Hudson Valley Happenings Blog : Some Advice For The Engaged Couple

Paddy, It's great advice.  I don't know how many young couples can do it but it serves another point besides saving for a new home.  Unexpected loss of a job by one...I have seen once people rent many times they end up renting forever---I have told my children to do what they have to do to save for their own home.

It is so true Carole.  I know how hard it is but even if they can base things on 1 and 1/2 salaries it will help and they won't be in as much trouble if something goes wrong. 

Gread advice Paddy,  It is a pleasure working with those first time buyers.

All the best!

Paddy ~ This is what my husband and I did right after we got married.  It was the best thing we ever did.  We lived with his parents in their upstairs which we converted into a little apartment.  A year later when it was getting to be a bit too much we were able to buy our own "handyman special", and 3 1/2 years later moved up to our current home.  I think this is great advice Paddy, and if it can be done these days, it's worth the not going out to dinner or movies.

Thanks Kevin

Kathy- you have to have a plan in order to get ahead.  I think people are realizing that saving is the way to go.  I hope so for the country's sake!

Paddy - great advice.  All the homes I have owned the payment was based upon one salary regardless.

Good thinking Mike. 

Good post Paddy...as a father of six, a realtor of many, I'm going to, with your permission copy this letter for them all...What great advice!

I always try to teach young people the power of compound interest and how to use it to their advantage. You know the old story, if they pay $50 to $100 extra a month every month, they'll knock years off their mortgage. And if they sock away the same amount, never to touch it, put it regularly in mutual funds...yes even now...they'll have quite a nestegg for later.

Let's educate the young...they'll be takin care of us someday.

Dave Culbertson, Broker/Owner, Real Living Home Team, Mount Vernon, OH

Hi Dave You are welcome to provide this to your kids and clients. I hope they all read and learn.  You can't get ahead without a little sacrifice. 

Hi Paddy,

Interesting advice, but I'd love to meet the newlyweds that actually "lived" off of 1 salary!

Excellent advice Paddy... folks would do well to be much more conservative with their money.  The rewards, while not always immediate, are worth waiting for.

I did say try Greg<G>

Thanks Jesse. I hope some young people listen.