About two years ago almost, I had a house, I had a car, an iPhone 14 and about 20-plus pairs of sneakers. Today life is so different, I’m married, I don’t have a house, I don’t have a car, I have an iPhone SE and less than shoes and going down each day.
Sounds like the factor is the marriage part but it's really not, what happened was I moved from Puerto Rico where I had all that stuff to the Dominican Republic, where I have just about nothing. Except for car that I got from my wife once I married her.
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1. Let’s talk about Buying a House
- I never understood this until I understood it
- When should a person buy a house?
- The answer is when you need a house
Here are some examples of when not to buy a house:
- I don’t want to pay rent
- I want to have my own place
- I’m getting older it's time
- My friends have a house
- My parents said I should buy one
So obviously my first house purchase
- Was a complete disaster
- I had no business owning a house
- Because I absolutely didn’t need one, as a single man
For me Personally ( I need a house now )
- I’m married
- I’ve saved up enough cash to do it right
- I want to start a family
- My wife wants a house
- I’m ready to set some roots
#2 on that list of things:
- To buy a home and be Debt free
- Have 3-6 months of emergency funds
- Save 10% Down payment
- Buy a home on 15-year mortgage
- No more than 33% of your monthly income NET ( mortgage, taxes, insurance and maintenance included )
Tip: while you rent the best places possible for the least amount of money as possible, use that time and money to save up. To those things.
Almost forgot to mention that I owed about 70k in debt, today I owe just about 0.
2. Let's talk about a Car
- Did you know people are spending over $1000 a month once you add up all the costs of owning a car and paying for their finances and so on
- That’s 12,000 a year, most likely for 5 years
- That’s 60,000 in 5 years gone down the train to own something that’s going to be worth half of what you paid
- Doesn’t that make you just shake your head
First of all
- If you live in a place where you don’t need a car, thank the Lord and don’t buy it
- I didn’t need a car for 5 years and I needed a car for 5 years also
- Here is the mistake I made
First:
- In my head, cheap cars did not exist thus even with 10k in saving as a 19 year old
- I didn’t think I could afford a card
- I was wasting 3 hours of my day because of that mistakes on buses to go to college
- I should have bought a Toyota Corolla, paid 3-5 grand, and paid my insurance and gas money
Second:
- There was a time when I didn’t need a car
- So I didn’t buy a car
Tip:
- If you need a car
- Save up and pay cash
- Cheap cars exist
My advice:
- Ignore your bias
- Cheap cars are safe
- Cheap cars reliable
- Cars don’t say anything about you ( people dO)
- Better to have 60k in 5 years than a 5 year old vehicle worth nothing
3. My Phone
- I just bought a new phone this week
- For the first time in 8 years I bought an android
- It’s a galaxy with a retail value of $700
- I paid $300 and after shipping and taxes an extra 30 bucks
Before you comment iphone is better
- I don’t care
- The point is not the phone
- The point is the price I paid
- Buying older stuff that still has a lot of life left makes sense
Lastly as a bonus:
- I don’t buy shirts
- Or pants
- Or shoes these days
- I want things to wear out, to be destroyed and then replaced
- People's houses look like stores with clothes with tags on them
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20 авг 2024
