first time buyer - need help for financial planning

Guest 0.10 Dollars($)

hi, I'm 25 and have been working for the past 2 years, full time job making around $50k yearly. I have a car loan worth $15000 and I do pay extra towards the principal every month. I'm planning to do something with the rest of my money but what to do? I was thinking of buying a home sometime next year and can save funds for down payment. But what about mutual funds? I'm already contributing to my employer's 403b?

larry · Joined: 27 Jun 2007 Posts: 3074 431.95 Dollars($)

Hi Ponting,

Welcome to the forum.

If you want to buy a home "sometime next year" then you should concentrate to improve your credit score so that you can be approved for the best rates and terms.

Regarding "employer's 403b" you can check out this article at http://www.irs.gov/publications/p571/ch01.html

Hope this helps you.

Feel free to ask if you have any further questions.

Best of luck,
Larry

Guest 0.10 Dollars($)

larry, ponting has already started off with 403b program, so i guess he knows about it, anyway i hope the page you referred will be of help to Ponting.

Besides, a 403b account, you can also contribute to a Roth IRA which gives you the flexibility to access funds from it for up to $10,000 without having to pay penalty. And, you can utilize the funds as down payment for your first home.

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