What more can i be doing as a 30yr old?

Submitted by tryinghardtolive92 t3_yieewl in personalfinance

Hello everyone,

I am panicking and going a little insane.

Help me clam my mind.

30 yr old just turn. Net worth 565k live at home and make 62k a year plus some 10k aside.

I have saved 100k for down-payment on a 2 fam.

Last 3 years i got beaten when making offers.

I have a BA in finance and minor in econ.

No debt and 805 credit score.

I live in NJ and its hard to make sense on buying here vs staying at home.

I know i cant live at home forever. I wanna make the most out of my situation.

I want to own a home but rates and prices are still high and im sick of waiting.

I was thinking of

  1. Buying a business using sba loan with 10 to 15% down.
  2. Start a second business
  3. Move down south and start over there. Buy a place their and start investing in real estate.
  4. Buy a rental in near by PA and stay home in NJ.

Not sure if im being impatient or my anxiety is kicking it but now being 30 i feel pressure like you wouldn't believe.

What should i be doing in my situation?

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b2getto t1_iui7ezi wrote

Go rent and live on your own. At 565k net worth and 30 years old, it's astounding that you're living with your parents. Living alone won't help you grow financially as quickly, but it'll help you grow emotionally and mentally.

Honestly in shock that you have more than half a million and you're still with your parents

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tryinghardtolive92 OP t1_iui7q13 wrote

My mother and grandma dont come from money at all and said to travel and take risk and chances while im living home which is their gift to me.

I want to move out but dont see how paying 2.2k a month to do the same thing im doing now is worth it from a financial standpoint but emotionally yes i agree

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Stl-hou t1_iui89qc wrote

I know people who have lived at home even longer than 30 (cultural).

What is the pressure you have?? Who is pressuring you? It sounds like it is self-inflicted. If you buy a home, you will still have pressure, in a different way (to pay the mortgage, fix broken things, replace roof, etc). Just relax and don’t overthink.

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tryinghardtolive92 OP t1_iui8k7b wrote

I am myself to be honest. I had opportunities in 2018 and got cold feet cause i felt i wasnt good enough. Now i feel like i miss the boat and im not sure how to let go of the regret. It's depressing me and keeping me up at night.

I think once i have the house i can move on to the next goal and not worry anymore.

I am over thinkint cause i wanted this for so long and feel like where i live makes it nearly impossible to get one that works financially

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Stl-hou t1_iui93p9 wrote

You don’t have a deadline to buy a house. It is not like you are getting kicked out. Just wait until real estate settles down then re-evaluate. You are in great shape financially.

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tryinghardtolive92 OP t1_iui99dp wrote

I just hear this voice in the back of my head that i can do more and should be doing more. Like a fire in my belly telling me go go go do something more

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Stl-hou t1_iuiajy4 wrote

How is your social life? You are already good with your finances, obviously good habits got you to this point in that regard. Maybe concentrate more on your social life (not meaning blow money away).

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AirbladeOrange t1_iuib2zy wrote

Why are you panicking? You are young and have a huge net worth. Just move out and rent an apartment. Follow the prime directive flowchart in the wiki. One step at a time.

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thecatcalledred t1_iuikxz1 wrote

Ok so this is a rough market.

Interest rates skyrocketed leading to the start of a drop in home prices. So now if you buy you’ll be paying a high interest rate and can expect to lose a lot in value in the next 1-3 years.

This is one of the sharpest increases in interest rates since the late 70s.

I’m not saying to wait until rates are back to 4%. Back then it took like 5-10 years to return to pre hike levels. But I do think it’s good to wait a bit for prices to drop a bit. You’ll likely get a higher interest rate but I’m hoping rates stabilize in the next few years (I doubt it’ll be 2% soon but maybe sub 5% in a few years). So you can eventually refinance but don’t expect to be able to do so in the near future since you’ll have no equity.

So… financially speaking, I wouldn’t rush to buy.

However, the converse is that you need a home anyways. If you want to buy something that you’ll definitely inhabit for 10+ years, you can go for it.

I’d still recommend renting for a bit. Be on your own and live free a bit.

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LiamTheHuman t1_iuierjh wrote

How the hell did you make so much net worth in so little time?

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tryinghardtolive92 OP t1_iuiezry wrote

I started at age 18. I work like a mad man doing side businesses, and took Lots of risk. Stayed at home saved invested etc.

Every personal finance book, real estate and biz book i read them all, some even twice.

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thecatcalledred t1_iuijgpq wrote

Very impressive at that salary. I imagine at 18 you earned less.. good for you!

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LiamTheHuman t1_iujbam9 wrote

Ya plus a degree which would have cost a decent chunk and occupied 4 years of that time.

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