Posted 2/11/2019 10:53 (#7313278 - in reply to #7312261) Subject: RE: Investments for 26 year old
Great thread and lots of good advice.
I'm not much older than you and my wife and I started a family at a very young age. We were fortunate and had some windfalls at your age from both farm income and other investments. We bought our "forever" home at age 26. At 29 we were found out child number 4 was on the way so we added on to our "forever" home and used a lot of our savings to do so. Now with five children we have had about ten different opportunities come up that we never dreamed would have been a reality. We do not owe a whole lot on our home, but we can not sell it because we invested more in than we can sell it for. We won't ever have to move, but we now realize we made many decisions in the now and did not really sit down and think about some factors that have arisen.
That being said, I would buy land in your position, but make sure it is something you are ready to live with. Many of my elders have always said that be patient and there will always be opportunities. Even if its a good deal and will make you money, try to put down on paper both of your goals for the next five, ten, and twenty years. We didn't do that and wish we had. We both wished we would have lived in a sardine can for a few more years. We had the money to do what we did, but in hind-sight it wasn't the right move.
In the mean time, we now homeschool our children. When we aren't busy on the farm we try our best to take our children as many places as possible to let them learn by see other places and cultures. Just got back from a seven day cruise in the Caribbean with them and my parents and and my in-laws. It was the best week of my life as a parent. You never know what tomorrow brings. Save as best you can but don't pass up opportunities to enjoy life when you can.