So you are under 30, getting up in the morning and driving to work to begin an 8 hour workday.

 

You do this Monday – Friday and some even work weekends. You go to a bar once a week to catch up with friends and get a nice buzz.

 

This is fine, I would even encourage it.

 

You have one life and you should enjoy it.

 

But I’m betting that you would like to own your own place one day, decorate it as you like and invite friends over for a Saturday evening soirée.

 

This is what I wanted and I got it.

 

I was 25 when I finally moved into my first place. It’s a small condo located a few minutes from Downtown and I absolutely love it!

 

The Only Way To Own Property Before 28

 

(Not my condo but I own a similar couch!)

 

Do you want to know how I did it?

 

Well let me start off by saying you do not need to make 6 figures to afford a place. I sure wasn’t.

 

I didn’t get a down payment granted for me.

 

I also didn’t deal drugs.

 

But let me tell you what I did do.

 

If you are reading this, I am assuming you have a job.

 

Even an en entry-level job. Lets assume you are making $40,000 a year gross.

 

In Ontario, this will be about $32,000 per year after taxes. This should give you about $2,600 per month.

 

 

So you got an income, now its time for the most important tip of all. The tip that will blow you away. The trick many have used before me.

 

But before I tell you, I want to prepare you.

 

This tip involves lowering your ego, sacrificing a current lifestyle and finally, giving up the young persons most valuable luxury: freedom.

 

You guessed it, if you want to own property before 30, you will have to move back to mommy’s house.

 

That’s right. If you have even the slightest chance to move back to your parents house, do it. Do it with a plan.

 

At $2600 per month, with no rent, a cheap used car and insurance under your parents policy, you should be able to save at least $1800 of that each month. With $800 per month leftover, this gives you enough money to go out occasionally and still enjoy your life.

 

With that $1800, you will have about $21,600 saved up per year. Four years later and you’re looking at $86,400. That’s also assuming you didn’t get a single raise.

 

 

That is 20% of a $400,000 condo. With that, your monthly mortgage will be about $1450 per month, maintenance fees could be around $400 and property taxes will be $180. Hydro should be around $60 per month. Total monthly fees are around $2100 giving you $500 for other expenses.

 

I am hoping that after 4 years, your income is much higher. But this was just a very basic example.

 

The number one reason stopping people from ever affording their own property is rent. It goes up every year and takes away up to 70% of many people’s incomes.

 

If you are a millennial and are able to stay at home for a few more years, do it.

 

You’ll thank me in 2022. Do not move out if you don’t have to. Do not chase the city life. It will come. Save while you can!

 

At what age did you purchase your first property?