I'm young, 22. I have a fulltime job and I work doing hard labor. I can't put money away, because I don't make enough.
How can I afford to buy land? and build a house without a loan?
It seems so impossible to do anything, and I feel financially stuck.
I don't want any debt. and I've never been in debt.
Best thing to do is get a second job for evenings /weekends. I was able to buy my own home by 24 without any debt doing just that. Don’t support the bankers. Lots of young people waste money on alcohol and entertainment. All you really need is Bible study and some books and you can save a lot of money that way.
If I had all the money that I blew partying I could buy you a house!
Any chance of living with parents for free for 2 years? You can save all of your income. Show them you are making progress on your goal and not just mooching. Its worth a shot.
USDA home loan. No money down, about 5k in closing costs, but you have to live in a rural area. Look into it, don’t throw your money away renting.
Actually.......cities with the highest unemployment are also where the home ownership is high. Especially rural. No downer here, just a fact. It's because people when they need work, sometimes Need to move and can't because they own a home. So make sure you have a skill that is very much needed. At our last residence, so many friends and neighbors lost their jobs and had to move and they let their houses foreclose. Equity down the toilet, but looking at their lifestyle I think they had their homes in hock. We didn't and survived and made a killing when the housing market bounced back. But it was very tough going for about 5 years.
Agree. Not all debt is bad, if you buy things that appreciate. Problem is people buy their dream house and over leverage themselves. Use the debt to your advantage.
Same here and I agree. You can make 6 figures and work from home (less time in traffic = more free time). Also I would NOT buy real estate right now...it's way overpriced. The market will correct and things will be more affordable in a few years IMO.
Get a second income source if you can. If not look for anywhere you can save that is reasonable (eat out less is a huge one).
Don't worry about debt. Debt isn't the enemy, bad debit like credit cards is the enemy.
Buy a house as quick as you can and get a roommate. Roomate covers a good chunk of your mortgage allowing you to save more and still have a place to live. Lots of people get their first rental property doing this.
Find some online college programs, or start your own business.
That fulltime job doing hard labor is not meant to be a career, IMO.
Find things that you can cut out of your life that aren’t essential. You’ll get those things back eventually. Focus on what you want.
Not sure of your location or where you want to purchase land but some desolate locations are incredibly cheap still. Could purchase the land as an investment and just hang on to it for now. Get some traction.
If I could go back and had never bought alcohol or blew money on eating out / dumb shit I’d be in a way better position in my life but I am where I want to be now and I’m happy with it.
This comment is gunna suck but here it goes. There are 168 hours in a week. Cool, you work full time, as in 40 hrs? That is technically less than 1/4 of the week. My grandparents worked their entire life in order to buy their dream house and retire, and yet the younger generations expect to get things immediately that our grandparents and great grandparents worked their whole life to get. I am self employed and work 90 hr weeks and have been running my business for almost 6 years with little to show for it. Just this year I landed a deal that will bring in 125k the first year and upwards of 500k a year by year 5. If I had given up because I didn't see any results then this opportunity never would have arrived. Do the right thing simply because it is right to do, and work your ass off. And yes DONT get into debt, that's how they hold you back. People who say you SHOULD get into debt don't explain that it needs to be debt through assets that you can leverage. Debt needs to provide positive cash flow. Piling debt up onto a credit card only sets you back.
You don't have to answer these publicly, but this is what we would need to know.
What's your current living situation?
Are you renting an apartment?
Do you have roommates?
Do you live at home with your parent(s) and, if so, what do they charge you, if anything?
Do you have a car payment?
What do you make each month after taxes, and what do you have left over after you pay your fixed expenses? What's your food budget? How much do you spend on entertainment?
If I were you right now, honestly, I'd be patient and wait for the housing market to collapse. It's probably just a matter of time.
Unfortunately at this time to get what you want now. Debt is the only way. Otherwise, you will need to work and save eat pork n beans for a long time. The American Dream is mostly only attainable through debt.
Don’t do this unless you want to feed the beast that enslaves us.
No car payment, get a decent used vehicle to get you to point A and B. Don’t rent. Get a small travel trailer, live in that. Second source of income. Buy old cars, equipment etc., resell them. Or, get a second job utilizing a skill like welding, building, handy man, etc. cash money jobs. Don’t buy anything that you don’t need or if it doesn’t make you money. Thrift stores for clothing and shoes, Aldi’ for groceries. Don’t drink, smoke or do drugs. Don’t get a girlfriend or get someone pregnant. I guarantee that if you do this, you’ll be able to get a house by the time you are 27.
Been there, done that. I had 1 full time job and 2 part time jobs. I was too busy to party or eat out. Lots of peanut butter sandwiches to eat between jobs. I opened a 2nd bank account so after bills were paid transferred all I could into that 2nd account and never touched that. Definitely NO credit card use.