MikeyIs4Dcats
Lifer
- Nov 5, 2001
- 18,366
- 3
- 0
Yeah, I'm sh|t scared as well. In just 2 years, I'll be in your situation, but only 21 years old.
You should be saving your money for a downpayment on a house, and not wasting it by leasing a nice car. There are other hobbies out there besides cars that will provide therapy from the mundane world, and be a hell of a lot less expensive than crusing in your BMW.
I'm 20... a sophomore in college, 5k in debt. I just bought my first junker (89 Galant) that I will use to go to work and school. I have 2 jobs (might be a 3rd soon). I still live at home, although I'm considering moving out relatively soon (within a year or so).
HeroOfPellinor
Lifer
- Dec 27, 2001
- 11,272
- 1
- 0
Originally posted by: Scribe
Any reason why? I am strongly considering it for a few years...Originally posted by: Mrvile
Originally posted by: Scribe
I am actually thinking of for a while, moving out of the country. I didn't dorm at college because I would have blown thousands more that I didn't have. The idea of moving overseas would be my version of 'dorming' though I doubt it would be nearly as fun. It's a good excuse for me at least, to make new friends, and to start fresh somewhere new. There are some opportunities that I've read about and might be able to get where I'd get set up with a house and car already paid for (thus removing the biggest obstacle), just so an American can go to XXX country to spread some of that 'American' knowledgeI won't say where, but most people wouldn't want to go there anyways.
As per the 'move out of my parents house' comment -- I wish I could. I figure if I gave up my car, I *might* be able to swing getting an apartment but if the utilities aren't included, forget it. Not to mention the fact I'd have to cut internet out, long distance phone calls, cell service, etc. Those college loan bills are murder, and they are hard to get past any time soon.
Whatever you do, don't move out of the country.
Cause you'll never be able to afford to move back.
And I hope you aren't talking about teaching "English" in some third world country.
Suck it up, get a 5-6 year old camry or accord and move to a starter home and eat Top Ramen every other meal. Things will get easier in time.
DannyLove
Lifer
- Oct 17, 2000
- 12,876
- 4
- 76
Sort of similiar situation.
I'm also 24. Just finished 6 years of college (change of majors, ended up doubling)
Anyways, I'm currently in a Entry Level position for System Analyst and earning a decent salary to move out and rent a place from my buddy.
I live in Los Angeles so buying a house is near IMPOSSIBLE, so I have no real option. Plus the rent was super cheap to passup.
My advice. Do what you do best and focus 100% on that. Follow that dream and set your goals. Where do you want to be in 5 years, what can you do to accomplish that? Also don't forget, stay in contact with your college friends, networking is key in any field. Gather up experience in the interested field and than use that to find something better after some years. The more you move up the better financial security you'll have and then you can either move out or purchase a home.
Anyways, whatever you do, do not qive up or call it quits. You are only 24. Just remember your stock value goes up.
danny~!
I'm also 24. Just finished 6 years of college (change of majors, ended up doubling)
Anyways, I'm currently in a Entry Level position for System Analyst and earning a decent salary to move out and rent a place from my buddy.
I live in Los Angeles so buying a house is near IMPOSSIBLE, so I have no real option. Plus the rent was super cheap to passup.
My advice. Do what you do best and focus 100% on that. Follow that dream and set your goals. Where do you want to be in 5 years, what can you do to accomplish that? Also don't forget, stay in contact with your college friends, networking is key in any field. Gather up experience in the interested field and than use that to find something better after some years. The more you move up the better financial security you'll have and then you can either move out or purchase a home.
Anyways, whatever you do, do not qive up or call it quits. You are only 24. Just remember your stock value goes up.
danny~!
JEDI
Lifer
- Sep 25, 2001
- 29,391
- 2,738
- 126
you're doomed to live w/mom 4ever.
sell that car note, and save enuf for down payment on house. w/the $ you save by living at home, you'll have enuf in 2 yrs.
if you need more motivation, try playing a game called Russian Roulette w/a friend. if you win, you will have a whole difference outlook in life.
sell that car note, and save enuf for down payment on house. w/the $ you save by living at home, you'll have enuf in 2 yrs.
if you need more motivation, try playing a game called Russian Roulette w/a friend. if you win, you will have a whole difference outlook in life.
$5000 in debt is something I wish I had. I'm hovering at around the $80k range, because I got accepted into a top tier school and went, and that's even AFTER some scholarships. Unfortunately the fact I went and graduated Cum Laude wasn't very helpful in finding a job -- lots of places wanted to hire me, but for pennies. Finally I got a job thru my dad's friend, where I make 'decent' money. My loan payments are about $1000+ a month, and after that I give some money to my parents ($300 a month as kind of a 'rent'), pay for insurance + car payment which is another $700, gas and tolls comes out to be OVER $350 a month, and I'm left with very little. If I skimped on the car, and only paid $100 a month for liability coverage on a 'heap', there aren't too many places to move in with $800 (subtracting the $300 I give my folks) a month for rent with utilities, at least not where I live.
My goal is to move out, but I don't want to do it where it's catastrophic for my future either. At least right now I can enjoy life a bit, but I know if I move out I won't enjoy it at all, because I'll be working way too hard to make ends meet. Granted if I get a better job then everything changes... but until then I'm not making any stupid moves, but trying to plan a way to get out of debt and enjoy life.
If life was only about working and making money a lot of responses here might make sense, but it's also about having fun, and I don't want to miss out on that entirely, like I've missed out on it during college.
KentState
Diamond Member
- Oct 19, 2001
- 8,397
- 393
- 126
A paycheck in the midwest is not that much lower compared to the cost of living. For example, you can get a 4 bedroom, 3 bath, 2,000 sq/ft home with basement for around $200k where I live. I would venture to say that a home where you lived would cost at least twice as much, but I doubt a similiar salary to mine is double. I know for a fact, that a similiar job in NYC is only about 30% more while a home is more than 100% more.
iamwiz82
Lifer
- Jan 10, 2001
- 30,772
- 13
- 81
You can do an extended payment plan on your student loans to help you get on your feet and then start paying them off.
As for us, we had a house by 22, out of the house by 18.
EDIT: And what kind of car are you paying $700/mo for ins + lease? We pay $500/mo for a brand new car and we bought the thing. We are still going to get rid of it because I don't like $500 a month going to car.
Move to the dirty south, living expenses are cheap.
get an efficiency for like $400 a month.
Shop at walmart.
Get a used Honda Civic.
Living expenses should be less 10k a year. Get an engineering job. After taxes your income should be about 35-40k, initially. Spend about 5k or so on entertainment. Invest everything else in 401k, IRAs, and mutual funds.
If you marry, marry someone that will work.
Retire in your 40s a multimillionaire.
And fvck houses. Don't buy a house unless you can buy it. Don't give me the "you're throwing away money when you rent" speech. $400 a month for living without having to buy loads of furniture and applicances, tend to your lawn, repair your roof/paint, pay an insane amount of money for a mortgage or all that crap. Screw that. Pay $400 a month and invest.
get an efficiency for like $400 a month.
Shop at walmart.
Get a used Honda Civic.
Living expenses should be less 10k a year. Get an engineering job. After taxes your income should be about 35-40k, initially. Spend about 5k or so on entertainment. Invest everything else in 401k, IRAs, and mutual funds.
If you marry, marry someone that will work.
Retire in your 40s a multimillionaire.
And fvck houses. Don't buy a house unless you can buy it. Don't give me the "you're throwing away money when you rent" speech. $400 a month for living without having to buy loads of furniture and applicances, tend to your lawn, repair your roof/paint, pay an insane amount of money for a mortgage or all that crap. Screw that. Pay $400 a month and invest.
Okay, so you're making at least 2,350 a month. However, lets add food and other expenses and say you're making 3k a month. There's no form of public transportation?? You can't drive to a train station and take the train into the city?
If you're in that mindset where I need more cash intake every month to survive you never will. You need better money management. Scrap the beamer. Find a cheaper method then driving into your work. Get a second job... You're going to have to hustle for a couple of years.
I'll be leaving my current job pretty soon, so things will probably start looking much better for me. I'm just waiting for them to give me one more training class then I'm out the door Might as well take what I can before I go, because the budget for training will be spent and I won't get my share
Might as well take what I can before I go, because the budget for training will be spent and I won't get my share How crappy of a job do you have that you cant afford a cheap apartment and utilities? You do realize that most of your co-workers probably have a house, or at least an apartment.... I think this issue might go back to your spending habits..
Would need more info before we could even begin to help you out, or plan for anything
Would need more info before we could even begin to help you out, or plan for anything
move away from jersey and its high standard of living...and drive something cheaper. I rather have my own place and a decent car than have a nice car and have to live with the parents.
You need to make some sacrifices for what you want. Even in the NYC suburbs I can't believe you can't find an apartment in the $1200-$1500/month range and find 2-3 roommates to get the rent to $500 or below.
Yea, don't stress it too much. Keep that attitude and work hard. I moved out of my parents when I was 23 right out of college and got a sh*ty job and partied my ass off. I kept saving from then and now I'm 27 I just purchased my first condo with my own money. Living in So. Cal isn't exactly cheap too.
$1K month is a lot for your student loans. You need to refinance over 30 years. It will halve your payment most likely. You can always pay extra if you want. Plus, you can probably get a better interest rate too.
If you buy a house even with a modest appreciation rate, you'll end up making some decent money just for making the payments. My homes already gone up over what I paid for it. So by purchasing a home, I've made money just sitting in it.
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