What are ways to save Money in order to buy a house in 3 to 4 years from now?

Question by jaysea<3: What are ways to save Money in order to buy a house in 3 to 4 years from now?
I am currently a college student.
I will be graduating 2012.
I was wondering what are ways i can be saving money in order to buy a house in three to four years from now.

Also any jobs i should apply right now that i could earn more money.
Thank You

Best answer:

Answer by jonpierre56
I am a college freshman as of now as well but won’t be next semester. I will be joining the USAF because I will always have a guaranteed income even when the economy sucks, I also want to do new things rather than sit around in a classroom learning about things that have no use in real life. (Like art from the Renaissance) Besides, with the economy the way it is even a college degree won’t guarantee you a job.

That is a little off topic, but here’s the deal. While you are a full time college student for 4 years, you CAN work a part time job, but it’ll probably be at some place like McDonalds or Wal-mart, or some other minimum wage job that hires teenagers with no job skills or work experience. You will not make that much money, but at least it’ll be something. Remember that the time it takes being in college is lost income.

Example: You don’t work at all through your whole 4 years of college. Meanwhile you are getting into debt instead of potentially earning money had you been working full time. A house is a major purchase, and you will not be able to save nearly enough for the cost of a home, especially on a part time, minimum wage income. Pretty much everyone has to take out a loan to pay for a house.

Know better? Leave your own answer in the comments!




One Response to “What are ways to save Money in order to buy a house in 3 to 4 years from now?”

  1. Don says:

    I am sure you know that the only way to “save money” is to spend less than you earn, so what you are really asking is how to invest your savings over the next few years to maximize its growth.

    Since you are young you can be fairly aggressive. I would open an account at an online brokerage company. Buy index funds that have little or no transaction charge to purchase shares. An example would be a S&P 500 index fund, but there are many different types depending on how you want to invest. If the stock market continues to grow over the next couple years you should do way better than putting your savings in the bank!

    Also don’t forget that if you have a good job when you graduate you can buy a house with less down payment. But do not be overly concerned if you can not buy a house right away. Most people do not buy a house right out of college, that is why there are so many apartments :)

    Finally, I hope you know that the study of the arts is very useful in life (this is a comment on one of the other answers, sorry). Adults benefit from a variety of activities ranging from hard work to relaxation. In fact we do our best and most productive work when we are refreshed by recreation. Having an appreciation for the arts can be one of your best paths to high performance in other areas of your life.