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Started By
Message
if you were a 23, what would you do with 30k in the bank?
Posted on 7/28/12 at 5:42 pm
Posted on 7/28/12 at 5:42 pm
My buddy has a pretty good job,and has managed to save $30,000 his first year working by living at home and not making any major purchases. He is going to try to live at home for another year then buy a 200k house.
So I ask the question what would the MB do with 30K at 23 years old? Do you think my friend is making a smart financial move?
So I ask the question what would the MB do with 30K at 23 years old? Do you think my friend is making a smart financial move?
13
Posted on 7/28/12 at 5:52 pm to deathvalley504
Your friend huh? Why don't you tell your "friend"to put that toward a down payment on his house. He isn't stable enough to get into the market.
Posted on 7/28/12 at 5:54 pm to deathvalley504
Why does he want to buy a house?
Posted on 7/28/12 at 6:10 pm to ZereauxSum
He doesn't want to throw money away in rent. I don't know much about finances but it seems like there is something else he could do that would be a better play.
Posted on 7/28/12 at 6:14 pm to Duckman13
quote:
Your friend huh? Why don't you tell your "friend"to put that toward a down payment on his house. He isn't stable enough to get into the market.
Just curious, what would make someone "stable enough"?
Posted on 7/28/12 at 6:25 pm to deathvalley504
Buy a car
Posted on 7/28/12 at 6:29 pm to ATL TGR
Buy a car? Really?
Posted on 7/28/12 at 6:37 pm to deathvalley504
quote:
Just curious, what would make someone "stable enough"?
Well for one he could move out of his parents house.
Posted on 7/28/12 at 6:46 pm to deathvalley504
quote:
He doesn't want to throw money away in rent.
Thats a good idea as long as he's going to stay there for at least three years. Transaction costs will eat away any equity if he moves sooner than that.
If I was him, I'd continue to stay with my folks as long as I could stand it, keep whatever vehicle I have and put the money in an IRA 100% invested in a target retirement fund. If he keeps it up for a couple of years he could be done working in his 40s.
But that's just me. It really depends on what he wants out of life. He might not even know at 23.
Posted on 7/28/12 at 6:59 pm to deathvalley504
Easy answer...hookers and blow.
But the equity position in a home isn't a bad idea either.
But the equity position in a home isn't a bad idea either.
Posted on 7/28/12 at 7:04 pm to deathvalley504
Well at 23, I made a down payment on my house with 30K. He should save it for his down payment
Posted on 7/28/12 at 7:23 pm to deathvalley504
quote:
He is going to try to live at home for another year then buy a 200k house.
Why the frick would a 24 yr old dude buy a house???? I've never understood this. Invest it, save it. And for the love of god grow up and move out of your parents house into an apartment and have a good time as a young single dude with some cash in the bank. Damn.
Posted on 7/28/12 at 7:50 pm to deathvalley504
move out of your momma's house
Posted on 7/28/12 at 8:56 pm to cwill
quote:Throw $700-800/mo down the toilet or pay $800/mo mortgage that to something you build equity in. Seems like a very easy answer to me.
Why the frick would a 24 yr old dude buy a house????
Posted on 7/28/12 at 9:53 pm to cwill
quote:
And for the love of god grow up and move out of your parents house
If the arrangement works for him and his parents, what exactly is wrong with him living at home?
Posted on 7/28/12 at 9:55 pm to cwill
quote:
Why the frick would a 24 yr old dude buy a house???? I've never understood this. Invest it, save it. And for the love of god grow up and move out of your parents house into an apartment and have a good time as a young single dude with some cash in the bank. Damn.
You're a fricking idiot. That's like wiping your arse with 20 dollar bills every time you take a shite. Why not buy a nice house? Women love guys who own their own house. And if I were that young, I would find a roommate to pay me rent. Have someone else pay half of my mortgage for a few years, until I became serious with some chick anyways.
Posted on 7/28/12 at 10:03 pm to HoLeInOnEr05
as an accountant I agree with the down payment on a house then get a rent paying roommate plan.
...but at 23 I would have blown it on cars and women.
...but at 23 I would have blown it on cars and women.
Posted on 7/28/12 at 10:12 pm to TigerTatorTots
quote:
Throw $700-800/mo down the toilet or pay $800/mo mortgage that to something you build equity in. Seems like a very easy answer to me.
Where do you live where rent is $700-800/month? For that kind of $$$'s you should be able to get a 2 BR and a roommate.
Posted on 7/28/12 at 10:18 pm to Cold Pizza
quote:Mandeville...and its 900-1000/month around here for an apartment. I was adjusting down a bit since Mandeville is so highly priced. When I was in BR, 600 per person for a 2BR place was the average.
Where do you live where rent is $700-800/month? For that kind of $$$'s you should be able to get a 2 BR and a roommate.
There is no way in hell someone can be educated and say it is better to rent than buy a house (if you can afford it of course)
This post was edited on 7/28/12 at 10:19 pm
Posted on 7/28/12 at 10:33 pm to cwill
quote:
I've never understood this. Invest it, save it
quote:
move out of your parents house into an apartmen
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