Investing 101...
Saturday evening, I attended a real estate investors meeting. About 20 people were hanging around a real estate offfice shootin' the shit, drinking beer, eating pizza, and playing games. It was a great opportunity for me to hear the experiences of others whom are doing exactly what I hope to do.
Again, it comes down to capital.
While Rebecca and I have a little money saved, we have nothing that would put a dent in a down payment, closing costs, holding costs, and repairs. A bundle of forclosures have made it that much harder to obtain a mortgage in Colorado, meaning the 10 - 20% needed for a down payment on a $250,000 home is out of the question.
There have to be creative ways to get started.
I mentioned to a gentleman at the investors meeting that I was simply there to soak up information, and that I like to be overprepared, as opposed to under.
His reply struck me.
He said, "just don't get into 'analysis paralysis,' meaning three years down the road, you still haven't bought anything."
The route I'm going, it might be 10 years.
If there's one thing I did learn, it's that I have absolutely no clue.
Again, it comes down to capital.
While Rebecca and I have a little money saved, we have nothing that would put a dent in a down payment, closing costs, holding costs, and repairs. A bundle of forclosures have made it that much harder to obtain a mortgage in Colorado, meaning the 10 - 20% needed for a down payment on a $250,000 home is out of the question.
There have to be creative ways to get started.
I mentioned to a gentleman at the investors meeting that I was simply there to soak up information, and that I like to be overprepared, as opposed to under.
His reply struck me.
He said, "just don't get into 'analysis paralysis,' meaning three years down the road, you still haven't bought anything."
The route I'm going, it might be 10 years.
If there's one thing I did learn, it's that I have absolutely no clue.
Labels: Money
I absolutely hear where you are coming from bro. I'm trying to take a simple, long term approach myself. I'm saving >10% in my 401k (where my job will match the first 6% dollar for dollar).
I'm using my company stock purchase program as basically a 6 mo savings account. While I would have made a lot of money if I had gotten into it earlier and not sold any, I don't want to hold a huge amount of stock in just one company even if I do work for them.
I have set up a conservative 529 savings account for Evan that is state tax deductible. Our credit card debt has been more than cut in half and is managable and low interest. The one thing we are failing at so far is saving the recommended 3-6 mo of cash for emergencies. Since we will have to move a couple more times in the next 5-10 years, I'm not sure it makes sense to buy a house again unless I'm sure the market in the region I move to is stable.
I absolutely feel your need to analyze and plan. I'm fighting the urge and just trying to keep it simple. I'm trying to get all of the basics covered, and maybe once I feel set, I'll think about investing in other ways.
Posted by
Anonymous |
May 9, 2007 at 7:18 AM