I just go with 20% downpayment, it feels like a pair of handcuffs.

Has required a lot of patience to get to this point but I think I’ll be ready to buy within the next two years.

 

[saraphrased]

@inohio I managed to save about 23k last year after all is said and done. Dude must be making close to a quarter million and living with his parents to save around 100k annually.

 

[scott007]

@saraphrased Yea. Or more depending on the province. Shakes fist at Quebec tax brackets

 

[inohio]

@saraphrased Time to do a career change into software dev, bro.

 

[saraphrased]

@inohio Meh... I like what I do and make decent money too. Just not that decent

 

[divanir]

@saraphrased If he is including his market returns, it sounds pretty doable especially since he’s heavy in NASDAQ. I started 2023 with around 80 or 90k invested in my TFSA. Just added 6.5k to those investments. End the year with about 140k. Bulk of my increase in networth came from that.

 

[caljreich]

@jjp297 I expect to make around $230k before taxes this year

 

[lostgirlsp]

@caljreich At $230K gross, you will have roughly a take home of $144K (2023 math but not too far off).

If you plan to save $100K, that means you will have to live with about $3.6K per month. This is simplified but still given your rent alone is $3K, I have a hard time figuring out how you plan to save this much.

You said you're engaged so I'm assuming you cover rent and your partner will cover everything outside of rent? If not, then $100K savings per year seems unrealistic.

 

[guiltridden]

@lostgirlsp A lot of what you read on here is utter bullshit

 

[caljreich]

@lostgirlsp I’ll save around 80k with my monthly spending of around $4k, and there’s a $12k RRSP contribution if I include employer match which ends up around $92k. My fiance will move in with me by the end of the year and I hope to save a few extra k around then when we split expenses

Though this is aspirational - I usually blow a few thousand on some shit I don’t need, so I would not be surprised if I end up saving 80-90k