I would appreciate some insight/ideas on what we should do.
Back-story. We’re in our early twenties, married, two children under two. Live in a place that we are 95% confident we will stay in as we love it, have a great community and both our families live here. We have no debt at all. Our yearly expenses are about $35,000 (rounding up). We currently save $54,000 - $70,000 a year. We already have way more than 6 months of living expenses available plus around $40,000 sitting in a savings account, which is growing.
Here’s the problem:
1. We would like to invest but know nothing about it.
2. We’re very interested in rental houses as an investment but are unsure at what time to get that started.
3. We would like to own our house as well but are also unsure when we should take the step to buy. Should we get a mortgage? Wait until we can pay outright? We currently rent a small 2-bedroom house for under $950 a month and have great landlords who are happy for us to stay as long as we want to.
Any thoughts would be appreciated!
Thanks!
Lena