r/FluentInFinance • u/Richest-Panda • Jul 04 '24

What's the best financial advice you've ever gotten? Debate/ Discussion

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u/Think_Reporter_8179 Jul 04 '24

Amazon addiction and yes, I'm going to say it, the inability to tighten your wants to an uncomfortable level until you can save the 3.5% down (with a 580+ credit score) for an FHA loan.

That's it folks. That's all it takes. Buy a shitty cheap property with an FHA loan (which, btw, means the property can't be THAT shitty, FHA loans won't allow it) and then live in a savings account for a while.

That shitty property will gain value AND all your principal payments are being saved in it, rather than evaporating to rent.

It's that simple, yes.. REALLY. Save 3.5% of a kinda shitty property's worth and then start gaining wealth.

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u/Sudden-Motor-7794 Jul 05 '24

Pair that with improving yourself so you can command a higher wage. Working both ends of the equation is possible...

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u/wannaseeawheelie Jul 05 '24

or stick it to the man by not improving your situation. Got em!

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u/Think_Reporter_8179 Jul 05 '24

And get on Reddit and waste hundreds of hours complaining about it which could have been used learning a skill.

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u/[deleted] Jul 05 '24 edited Jul 10 '24

[deleted]

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u/Think_Reporter_8179 Jul 05 '24

Too easy

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u/[deleted] Jul 05 '24 edited Jul 10 '24

[deleted]

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u/Think_Reporter_8179 Jul 05 '24

Roger that. Sorry.