My brother-in-law gave me $15K for my 19th birthday and called it “pocket money.” I’ve never invested before, so I’m not sure if I should put it somewhere or just enjoy spending it.
My brother-in-law gave me $15K for my 19th birthday and called it “pocket money.” I’ve never invested before, so I’m not sure if I should put it somewhere or just enjoy spending it.
Definitely save it somehow. That could be a down payment for a house.
$15k? In this economy?
How much is a typical mortgage downpayment?
20% of the price is typical and horribly out of reach with how expensive housing is
I put 3.5% down.
What’s the typical price
Still, 15k invested now while OP is 19 could be helpful in a decade.
Oh yeah, absolutely
More like 100k
So the house would be 1 million USD???
Take a look around https://www.zillow.com/us/
You can probably get a small house for 200k-300k in “middle of nowhere” parts of the US, but if you want to be in the vicinity of a big city (which is typically where most of the best paying jobs are) you will need more like 500k for a small house, and in the most popular areas (like the areas around Sam Francisco, Los Angeles, Seattle, Washington DC, Boston, or New York City) you might need more than 1 million.
By “small house” I mean like at most 3 bed 2 bath.
Even if you are going for a 200k house, you’ll need at least 40k for the down payment.
That would be 0.5 million USD (20% down payment), which is about how much a house costs in many parts of the US. In the most popular areas, 1 million USD is how much a modest house costs, and you’d need at least 200k for the down payment.
It depends on whether people actually want to live where you are buying the house.