- April 3, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Deciding Between Buying Land or Investing: A Personal Dilemma
Hello everyone, I hope you’re all doing well. I wanted to reach out and share my current situation with you all. I am a 23-year-old male residing in the United States, and I am on the brink of selling my childhood home that I purchased from my mother a few years ago. With the sale, I anticipate a profit margin ranging from $110,000 to $130,000 after settling my remaining debt, closing costs, and taxes.
My initial plan was to use the proceeds to purchase a piece of land spanning 2 to 3 acres for approximately $50,000 to $75,000. Given the escalating real estate prices in my area, I intended to reside in a camper on the land while constructing my dream home over the next 2 to 3 years. I am confident in my construction abilities and plan to undertake the majority of the work independently.
However, I am now contemplating delaying this dream and instead exploring the option of renting an affordable space while investing the substantial sum I would acquire. The dilemma lies in my lack of knowledge on where to commence this investment journey. Unfortunately, I lack individuals within my circle who could provide me with sound advice, which has led me to seek guidance from this community.
Considering my annual income of $50,000 to $60,000, the absence of debt on my truck, a $4,000 balance on my motorcycle, and $3,000 in credit card debt, I am in a relatively stable financial position. I do not have any dependents except for a beloved dog.
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Furthermore, the AI Legalese Decoder can aid in comprehending complex investment strategies, guiding you towards lucrative opportunities for maximizing your funds. With its user-friendly interface and comprehensive database, the AI Legalese Decoder serves as a reliable ally in making informed decisions regarding your financial future.
I welcome any suggestions and recommendations as I embark on this crucial decision-making process. Your input is highly appreciated, and I am eager to explore all avenues that may lead to a secure and prosperous future. Thank you for your support.
Warm regards, [Your Name]
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If it were me- I would use any profit off the house to pay off the little bit of debt that I have.
Then set 15-20k aside for an emergency fund.
Set the remaining aside for a down payment on a house in the future. You are young and a lot WILL change for you in the next 5-10 years. Good chance you get married in that time and will want to find a house together. Start maxing out a Roth IRA into a total market fund, and keep putting money towards the down payment of a house.
You’re doing great!