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You can get free/cheap furniture by looking on Craigslist or better yet, Next Door. Or a swap/shop for your area on Facebook. People are always wanting to sell or give away furniture when they buy new furniture. Someday you'll get new furniture, but you don't have to start off with new furniture. The one thing I would want new is a mattress. Other than that, get used and replace it with new as you are able.
Your parents might even have some furniture they want to part with. When I buy new furniture, I always ask my kids first if they want the old stuff before I sell it or give it away to someone else.
There isn't enough information to answer this question.
Where does the OP live? If it's New York City or the Bay Area, $45K is a rat-infested studio apartment. If it's Little Rock, by all means move as soon as it's convenient.
I just wanted to see your opinions to see if you think I have enough money saved up to move out of my parents house.
Scenario:
I make 45k a year
The only debt is student loan which is about $350 monthly
I have a car all paid off
I have $12,000 saved up, do you think it is enough to move out of my parents house? not to a different state or anything but just somewhere else close by my parents place.
Note: I will also need to buy new furnitures if I move out
First, I moved out with $12K less in the bank and did fine. When the ex-wife took more than everything I moved back home (late 20's) and spent a few years paying everything off.
Point is, if you dont NEED to leave then stay there, pitch in a buck or two here and there and pay down your debt. There is nothing wrong with staying with the parents. The stigma comes when you are staying with them jobless and freeloading.
If staying doesnt let you maintain the life you WANT, then by all means move out. You have more than enough money to live on your own.
Point is, there is no wrong answer for someone like you who seems - at least based on the OP - to be responsible.
What is the what are the details of your loan? Interest rate is it variable or fixed and also length and what is the total amount owed.
Also are you currently funding retirement accounts? A 401k at work or Roth IRA?
Should you move out ??? you could, but if you get along with your parents, and your house is large enough that you're not on top of each other and everyone has privacy, why not stay a little bit longer. Heck the Ewings lived at home and they were married ;-)
In all seriousness, we need more information.
Also this string would be better in the Economic Forum where people will give you sound financial advice ... well, probably more sound than you're going to get in a moving forum.
I just wanted to see your opinions to see if you think I have enough money saved up to move out of my parents house.
Scenario:
I make 45k a year
The only debt is student loan which is about $350 monthly
I have a car all paid off
I have $12,000 saved up, do you think it is enough to move out of my parents house? not to a different state or anything but just somewhere else close by my parents place.
Note: I will also need to buy new furnitures if I move out
Thank you for your advice in advance!
OMG! Unless you live in an extremely high cost of living area, IMHO, I am shocked that you even moved back in with your parents after college with a job paying $45,000. I know people who support a wife and children on that salary (in a medium cost of living area).
And, you do not have to buy NEW furniture (except for a mattress), I had mostly "used furniture" until I was in my 30s (& married with kids).
You are young. Now is the time to spread your wings, explore new cities & states or even move abroad.
Or why not stay there until retirement age, think of all the money you'd save, and then you could stay in the house because it would be your house too.
It's called pride and independence, that's the reason to move out now.
I don't even know how many proud, independent friends I went to school with who moved out only to move back home a few years later. I suppose they could have had too much pride to move back home and instead have lived under an overpass. I for one would rather forgo some independence for a few more years and move out into your own house than to move out early and struggle for years to hopefully buy a house some day.
I don't even know how many proud, independent friends I went to school with who moved out only to move back home a few years later. I suppose they could have had too much pride to move back home and instead have lived under an overpass. I for one would rather forgo some independence for a few more years and move out into your own house than to move out early and struggle for years to hopefully buy a house some day.
The dude is 29 years old. Hell, that's almost a Hollywood movie. This must be a millenial issue because I've never heard of such tripe before. Whoops, forgot about the Great Depression. I haven't heard of such tripe since the Great Depression.
I wish I was half as organized financially as you are when I moved out on my own. You're in great shape to live on your own and do so comfortably. Good job.
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