Financial Analysis

 

My dream is to save money in the next few years to be able to make a down payment on house or a condominium depending on my location. This dream is important to me for a number of reasons. For one, it speaks my independence and ability to manage money well and make investments well. I’ve always thought that I manage money well by making wages part time and saving my earnings while I have received financial help from my parents, grandmother and a scholarship for my college education. Some bonuses that allow me to manage my money well and save are the fact that I live with my parents and do not pay for rent, my car insurance or my cell phone bill.

 

The support system I have for helping me progress toward my dream includes my mom, dad, and stepdad. All three of them are very supportive in my dream and have expressed their wiliness to help me. A barrier to my dream includes the time factor and requirements to making a down payment including being employed for at least one year. This is a barrier because I plan to move away from Roseburg after this next spring when I finish my bachelors in Nursing. After this time, I will have worked in Roseburg as a nurse for a year, but when I quit and move away for a different nursing position with my bachelors, I will not qualify to make a down payment on a home based on the career standings. Companies like to see reliability and job security so I would need to be employed elsewhere for at least a year before making a down payment. Therefore, I would need to rent for at least a year before I could make a down payment on a home. I am looking into moving to Portland as my sister is doing the same next spring. We want to live together. We have discussed this subject recently and decided that it probably would be best to rent an apartment for the first year. This way we have time to decide if Portland is the location for us. Also, this way, we are not suck with a mortgage payment or/and a location we don’t like.

 

During my research to find Internet articles about other peoples approaches, I found at No Down Payment, No Qualifying, No Credit Check – Blog Toplist, many links to blogs that discuss peoples opinions on buying homes versus renting. It was interesting to read about the benefits to owning over renting, and yet the process it takes to be able to own a home. I think what might work for me is to rent for at least a year before making a down payment. Not only will this most likely happen because of my job history, but also because it will be a good idea to wait awhile to decide if I would like to relocate or if Portland is a good place for me.