I blew 90% of my savings on my place.

[Pocatello]

Originally posted by: iversonyin

Originally posted by: Fritzo
Damn...I have a big house and only paid $225K for it built new :shocked:

I think you overspent.

Location, Location, Location

Some people like to live downtown, too many people for my taste.

 

[tyanni]

Originally posted by: Fritzo
Damn...I have a big house and only paid $225K for it built new :shocked:

I think you overspent.

You obviously don't live near Boston... Move to the east coast, near Boston, and then claim he overspent. :disgust:

 

[kamikaze27]

Originally posted by: MichaelD

Originally posted by: RyanSengara
If 40k is 90% of your savings at 33 you are wrong at looking at buying an apartment as being a problem, but your whole savings scheme as an issue.

Not everyone starts saving 99% of their paycheck at 21 years old. :roll: Some folks don't make that much to begin with and/or have a family to support, possibly big bills to pay from past financial indescretions. Some folks also have been on their own since they were 18 years old and didn't have the benefit of living at home until they had graduated college, gotten a good job AND have already been at said good job (with no bills to pay) for several years.

I think the percentage of people that actually HAVE been on their own since an early age, AND have totally done the right thing with their money is very, very low.

I think many people on this forum have a snot-nosed attitude towards anyone over 30 that:

a) Owes a single dime on credit cards
b) Doesn't own their vehicle outright
c) Doesn't contribute at least 45.432% of their GDP towards savings

And said "Many People" have a lot to learn about the real world.

That said, I think the OP was a bit rash in selling ALL of his vehicles. Public transportation sucks, big time. No two ways about it. Plus, not having a car at ALL severly limits your social life and ability to do simple things...like food shopping. Ever try getting frozen food home on the bus during August? It's not pretty.

But, I do think he made a good choice buying his apartment/condo/whatever. It's an investment and will only do him good down the line.

I'm no financial wizard, but common sense says, the more you put DOWN up front on a loan, the LESS you wind up paying over the life of the loan, and/or the faster you get it paid off.

Those of you that argue "BUT he could've put down just $20K and invested the other $20K in a no-load blah-blah with a green stamp discount of blahblah and wrote it off on his Form2342 at the end of the year" are just blowing smoke and making mountains out of molehills.

He put down a LOT up front, therefore will pay LESS over the life of the loan.

THAT said, I do not think it was smart of him to deplete his "Emergency Fund." Leaving yourself broke is never a good idea/.

Well, it Is my 3rd RE purchase. Honestly, I made a small fortune on both of my prior purchases. They were by no means an investment, but at the time I just wanted ownership.
I dont owe any money on my cards, and I wont defend my lack of foresight by selling ALL of my cars.

Logic at the time was = convert to liquid cash, leave just enough to live on, and invest the rest.

I spent most of my moola on social, so I guess the cars out the window secures any more social misbehaviour while I settle into a routine with my new responsibilities.

What the hell, beats paying some dumb old hag monthly for a sh1thole.