Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
 
Old 10-09-2014, 03:43 PM
 
12 posts, read 21,650 times
Reputation: 23

Advertisements

My brother is 28 and has over $100k saved up because he's been living at home for years and not paying for rent.

He plans on moving out and getting his own apartment. How long will that money last?
Quick reply to this message

 
Old 10-09-2014, 03:47 PM
 
Location: Avignon, France
11,095 posts, read 7,837,648 times
Reputation: 28787
Depends on his spending habits and his ability to replace the money he's spending via his job. He should do ok since he was smart enough to save 100k to begin with.
Quick reply to this message
 
Old 10-09-2014, 03:47 PM
 
8,539 posts, read 12,266,597 times
Reputation: 16432
If he's smart, he won't spend any of it. If not...well...
Quick reply to this message
 
Old 10-09-2014, 03:48 PM
 
12 posts, read 21,650 times
Reputation: 23
Quote:
Originally Posted by Sydney123 View Post
Depends on his spending habits and his ability to replace the money he's spending via his job. He should do ok since he was smart enough to save 100k to begin with.
So if he's stingy and doesn't spend much how many years could that 100k last him?
Quick reply to this message
 
Old 10-09-2014, 03:51 PM
 
8,539 posts, read 12,266,597 times
Reputation: 16432
Quote:
Originally Posted by MadMaxAF View Post
So if he's stingy and doesn't spend much how many years could that 100k last him?
As long as he spends less than he makes, that should last (and increase) until retirement. But he should probably look into buying a modest house if he knows where he wants to live for several years.
Quick reply to this message
 
Old 10-09-2014, 03:51 PM
 
9,863 posts, read 13,987,540 times
Reputation: 21673
If he only spends 1000 per year, it will last him a hundred years.

Seriously, it all depends on his living costs and income.
Quick reply to this message
 
Old 10-09-2014, 04:04 PM
 
Location: Florida -
10,213 posts, read 14,742,287 times
Reputation: 21845
It sounds like your real issue is resentment over your brother living at home and not paying rent - while he accumulated $100K, which you equate with being stingy (frugal). (Perhaps you feel that he took advantage of your parents and that you also could have saved $100K, if you had done the same thing). In fact (reading between the lines), it sounds like you are hoping that he blows through the money quickly and is then finally confronted with the responsibility of living without mom and dad's help.

Your concern does NOT really appear to be with how long his $100K will last. (That's a simple answer that doesn't require a forum: If he spends $2.5K of the $100K per month on room & board, above his income, the $100K will last 40 months).
Quick reply to this message
 
Old 10-09-2014, 05:13 PM
 
6,321 posts, read 10,252,984 times
Reputation: 3835
Does he have a decent job? $50K or so of that would make a nice down payment on a house. Living at home for years and not paying rent is probably the easiest way to save up money for a good down payment.
Quick reply to this message
 
Old 10-09-2014, 05:26 PM
 
Location: Ocala, FL
6,392 posts, read 10,189,044 times
Reputation: 7762
How long $100K lasts also depends where you live. In my market in Florida it would go much further than someone living in New York.
Quick reply to this message
 
Old 10-09-2014, 05:38 PM
 
34,258 posts, read 19,223,309 times
Reputation: 17237
100K can last a lifetime if you can survive off 500/month, and have a decent interest income on it.

single? I could live off that for a decade with reasonable investment and frugal spending.

Married with kids, a mortgage, etc? About 2 years.
Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:
Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top