Dear Beyond,
I'm a young 20-something with a starting career and decent pay. I have enough income to start saving up and possibly live out my dream of:
- Seeing the world as much as I can
- Having a house and two cars
...Possibly in the next 3-5 years for both dreams to come true.
With that, I calculated that I can afford a house with my current salary and have some money left over for expenses, retirement, etc.
Right now, I'm putting little retirement money (<$300 altogether/month) in my own TFSA, Mutual Funds RRSP and a work TFSA/RRSP. The rest is paying off my outstanding debt by the summer of this year (Kids will be kids, right?) and actual savings in my savings account.
After July, I have no obligations.
Nothing.
My dilemma is, I can either start saving for a trip this Christmas or a downpayment for a house.
As a 20-something, which should I focus on more: thinking about retirement or going on trips and shit?
I can try and do both but it's usually one trumping the other.
I live with my parents because I'm on field duty most of the time so no point in buying a house or renting an empty place right now.
Beyond ballers, please help.
Sincerely,
- Fork in a Road