Money Talk, Bad credit & being on the road

Say WHAT?

Where does that come from? Most folks? Where? Where I live, the MEDIAN house is about 140K. The median family income is 60K. If you save 10 K per year out of 60, earn some interest on the balance, you can buy an AVERAGE house in 10 years.

Certainly doable.

Now, the low end of the market, a little condo or place not in the best school boundaries, will run half that, about 75k AND let's say you pick up some overtime or get a side gig for some extra money, and you now make 75K. Save the extra 15K, for a total of 25K per year, and you're in a starter home in a whopping 3 years.

Absolutely doable.

Now, if you decide you want to live and buy a family home with cash in San Francisco, New York City or Washington DC, maybe you should evaluate where you are planning to spend your money to buy a house.

 

Okay.
Now how old were you when you began making some real money? Approximately. 23? At 10k a year that will put you at age 33, and then you can spend all that saved money on the house. Where do you live in the mean time? Do you live for free somehow, or do you pay rent? Or am I missing some other way to exist for free? Is it smarter to pay rent while saving for those 10 years? Or just buy it and pay some interest? Educate me. I am missing your logic. I am being for real.

 

exactly what I have been saying, but GOKIDDOGO insists on telling the world it is not possible. you can do it.

 

who only made 10k 10 years ago? for crying out loud... McDonalds paid 25k 10 years ago.

 

I've asked both of you to explain to me how. You don't seem to have any real answers. You fail to look at all the numbers, and are focused on never paying a dime of interest, for whatever reason, ignoring there is a cost to your existence unless you have a place to live for free while you are saving. So save the interest payment but pay rent. And somehow you figure that's a wise move if the goal is home ownership?

You still have not answered my question of how long it took you to buy your own place in cash. I will just have to assume one of the options I've said a few times now. Living in a truck? Surfing couches of friends? Live at parents? Pay rent? Where is home? And what is the cost of home while saving to pay cash for a house?

This doesn't seem to be going anywhere. I am not changing my mind unless one of you can show me how your math is better than mine. If you can't do that, then good night. *math includes numbers, ALL the numbers!

 

You called that one Tuck

 

Have an extra beer tonight..... and make sure you pay with your credit card lol

 

accidental trucker.... you can do what you put your mind to. you have the right attitude. no matter what job. if you get a small frig for your truck, shop at walmart. cook in your truck. it might not be gourmet food, but you can still get your nutrients and vitamins and proteins. be responsible with your expenses.

 

I once was turned down for a rental car in Miami by Enterprise. I explained I had used my debit card in the past with them. They said so many cars are stolen in Miami, that’s their policy in Miami. Had to get family member to call in with an actual Credit Card. It was unbelievable but honest to Gods truth

 

I was using the numbers from post 71 that assumes a median wage of 60k and saves 10k so over 10 years with interest and invested properly yes that would amount to the approximate given home price of 140k, for this example.

I suppose a McDonald's worker has no excuse why he doesn't have 10k a year in the bank if he rakes in 25k a year.