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Radical Personal Finance

985: How to Save Up A Down Payment to Buy Your Own Home

Radical Personal Finance

Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP

Self-improvement, Business, Education, Investing

4.21.9K Ratings

🗓️ 27 December 2023

⏱️ 30 minutes

🧾️ Download transcript

Summary

This audio was recorded as part of a recent Friday Q&A show, just before Christmas. There were two callers, but I made an error in my analysis in answering the first question, so I have excised that call from the show. But I think you'll enjoy this call dealing with how to save up money for a house.

Joshua

 

Transcript

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0:00.0

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0:28.8

We move on to Kansas. Kansas, welcome to the show. How can I serve you today?

0:34.3

Thank you. Thank you, Josh, for taking my call. I have a quick question about how to, I guess,

0:40.4

accumulate a large sum of my decent down payment on the house.

0:44.8

Our income on a yearly basis is pretty good, but I'm just not seeing how we can both live comfortably now and save a good enough down

0:56.6

payment without making a huge sacrifice like moving in with family or a huge decrease in

1:02.4

lifestyle.

1:03.0

So I was wondering if you could advise on how some people might get this done.

1:07.0

So the question basically is how could we free up more money in our budget so that we could

1:12.0

accumulate this big chunk of money, right?

1:15.8

Yeah, or even make more money. I mean, like my career, but I could do better do better I guess household income is about how much

1:29.6

Girls one or one oh what?

1:34.0

108? Great. And your normal monthly living expenses in your current lifestyle are about how

1:40.0

much?

1:42.0

Uh... how much? Uh, maybe, maybe, modestly we could, we could get by maybe about 5500 and how old are you and your family?

1:59.2

38 wife is 38 you're married and both of your 38 do you have children? We do, yes. How old are your children?

2:09.0

One is out of the house, so three in the house, 14, 12 and 11.

...

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