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if i were 21 again i would follow a few investment and savings plans as a requirement before anything else.
1. max out my roth ira at the start of each year. continue to add the max amount as contribution limits rise over the years. continue this until the average age of retirement (65). assuming the historical average returns and properly managing your annual taxable income, leaves you with 3,594,038.00 at retirement.
2. incorperate my business. making sure just to pay myself a minimal salary that would still legally allow myself to put in the max roth contribution.
3. set aside at least a 6 month if not a one year cash buffer. this could be placed in almost any type of account that allows you to get it in cash in a few days. personally i would keep mine in a few staggered cd's so that i could still get a fixed rate and in case of emergency have its access.
4. make arrangements with parents to continue paying them rent. then proceed to keep eyes open on the foreclosure market for small single family houses in areas of your city that appeal to your pocket book rental wise. pay plenty of attentions to undervalued houses based on comps in the area where if your house was improved it would gain considerable value. after finding such take full advantage of the 203k program.
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