Halfwit
09-22-2011, 10:07 PM
I WANT MY MONEY TO WORK FOR ME
So im in a dilemma. over the past 2 years ive saved up 40,000. That is cash, in the bank.
It is time to buy a home. (have to leave where im at in next few months)
my current plan: buy a house outright, get a roomate, and the money the roomate pays me will cover most of the bills, im out of pocket very little.
i cant work for another year (school full time and on unemployment) so i make enough now to cover bills and save a little (other savings came fom investing the money i had over and over until it grew)
after that year, i will have a degree in accounting (by may) and a degree in business management (next december) then i plan to get a job, starting anywhere i can to gain experience, but theoretically all the money i make can go towards savings as i have next no no bills.
but the problem with my plan is this:
houses in my price range (difficult but not impossible to find a decent 3br 2 b ranch) are a little further "in town" than id like (i like to be near interstates/stores/ ect) so ithink it may be hard to find a roomate if my residence isnt in prime area.
a house i pay 40k for will not be worth thatin a few years, and to obtain a nicer house (cash) would take more saving and a loss on current home.
question- any other ideas that would be beneficial to my cause? keeping in mind that:
1: my money will not grow as fast as it has, i can expect only to save 8k a year for the next year.
2: i have a foreclosure from 3 years ago, and no job so financing anything is impossible.
3: apartment w gf is a possibility, but that will cut out the plan of roomate paying bills and ill be out 500 ish a month splitting up bills.
take a look at #3 this may have a beam of light.
i get apmnt w gf, my bills each month are 500 instead of 100 (if i were to buy a home and only come out of pocket a little) but that would make my savings in the next year fall to 3k. BUT after i graduate with second degree (keep in mind i will have a degree in accounting and business management) i can get even a low level job at 10ish an hr and go back to saving for a year, and in a year from now, have 55,000+ and if foreclosures keep as they are, perhaps that will open up better housing opportunities than my current budget.
BUT: if im jsut throwing away 500$ a month, and having to live in an apartment, why wouldnt i just settle for a home thats a little further away from where id like, but it doesnt matter if i have a roomate or not bc id be out of pocket 500 a month anyway (utilities) but the opportunity for roomate would always be there unlike an apartment (strict on that stuff)
my only goal is to have a place to live that i can almost "live for free" so that my earnings can net me a return on my investment (meaning i have no bills so all earnings can go towards savings)
im open to ideas of a living arrangment where i can be out of pocket little each month, which i know is most peoples goal, but most people buy video games and wheels instead of saving their money. I told myself i have to buy a home before i can mess with cars, but at the rate of money i can save whenim in a home almost for free each month, cars will be easy,i can spend as much as i want and do it big if i please.
i swear if i won 1 million dollars it woul only stress me out.
So im in a dilemma. over the past 2 years ive saved up 40,000. That is cash, in the bank.
It is time to buy a home. (have to leave where im at in next few months)
my current plan: buy a house outright, get a roomate, and the money the roomate pays me will cover most of the bills, im out of pocket very little.
i cant work for another year (school full time and on unemployment) so i make enough now to cover bills and save a little (other savings came fom investing the money i had over and over until it grew)
after that year, i will have a degree in accounting (by may) and a degree in business management (next december) then i plan to get a job, starting anywhere i can to gain experience, but theoretically all the money i make can go towards savings as i have next no no bills.
but the problem with my plan is this:
houses in my price range (difficult but not impossible to find a decent 3br 2 b ranch) are a little further "in town" than id like (i like to be near interstates/stores/ ect) so ithink it may be hard to find a roomate if my residence isnt in prime area.
a house i pay 40k for will not be worth thatin a few years, and to obtain a nicer house (cash) would take more saving and a loss on current home.
question- any other ideas that would be beneficial to my cause? keeping in mind that:
1: my money will not grow as fast as it has, i can expect only to save 8k a year for the next year.
2: i have a foreclosure from 3 years ago, and no job so financing anything is impossible.
3: apartment w gf is a possibility, but that will cut out the plan of roomate paying bills and ill be out 500 ish a month splitting up bills.
take a look at #3 this may have a beam of light.
i get apmnt w gf, my bills each month are 500 instead of 100 (if i were to buy a home and only come out of pocket a little) but that would make my savings in the next year fall to 3k. BUT after i graduate with second degree (keep in mind i will have a degree in accounting and business management) i can get even a low level job at 10ish an hr and go back to saving for a year, and in a year from now, have 55,000+ and if foreclosures keep as they are, perhaps that will open up better housing opportunities than my current budget.
BUT: if im jsut throwing away 500$ a month, and having to live in an apartment, why wouldnt i just settle for a home thats a little further away from where id like, but it doesnt matter if i have a roomate or not bc id be out of pocket 500 a month anyway (utilities) but the opportunity for roomate would always be there unlike an apartment (strict on that stuff)
my only goal is to have a place to live that i can almost "live for free" so that my earnings can net me a return on my investment (meaning i have no bills so all earnings can go towards savings)
im open to ideas of a living arrangment where i can be out of pocket little each month, which i know is most peoples goal, but most people buy video games and wheels instead of saving their money. I told myself i have to buy a home before i can mess with cars, but at the rate of money i can save whenim in a home almost for free each month, cars will be easy,i can spend as much as i want and do it big if i please.
i swear if i won 1 million dollars it woul only stress me out.