I was one of those weird kids that couldn’t wait to graduate from college. I’ve always had a long-term focus and viewed college as a stepping stone. One day during my freshman year, I remember walking to class with a friend saying that I couldn’t wait to graduate and start making some money. My friend turned to me with an incredulous look and confessed he planned to live it up while he could.
On a Mission
Needless to say, I probably didn’t enjoy college as much as others did. I had too strong of a focus on life after college to ensure that I’d reach the life goals that I had set up for myself. I wanted to obtain a good job, get married, buy a house and fill it up with some kiddos.
Of course, what actually ended up happening did not follow the order that I had envisioned. But, I can honestly say I love the way things turned out.
I graduated from college in three years and right after the dotcom bubble burst. As I’m sure you know, there weren’t a ton of jobs floating around at the time. But I obtained one at an insurance company and was making a decent salary.
My Gracious Parents
Fortunately, I was able to live at home with my parents. Even better, they didn’t charge me rent. I convinced them that if I lived at home that I could take the money that I would have paid towards rent and apply it towards the down payment for a house.
They agreed that this was a good plan. I started to save up money as quickly as possible. Within two years, I was able to accumulate $80,000 for a down payment and started to look for houses in my price range.
I quickly learned that the housing market had exploded since I went to college. My parents’ house, which they had bought five years earlier, was now worth three times what they had paid. There I thought I had a great, sizeable down payment to put into a luxury home, and then reality hit me.