My wife and I saved $60,000 last year.
In total, we now have around $70,000.
We are both 33 years old, we don't have any children, and together we earn $160k per year after tax.
We rent a house and have a car loan. We still have $24,000 left to pay off at 6% APR. The monthly payment is around $700, which is manageable for us.
We don't have any investments in the stock market.
I’m wondering what to do with the money next. We're considering buying a house (we're currently renting).
Would it be better to put $60,000 towards a down payment or perhaps put $30,000 towards a down payment and invest the other $30,000 in ETFs?
We live in the Dallas-Fort Worth area, where the cost of buying a new house about an hour from Dallas/Fort Worth is between $300k and $400k.
What do you think, guys?
I'm not looking for a ready-made solution, I just want to hear what others have to say to get a broader perspective.