Nikiwe asks: I am a young woman, just got a new job and am preparing to buy my first home. I would like advice on what I should invest in.
Maya replies:
Some excellent advice I came across from Johan Kleu at Liberty for potential homeowners is to save the difference between your current rent and what you will be paying for your mortgage.
This immediately helps you to adapt to living off less once you have to service a mortgage, and it also assists in building up a deposit for your first home. When buying a house, immediately increase your mortgage payments by 10% each month. This will not only pay off your mortgage faster, but it will provide a cushion against rising interest rates.