25yrs old, making $30,000......

[BillyBatson]

stay with yoru parenst longer, pay off debt, save some money, shop around.
it depends onw here you live, 30k is not a lot no matter how old you are in LA if you are looking for a home

 

[TitanDiddly]

Originally posted by: mercanucaribe
Stay with your parents for a year or two and pay off your debt.

 

[Doboji]

get a better job

/thread

 

[dabuddha]

Originally posted by: RaistlinZ
I need ATOT's help.

I'm a 25yr old guy making about $30,000/yr. I've been living with my folks for the past year but I really feel like it's time to get my own place.

The problem is that here in Souther California new homes are WAY out of my price range ($400,000+). The other problem is that rental units are also very expensive now, about $900/mo. for a single residence. Condos are also high priced in this area, and they just don't look like a good long-term investment for me. I've also considered sharing a duplex or something to pay a smaller rent, but I really want to have a place to call my own.

Does anyone know of any programs that could help people in my situation get a new somewhat decent new home? (I've never owned a home before, my credit is mediocre, I still have about $21,000 in total loans loans to pay off). It seem like I'm stuck between a rock and a hard place right now and I just don't know what I should do.

What I really want to do eventually is get some investment properties for myself and rent them out, but it seems like a long ways away at this point.


Cliffs:
1. 25 yrs old, $30,000/yr, living with my parents
2. Too expensive to buy a home, too expensive to rent an apartment
3. My credit is meh, I have $21,000 in loans to pay off
4. What should I do?

I wouldn't think of moving out until your debts are paid off at least. And you probably need to earn more money before you move out in Cali (I'm assuming because it's an expensive state?)

 

[Injury]

Originally posted by: RaistlinZ
Thanks to all who have posted so far. I'm thinking now that I need to suppliment my income while I look for a higher paying job. I work from 7:30am to 7:00 pm M-F and 8:30am-1:00pm on Saturdays at my primary job (I work in the rental car business) so I'll probably need something I can do on the weekends.

...

You work 64 hours a week for $30,000 in California?

Jesus man, for those hours you could flip burgers and make that much.

Not to be an ass, but tack on finding a new job to the list of things to do.

You have a student loan... you went to college, working in the rental car business and only making $30,000?

 

[SagaLore]

Originally posted by: RaistlinZ
I forgot to mention, staying at home with parents is not an option. My stepmom "subtley" left an Apartments For Rent magazine on the desk in my room while I was out the other day. She obviously wants me out.

"Subtley" give her a check for rent. $200 per month should at least be break even for you staying there.

 

[AnonymouseUser]

Originally posted by: RaistlinZ
Thanks to all who have posted so far. I'm thinking now that I need to suppliment my income while I look for a higher paying job. I work from 7:30am to 7:00 pm M-F and 8:30am-1:00pm on Saturdays at my primary job (I work in the rental car business) so I'll probably need something I can do on the weekends.

And I guess that when I do move out I will probably share a house with someone looking for a roommate. I searched the newspaper today for things in my area and most renters are asking for about $500/mo from a potential roommate, which isn't too bad.

For those that are curious, here's how my finances break down every month:

$2,400 earnings before taxes

-240 (10% to my 401(k))
-250 (rent I pay to my folks every month)
-260 (taxes)
-250 (car payment)
-120 (car insurance)
-200 (montly student loan payments)
-100 (Variable Univeral Life insurance policy)
-100 (gas for my car)
-40 (cell phone bill)
-25 (credit card bill montly)
-30 (DSL bill)
-150 (food)
-20 (haircuts)
-60 (entertainment)
-30 (clothes/dry-cleaning)
---------------------------------------

= $525.00 leftover (assuming nothing unexpected comes up that I have to pay for)

I'm thinkng of cutting down on my entertainment a bit, and possibly cancelling the VUL insurance policy. That alone would put back about $150 back into my wallet each month.

You need a cheap car with no monthly payments. Just something reliable so you don't spend a ton in repairs, and so you can drop your insurance down, too (not to mention property taxes).

Drop the life insurance, reduce the 401k contributions, and pay off the credit card.

 

[300MDemon]

$30K, long hours, rental car company....Do you work for Enterprise? I know this has nothing to do with the question but I was just curious.

BTW, I would save as much money as possible, pay down your debts as quickly as possible before someone tells you point blank to move out.

 

[gigapet]

get a a oparttime job

 

[mryellow2]

Get a new job pronto. You are making far less than you could be even if you didn't have a degree.

 

[MikeMike]

offer to your parents to pay rent, say like $100 a month which should be drastically less than ANY apt. you will find in Cali

 

[Rudee]

Originally posted by: JLGatsby
Pay off your loans first, then buy a house. I would actually recommend moving elsewhere where housing is cheaper.

At the price of realestate in CA, he would need to work several years after paying off his debt just to afford the mortgage payment. However, at a salary of only $30k he wouldn't qualify for much of a mortgage anyway. Also, you need to at least double your current salary to even think about being a homeowner in CA. More like triple.

 

[purbeast0]

Originally posted by: Nutdotnet

Originally posted by: Injury

Originally posted by: spidey07
you are 25, you should not be living with your parents no matter what.

time to grow up.

I disagree.

Unless you parents insist you leave, you're smart for staying with them as long as you can. At this age, he's in the right crowd for marraige to be in the near future... so he should either look into a house that can support a small family, or find a very cheap temporary solution.

Getting rid of current debts is priority #1. The main reason people have financial problems is because they load debt on top of debt thinking that it will be paid off soon enough or they can handle it. One bad things happens and you're screwed.

I know enough about California to know that $30,000/yr isn't enough to be a home owner. Have a chat with your parents about staying there for another year or so and paying them a bit for the extra you're using and work on that debt while you're there.

When you get down to an amount you could pay in less than a year with no troubles (say around sub $5000) then you start looking at places to move to.

Wow...just wow...

@ 25 Living with your parents should only be an option if you're still going to school. Other then that it's time to move out. To even suggest different is the sign of a loser.

Life isn't all about being financially "safe" sometimes you gotta go through "******" to learn what it is like in the real-world.

Living @ home @ 25 is sad, just sad. Any woman worth her salt would run away from any man still living @ home.

FYI ... I just turned 24 in November and I live at home still, and I'm making a little over $50K/yr. I'm living at home because I'm saving $$ so I can purchase property at some point in the near future since renting is a waste of $$. I just hit a pretty good milestone last paycheck w/the savings and will probably have enough to buy a house or something w/in 6-12 months.

Oh and btw, I'm a college grad w/a computer science degree, and my hot ass spanish girlfriend also lives with me at my mom's house in the basement.

sheesh, i'm such a loser.

 

[pontifex]

Originally posted by: GregGreen

Originally posted by: Injury

Originally posted by: spidey07
you are 25, you should not be living with your parents no matter what.

time to grow up.

At this age, he's in the right crowd for marraige to be in the near future... so he should either look into a house that can support a small family, or find a very cheap temporary solution.

women like dudes who don't live with their moms ftw

so do women like men who live in roach infested slums better?

i'm in the same situation as the OP, sort of. up until the middle of this month i made 30k a year, now make 33k. been at this job for a little over a year now. was only making about 27k at my old job. i live in central pa.

i have about 25-30k in loans (car and school). i could probably afford an apartment or maybe a cheap house, but my problem is that i have no furniture other than whats in my bedroom. i only have about 6k between savings and checking accounts. i'd prefer to go the house route. if i'm going to be paying $500+ a month for something, i might as well get something i own in the end.

 

[Kev]

Originally posted by: RaistlinZ

Originally posted by: mercanucaribe
Stay with your parents for a year or two and pay off your debt.

I forgot to mention, staying at home with parents is not an option. My stepmom "subtley" left an Apartments For Rent magazine on the desk in my room while I was out the other day. She obviously wants me out.

Wow, what a passive aggressive cvnt.

 

[Sentinel]

Originally posted by: BrokenVisage

Originally posted by: SpunkyJones

Originally posted by: AnonymouseUser

Originally posted by: Cooler

Originally posted by: buzzsaw13

Originally posted by: mercanucaribe
Stay with your parents for a year or two and pay off your debt.

I would also recommend this, or get a girlfriend and move in with her = split the difference.

 

[DBL]

Originally posted by: Hacp
paying off student loans can wait. First invest the money you get every year, and pay the student loans off gradually. Intrest rates for student loans are usualy extremely low. Next time when your borrowing money from a bank for a much higher rate, you WILL kick yourself for paying the student loans all at once.

Exactly. If these loans qualify, you can refinance them over 30 years at a ridiculously low fixed rate (~4.75 %?). That's a monthly payment of ~ $100/month.

 

[ViviTheMage]

pay off you debt asap.

if you have to move out, get an aprtment with a buddy, or a few, it definatly lowers the cost.

 

[iversonyin]

$30k net or gross?

 

[DaShen]

Originally posted by: mercanucaribe
Stay with your parents for a year or two and pay off your debt.

Stay at home. I live in Texas (AKA - 'El Cheapo living standards), make a good salary for a programmer, have roughly the same amount of debt, and I still live at home. Pay off more of it and save up your money.

 

[CptObvious]

Originally posted by: DBL

Originally posted by: Hacp
paying off student loans can wait. First invest the money you get every year, and pay the student loans off gradually. Intrest rates for student loans are usualy extremely low. Next time when your borrowing money from a bank for a much higher rate, you WILL kick yourself for paying the student loans all at once.

Exactly. If these loans qualify, you can refinance them over 30 years at a ridiculously low fixed rate (~4.75 %?). That's a monthly payment of ~ $100/month.

yup. assuming he consolidated earlier (by june of last year), the interest rate is only about 2.8%. i consolidated with sallie mae at 2.8%, got the rate down to 2.6% by paying electronically, and if i pay on time for 3 years, it will be 1.6%. so no reason to pay it off when you could put your money into savings or investment.

 

[DBL]

Why do you have a life insurance policy? Also, you need to reduce your 401K. Refinance your loans. Do all that and it seems possible to have an extra $250 - $300 in your pocket every month.

 

[DaShen]

Originally posted by: SagaLore

Originally posted by: RaistlinZ
I forgot to mention, staying at home with parents is not an option. My stepmom "subtley" left an Apartments For Rent magazine on the desk in my room while I was out the other day. She obviously wants me out.

"Subtley" give her a check for rent. $200 per month should at least be break even for you staying there.

:thumbsup:

 

[TheToOTaLL]

Originally posted by: mercanucaribe
Stay with your parents for a year or two and pay off your debt.

Agreed. Stay with your parents as long as you can! That's an opportunity that once you're older you wish you had taken advantage of it!

 

[DaShen]

Originally posted by: Nutdotnet

Originally posted by: Injury

Originally posted by: spidey07
you are 25, you should not be living with your parents no matter what.

time to grow up.

I disagree.

Unless you parents insist you leave, you're smart for staying with them as long as you can. At this age, he's in the right crowd for marraige to be in the near future... so he should either look into a house that can support a small family, or find a very cheap temporary solution.

Getting rid of current debts is priority #1. The main reason people have financial problems is because they load debt on top of debt thinking that it will be paid off soon enough or they can handle it. One bad things happens and you're screwed.

I know enough about California to know that $30,000/yr isn't enough to be a home owner. Have a chat with your parents about staying there for another year or so and paying them a bit for the extra you're using and work on that debt while you're there.

When you get down to an amount you could pay in less than a year with no troubles (say around sub $5000) then you start looking at places to move to.

Wow...just wow...

@ 25 Living with your parents should only be an option if you're still going to school. Other then that it's time to move out. To even suggest different is the sign of a loser.

Life isn't all about being financially "safe" sometimes you gotta go through "******" to learn what it is like in the real-world.

Living @ home @ 25 is sad, just sad. Any woman worth her salt would run away from any man still living @ home.

That statement just shows immaturity. Sorry, but that is the truth. If a person plans toward a bright future by saving up money and investing, while living at home, in the hopes of a better future, that shows maturity.

If you are single and not financially secure, there is nothing wrong with living at home for a while, as long as you are seriously planning to move on with your life. Any woman that is going to judge me solely based off of superficial ideals, such as a house and a fancy car, isn't worth MY TIME and EFFORT. I drive a real ratty car, and it is hilarious how certain people judge you because of it. It is even funnier when they find out from friends that I have a good job and am doing well for my age. I say, to h311 with them and move on. Do you honestly think that that elitest behavior from those types of girls is going to change after you start dating. It will only get worse. I could afford a really nice car if I wanted, but I saved that money instead so that my future spouse and kids will have a bright future. That is maturity.