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I have been working at a great company for 2.5 years as a temp and recently got on board with a permanent position. The pay is average at 45k starting. However, overtime is always present for at least 6 months out the year practically doubling the salary to just shy over 100k mark. Family of 4 and we rent from relatives with a low rent rate. However, we would like to move out by next summer. By that time, we should have 40k in savings. I am not sure if renting is the way to go or purchasing. My kids are 10 and 14 (had them very young)....Im only 29. At this point, I am not sure if its wise to purchase giving my son will only have 2 years left to graduate by the time we start looking. I was figuring out maybe rent for a few years, once they head off to college....maybe at that time looking for a small house or condo? Just looking for suggestions and thoughts. Thanks
Assuming that $100K/year is firm, you can probably afford a $2500 rental. Not bad. In that case, renting is better than buying. You can find something in the south shore at that rate, then invest your savings in an investment account (401K, etc.). Suburban rents are currently very attractive, whether in LI, Westchester or NJ.
At this point, I am not sure if its wise to purchase giving my son will only have 2 years left to graduate by the time we start looking. I was figuring out maybe rent for a few years, once they head off to college....maybe at that time looking for a small house or condo? Just looking for suggestions and thoughts. Thanks
Based on the information you provided, I suggest you rent your own place for a few years and save as much money as you can. In the meantime you will also have a better idea about how permanent your new job is.
Assuming that $100K/year is firm, you can probably afford a $2500 rental. Not bad. In that case, renting is better than buying. You can find something in the south shore at that rate, then invest your savings in an investment account (401K, etc.). Suburban rents are currently very attractive, whether in LI, Westchester or NJ.
Quote:
Originally Posted by Elke Mariotti
Based on the information you provided, I suggest you rent your own place for a few years and save as much money as you can. In the meantime you will also have a better idea about how permanent your new job is.
Thanks for the suggestions. I figured renting was the best option for me.
Never assume the OT will always be there. What happens if it dries up???
I don't go by OT. My numbers are strictly based on my salary. OT just gives me extra cash for the stash to when I do move. Thanks for the pointer though
I don't go by OT. My numbers are strictly based on my salary. OT just gives me extra cash for the stash to when I do move. Thanks for the pointer though
So, 45k just in salary is NOT going to cut. I would not rely on OT either.
I would rent for another 2-3 years. Save ALL of that OT Money & you will be just fine.
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