Hi all. I'm an Australian so my apologies if any of my terminology or phrasing is out of the norm for the regular users of this forum. Also, for the sake of this conversation I’m a single guy, as far as finances are concerned. 33 years old.
I like to think I've done quite well for myself over the past couple of years. I've come from a background of being around $30k in debt with very little money sense. Since then I've changed my attitude, budgeted hard and totally revamped how I view money and life in general (with a little help from blogs such as this one), debt free with cash in the bank.
These days I'm pretty dedicated. I have done a lot of self reflection and embraced the concept of enjoying the beauty of the world among other things, as opposed to lavish expenditures to supply entertainment. Every dollar is tracked and has a job, and I’m on a 60% savings rate each time I am paid (and looking to improve that further). It’s empowering, life is thrilling because of the control I have over my finances, and it’s a feeling I never want to lose.
I’ve started a small stock portfolio and I love the idea of generating enough passive income so I no longer have to work for a living. Y’know, the dream we all chase or have already achieved.
Having said that, since I have been a kid I’ve always wanted to buy a house. I love the idea of having a space that is mine, and mine alone. A sanctuary, if you will. It’s only now I’m in a position where I’m earning and saving enough that getting together a deposit is a feasible option. I estimate that it will take me approximately 2 more years to save what I would need, at my current rate.
So, I’m a bit conflicted. Will buying a house set me back too far? Will I be shooting myself in the foot regarding my FIRE aspirations?
Do I:
• buy a house, pay it off as quickly as I can (in about 8-10 years, if I buy a conservative property) then resume the FIRE goal afterwards?
• forget my dream of home ownership, continue to rent, invest hard and achieve FIRE in 10-12 years?
• some kind of hybrid - buy a house, make regular repayments and invest the remainder of my spare funds?
Not really sure what answer I expect, as I’m just a stranger on the internet, and I know it’s really up to me to decide what I want more, make a decision and go for it. But I guess if there’s anyone out there who’s had a similar choice to make, I’d like to hear your story and why you chose what you did.