Hello fellow Mustachians! I just signed up for this forum today! I wish I knew about Mr. Money Mustache and the FI community several years ago when I was making unwise spending choices. But, alas, here I am. I can use your help, as I feel a little defeated. I am not where I'd hope to be in life. I've been hit with a few personal challenges, but I'm at a point where I want to make my finances and early retirement a priority. I learned about FIRE, MMM and Dave Ramsey last year. As a result, I got my spending in order, saved 65% of my income, paid off my car and student loans and now am debt-free! Whooohoooo!
I would like to save up to buy a house, but the problem is that no matter how I crunch the numbers, it'll take me at least three years to save up for a decent down payment (I want to put at least 20%, preferably more down), closing costs, plus have extra money to buy appliances and furniture AND that includes an inheritance my dear mom left me. I am so grateful I have at least that, but even still, it feels daunting to buy a home where the housing price is between $450k-$600k.
My low rent is only 14% of my income. I just started to invest in Vanguard's VTSAX, but I'll have to put that on hold as I save up for a house. I'm bummed about that because three years is a lot of time, especially for me, who would like to retire in my 50s!
I would like to buy a home with a 15-year mortgage and would like my monthly mortgage payment to be no more than $1,800/mo. If you have any advice about how to save faster, or if I should wait to buy a house and put all my money in Vanguard, I would love to hear from you. Thank you all!