Hello, I love the page! I am a bit conflicted on whereas how I should go forward with my personal investing. I appreciate all input I can get.
A little backstory; I (21M) currently live in a rental apartment in Sweden with my girlfriend (20F). I work in a steel plant and make about 2800$ a month after taxes. The rent is about 800$ a month and we split the cost of it and other necessary goods (food, insurances, car etc.) I currently save about 1000$ – 1500$ a month and put the money in index funds.
So here’s the dilemma, if I would take a loan to buy an apartment for about 60 000$ – 200 000$ dollars I would save about 5000$ a month just in rental cost (the total cost of the apartment varies depending on if you want a great location or not with higher price developments). In Sweden we currently pay about 1.8% of the loan in interest a year. Of course there are other costs like mortgage etc.
So the question is, should I keep investing in the stock market for a couple of years or should I wait one to two years, save my money in the bank for the down payment and buy an apartment? Thank you, appreciate the great content.
How are you going to save $5k/month in rental cost if you’re only paying $800 in rent/mo?