I'm 22 and plan to buy a house soon. The only problem is, is I also want to be able to contribute to my retirement savings. I'm currently contributing 10% of my income to my 401k which my employer also matches 70% on the first 10%. I recently just opened a Roth IRA and deposited $2500 into it and making $200 deposits monthly. My question is how do you prioritize all these? I mean, I will continue to contribute 10% to my 401k regardless but I'm trying to figure out if I should put my extra money towards mortgage payments to reduce the overall interest I'd have to pay, or keep contributing to my Roth IRA and let it grow. The thought of owning a home with no mortgage sounds awesome to me but I know I will be missing out on compounding interest over many years in my Roth IRA. But at the same time I will still have my 401k which I'll be contributing 10% with employers 70% on first 10%. Should I just rent an apartment or buy a house? Financially I'm doing well with about 30k in the bank and 14k between Roth and 401k, and a car valued at 14k. I'm currently living at home. I'm just looking to weigh my options here. Advice? How would you prioritize?
Read more: Buying a home vs Saving 401k vs Saving Roth IRA, how do you prioritize?
