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There is no simple way to explain the situation I am in, so excuse me if I am a little wordy. I’m stuck between a rock and a hard place right now, and so far I’ve found these forums to be very uplifting and great with information-sharing.
So, a bit about me before I get into what I want to know.
I’m very young - almost 21, and will have about a quarter of a million dollars. I haven’t been able to get into college or find a solid job which grants me benefits (I do work part time), especially in the area I am in. I want to get out.
My mother lost her home to foreclosure when she couldn’t do a short-sale and filed for bankruptcy. My sister moved up north to live with her father and put her home up for short-sale. I’m living in my sister’s home temporarily and offered my mother to move in with me.
We’ve been talking lately about what we want to do when I’m financially secure. We had a civil court case settle which will grant me financial stability - enough for me to get my feet grounded, so to speak. Right now, we’re incredibly poor - so we can’t act on anything just yet. So, I want to talk with people who appear to be more experienced than me in many ways, and hopefully develop a more solid outline for my future.
My mother wants to move to Las Vegas, somewhere out in the suburbs. Where exactly, she does not know. Now, I love my mother very much and would like to continue supporting her as she is getting old, has no money, and really no future without assistance of some kind. I am not really enthusiastic about Las Vegas because I don‘t know what to expect. Likewise, she’s not enthusiastic about moving anywhere else as all my other suggestions were met with a “No.” Other places I’ve looked in to was Denver and Charlotte. I’ll leave her and go my own way if I really have to, but I truly don’t want to.
I don’t like how my mother is dead-set on Vegas. Her reasons aren’t very convincing, which is why I am apprehensive. For one, she has a friend who wants to move who has a brother in Vegas. Secondly, my mother likes to play poker. She’s talked about becoming a professional poker player, and while she’s arguably ‘good’ at it, I think that’s as good of an idea as chasing butterflies while snorkeling underwater. She doesn’t have much of a gambling problem, but I am sure Vegas has an incredible amount of temptation. I don’t want her to give in to that temptation and squander the money. She said the housing situation and economy isn’t as bad in Vegas as it is where we‘re at, and to be honest I really don’t know about that. It’s bad everywhere. I think she gets this information through her friend who, in turn, gets it from her brother who lives in Vegas.
I know very little about Vegas. I don’t know if it would be a good fit for my future. If we move, we have very little prospects in Vegas. In fact, we have very little prospects anywhere.
So, I want to ask a few questions! I don’t expect any one person to offer their input on all of them, so please don’t feel inclined to answer each one. Any and all help is greatly appreciated.
First of all, I want to get into a nice university/college, and as such it is my main concern at the moment. I consider myself a creative individual in the arts. I do graphic-design, illustration, website development, and compose/play my own music as a hobby. I’ve looked into The University of Nevada, Las Vegas, but I am wondering what else is there? Has anyone here attended any of the universities/colleges? How are the communities surrounding the colleges/universities?
Apart from a college, what about the neighborhoods? What are the good and bad neighborhoods in Vegas? I read a thread in this forum about foreclosures left and right, so it seems Vegas isn’t really any better than where I am at. I want to know how the market is for homes. Is there a good, reputable website for looking into homes in the Vegas area? I’m not sure how much I want to put down on a home, but I see short sales going on around here at around 120,00.
I’m a bit concerned about the crime rate. I keep hearing stories that crime is absolutely terrible in certain areas and that the local police are apathetic. I’ve looked online for some statistics, but haven’t found anything that was relatively recent. I’m quite paranoid.
In terms of a job, I’m not sure what I could do. Right now I work in landscaping, and before that I worked in a pet shelter. How is the job market in Vegas?
One big reason why I want to move up north is to get away from the south. I’m an animal lover and would like to camp out, hike, do all sorts of outdoor activities. I’m not sure how to feel about living in the desert, so I’m wondering what other people think of it? Also, one thing I do want to do is visit and participate as a volunteer in a Wolf Sanctuary, as I did when I lived up in Missouri. Is there any near Vegas? I’ve done some searching online, but came up empty handed thus far - which makes me think there aren’t any (or that my searching just sucks). I’m an absolute wolf/coyote supporter, and I would love to devote my life to them. It’s very important to me, right up to getting into a good, reputable college, and I feel this would be the only opportunity for me to be anywhere near a sanctuary for a long time.
My mother has allergies and is, ultimately, not very healthy. She has a basket case of medical problems. How would the desert climate treat someone who has mold and dust allergies? She may have a pollen allergy, too, but we’re not sure.
I hope I’m not too jumpy on questions, because I certainly feel it. I feel like my brain is a pair of scrambled eggs right now. I think this covers pretty much all I wanted to ask for right now, although I am probably forgetting something.
Wow, I am so impressed with your well thought questions. I'm wondering if the settlement you are referring to has settled because if it hasn't, from it you will still have to pay settlement fees to an attorney and in most cases, taxes on the money. After that, to use the money to buy a house does not seem wise to me. There are so many expensive ongoing costs associated with owning a home and if you decide to go on to school, which I hope you do, that nest egg will need to be used.
Please don't let your mother lead you down the wrong path. Wanting to move somewhere just because a friend wants to move there is a very stupid reason. If your mother was showing responsibility and stability it would be HER on here doing the researching as you are. Yes, the desert climate would probably be better for her allergies but I assume she is late 50's to early 60's and believe me, the health issues you mention for her are trivial for someone that age. She will be okay. Once she turns 62, she can file for social security income on either herself or a former husband.
She also very likely has an addictive personality and turning her loose in Las Vegas could be the end of your money. I'm thinking she does not even know she can play professional poker from the comforts of her home just be going online and I guess that's one we don't want her to know.
You can use the search feature on the top of the page to further search some of the questions you have had. If you really like wildlife, then by all means, go to a state that is rich in them. Everyone has to work but lucky is the person who has a passion for something and gets to spend their days pursueing that.
I’m very young - almost 21, and will have about a quarter of a million dollars.
For monthly income, consider investing those funds in a High-Yield Corporate Fund. The monthly dividend amount would fluctuate up and down with market conditions, but a 7.5% yield on $250,000 would provide in the neighborhood of $1,500 per month before federal taxes (no Nevada state income tax). Everyone has to determine the "renting versus owning" issues for themselves, but renting (at least for the first few months) offers the luxury of evaluating domicile options at your leisure.
High yield corporate funds might be a good answer but, now is not the time to get into one and aren't they loaded both front and back? Our poster would have to buy at exactly the right time and then deduct his buying and selling fees to get the true return figure which could very likely not be a 7.5% yield.
First of all, 250K is not that much money when you are only 21. It could look great to someone in their 40s or 50s (depending on their financial situation), but not a 21 year old, especially one who has not been to university or has marketable skills.
Hence, you will have to use some of that money to become marketable. So decide how you can make a living doing something you will enjoy and then use some of that money to get yourself educated.
Forget Vegas. It is a dying town with thousands out of work and the layoffs are not done yet. You would be a fool to go to Vegas simply because that is where your mother wants to live to play poker (that is just plain trouble).
Live somewhere reasonable priced while you get your education (continue to work part-time) and then use the money that is left to get yourself set up in the area you like and where you are going to find suitable employment.
Obviously you love your mom, but do NOT make a decision because of her, you need to make it for yourself, as hard as that may be. The desert is not for everyone. you mentioned "the south", but what part would you be coming from? Your mom thinks she is going to be a professional poker player? that is where I would tell myself vegas is not the place for you, especially since you mentioned being "poor". Unless you are able to stand up to your mother and not allow her to spend whatever little money she has on gambling.
i have never heard of any wolf sanctuaries anywhere nearby, although we do have coyotes (speaking from northern nevada), rarely seen in metro areas.
You say your other suggestions have been met with a NO from your mom. Well why in the world do you have to say yes to her? if you know nothing about vegas, i would NOT move here. Dont get me wrong, I love Las Vegas, granted i haven't lived there yet, but I do live in the high Desert. I have to say, before I moved here 4 years ago, i never had allergies, but now I have them, so not sure about how that would effect your mom.
I just feel like you need to live for yourself. I love my parents and im not sure what i would do without them... but at some point you also have your own life to look out for, and your future.
As for outdoor activities... there are certainly plenty! Hiking being a main one so i dont think you would be unsatisfied in that aspect.
The housing market however... Nevada was one of the hardest hit states... las vegas being I believe like #3 in the country or some unheard of statistic for foreclosures, so i highly doubt where you are is worse....
this is not moving up north. this would be the southwest... dry... hot.... no green people here are nothing like in the south, at least what i experienced. west coasters are much more known to be snotty and rude, it's pretty sad. this goes for majority, not everyone obviously.
my suggestion to everyone before moving anywhere that when possible, take a trip there, explore the area... moving to somewhere before you have ever been there is a great risk. it may turn out great, or it may turn out bad.
Good luck with your decision... but be sure you are making it for the right reasons.
luckily you are young and if you make a mistake, you can bounce back.
First of all, 250K is not that much money when you are only 21. It could look great to someone in their 40s or 50s (depending on their financial situation), but not a 21 year old, especially one who has not been to university or has marketable skills.
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WHAAAT? 250k IS A TON OF MONEY for a 21 year old!! in their 40s and 50s, hopefully you'd have more than that if you plan on retiring at the age of 65.
Although I agree only somewhat with your assessment of the situation, i just had to comment on the money thing you said. that is a great deal of money for someone at that age, and i would hope that you use it correctly because in a place like Vegas, it could be gone SOON.
I had 45K at the age of 25 and i was extremely proud of myself, unfortunately put it on a down payment on my current house and of course, that's all gone now, never to be seen again.
Regarding the finances, which i didn't mention previously, I would just be smart with your money! do not give up your job and definitely figure out what kind of schooling would be best for your ultimate goal so you dont use the money in vain.
The folks above have some pretty darn good feedback on your questions and comments. I will try to be concise and not inject too much of my pessimistic outlook for Vegas in this post --- oops, too late.
Almost 21, with 250K and no financial experience (it sounds like) is a combination for DISASTER. My suggestion would be to find you a competent financial planner to help you determine the best options for your money whether that be investments, savings, etc. I would give yourself AT LEAST 6 months after receiving your settlement before spending more than $10K so that you can determine the best course of action.
Why have you not been able to get into college? Financial or grades? It sounds like your an independent student so there might be financial aid available to you, but you'll need to complete your FAFSA in January to start the process for next August admissions. If grades are a factor, you should be able to get into a community college and then later transfer to a university. Also, it is smart and will save you money to complete your 1st 2 years at a community college. Additionally, look into CLEP courses which are pass or fail for about $60 per course. SAVES lots of money if you are disciplined enough to study on your own and test well.
"chasing butterflies while snorkeling underwater" LMAO! Gotta love that one. You have obviously analzyed your mother's reasoning well. LOL And, you have a good reason to be apprehensive. Buy-in for professional poker is not cheap and is really not a wise choice.
"She doesn’t have much of a gambling problem" WHOA!!! MUCH of a gambiling problem?! Again you have accurately analyzed WHY Vegas is not a good choice for your mom.
"She said the housing situation and economy isn’t as bad in Vegas as it is where we‘re at" Tell your mom that NV is the hardest hit state in the union on this recession because the economy here is based on gaming and literally only gaming. Without gaming there is little else to sustain the State government. In fact, a recent article states that NV will be the LAST state to come out of the recession. Here's another article just posted today: Nevada suffers as rest of U.S. recovers - Wednesday, Nov. 11, 2009 | 2 a.m. - Las Vegas Sun Your mom is obviously not reading the news or keeping up with the state of the state.
My daughter just transferred from the Nevada State College to University of NV- Reno. NSC has some good offerings as well as College of Southern Nevada. HOWEVER, in a recent ranking, UNL & UNR only ranked like in the 300's of the top 500 universities. There are better choices across the country with higher standards. Determine what you'd like to study and then look for those offerings in a state which you think you would like. And, when I say what you'd like to study that is EXACTLY what I mean. The KEY to college is to study what interests you. You may not end up being or doing that in real life, but you'll make some awesome grades! For instance, a lady I knew in Marketing had a degree in Anthropology. Another, a Ph.D. in Physics, but was also in Marketing. They studied what they liked and have done something totally different with their career.
I'm skipping some of your other questions like buying a home here. Others have responded on that. I wouldn't blow my $250K with buying a home in a place that you are obviously apprehensive about living. Addtionally, as other's have mentioned there are on-going costs associated with home ownership that will eat up your money, and you need your money to invest in your future.
I am originally from Nashville, TN and while 'the south' has aspects that irk me, I can agree with you on the wildlife. I love the wildlife, camping, fishing, etc.
As for your mom's medical issues, also know that the state of medical care is lacking in Nevada. My daughter and I have allergies too. I have to make sure the filters in the house are changed freqently, but the dust still gets me going on a regular basis. Since the population growth, more bushes and trees have been planted along with grass, so Vegas has it's fair share of pollen and other irritants.
Seriously, I think you know the answer to your mom's pushing you to come here --- same as her's! NO! If she wants to come to Vegas, support her -- from afar. You're almost 21 and sound very level headed. Use that ability to your advantage to carve out a better future for yourself.
Thank you everyone for responding and giving me feedback and advice! It's really appreciated.
Quote:
Originally Posted by jjameson922
I'm wondering if the settlement you are referring to has settled because if it hasn't, from it you will still have to pay settlement fees to an attorney and in most cases, taxes on the money. After that, to use the money to buy a house does not seem wise to me. There are so many expensive ongoing costs associated with owning a home and if you decide to go on to school, which I hope you do, that nest egg will need to be used.
The settlement hasn't 'settled', I should have mentioned this. However, I am getting around ~280,000 - so I took about ~30k off to compensate for adjustments, and just rounded it to ~250,000. I expect that will be -at least- what I get, or rather, what I hope to get. You're probably wondering why I don't really have a good idea of how much I'll be receiving, and I know it may sound bad - but the details surrounding the civil case are quite complicated, not to mention personal. I don't even know when I'll get the money - and I hate having to depend upon it. My choices are limited.
The one reason why I thought it would be a good idea to go ahead and put a down payment on a home, or cover the full cost (depending on the home), was so that I wouldn't have to worry about a place to live and could have a 'home base'. I didn't think of the additional costs of running a home, though. I've never owned or really even managed a home - so I'm fairly ignorant on this part. Perhaps I might offer to be a roommate to someone, or rent an apartment for a few months? I've lived in an apartment before and, quite frankly, I hated it.
Thank you, JJameson.
Quote:
Originally Posted by tortoise
For monthly income, consider investing those funds in a High-Yield Corporate Fund. The monthly dividend amount would fluctuate up and down with market conditions, but a 7.5% yield on $250,000 would provide in the neighborhood of $1,500 per month before federal taxes (no Nevada state income tax). Everyone has to determine the "renting versus owning" issues for themselves, but renting (at least for the first few months) offers the luxury of evaluating domicile options at your leisure.
I don't feel comfortable investing in a corporate fund, primarily because I know very little about it. I'm not much of an economist, and I lose myself in the jargon surrounding it. I'll do some research about it, though, and I think it's good that you mentioned it - I think learning the concept of investing is something great to have. Thank you!
Quote:
Originally Posted by Plain Jane 3953
First of all, 250K is not that much money when you are only 21. It could look great to someone in their 40s or 50s (depending on their financial situation), but not a 21 year old, especially one who has not been to university or has marketable skills.
Hence, you will have to use some of that money to become marketable. So decide how you can make a living doing something you will enjoy and then use some of that money to get yourself educated.
Forget Vegas. It is a dying town with thousands out of work and the layoffs are not done yet. You would be a fool to go to Vegas simply because that is where your mother wants to live to play poker (that is just plain trouble).
Live somewhere reasonable priced while you get your education (continue to work part-time) and then use the money that is left to get yourself set up in the area you like and where you are going to find suitable employment.
Best of luck.
I'm not sure why 250k isn't much money, especially for someone my age. I feel very sorry for the people my age who have next to nothing. In comparison, though, my relatives around my age have just as much as that, are in college or preparing for college, living on their own with the aid of their parents, and are otherwise financially stable while starting their careers. Where I'm in a house that's listed for short-sale, threatened with no place to live, and have about $500 in the bank which will be blown on a car payment, home bills, and groceries for the month. Process will be rinsed and repeated next month while I'm stuck with my thumb up my rear and the rest of my family is out living their lives.
I'm bitter about the whole situation, really.
Thank you for your input and advice, Jane.
Quote:
Originally Posted by VerdeOjos5
Obviously you love your mom, but do NOT make a decision because of her, you need to make it for yourself, as hard as that may be. The desert is not for everyone. you mentioned "the south", but what part would you be coming from? Your mom thinks she is going to be a professional poker player? that is where I would tell myself vegas is not the place for you, especially since you mentioned being "poor". Unless you are able to stand up to your mother and not allow her to spend whatever little money she has on gambling.
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You say your other suggestions have been met with a NO from your mom. Well why in the world do you have to say yes to her? if you know nothing about vegas, i would NOT move here. Dont get me wrong, I love Las Vegas, granted i haven't lived there yet, but I do live in the high Desert. I have to say, before I moved here 4 years ago, i never had allergies, but now I have them, so not sure about how that would effect your mom.
We currently live in Florida. I really don't know what she thinks she will do, but poker is really the only thing she mentioned about pursuing if we moved to Vegas. She said she needs more 'excitement' in her life. Yeah, well, she's not the only one.
I would be more firm with her if she wasn't the only family I had. I may be making her sound more selfish and irresponsible than what she really is, though. She is a good woman and has helped me out when no one else would, so I definitely have my reasons for wanting to help support her.
One of the biggest problems we face is that she hates the cold weather (even though vegas is colder than florida), which I can understand and can't particularly blame it on her. My mother gets sick very easily, and allergies do her a number.
Quote:
Originally Posted by VerdeOjos5
I just feel like you need to live for yourself. I love my parents and im not sure what i would do without them... but at some point you also have your own life to look out for, and your future.
No argument here!
Quote:
Originally Posted by VerdeOjos5
The housing market however... Nevada was one of the hardest hit states... las vegas being I believe like #3 in the country or some unheard of statistic for foreclosures, so i highly doubt where you are is worse....
...
my suggestion to everyone before moving anywhere that when possible, take a trip there, explore the area... moving to somewhere before you have ever been there is a great risk. it may turn out great, or it may turn out bad.
See, I did not know that about the market. Do you have a web-source which details the situation in Nevada?
I will definitely think about taking a trip to a place before moving, but I'm afraid if I do that it might eat up some of my money. When time comes I'll think about it and see what can be done. Thanks you for your input and advice!
Quote:
Originally Posted by sierramadre44
Almost 21, with 250K and no financial experience (it sounds like) is a combination for DISASTER. My suggestion would be to find you a competent financial planner to help you determine the best options for your money whether that be investments, savings, etc. I would give yourself AT LEAST 6 months after receiving your settlement before spending more than $10K so that you can determine the best course of action.
You pretty much hit it right on the dot! I have very little experience with finances and want to avoid disaster, as this is the only chance I think I'll have at obtaining a stable life. I've been told by a few people to get a financial adviser, so I think I may get one. I just hope they're not too expensive.
I'm Jewish, so I'm very concerned about my money.
Quote:
Originally Posted by sierramadre44
Why have you not been able to get into college?
Basket case with this one. I'm not trying to make excuses to avoid college, I want to go to college. Money, transporation, and constant worrying about not having a place to live is preventing me from being able to get into a college. I plan to re-fill a FAFSA.
Quote:
Originally Posted by sierramadre44
Tell your mom that NV is the hardest hit state in the union on this recession because the economy here is based on gaming and literally only gaming. Without gaming there is little else to sustain the State government. In fact, a recent article states that NV will be the LAST state to come out of the recession. Here's another article just posted today: Nevada suffers as rest of U.S. recovers - Wednesday, Nov. 11, 2009 | 2 a.m. - Las Vegas Sun Your mom is obviously not reading the news or keeping up with the state of the state.
Wow, thank you very much for this information! I don't know where she gets her information, or if she's just pullin' my leg to get me to want to move to Vegas, but this is definitely an eye-opener. Thank you!
I don't want to keep quoting your post, but I read it thoroughly. Thank you for offering me input on the school system, and especially about the wolf sanctuaries that have opened up, as well as the medical system.
Just a few comments - you seem to have maturity beyond your years, and are quite correct to question the wisdom of a move to Las Vegas at this time.
You'll want to save a big chunk of that settlement, but at your young age, investing some of that money in yourself (i.e. education) makes sense. From what you described, it sounds like an Art & Design college might be what you're looking for. If you are in Massachusetts (a guess based on your username) I think you have access to one of the only public Art colleges in the USA (Mass. College of Arts) that isn't part of another bigger university. If what you really want to do is web design, and sit in front of a computer inside Dreamweaver and Flash Professional all day, one of the private, for-profit art schools might be a better fit to teach you those skills, as IMHO, they are more like vocational schools. I'm thinking of schools like Academy of Arts University in San Francisco. Then there is always the option of getting a degree from the art department at a bigger university.
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people here are nothing like in the south, at least what i experienced. west coasters are much more known to be snotty and rude, it's pretty sad. this goes for majority, not everyone obviously. 
And, you have a good reason to be apprehensive. Buy-in for professional poker is not cheap and is really not a wise choice.
For instance, a lady I knew in Marketing had a degree in Anthropology. Another, a Ph.D. in Physics, but was also in Marketing. They studied what they liked and have done something totally different with their career.
