Throwing it all away
One of my good friends recently told me that she is looking to buy a condo within the next year. At twenty-four-years old, I am proud of her ambitiousness. When i was younger (granted I am only 25 now) I never realized how smart it is to actually own your own home. Growing up in suburbia, I just assumed that everyone owned their houses. I remember the first time my mom and I lived in a rented home…it seemed so wierd to me. I just didn’t understand the difference between renting and owning. Now, with a mortgage of my own, I am starting to get it. Sure, I still write “rent” checks every month that are considerably higher than actual rent, but I am building equity. I will admit that I still don’t understand it all fully but I am proud of my home and the fact that I own it.
There’s a quote that says “youth is wasted on the young.” How true. We don’t truly realize the advantages of saving for a home until we are older and we have wasted so many years of saving that can really add up. My advice–when you write your rent check, try to put at least that same amount in a savings account for your future home. And if you can put more in, do so. Don’t throw your money away on rent for the rest of your life!
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