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that most of her friends also live alone. Their parents do help them whereas it is hard for us to do that. We have had to help her throughout the year but she doesn't really want us to.
She has an opportunity to move up at a job and she would making closer to $100K so we are waiting.
At a young age, I had to help my parents financially and it has made an imprint. I still have to help my mother. Both our children realize this and I guess they feel like "well, they would help me if I really needed it" - it's a tough one, really.
She has a great education, lived in the dorms all 4 years, and worked during college and summers so it's not like she didn't do anything.
Oh, well, she's 24 - someone told me at 26, she will think differently. We'll see.
If I was 24 and in NYC, I'd have a 3 bedroom, 3 roommates and fun! But, that's me!
First of all, how on G-d's green earth did she manage to get approved for a $2,700 a month apartment? She spends 75% of her net pay on rent. The landlord who approved her must have been absolutely clueless. I make a little less than your daughter...$60,000 in Boston, and pay $700 a month for rent. I don't think I can go much higher than that monthly.
Second of all, her behavior is symbolic of all the problems this country has right now. OK, she has no debt...more power to her. But you know what? Mod cut: languagehappens once in a while...what is she going to do if she has to get wisdom teeth pulled out or needs surgery or something? And what about retirement/saving for the future? Surely, she cannot do that...and if she can, I really would like to know how.
Finally, she probably can't get much of an experience in New York as expensive as it is. With only $900 left after the apartment, she is probably living hand to mouth. She probably can't afford to even leave the city...a $500 plane ticket would be more than half her remaining income for the month.
Oh yeah, and you mentioned she works a second job. Maybe she could quit that second job and enjoy her life a little more if she moves to some place cheaper...more time and more disposable money. It sounds to me like her apartment is her life. What good is living in New York if you're working an 8-5 then running to another job where you'll spend the rest of the night and/or weekend? I hope she realizes that she might have to owe money come tax time since taxes from each job is taxed at the bracket of the salary itself, not the combined income.
I know she *loves* her apartment and that you support every move she makes since you are her parents. But I really think you should have a long talk with her and explain to her that Damocles' sword has been hanging over her the whole time, and if she doesn't change her behavior, she could be in major trouble later on.
The only positive out of this is that she is renting...not owning. At least she can get out of this relatively easily.
I'm not trying to say that this person is evil or something like that. I am just saying that I don't understand what the motivation is for getting a $2,700/month apartment was (and I seriously hope the $2,700 covers all utilities), and I just feel that this is a financial burden that could ultimately cause major hardship...but it could easily be rectified.
Last edited by Green Irish Eyes; 12-25-2008 at 10:52 PM..
Reason: Deleted quoted text
dosnt seem to make good financial sense and may even be the start of whats called financial suicide but if shes happy spending just about all her money on rent more power to her.
the problem is people can make all kinds of sacrafices in the beginning when they either buy to much house or rent to much apartment but as life goes on it usually becomes a burdon and much harder to do..
nothing is wore of a feeling when instead of you owning the house ,the house owns you
I think the kind of place you call home is personal choice. Some folks spend a lot of time at home, having people over, and want convenience in location and nice views, etc. Others just run out in the morning and eat out a lot, etc. I would not spend as much in rent as on a mortgage but if you aren't in to maintenance and repairs then a ownership deal is a bad deal. And as the investment market has shown, unless you are a pro, even the sure things aren't sure investments. Period. Even savings and loan banks have failed and will again.
you havent rented lately then or you rented from really amatuer landlords just waiting to get burned!
no tenants get an apartment from me until i put them under a microscope... to many bad apples , to many i think i can pay it
at least when a homeowner cant pay the banks get a property back, a landlord gets squat from a tenant
in fact ill never rent to anyone who cant come up with first months rent, last months rent and a month security.... i have enough to worry about without taking on someone living hand to mouth too... they need a few months reserves in the bank so i know i stand a chance of getting paid if they are sick or layed off
Last time I rented was a house 2002 to 2005 with a leasing agency/real estate office. They must have done a credit check, but I never had to disclose income.
As to income...that can be a poor indicator as to how much money people have socked away for a rainy day.
Last time I rented was a house 2002 to 2005 with a leasing agency/real estate office. They must have done a credit check, but I never had to disclose income.
As to income...that can be a poor indicator as to how much money people have socked away for a rainy day.
Things are different in NYC. They verify your income here. It's not the same as it is in Texas.
I'm confident you know what you're doing but, as far as NYC rental applications go, most offices will just give you a "no". I mean like a really, big, fat "No".
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