By 25 years, an American managed to buy a house and travel the world - ForumDaily
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By 25 years, an American managed to buy a house and travel the world

Photo: Twitter / @ navigate_abroad

A resident of Washington (DC) Haley Andrews is 25 years old, but she has already managed to buy her own home. In addition, she constantly travels the world and maintains a travel blog. Navigate Abroadwhich tells about interesting places around the world and gives tips on how to more conveniently and economically go there.

The story of how she succeeded, she told in her blog for Huffington Post.

Hayley decided to destroy the widespread view that young people do not want to buy housing because they prefer traveling. The girl believes that owning a home does not interfere with tourism at all.

Owning a home does impact her long-term travel planning, she said, as it requires finding a tenant while she's away or otherwise taking care of the property. But at the same time, real estate is a very profitable investment that can bring additional income to the owner at any age.

Haley began to look for ways to save money a few years ago in order to fulfill her own home and travel dreams. She is now 25 years old, in 2016 a year she has visited seven countries and bought a new condominium.

Photo: Twitter / @ navigate_abroad

The secrets of saving from Haley Andrews:

Save as much money as possible.

Assess your monthly income and expenses, create your savings plan and stick to it. There are plenty of ways to save more money, including cutting out your Starbucks coffee, canceling a few subscriptions, or cutting back on food. To get started, she started tracking all her expenses using the Trail Wallet app and was shocked to discover that she was spending $75 a month on videos on Hulu, Netflix and Amazon. She also spent more than $400 a month on food, with the main expenses coming from eating out at restaurants, going to the bar on the weekends, or ordering takeout when Haley didn't feel like cooking.

As a result, she canceled some of her subscription to video services, began to prepare food at home, allowing herself to dine in restaurants or buy takeaway food once a week.

She began to walk more to reduce transportation costs, and also to run on the street to save on trips to the gym.

These small changes helped her achieve the goal of saving 1000 dollars every month, resulting in 12 000 dollars a year. After four years, Hayley’s savings amount was 48 000 dollars.

Photo: Twitter / @ navigate_abroad

Apply for generous reward credit cards

Many credit cards, such as Chase Sapphire Preferred or Barclaycard Arrival Plus World Elite MasterCard, allow you to earn a few hundred dollars in bonus tickets if you spend the minimum amount. In addition, for the first year of use, they do not invoke a card maintenance fee. The owners of these credit cards receive award miles from airlines for every dollar spent. After a year of use, you can close the card, and then open a new one.

If you regularly deposit a minimum amount on a credit card, this improves your credit rating and increases the chances of getting a mortgage in the future.

Do research

Even if you have saved up some money, it may seem difficult for a young person to start the home buying process. First, check your credit rating and determine if you have enough money to cover your down payment. Most lenders prefer to receive an 20-percent down payment, but there are many lending options that can reduce this payment to 3%.

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