After renting an apartment for years, Marlies has decided that it's time to start saving for her own place. "I want to buy a condo," she says. "I like the idea that my money will be going toward something I own, instead of just paying rent."

After researching her options, she decided that mutual funds containing mostly stock would be the best option for growth. Furthermore, she realized that she can also tap into her Roth IRA for some of the money she needs. The Roth IRA allows you to withdraw up to $10,000 for a first-time home purchase, as long as you have had the account for at least five years.

Marlies knows that it may take several years before she has enough to buy a condo, but she is planning to speed up the process by investing as much as possible into her mutual fund each year. "Saving can be difficult," she says, "but I know it'll all be worth it once I have my own place."

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