401k: 40k (Target date fund) Roth IRA: 45k (mostly FXAIX) HSA: 5k (Target date fund) I-bonds: 20k Emergency Savings : 50k cash in HYSA 4% No debts, no loans. Started maxing out 401k, HSA, backdoor and mega backdoor Roth last year and plan to max all out this year, would get there in the next 4-5 months. My rent is ~3.5k in HCOL so I plan to buy in the next 2 years. Would need massive down payment in cash(200k-300k) so conflicted whether I should just save as much cash as possible in HYSA, or open a brokerage account to buy some index funds or Vanguard funds which I would need to sell in 1.5-3 years whenever needed for house. (With current macroeconomic conditions and incoming recession, it is possible that I might lose huge chunk of money if I put it in a brokerage account by the time I need to liquidate to buy a house) TC : 300k, YoE : 5 (Just got to that TC last year, have only been able to save and invest for <2 years) This is not a humblebrag, I recognize I was extremely fortunate to be in this situation and compared to the average American I'm doing way better. However this net worth is still peanuts compared to blind users, so curious to know what you all would do in this scenario. I'm all ears. #mortgage #housing
“Humblebrag” lol. You will struggle to buy anything with that TC and liquid cash. You are actually quite poor for attempting homebuying
Typical out of touch blind incel. 300K is a hefty salary regardless of where OP lives. OP can easily afford a million dollar house in a couple years
Depends on if he can make the payments and if housing values and rates don't increase while he is saving. I would just keep renting and buy up property to hand over to property management companies to handle in cheaper areas.
I need to uninstall blind judging these comments. “Poor for your age” are you serious
What did you do up until now? How did you spend your money? With your TC, I'd expect you to have at least $500k NW by now.
Only just got to that TC last year, was a graduate student and worked low TC jobs before
You can't expect any investment miracles in the short term, the best suggestion I'd have for you would be to reduce expenses. I'm also in HCOL, bit your monthly rent is already more than my monthly expenses. Other than that, find a partner with similar earning potential (better if they come with more NW). This will double your purchasing power.
Folks who are voting for VTI, will it be a significant gain in 2-3 years? If yes, how much should you start with?
I started VTI when S&P was 4800. I am still negative
OP - if you are ok with sharing space, getting a roommate or living in with partner can help save quicker for your target too. Besides that, you are doing fine. Most people I know targeted 30 for house buying in HCOL.
Thanks! I'll consider it yes, as another commenter said the only way is to reduce expenses, no short term miracles
Did you just start saving or just land your current job? Would’ve expected more saved at that TC at ur age
Only just got to that TC last year, was a graduate student and worked low TC jobs before