steve77777
New member
@otosongphuc At your age and so little into retirement, I will focus into the 401k. Why? with a 2900$ monthly spending, you need to save until 65 years old an amount of 1M. From other comments I learned you save under 1600 per month, that's enough to retire 65 years old if you keep same saving rate for the next 20-25 years.
When it is about buying a home, I looked, first, to buy a starting home - a small one, and aligned to income (the common rule for mortgage + insurance + taxes under 33% of income so for your case to stick with less than 1300$ mortgage) and your needs (now you are single) - and to replace the actual rent with similar mortgage value. After 4-5 years or when you living situation is different (bigger family / bigger income) you can sell and upgrade.
It is ok to add an extra job in order to save more for the paydown. Target the 20% of home value. Pay attention, the extra jobs are not for all the life, your age and health is for 40 years old, so when you calculate the mortgage, calculate under one income, not 2. I did this extra job when I was 25, now, same at your age, I would think twice before, I found it more effective to learn and find a better job, and to cut the spending.
When it is about buying a home, I looked, first, to buy a starting home - a small one, and aligned to income (the common rule for mortgage + insurance + taxes under 33% of income so for your case to stick with less than 1300$ mortgage) and your needs (now you are single) - and to replace the actual rent with similar mortgage value. After 4-5 years or when you living situation is different (bigger family / bigger income) you can sell and upgrade.
It is ok to add an extra job in order to save more for the paydown. Target the 20% of home value. Pay attention, the extra jobs are not for all the life, your age and health is for 40 years old, so when you calculate the mortgage, calculate under one income, not 2. I did this extra job when I was 25, now, same at your age, I would think twice before, I found it more effective to learn and find a better job, and to cut the spending.