Encouragement to Save for a Down Payment
In today's society, the path most people follow involves going to high school without working much or only holding a part-time job for spending money. This cycle, often leading to jobs at fast-food restaurants, just covers car insurance and other minimal expenses without building any significant savings.
The Long-Term Impact of Early Savings
One crucial piece of advice is to save for a down payment on a simple house if possible. Consider the long-term benefits: most people spend their twenties paying rent and only buy their first home in their thirties. Typically, they buy a second home six years later, and then a third home after another six years. During the initial years of owning a home, most payments go towards interest rather than the principal.
By the time they reach 72, they've spent a significant portion of their life paying mostly interest, effectively working for the banks. Instead, if possible, save aggressively in your early years to buy a starter home. Skipping one of the usual three home purchases can save you years of interest payments and financial strain.
A Vision for Financial Freedom
Living frugally before marriage and saving aggressively can position you better for a stable financial future. Avoid unnecessary debt unless absolutely necessary for your calling, such as education for a specific career. Girls and young men alike should aim to bring financial assets into a marriage, helping to avoid massive debt and enabling a single-income household if desired.
Breaking the Cycle of Debt
Living debt-free or with minimal debt allows for greater financial freedom, which is crucial for raising children without the constant worry of financial constraints. This freedom can enable you to avoid sending your children to public schools and instead, potentially homeschool or afford private education.
Teaching the Next Generation
If you're currently in debt, that's your reality, and it's okay. But there's an opportunity to teach your children differently. Encourage them to live at home rent-free for a few years after high school, saving aggressively so they can afford a down payment on a house early in life. This practice can set them on a path to financial independence much earlier.
Living as Free People
This advice is about living as free people, avoiding the modern forms of financial slavery that come from significant debt. The education system and societal norms often push for two-income households, leading to less control over your children's education and upbringing.
By adopting a frugal lifestyle, learning extra skills, and making wise financial decisions early, it's possible to achieve financial freedom and raise your children in the discipline and admonition of the Lord. This path isn't about luxury but about freedom and the ability to make choices that align with your values and goals for your family.
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