Save Initial Payment with airSlate SignNow

Save initial payment

I've got it I gotta make sure I get my people on on Instagram an opportunity to get a shout-out as well you all hear me talk about the Facebook group all the time but I want to want to go to get a question from here this is from JD okay JD says I'm 20 years old and close to being debt-free where is the best place I should put my money to save for a house down payment should I put money away into an IRA and pull it out when I find a house all right JD it's a great question now here's my philosophy we are going to save for things that are three years or less we're going to invest in things that are five years or longer okay now hold on a minute let me say that again I want to say four things that are three years or less I want to invest in things that are five years or longer so I tell people with your emergency fund you want to put that into a money market account and money market account it's gonna be double the rate of savings that any regular savings account would be I'm gonna educate you more on that a little bit later so mindset is I think you're perfectly fine to put home downpayment inside of the money market account where your emergency fund is that's not an issue it can sit there because you know exactly how much you have in your emergency fund right we're gonna know that three to six months of expenses we can do the math and know that that's 18 or 20 grand or whatever that is and so any amount over and above that you know that is for a home down payment now you don't say it in here but JD I have to say this we don't say for a home until we're out of debt that means I've got to attack all the debt on baby step number two now you know we got some new VIPs that are constantly pouring in and listening we've gone international so I got to be careful of just talking about just here in the States we're global now and so if you're new I want you to hear me you want to list your debts from smallest to biggest that means write them down I don't care what it is I don't have to send pesos francs and whatever else there is out there listen debt is debt right if it's it's dumb and it steals from you so list your debts smallest to biggest and that's what we do we attack them that way because getting out of debt has nothing to do with math nothing don't call me about it interest rate it's wrong you know I'm not worried about it right we're gonna get out of debt because it's about momentum it's not about math so you have to get focused you got to get intentional and I get mad so JD pack that money over into your money market account let it sit there stay very intentional and here's the thing don't be scared of working extra to take on to bring in extra money to chase down the home downpayment minimum 10% save for home down payments that's the law as a Hogan law minimum ten right you want a high five then you get to 20% that's home downpayment stuff so we got to be very focused and very intentional