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Special bonus - Get an electronic copy of "Reared In A Tent"
There is no doubt that working hard for things makes one appreciate the end result. This is certainly highlighted at times like we are experiencing with Covid19.
In my early days the first 2,000 pounds was the hardest amount to accrue. The sooner a person commits to a regular savings plan the sooner the money will increase, the sooner the house/investment will happen. At today's rate simply imagine saving $10k a year for 5 years! Breaking that down into real time say if the plan was started at age 23 that would mean by age 28 the savings would be close to the target of $50k. Of course this could all happen sooner depending on the circumstances.
My first purchase was at 23 years of age (I had started work at 16 years of age). This purchase was during a credit squeeze and banks were very tough on who they lent money to and fortunately a Building Society had a little bit of money to lend to a few first home buyers. We were not looking for an ideal house in particular, but a house/land package that fitted into the lending range of the Building Society. Sure, the houses we preferred were too expensive, so we settled for a house that could be made into a family home with the addition of extras over time once we could afford to do so. To keep borrowings down it was better to buy the basic home and add extras like enclose the front patio, cement the garage floor, add car tracks, front fence, and so on. These were done for cash and not adding to the mortgage.
Yeah, no joking, at the beginning we slept on a mattress on the floor, washed by hand, had newspaper for curtains, until the basics were sorted out. This did not hurt us and gave us a sense of perspective. Patience and persistence is certainly required.
** Christmas Special - Click here to get $10 off for 2 copies **Rita Paulos started life living in a tent as her father moved around from job to job ring barking, well sinking, fixing fences...
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