do i save too much?

[rubix]

your budget confuses me because i see nothing set aside for crack or white snake cds.

 

[randomlinh]

why is everyone so bent on him moving out? Unless he's just mooching, I don't see a problem with it. Maybe it's because I'm asian, and my family's background has never been to kick the children out at 18 (which seems to be the general mentality in the States, dunno about elsewhere).

 

[moshquerade]

Originally posted by: sygyzy
Are you trying to show off? Saving a $1000 a month is great. And what do you mean by you rotate? Do you consider investing into your roth, savings, etc part of your $350 "fun"?

i'm going with "yes" on that question.

"do i save too much"?
of course not.

 

[HardcoreRobot]

Originally posted by: lnguyen
why is everyone so bent on him moving out? Unless he's just mooching, I don't see a problem with it. Maybe it's because I'm asian, and my family's background has never been to kick the children out at 18 (which seems to be the general mentality in the States, dunno about elsewhere).

all my asian friends moved back home after they got their degree. none of them has a job worth mentioning. the fact that they knew their parents would take them back did them a *terrible* disservice. they really have no motivation to make anything of themselves.

as for the OP, save now bc when you ARE on your own you will need it. maybe you should be saving up for a place of your own

 

[moshquerade]

Originally posted by: HardcoreRobot

Originally posted by: lnguyen
why is everyone so bent on him moving out? Unless he's just mooching, I don't see a problem with it. Maybe it's because I'm asian, and my family's background has never been to kick the children out at 18 (which seems to be the general mentality in the States, dunno about elsewhere).

all my asian friends moved back home after they got their degree. none of them has a job worth mentioning. the fact that they knew their parents would take them back did them a *terrible* disservice. they really have no motivation to make anything of themselves.

as for the OP, save now bc when you ARE on your own you will need it. maybe you should be saving up for a place of your own

an Italian guy who moves back home like that is called a Mammoni.
what do you call an Asian guy who does?

 

[randomlinh]

Originally posted by: HardcoreRobot
all my asian friends moved back home after they got their degree. none of them has a job worth mentioning. the fact that they knew their parents would take them back did them a *terrible* disservice. they really have no motivation to make anything of themselves.

that's different, they have no appriciation and are basically mooching by the way you're describing it. granted, the OP is somewhat mooching in getting free meals and rent, but is there more to it than that? I'm still home, I don't pay rent, but I pretty much keep the house together though. It's not like I sit at home and do nothing.

 

Originally posted by: mugs

Originally posted by: randal
Grow up and move out. I can't believe ANYBODY is defending somebody who lives with their parents at 23. WTF is wrong with you?

He has no need to live elsewhere... he'd be throwing money down the drain on rent when he could be saving for a mortgage. It's pretty arbitrary to set an age when a person ought to move out of their parents' house.

Here is the reality. He is never going to be able to afford a mortgage in NYC for the next 20 years. Even if he saves at his current rate for a decade and puts it all towards a down payment, he will barely hit the 20% needed.

Renting in a large city isn't throwing money down the drain, it's the only realistic option. Or you have the option of living with your parents until you retire.

 

[davestar]

Originally posted by: JLGatsby

Nicer to whom? The homebuyer? The cost of living? Not from what I hear, considering the average condo in Manhattan goes for about $1.2million.

In NYC, if you're anywhere but the upper east side, you're surrounded by drug pandering, homeless vagrants, piles of garbage waiting to be taken away, Italian people in Aidas jumpsuits and gold chains. What a terrible place.

congrats. you either lived in NYC in the 80's or you're flat out wrong.

 

[xospec1alk]

Originally posted by: JLGatsby

Nicer to whom? The homebuyer? The cost of living? Not from what I hear, considering the average condo in Manhattan goes for about $1.2million.

In NYC, if you're anywhere but the upper east side, you're surrounded by drug pandering, homeless vagrants, piles of garbage waiting to be taken away, Italian people in Aidas jumpsuits and gold chains. What a terrible place.

you're right about the prices, but the upper west side has been taken over by yuppies, the lower east side has been taken over by the hipsters, chelsea/west village/meatpacking is a pretty decent area, i live in midtown now, and its a great neighborhood, i don't know where you're getting this piles of garbage/drug pandering homeless people bit from....

 

[dabuddha]

Originally posted by: matstars
i really am not tryint to show off, im very lucky i got this sick job, sorry if i look like im gloating, i just hate living at home, but i love it.


i save 500 a paycheck and i set up a scheme where i save 500 here, 500 there, 500 there, basically i max out my roth within the year and the rest gets split to the mutual fund/ing

I envy you. I know it seems like it sucks living at home but you'll miss it once you start paying $1500+ a month in rent + bills

 

[dabuddha]

Originally posted by: SampSon

Originally posted by: mugs

Originally posted by: randal
Grow up and move out. I can't believe ANYBODY is defending somebody who lives with their parents at 23. WTF is wrong with you?

He has no need to live elsewhere... he'd be throwing money down the drain on rent when he could be saving for a mortgage. It's pretty arbitrary to set an age when a person ought to move out of their parents' house.

Here is the reality. He is never going to be able to afford a mortgage in NYC for the next 20 years. Even if he saves at his current rate for a decade and puts it all towards a down payment, he will barely hit the 20% needed.

Renting in a large city isn't throwing money down the drain, it's the only realistic option. Or you have the option of living with your parents until you retire.

You're assuming he won't get a higher paying job. You really shouldn't make conclusions when you don't have any clue about the specifics of his situation or you make assumptions which are quite erroneous.

 

[MadPeriot]

Originally posted by: randal
Grow up and move out. I can't believe ANYBODY is defending somebody who lives with their parents at 23. WTF is wrong with you?

Do not listen to dumbasses like this! What you're doing is perfectly fine and at such a young age most people tend to spend on self instant gratitude. Keep it up and put your plan to action. I moved out when I turned 23 and bought a house at 27 only because I was fortunate and think smart to save early. Eventually you'll have to help your parents out in long haul. But don't nickle and dime yourself, do live a little.

 

[Legend]

Hell no. Keep it up.

I save $350/week as a co-op engineer. I expect it'll be about $450/month after I graduate...until I start making payments for a house, then it'll be more like $100-200/week.

Seriously, investing aggressively now means mutli-million dollar early retirement. Don't stop.

 

[HardcoreRobot]

Originally posted by: lnguyen

Originally posted by: HardcoreRobot
all my asian friends moved back home after they got their degree. none of them has a job worth mentioning. the fact that they knew their parents would take them back did them a *terrible* disservice. they really have no motivation to make anything of themselves.

that's different, they have no appriciation and are basically mooching by the way you're describing it. granted, the OP is somewhat mooching in getting free meals and rent, but is there more to it than that? I'm still home, I don't pay rent, but I pretty much keep the house together though. It's not like I sit at home and do nothing.

I am certain my friends would be more productive/successful/less lazy if they knew the day they left for college that they were not welcome to move back home again.

Its not that they don't appreciate being around their family and having free rent and food. The problem is there is NO motivation to do anything more. And that lack of motivation is caused by the parents open arms.

 

[xospec1alk]

Originally posted by: dabuddha

You're assuming he won't get a higher paying job. You really shouldn't make conclusions when you don't have any clue about the specifics of his situation or you make assumptions which are quite erroneous.

hes going to need to make a LOT more money to afford living in the city. a 300 square foot studio in the city runs at least 300k.

 

[JoPh]

live with parents and proud. i can save now too! pay of college debt! woot.

living with parents rent free is the way to go!

 

[AbsolutDealage]

I'm impressed with your saving. Keep it up.

Still, though, I'm curious about the 3 haircuts a month... WTH? I get one every 6 weeks maybe... I don't even notice a difference in a week and a half. Are you really prissy about your hair or something?

 

[Al Neri]

idk, my hair grows fast?

 

[panipoori]

Lol @ at all the people bashing this guy, if his parents are ok with it, I dont see a problem with him saving up for a house/apartment. My cousin who is a doctor lived with his parents and still does (hes getting a house built now) but he is in his 30's and still lives there for the time being, and all the while he saved up for a real nice house.

 

[randomlinh]

Originally posted by: HardcoreRobot
Its not that they don't appreciate being around their family and having free rent and food. The problem is there is NO motivation to do anything more. And that lack of motivation is caused by the parents open arms.

True. It all boils down the each individuals situation I suppose. I just hate the "move out, you're 23" comments. There's just no set age for everyone to leave.

 

[Feldenak]

Originally posted by: lnguyen

Originally posted by: HardcoreRobot
Its not that they don't appreciate being around their family and having free rent and food. The problem is there is NO motivation to do anything more. And that lack of motivation is caused by the parents open arms.

True. It all boils down the each individuals situation I suppose. I just hate the "move out, you're 23" comments. There's just no set age for everyone to leave.

If you've got a college degree you need to move out and stand on your own two feet.

 

[crystal]

lol @ people who said he needs to growth up by moving out. Are you telling me, by dump most of his earning into paying bills make him "growth up" and financially responsible? Aren't he learning some responsibilities by saving about 50% of his earning? Who's here can said that? More likely, most of you are living from paychecks by paychecks and the stuffs you spend aren't necessary essiental items. It is great that his situation allows him to save a lot. Just keeps it up and you will be financially stable.

 

[Shyatic]

If your parents dont give you any sh*t about anything, you have free reign and nobody cares... I say stay at home and save like a mofo.

The 'moving out' thing is overrated unless you are too old (like 27 and at home... no no no), have a steady girlfriend, etc. Otherwise if you are comfy with it, save that money and it will be a great benefit to you in the future.

 

[Al Neri]

LOL @ people from places such as Birmingham, AL and Louisville, KY, etc. If I lived in those places I'd be able to move out with ~600 including utilities into a nice apt./condo, which I would do in no time.

 

[Feldenak]

Originally posted by: matstars
LOL @ people from places such as Birmingham, AL and Louisville, KY, etc. If I lived in those places I'd be able to move out with ~600 including utilities into a nice apt./condo, which I would do in no time.

Exactly. When I graduated I had no desire to move to a "big city". My money goes farther in a place like this. Birmingham is a nice city with a good standard of living. I don't have to make 100k/year just to buy a house here.