Tips for Starting Out My Life On My Own

Save, if you do make a big purchase (TV/Appliances) try to finance it on 1yr same as cash even if you have the money. Its a great way to build payment hx and build your credit score, dont overspend and make all payments on time. I did this with all my major purchases, it removes the temptation to spend up to your credit limit on your cards. Credit cards are evil & so are the companies behind them, their goal is to enslave you.

 

i do financial advising for a living and a goo rule of thumb to use for saving and what you should be spending on bills and such is......

you dont want to be over 30% of your yearly paycheck in rent or mrotgage. so calculate that out and see what it would be every month.

then after that your bills should not be over 30% percent either, this includes any payments, credit cards, electricity, and such

then 10% should be your fun money and spending

then 20% should be saving

obviously these are ballpark, but when its time to get a loan or buy a house or anything that requires credit, its looks very very good if your mortgage/rent and bills are under that 30% mark.

 

keep good credit. dont fuck that up

we all wanna buy a house one day

 

oh damn! i forgot renters insurance (unfortunately not for the first time). 3 weeks after i graduated college my apt burned to the ground. i lost 25 years worth of possesions with zero insurance. i had to start from scratch. my parents gave me $1000 bucks to help out but thats all they could afford. GET IT! trust me, you dont think you need it, but if you do you'll regret not having it. plus its only $135 (approximately) per year. cant go wrong

 

buy a house. Renting is such a rip off. I rented for 6 months and said Fuck this. I'm buying a house. Now I pay less for MY house than their apartment.

 

very true. (buyers market now)

if you have the money to put down on a house, you can find a real nice forclosed home for dirt cheap

 

^They come with no warranty and are generally abused. Watch that.

Oh, and always always always puke in the toilet.

Close enough is never good enough when it comes to that.

 

My house was a repo. And the only.thing wrong with it was the backyard. Other than that, perfect condition. And you don't need money down. Even though my parent let me borrow the downpayment, I could have gone in with 0 down, but would've got a slightly higher intrest rate

 

0 down? Yee...and they wonder why there's fucking foreclosures happening.

No offense.

 

eh, renting is a give and take thing. if you know you'll be in the area for a while then its good to buy so you dont waste money, but that ties you down. if you find a new job or are a restless person you may want to move around a bit, which renting allows you to do. but i agree, in general, buying is the way to go if you have the means.

it is a buyers market but he'd need some cash to put down (which he may or may not have) and damn good credit to get the best interest rate, which most 19 year olds dont have. it may not be an option for him at the moment

not sure if all states are teh same, but here in SC, its can be hard to get financing for a forclosed house. before you can get financing an inspector has to sign off on teh house. if there are issue, they must be fixed BRFORE they will give you financing. so basically, lets say teh roof is bad. a new roof is 5k. the bank will not give you money until the roof is up to code. which means you have to sink 5k into the house before you even own it. i dont like the idea of sinking money into a house i dont own. and the sad fact is, many many for foreclosures are sabotaged by the leaving party. forclosures are a gamble