You've got a promising career and are making quite a lot of money. You're an ambitious person, you know your path, and you're on it. You have high hopes in life and have so many dreams for yourself— one of which is to have a place of your own. So you're feeling ready to step up to the next level and make some moves toward becoming a homeowner for the first time in your life.
However, a lot of factors in life may be keeping you from pursuing your goals. In addition, you are reaching a point in your life where you need to start making big financial decisions such as buying a place to live.
When making any big purchase, you need to be ready and make yourself financially fit as with any process. Essentially, the sooner you start planning, the better your plans will be.
If you're like most millennials, you'd like to own a home someday, but life has gotten in the way. However, you know that if you buckle down and get your financial plan settled, it won't be long before you have a home and an investment of your own. Homeownership isn't an end goal; it's part of a ladder to financial freedom.
Plan Your Finances
First things first, you must plan your finances. Today, take a moment to ask yourself if your current financial situation has put you on the path you want for your life. Creating a budget ultimately answers whether or not you can afford to own a home today.
Word of advice is that you ought to keep your housing expenses under 30% of your budget. This means you will need to keep tabs so you can stay within your range and goals.
There are lots of ways of doing financial planning. You could do it yourself, hire a financial advisor or even learn as much as you can. With a clear financial picture, you will be on your way to achieving your dream of becoming a homeowner.
Going the extra mile may seem like a lot of work and maybe even daunting right now. However, preparation is essential for homeownership.
Plan Your Relationships
You are what, in your 30's or 40's? As a young adult, you do have a lot of dreams. And whether you think about it or not, it will involve a lot of people. It's also common in this stage to figure out your next move, whether building your own business, trying to settle with your special someone, or having a baby. It could also mean making new friends, expanding your network, or leaving home to start your life and career.
These are ultimately big decisions, and the people you will be spending your time with can ultimately affect your end goal.
Your business and life partner need to have the same intentions and vision for their life as you do. For example, would your partner be willing to build together with you, or would he instead grow independently? When it comes to the planning of owning a home, you must know what you are doing and who you are doing it with.
Your relationship may either help you or prevent you from reaching your goal. So you may want to plan that out too.
Plan Your Next Five Years
Speaking of planning, I think it's imperative to envision the next five years of your life too! You can map out your aspirations for the next five years now that you are entirely aware of what goals you want to achieve and how much money you plan to earn.
But how will you get there? You can achieve anything with a well-thought-out plan from your next holiday, owning a car, or simply living life in your own home. It is how you set your goals that determine how soon the change will happen.
Once you have your five-year plan completely sorted out, you can now evaluate short-term plans and objectives. You may want to keep a journal to track your progress. This can help you see what has worked and where you're falling short.
Before you know it, you will have achieved some of the goals you set for yourself. Make sure that whatever these goals are, your budget, family, and community are ready to support all your needs!
We only live once, but once is enough if we can sort things today.
Get started on building the life you deserve with an end goal of living your own life on your terms right within a helpful, safe, and beautiful residential neighborhood!
Empire East Highland City is a 22-hectare uphill community along Felix Avenue in Pasig-Cainta, which is master-planned to have four distinct phases to support your every dream and lifestyle!
The Highland Park offers a huge space for fun and leisure with the whole family. This community also has a Highland Mall that supplies the community's essential needs. The Chartered Club will be the members-only sports and fitness center. The Highland Residences shall offer spacious residential suites ideal for your growing dreams!
Grab hold of our extended Home Opportunity Alert Promo that offers residential suites for as low as P9,000 monthly!*
Terms and conditions apply. Contact inquiry@empire-east.com and follow @empireeast on Facebook, Twitter, Instagram, and Youtube today!
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