Hello all:

I'm   a 33 y/o male living/ working in NYC. I'm employed in the legal   industry. My salary is approximately $150K per year. I would like to   start effectively saving for a home (preferably multi-family). I would   like to stay in NYC long-term. However, I'm also open to surrounding   suburbs.

Regarding assets, I have   approximately $2,700.00 in checking; $68,600.00 in savings ($13,000.00   of which is set aside to help pay off my upcoming wedding); $5,520.00  in  a brokerage acct; $40,000.00 in a Roth IRA; $45,000 in a Traditional   IRA; and $13,800 in an HSA.

Regarding   liabilities, I pay $900 a month for rent; I typically carry $1,500 in   credit card debt (which I pay off at the end of each month); I have   approximately $69,000 in student debt (which I plan to dump my savings   towards once repayment starts); I also will be taking over payment for a   Parent Plus loan in my mom's (70 y/o) name (the balance of which is   $98,000.00).

Otherwise, I drive a   crappy old car and try to maintain a low cost lifestyle, although I do   travel for 1-week vacations about 2x per year. I recently became   eligible for my job's 401K program and plan to max it out.

Do   you have any advice on how I can better arrange my finances and start   saving up for a down-payment on a home? My target is 20% on a $900K (or   less) home. Obviously, prices in the NYC-metro are insane. However, it   is where all my family is located.
Hello,

Based on your information, it's great that you have a clear goal and that you are actively saving and investing. Here is a personalized plan to help you save for your home:

1. **Budgeting**: The first step to saving is always to know where your money is going. A clear and concise budget will help you understand your spending habits and identify areas where you can cut back.

2. **Debt Repayment**: You mentioned that you plan to dump your savings towards your student loan once repayment starts. This is a great plan, as it will help to reduce the amount you pay in interest over time. However, you also have a Parent Plus loan. Depending on the interest rates of your student loan and the Parent Plus loan, you might want to consider paying off the one with the higher interest rate first.

3. **Max out your retirement contributions**: You stated that you recently became eligible for your job's 401K program and plan to max it out. This is a great move as it allows you to save for retirement in a tax-efficient way. 

4. **Down Payment Saving Plan**: Given that you want to save for a 20% down payment on a $900K home, you would need to save $180,000. If you hope to buy in 5 years, you would need to save roughly $36,000 per year or $3,000 per month. Right now, after considering your rent and credit card payments, if you are able to save/invest about 40% of your income, you should be able to reach your goal.

5. **Emergency Fund**: Make sure you have 3-6 months of living expenses set aside in an easily accessible account. This will provide a financial safety net in case of unexpected expenses or loss of income.

6. **Invest**: Any money that you are saving for your down payment that you won't need for at least a few years could be invested in a low-risk portfolio to help it grow. However, keep in mind that all investments come with risk.

Remember, everyone's financial situation is unique, so what works for one person might not work for another. It's important to regularly review your finances and adjust your plan as necessary.
### Human
Hello all:

I'm   a 33 y/o male living/ working in NYC. I'm employed in the legal   industry. My salary is approximately $150K per year. I would like to   start effectively saving for a home (preferably multi-family). I would   like to stay in NYC long-term. However, I'm also open to surrounding   suburbs.

Regarding assets, I have   approximately $2,700.00 in checking; $68,600.00 in savings ($13,000.00   of which is set aside to help pay off my upcoming wedding); $5,520.00  in  a brokerage acct; $40,000.00 in a Roth IRA; $45,000 in a Traditional   IRA; and $13,800 in an HSA.

Regarding   liabilities, I pay $900 a month for rent; I typically carry $1,500 in   credit card debt (which I pay off at the end of each month); I have   approximately $69,000 in student debt (which I plan to dump my savings   towards once repayment starts); I also will be taking over payment for a   Parent Plus loan in my mom's (70 y/o) name (the balance of which is   $98,000.00).

Otherwise, I drive a   crappy old car and try to maintain a low cost lifestyle, although I do   travel for 1-week vacations about 2x per year. I recently became   eligible for my job's 401K program and plan to max it out.

Do   you have any advice on how I can better arrange my finances and start   saving up for a down-payment on a home? My target is 20% on a $900K (or   less) home. Obviously, prices in the NYC-metro are insane. However, it   is where all my family is located.

### Assistant
Hello,

Based on your information, it's great that you have a clear goal and that you are actively saving and investing. Here is a personalized plan to help you save for your home:

1. **Budgeting**: The first step to saving is always to know where your money is going. A clear and concise budget will help you understand your spending habits and identify areas where you can cut back.

2. **Debt Repayment**: You mentioned that you plan to dump your savings towards your student loan once repayment starts. This is a great plan, as it will help to reduce the amount you pay in interest over time. However, you also have a Parent Plus loan. Depending on the interest rates of your student loan and the Parent Plus loan, you might want to consider paying off the one with the higher interest rate first.

3. **Max out your retirement contributions**: You stated that you recently became eligible for your job's 401K program and plan to max it out. This is a great move as it allows you to save for retirement in a tax-efficient way. 

4. **Down Payment Saving Plan**: Given that you want to save for a 20% down payment on a $900K home, you would need to save $180,000. If you hope to buy in 5 years, you would need to save roughly $36,000 per year or $3,000 per month. Right now, after considering your rent and credit card payments, if you are able to save/invest about 40% of your income, you should be able to reach your goal.

5. **Emergency Fund**: Make sure you have 3-6 months of living expenses set aside in an easily accessible account. This will provide a financial safety net in case of unexpected expenses or loss of income.

6. **Invest**: Any money that you are saving for your down payment that you won't need for at least a few years could be invested in a low-risk portfolio to help it grow. However, keep in mind that all investments come with risk.

Remember, everyone's financial situation is unique, so what works for one person might not work for another. It's important to regularly review your finances and adjust your plan as necessary.<eos_token>