Almost twenty years ago, when I was single and in my mid-twenties, I purchased my first home after several years of renting.
It was not fancy.
It was a simple two bedroom townhouse, with a one car garage, and a postage stamp of a backyard.
I got a great deal on the place, as I was able to purchase it as a foreclosure for well under $50,000. I dumped my life savings (outside of my retirement accounts) into the purchase, so I did not have a mortgage, which was a huge benefit as I tried to rebuild my financial safety net.
After living in my townhouse for over four years, I decided to return to school full time to pursue a master’s degree in an effort to change careers.
And then I made a financial decision I thought was prudent at the time.