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I don't have kids and don't plan on ever having any. But I want to buy a house eventually. Right now I'm renting.
I highly doubt I'll be earning $150K in ten years from now as others have mentioned on here. Look, when I was 22 years old I started earning $52K. Now, seven years later I'm at $75K. I have never been promoted even once in my entire career. I'm still at staff level and I just don't see it happening for a while. I'm just being realistic here.
buy a house, rent out half of it, do it tomorrow. You are ready. You only need 3.5% for an FHA loan. Quit dicking around already.
buy a house, rent out half of it, do it tomorrow. You are ready. You only need 3.5% for an FHA loan. Quit dicking around already.
I am not renting out anything to anyone. Please spare me the hassle. And I am NOT putting anything less than 20% down. Did you know that PMI is now $180 a month and never expires for the life of the loan? Plus, the monthly mortgage (PITI) payment would be super high, especially in my metro area where a starter home is $400,000+
I am not renting out anything to anyone. Please spare me the hassle. And I am NOT putting anything less than 20% down. Did you know that PMI is now $180 a month and never expires for the life of the loan? Plus, the monthly mortgage (PITI) payment would be super high, especially in my metro area where a starter home is $400,000+
and how much do you throw away in rent to someone else??? And you are worried about $180/month?
Sorry that making money is too much of a hassle for you. Have fun paying someone else's mortgage. We love people like you.
Guy - you need to really look over your numbers. Just putting away $1000 a month will give you a retirement fund of 6 million dollars. If you increase your monthly to keep up with inflation, you will end up with over 8 million. That's assuming an easy 10% interest rate. if you put in 20% ($1375) of your earnings you will end up with over 11 million dollars. How much retirement do you want??
Based on the numbers you provided, that still leaves around $3437 per month after taxes for rent, utilities, food and play. That is more than enough to save for a house, with money left over to play.
I also looked at Realtor.com - there are 5 pages of starter homes under $250,000 and umpteen pages of condos for sale also under that amount. That doesn't include a large number of foreclosures.
How so? My monthly essential expenses are $2,682 per month. I keep track of this tightly in Excel. My rent is $1,550, which is modest for my metro area. Look up rents in Fairfield County, CT. VERY VERY high. All I have is a 700 sq ft 1 br apt built in the 1950s on a very busy road.
Fortunately I have zero debt and a master's degree and my car is long ago paid off.
My monthly take home pay is $4,201 and monthly expenses are $2,682. That leaves me with about $1,520 per month. I thought that was pretty good. And I like to use about $300 of that on fun stuff. I didn't think that was that bad.
Guy - you need to really look over your numbers. Just putting away $1000 a month will give you a retirement fund of 6 million dollars. If you increase your monthly to keep up with inflation, you will end up with over 8 million. That's assuming an easy 10% interest rate. if you put in 20% ($1375) of your earnings you will end up with over 11 million dollars. How much retirement do you want??
Based on the numbers you provided, that still leaves around $3437 per month after taxes for rent, utilities, food and play. That is more than enough to save for a house, with money left over to play.
I also looked at Realtor.com - there are 5 pages of starter homes under $250,000 and umpteen pages of condos for sale also under that amount. That doesn't include a large number of foreclosures.
Show me. There are NO starter homes in the Stamford/Norwalk, CT area for that price, unless it's in the hood then possibly. I refuse to live in a crime ridden or poverty stricken area for safety and well being reasons. I'm sure you wouldn't either.
Guy - you need to really look over your numbers. Just putting away $1000 a month will give you a retirement fund of 6 million dollars. If you increase your monthly to keep up with inflation, you will end up with over 8 million. That's assuming an easy 10% interest rate. if you put in 20% ($1375) of your earnings you will end up with over 11 million dollars. How much retirement do you want??
Based on the numbers you provided, that still leaves around $3437 per month after taxes for rent, utilities, food and play. That is more than enough to save for a house, with money left over to play.
I also looked at Realtor.com - there are 5 pages of starter homes under $250,000 and umpteen pages of condos for sale also under that amount. That doesn't include a large number of foreclosures.
Yeah but when I run the retirement calculator program on Fidelity (my investment bank), they ask a lot of questions to provide a detailed analysis. The results said that if I put in 20%, I will have about $4.3 million (pretax) at retirement if the market performs on average. I will have $2.2 million (pretax) if the market performs poorly. Not sure how you came up with $11M. That would be excessive though.
I am contemplating liquidating my entire $21,000 Roth IRA account and putting it toward my house investment fund. In turn, I will use my employer 401k as my sole vehicle for funding retirement. Currently, I am contributing 4% and my employer matches 4% into the 401k. Once I liquidate my Roth IRA, I will then boost my 401k contributions from 4% to 17%. So that would be a total of 21% of my income being contributed to the 401k. My Roth IRA returns haven't even been that great compared to the 401k, and honestly I think the 401k is a better retirement vehicle, because you can take advantage of growth that is based on pre-tax funds. Makes a Roth IRA seem overrated, especially seeing how you lose eligibility for them once you start making over $112K.
You're making 75k plus bonuses and you have $1500 after paying bills, no debt and no kids??. You're worrying too much. Just keep saving money and enjoy life along the way.
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