Starting from scratch
8 months ago
We own a home in New Jersey, but will be relocating to California later this year. So we’re facing two problems:
1) the equity we had in our New Jersey home is likely gone now (we purchased in late 2004)
2) homes in California are very expensive
I know that once we move, we’ll be back to renting, likely for an extended period of time. However, I’d like to be able to purchase again in 5 or so years. To save up 20% for a California home is insane ($100,000???). But you’re never going to achieve something if you don’t set a goal, so I’ll go ahead and put it out there.
As of today we’ve got ~$12,000 in our emergency fund. I’m going to continue adding funds to the same account and watch it grow from there.
