fromKCtoAZ t1_iy87f3p wrote
It’s difficult to project what five years will look like. A property that is $1.5M now could be $1.75M-$2M in five years.
If the house values and mortgage rates stay somewhat consistent, you will need to save somewhere between $750K-$1M to put as a down payment.
A five year timeline seems doable given your income and current position, but you are going to have to tailor your budget. You will need to save $100K at a minimum each year and probably want to save more for some cushion.
If you put away $10K per month that leaves you with $2K for expenses and $600K in cash to add to your $300K in savings ($900K total). This does not include your bonuses or earnings from your savings/investments.
I don’t think you have to stop living a nomadic lifestyle, but you do need to create a monthly/annual plan to achieve your goal. I personally would tie my travel budget to the bonuses rather than the base salary.
Viewing a single comment thread. View all comments