Chatter, have you considered going to the casino, letting it all ride on black, and doubling your money so you can get the home and go to college? Work smarter not harder
realistically u can just save up 10 percent and put it on red cause even if you lose it you will only have to save up 10 percent again and you have a second try.
I would strongly suggest against buying a home. Not just for the high prices and high rates, but also b/c after college it is sooo beneficial to be able to move cities to chase the best job.
High prices and high rates are irrelevant when rent is just as high in most places, if not higher, and at least with a house, it's money you basically keep. Because you can resell a home, you can't resell an apartment. Plus, it's not like homes tie you down significantly more than an apartment. In the first year, yes, they do. But after like 2 years in them, if you wanna move, just sell it.
Yeah…… as someone who never made it out of poverty,(me) buy a house when you can so you can build equity…… instead of having to move back in with mom at 27 to afford to go back to school because I didn’t make it to a high paying job
@ShaneTheBane The problem is, how big can the housing bubble get? There's no guarantee that the MASSIVELY overinflated housing market won't collapse soon after you buy and just slash your house's value
Yeah because paying 2k/mo for a mortgage for equity is worse than paying 2k for rent that doesn’t go anywhere but your landlord. If he does end up moving, it wouldn’t be too hard to get a renter or to sell the house. Housing market crashes are pretty rare and if you buy a house based on that it’s like being afraid to get into the market because we’re in a bubble and you’re scared it might crash too. House vs student loans, house is probably better investment. Especially since he could probably sell in a year or two and make profit (depending on his location )
I was essentially forced into buying a house last year and it truly sucks. I have a 6.75% interest rate so I'm putting in an insane amount extra every month. If I keep going at this pace I'll save ~$150k in interest, but it's impossible to save money at the same time. Really wish I could have rented or bought something cheaper, but the market is just horrific.
So glad my wife bought our house back in 2017. We pay it bi-weekly and a couple hundred extra each month. Right now we should have it paid off in 9 years.
@@aerated while it doesn't make the most mathematical sense (think our rate is around 4% or so), we still wanted to pay if off within 15-20 years so that it's done quicker. Also we're still getting company match in the 401k, investing in our Roth IRAs, have a healthy emergency fund gaining 5% interest, etc. Also since I recently was layed off, but luckily was able to find something higher paying within a few weeks, we'd like to have our minimum expenses as low as possible since we may end up doing private school for our kiddo. Having it paid off just helps in having those options available.
@@aerated While it might not make financial sense I would also pay off my house early for me it would be because of a sense of freedom after the home is yours because until you are done paying it off there is an anxiety of losing your house if you get fired and can't continue paying your mortgage or other financial issues that may arise but if you care purely about the finances then don't pay it off quick and take it chill
My dad bought a 42 acre farm in 08. Paid it off six years ago. I was set to inherit it but unless he doesn't make a will, I never will (he's a piece of shit and made me homeless multiple times because he'd get jealous of my boyfriends - no joke) the house is full of shitty memories so I wouldn't want it, but the land would've been nice. I'm happy for you guys, make the most of it :)
Dude the commute thing got me. I started working in the Baltimore area recently and you'd be shocked how many people commute here from Pennsylvania, and how many people commute to DC from here. Commute culture is insane.
Yeah, if I have a bad job + bad boss = dip. If it's just one of the two I'll stick it out most of the time unless something better comes along but I won't actively be looking. People like what they're used to.
I’m the highly recommend commenter, I got roasted but I’m pretty sure big A didn’t totally get what I meant. I bought a house with 2 friends (one is my romantic partner), we’re in our late 20s and none of us want kids, and we had lived together for 4 years. We could not have bought any house/as nice a house without each other and it’s a great option if you don’t necessarily plan on living a super “normal” life.
I mean if you buy the house ur stuck there for atleast the next decade or more. And if you don't have a family of some kind it seems pretty pointless to do that because if you start a family after getting the house and later down the line now need to move you're running a risky ass gamble that your house value hasnt cratered, which it likely will because the line cannot always go up and its already at a boiling point. And for college depending on what you want to do with your life college is fucking useless. So unless what u want to do requires a degree AND u have a guaranteed job when you get done doing the degree OR can start doing the job at a lower level whilst getting the degree I would say both of these options are terrible and you should invest the money elsewhere. Honestly find yourself a nice place get a decent vehicle, enjoy your freedom and your youth, go gym meet people go on a vacation from time to time and work a job you atleast enjoy. You dont need to buy a house right now or go to college right now you got a lot of life to live and don't need to tie an anchor around your waist when you're still young. Of course dont spend it all on stupid stuff
Honestly, this is what I was meaning by "time to invest using it". Literal investment of time. Do you want to settle down, at least for a few more years than college would make you settle in a place, or will you want to move somewhere else before that timeframe. Guess I worded it wrong and misconveyed loll
You are not stuck in a home for the next decade lol. After, like, two years, you can usually sell them for either about the same as what you bought it for or a tiny bit more/less (usually more). You could even sell them earlier than that, just usually might be at a tiny bit of a loss because of closing costs if their value hasn't went up much and if you sell them within, I think it's a year, you'll be subject to taxes on any profits, if there is any. I bought a house at 24, resold it when I was 29 because it's value basically doubled in that time. I could've sold it when I was 28, but I had started a construction project in it that I didn't finish, so it sat on the market for a while since nobody wanted a fixer upper, but even with that, took about 8 or so months to sell
Literally not stuck in a house for a decade lol it’s like a year at most in Canada, not too different in US. Buying a house later vs buying a house now is such bad advice, houses will only inflate unless there’s another real estate crash, and no one can time those, even Michael burry punted billions of dollars before he was right cus he was two years too early.
A house is not a 30 year commitment. Its like a 2-4+ year commitment. After a couple years, you can just resell it. Not in a house flipping way, just saying, you dont need to go the full 30 of the loan. You can resell it at any time and house prices average up, so its not like you have a high chance of selling at a loss.
Yeah idk why atrioc thinks that lol. Then again I also don’t know why people go to atrioc for investment advice. He’s not good at it NOR did he ever claim to be. He’s good at marketing, and distilling business info/news in an entertaining way which has nothing to do with investments lol.
This is a misleading statement - you are downplaying the significance of the length of the loan by making it seem like there is little to lose just because housing prices typically appreciate - the same attitude that contributed to a mortgage crisis in 2008. The loss is the money you pay in interest, inspections, property taxes, insurance, maintainence, and realtor commissions - as well as a lack of liquidity in a recession if supply exceeds demand. Because of how amortization works over the mortgage loan - the first 15 years are almost entirely interest and the last 15 years actually start to pay the principal and rapidly build equity. So if you move every 2-4 years you are mostly paying interest on the debt AKA free money for the bank - and then starting all over again when you buy your next home. You are basically just renting from a bank instead of a landlord if you don’t stick it out with the loan in the long term because of how mortgage amortization is structured.
The reason why people under 30 dont usually have a house is not because they cant afford the payments of a house. No, apartment rent is just as much, if not more than the average house payment in most areas. The reason people cant get a house boils down to two reasons: 1. Credit score. 2. Dont make enough to save up for the downpayment. But the person asking the question clearly has a savings, they brought that up, so thats a nonissue.
The problem isn't savings. It's income. You can make the payment as shown by the dutiful rent payments, but they want to see you making 3x+ that payment every month. They aren't _qualifying_ for the loans to begin with. It takes an insane amount down or a very well-paying job.
@@Nun195 it's less important if you haven't already been saddled with debt, yes. But a lot of young people make dumb decisions, get credit cards or loans or whatever, don't pay their phone bill or hospital bill, and now they're sitting at a low credit score that they can't lift up without using even more money to pay off their debt. So at the end of the day, it does still boil down to needing more money. But not money you make monthly. Money you have saved up.
@@InternetKilledTV21 not really. Down payments aren't too nightmarish. They can be, but if you get something like an FHA loan, it's like 3-3.5% of the total amount of the house as your down payment. And the main thing that differs between that loan and regular ones is it disqualifies some more riskier houses and has dumb safety rules, like need to have railings on stairways or we won't loan you the money. Now of course, how crazy that 3.5% is when turned into dollars depends on your cost of living in your state which can decide your housing prices. Here in the Midwest, I can get a 100k house and it be decently sized and in a good area, so my down payment would be about $3500. A high amount, sure, but not insane. You could live in a higher cost of living area, but usually that also means higher wages, but of course it's never a 1:1 And yes, your income decides how much you can save, but to say it's your income and not the down payment cost that is the reason you can't afford a house implies you wouldn't be able to affoed the house with that same income if you already owned the home, which you would be able to because as I said, house payments are no more than rental prices in most areas.
My boss and co workers are pretty terrible and miserable. They are having lay offs based on seniority in June and I'm actually excited for a change, definitely agree with you. Fingers crossed on my next job.
Man I had braces at 22, when I had just started work in my current field. I felt like I would not be taken seriously at all, that wasn’t the case, but you still feel very self-conscious about how non-age appropriate they are.
holy shit the 2 Cs is so true, maybe one last thing to add is working hours. night shifts are horrendous. also if you can make a comfortably livable wage on 30 hours a week instead of 40 itll be infinitely worth it mental health wise
For me, the commute can't be TOO short. I need to separate work and home, and when I can't go out in public without seeing my clients anywhere... Hell no. But tbf, I'm a mental health counselor, and it's imperative I'm a very different person inside vs outside of work
I got braces at 17 and had them through college. It felt embarrassing, but never once had any issue with it. Though if you travel out of state any issues could be a problem. My former manager got braces a few years ago and just had them removed. Was very happy about it. I think waiting a bit isn't a bad idea. Plus, you're more likely to take care of things right as you get older.
Imo if you're planning to go to college anyway you're better off paying it out right away. Owning a house when you're not financially stable can be a huge risk. Personally i bought 3.5 years ago and during that time i had to replace the electricity for 7k, redo the roofing for 15k, replace the sewer drain for 6k and my dog got hella sick for 15k. My house is a fixer upper so some of those expenses were expected but it still put a lot of financial stress on both my gf and i even if we both had our career for a while
He jokes about "the second there is any adversity at all, give up" but I mean, some people do just treat it like something to drop immediately instead of putting in any sort of effort to improve it.
Idk if fate grand order rolls are the best investment right now, arc is right around the corner with anniversary, then all the summer servants after. Better to just save for now tbh
*Hallelujah!!!! The daily jesus devotional has been my a huge part of my transformation, God is good 🙌🏻🙌🏻🙌🏻🙌🏻🙌🏻was owning a loan of $47,000 to the bank for my son's brain surgery (David), Now I'm no longer in debt after I invested $12,000 and got my payout of m $270,500 every months,God bless Christy Fiore🇺🇸🇺🇸🇺🇸..*
Same,I met Mrs Christy Fiore last year for the first time at a conference here in Manchester,after then my family changed for good.God bless Mrs Christy.
just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
If your community college has a pipeline to a good 4 year degree program then this is good advice, or if it's for a trade where the culture actually values having a degree. My CC degree is worth less than toilet paper but that's on me for getting scammed
"Extra cash from not buying" Out of pocket streamer thinking rent is less than a mortgage. From the UK, bought "shared ownership" 7 years ago. 40% equity. The mortgage per % is cheaper than the other proportion. Landlords making £/$ off you for renting. Save what you can for a deposit, from a low/middling earner.
7:31 Isn't the average commute (in the US) like 40 minutes both ways? An hour both ways isn't that much more. EDIT: Nevermind, it's 25-30 minutes both ways, so yeah that's literally double the average lol. I personally went from a 7 minute commute both ways when I lived in the same city as my job (hated it, way too close), and then moved several cities away giving me a 1 hour commute both ways (absolutely loved it - it gave me time to actually "wake up" each morning on the way there, I got to chill out to podcasts/audiobooks/actually listen to whole albums when they released, it gave me time to eat a good breakfast on the way and eat it at a pace that didn't upset my stomach, etc.). When I first considered moving an hour away, I thought I would hate it and kept telling myself "this will prepare me for when I live in a big city like SF and have to sit in traffic for 1-2 hours each day"; however, I legitimately just liked it the entire time. The only bad part is that I live in Michigan, so in the winter those 2 hours become 3-4 hours where you're hoping you don't slip and die... I've probably shaved years off of my life from that stress so far. A few months ago I changed jobs which cut my commute in half. I assumed it would be a nice sweet spot between my prior two commuting experiences... but I miss that hour commute. I've essentially had to give up on audiobooks unless they're short because I'm not able to finish them in time before they're due back on Libby (so I'm mostly just doing podcasts now), I just can't eat at a comfortable pace (since it takes me the full 30 minutes to eat), and I arrive at work with my heart rate still crazy high because I haven't yet had enough time to calm down like I would with the hour commute.
If you had a 7 minute commute you can just start your day an hour before you have to leave the house and you have the same amount of time to eat and listen to audiobooks. Unless you’re waking up 5 minutes before you have to get out the house there is absolutely no reason that an hour long commute gives you more time to eat than a 7 minute one, nor should you be running into the office last minute when with a 7 minute commute you can easily tack on 15-20 minutes of a buffer to not have to rush or risk being late. I can’t even imagine what type of life you have to prefer an 8x longer commute because it gives you more time. You’re just putting the time you would’ve spent getting ready at home into an hour long commute which means you’re rushing out the house just an hour earlier.
Actual crazy take lmao just stop forcing yourself to rush through the mornings? You have all the time in the world to eat, listen to your audiobooks, and generally just have a chill morning routine if you just wake up at the same time you did when you had a longer commute
