Hello all,
I posted this on bogleheads to get some advice but also wanted to pose the same question here to get more physician's advices. (WCI please let me know if not appropriate to post same thing on the different forums and I will not do it again)
We live in an area with HCOL with an insane housing market . No kids but planning on it in the next 12-18 months. I am 31, wife is 36.
I just started my first real job. Yearly income for the next 2.5 years will be around 300k. Afterwards, salary will increase to somewhere around 400-450k.
Our current networth is around 150k. Only debt is aprox 35k (two car loans). No student loans anymore (yay!).
We are currently renting (2600 a month). Other expenses aside from rent and car payment are in the vicinity of 6k per month.
As many people out there, we would love to own our home. Homes in our preferred neighborhood are on the market for around 700-900k. And these are not mansions, just regular homes. The McMansions go for > 1.3 million.
If we were to signup for this insanity and purchased a home for that price (700-800k), would I be ruining my chances of achieving Financial Independence early in my career (say within 15 years)? Would I be committing myself to an "ordinary" retirement age at 60 or 65? Or could I have it all - have "the house" and be financially independent in my late 40s?
I posted this on bogleheads to get some advice but also wanted to pose the same question here to get more physician's advices. (WCI please let me know if not appropriate to post same thing on the different forums and I will not do it again)
We live in an area with HCOL with an insane housing market . No kids but planning on it in the next 12-18 months. I am 31, wife is 36.
I just started my first real job. Yearly income for the next 2.5 years will be around 300k. Afterwards, salary will increase to somewhere around 400-450k.
Our current networth is around 150k. Only debt is aprox 35k (two car loans). No student loans anymore (yay!).
We are currently renting (2600 a month). Other expenses aside from rent and car payment are in the vicinity of 6k per month.
As many people out there, we would love to own our home. Homes in our preferred neighborhood are on the market for around 700-900k. And these are not mansions, just regular homes. The McMansions go for > 1.3 million.
If we were to signup for this insanity and purchased a home for that price (700-800k), would I be ruining my chances of achieving Financial Independence early in my career (say within 15 years)? Would I be committing myself to an "ordinary" retirement age at 60 or 65? Or could I have it all - have "the house" and be financially independent in my late 40s?
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