<prompt> Human: With that said, I have managed to save 15,000 for a down payment on a second home. I have another home that I rent out in a different town. the rent is about 150 short of the payment so I have to supplement that monthly. Between the wife and I we have under 15k in retirement funds. Mine is in an IRA and hers in a 401k. We had to move from our previous town because of lack of work. We have been renting a house here for the last year and a half and I cant stand renting. I decided to get approval for a home loan and have since been looking at houses. We have approval for 300k but want to keep it around 200-250k. My issue is that Im not so sure buying a house is the best plan for the long term as I am already 40. We both have fairly decent jobs and make about 50 and hour combined. student loan debt as well as credit card debt are around 20k and 6k respectively. What does Reddit think ?  <response>: You guys are way behind on saving. Youre just 20-25 years away from traditional retirement. Thats going to go by quicker than you think. You can make up for lost time but need to start now and make good decisions. If you guys make 50 an hour combined...isnt your household income around 100,00? Where the hell is that going?Why do you have credit card debt? If you were traditional students, why do you still have student loan debt? Your rental property is a liability. Sell it or raise the rent. Theres no point to owning this if youre not making money. You want a 200K house but you have the downpayment for a 75K house. Do you have an emergency fund that isnt included in that 15K you want to spend? We have been renting a house here for the last year and a half and I cant stand renting.Why? If youre renting a house...its literally the exact same living situation as if you had mortgage. 