[USER]

I am 23 years old… maxed out my Roth IRA for the year. Have 4,000 dollars in a high yield savings account very 3.5% and $15,000 in a brokerage account.

What should or could I do next?

I would like to save as much as possible to put a down payment on an owner occupied rental property that I would like to buy in a year or so, once I finish up with graduate school next May!

Any advice is appreciated!

[Bennett]

Save up enough for a down payment for a house hack. You’re on the right track. There’s no better way to build your financial future then doing what you stated.

Buy a duplex or small multifamily and rent out the other sides under an fha loan where you pay 3.5-5% down and have very little to no mortgage.

That is the greatest expense for the average American. Keep at it!

[Paula]

My 24 year old is also crushing it. He loves The Money Guys YouTube channel.

[Katie]

Get rid of any high interest debt (car, credit card, etc.) Sounds like you have some or all of an emergency fund (3-6 months living expenses.) Check out JL Collins The Simple Path to Wealth.

Index funds for any stock market investing (low fees, s&p 500 index, vanguard vtsax-type.)

If you decide to buy a home one day, strongly consider house-hacking…. buying a duplex and renting half of it to cover a portion of your living expenses (or rent a room or airbnb, etc.)

Pay cash for a used vehicle if needed and drive it until it doesn’t go anymore.

[Sandy]

I’ve been looking for something and I’ve stumbled across Nathan Nash’s book, becoming your own bank. IBC

It’s taking me about a week continually educating myself to wrap my mind around the concept, but I believe I’m going to contact one of their practitioners from the official website and make an appointment.

[Randy]

Hey kid. Who taught you and encouraged you to be so mature and forward thinking? I can’t get my adults kids to listen to me for 5 minutes about investing in their future. Who got through to you?

Agree with others, if your employer offers a match on anything, do that and get that “free” money working for you ASAP.

You are young. Take a little risk. Pick 4 relatively new undervalued companies that you truly believe in and buy and hold.

You might end up hitting a jackpot. Yes, it’s a gamble.

[Jay]

Does your job offer a 401k? If so, I would invest in that up to the match. Free money is free money.

Then save as much as you can in the HYSA for the property.

[Author]

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