Author Topic: How to proceed from here (new-ish to the workforce)  (Read 1813 times)

Wiggle

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How to proceed from here (new-ish to the workforce)
« on: June 25, 2012, 08:32:22 AM »
Here's my current situation:
Electrical Engineer, graduated about 2.5 years ago, about to turn 27 yo tomorrow.

Gross salary $54000, Take home is about $1380 bi weekly (after 3% matched 100% RPP and 4% half matched stock option deduction).  I'm in Canada.

After all my expenses I'm additionally saving $200 a month into an RRSP and $800 into a TFSA.  I have no debt, minus about $200 sitting on my Visa which I pay monthly.  RRSP has $2700 (some was transferred from a previous pension plan), TFSA about $7000 and a $1000 (mini emergency) savings account.

So here's the deal, I feel like I'm getting a good momentum.  I'd like to get a house, should I wait til I can afford a larger downpayment or go ahead with only 5% to minimize the amount of time I am wasting paying rent?

velocistar237

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Re: How to proceed from here (new-ish to the workforce)
« Reply #1 on: June 25, 2012, 09:11:06 AM »
So here's the deal, I feel like I'm getting a good momentum.  I'd like to get a house, should I wait til I can afford a larger downpayment or go ahead with only 5% to minimize the amount of time I am wasting paying rent?

http://www.mtgprofessor.com/A%20-%20Down%20Payment/buy_now_or_save_first.htm
http://www.mtgprofessor.com/Calculators/Calculator6a.html